OR Royalties Inc (OR) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Osisko Gold Royalties Q1 2024 results conference call. After the presentation, we will conduct the question-and-answer session. (Operator Instructions)

早安，女士們、先生們，歡迎參加奧西斯科黃金特許權使用費 2024 年第一季業績電話會議。演講結束後，我們將進行問答環節。（操作員說明）

Please note that this call is being recorded today, May 9, 2024, at 10:00 AM Eastern Time. Today on the call we have Mr. Jason Attew, President and Chief Executive Officer; Mr. Frederic Ruel, Chief Financial Officer and Vice President of Finance; Heather Taylor, Vice President Sustainability and Communications; and Mr. Iain Farmer, Vice President, Corporate Development. I would now like to turn the meeting over to our host for today’s call, Mr. Jason Attew. (spoken in foreign language)

請注意，本次通話錄音於東部時間今天 2024 年 5 月 9 日上午 10:00 進行。今天參加電話會議的有總裁兼執行長 Jason Attew 先生； Frederic Ruel先生，財務長兼財務副總裁； Heather Taylor，永續發展與傳播副總裁；以及企業發展副總裁 Iain Farmer 先生。現在我想將會議轉交給今天的主持人 Jason Attew 先生。（用外語說）

Good morning everybody, and thanks for being on today’s call. I’m Jason Attew, President and CEO of Osisko Gold Royalties. Procedurally, I along with Heather Taylor will run you through the presentation and then will subsequently open up the line for questions.

大家早安，感謝您參加今天的電話會議。我是 Jason Attew，Osisko Gold Royalties 的總裁兼執行長。按照程序，我和希瑟泰勒將引導您完成演示，然後打開提問熱線。

For those participating online via the webcast, you can submit your questions in advance through the webcast platform. Today’s presentation will also be available and downloadable online through our corporate website.

透過網路直播在線上參與的，您可以透過網路直播平台提前提交問題。今天的簡報也可以透過我們的公司網站線上取得和下載。

Please note, there are forward-looking statements in this presentation in which actual results may differ. Also please note, the basis of the presentation will be in Canadian dollars unless otherwise noted. I’m joined on the call this morning by Frederic Ruel, the company’s VP of Finance and Chief Financial Officer; and Heather Taylor, Vice President, Sustainability Communications, amongst the others as indicated on slide 3.

請注意，本簡報中存在前瞻性陳述，實際結果可能有所不同。另請注意，除非另有說明，否則演示的基礎將以加元為單位。今天早上，公司財務副總裁兼財務長 Frederic Ruel 也加入了我的電話會議。以及永續發展傳播副總裁 Heather Taylor 等，如投影片 3 所示。

On slide 4, when looking at Osisko’s first three months of 2024, we are off to a predictable start as it relates to gold equivalent ounces earned, cash margin, cash flow as well as overall debt reduction. Osisko earned 22,259 GEOs in the first quarter of 2024, which puts us on track to achieve our previously published full year 2024 guidance of between 82,000 to 92,000 gold equivalent ounces.

在幻燈片 4 中，當查看 Osisko 2024 年的前三個月時，我們看到了一個可預測的開端，因為它與賺取的黃金等值盎司、現金利潤率、現金流以及整體債務削減有關。Osisko 在 2024 年第一季獲得了 22,259 個 GEO，這使我們有望實現先前發布的 2024 年全年指導，即 82,000 至 92,000 黃金當量盎司。

Revenues for the period were strong in Q1 at $60.8 million. Even though gold and silver prices in Q1 were robust with average realized prices of USD2,073 and USD2,378 respectively. The precious metals complex only saw a real appreciation after our last sales concluded for the quarter. In other words, today’s spot gold price is approximately $250 higher than our realized price over Q1.

第一季的營收強勁，達到 6,080 萬美元。儘管第一季黃金和白銀價格強勁，平均實現價格分別為 2,073 美元和 2,378 美元。在我們本季最後一次銷售結束後，貴金屬綜合體才出現真正的升值。換句話說，今天的現貨黃金價格比我們第一季的實際價格高出約 250 美元。

In addition, Osisko’s cash margins were 97% in the quarter. This is just shy of the company’s record quarterly cash margin of 98% booked in the third quarter of 2017. Osisko ended the first quarter with $70.6 million in cash and net debt of just over $8 million after the company continued to pay down its revolving credit facility during the period. So far in Q2, the company has repaid an additional $18.6 million on the facility, further increasing our financial flexibility in order to be able to transact a new accretive opportunity as they present themselves.

此外，Osisko 本季的現金利潤率為 97%。這僅略低於該公司 2017 年第三季創紀錄的 98% 的季度現金利潤率。奧西斯科第一季末現金為 7,060 萬美元，淨債務略高於 800 萬美元，此前該公司在此期間繼續償還循環信貸額度。到目前為止，第二季度，該公司已額外償還了 1,860 萬美元的貸款，進一步提高了我們的財務靈活性，以便能夠在新的增值機會出現時進行交易。

With respect to our ongoing commitment to return capital to shareholders, the company declared and paid its quarterly dividend of $0.06 per share in Q1, marking its 36th consecutive dividend with over $279 million returned to shareholders to date from these distributions.

關於我們向股東返還資本的持續承諾，該公司在第一季宣布並支付了每股0.06 美元的季度股息，這是其連續第36 次股息，迄今為止，這些分配已向股東返還了超過2.79 億美元。

Subsequent to the quarter, Osisko’s Board of Directors approved an 8% increase to the base quarterly dividend of $0.65 per common share payable on July 15, 2024, to shareholders of record as of close of business on June 28, 2024. This is a testament to the tremendous confidence we have in the consistency and the predictability of the cash flows underpinning to our business.

本季結束後，Osisko 董事會批准將基本季度股息提高 8%，即 2024 年 7 月 15 日支付給截至 2024 年 6 月 28 日營業結束時登記在冊的股東，每股普通股 0.65 美元。這證明了我們對支撐我們業務的現金流的一致性和可預測性充滿信心。

With respect to our opportunity set, the company’s pipeline continues to remain robust with our corporate development team busier than they have ever been. We remain optimistic that we’ll get at least one or possibly two meaningful transactions across the line this year.

就我們的機會而言，公司的管道持續保持強勁，我們的企業開發團隊比以往任何時候都更加忙碌。我們仍然樂觀地認為，今年我們將至少完成一筆或可能兩筆有意義的交易。

Finally, as some of you know, on April 10, Osisko published its 4th edition of its sustainability report, growing responsively. And I’d like to bring on Heather Taylor to talk about this key achievement in more detail. Heather?

最後，正如你們中的一些人所知，4 月 10 日，Osisko 發布了第四版永續發展報告，該報告做出了積極回應。我想邀請希瑟泰勒更詳細地談論這項關鍵成就。希瑟？

Thanks, Jason, and thank you to everyone who’s taken the time to join us today. Subsequent to the quarter, we published the fourth edition of our sustainability report growing responsibly as Jason mentioned. It’s guided by the highest standards set by CRI, IASB and IFRS climate related disclosures. This publication marks another year of substantial progress made with respect to our governance, environmental, and social initiatives. I invite you to explore our achievements in greater detail in the report, which is posted on our website.

謝謝傑森，也感謝今天抽出時間加入我們的所有人。正如傑森所提到的，本季結束後，我們發布了第四版永續發展報告《負責任地成長》。它以 CRI、IASB 和 IFRS 氣候相關揭露制定的最高標準為指導。該出版物標誌著我們在治理、環境和社會舉措方面又取得了實質進展。我邀請您在我們網站上發布的報告中更詳細地探討我們的成就。

Starting with governance, this past year has seen Osisko make significant strides. We’ve enhanced the leadership of our Board by appointing an independent Chair, reinforcing our commitment to robust oversight and accountability. We’ve also maintained our commitment to diversity with women continuing to make up over 30% of our Board members. The integration of my now not so new role as Vice President of Sustainability and Communications ensures that we have a dedicated individual focusing on our ESG initiatives and continuing to drive these forward.

從治理開始，奧西斯科在過去的一年中取得了重大進展。我們任命了一位獨立主席，增強了董事會的領導力，強化了我們對強而有力的監督和問責制的承諾。我們也恪守對多元化的承諾，董事會成員中女性繼續佔 30% 以上。我作為永續發展和傳播副總裁的角色現在已經不那麼新了，這確保了我們有一個專門的人員專注於我們的 ESG 舉措並繼續推動這些舉措向前發展。

On the environmental side, supporting Osisko’s mandate to align capital allocation with ESG principles, we formalized our investment due diligence process by developing an ESG screening and monitoring tool. The tool is aligned with industry leading practices and allows us to assess the ESG performance of potential assets and mining partners across multiple topics prior to investing and subsequent monitoring post capital deployment.

在環境方面，為了支持 Osisko 將資本配置與 ESG 原則保持一致的使命，我們透過開發 ESG 篩選和監控工具來規範我們的投資盡職調查流程。該工具符合行業領先實踐，使我們能夠在投資之前評估潛在資產和採礦合作夥伴跨多個主題的 ESG 表現，並隨後監控資本部署後情況。

In our commitment to address climate related challenges, we conducted scenario analysis to gauge the exposure of key assets to climate related risks and opportunities. This analysis helps inform the development of an inaugural climate change strategy for the 2024 to 2027 timeframe. We also enhanced our transparency in reporting Scope 3 emissions and have entirely offset the company’s 2023 office-based emissions with the purchase of high-quality carbon credit.

在我們致力於應對氣候相關挑戰的過程中，我們進行了情境分析，以衡量關鍵資產面臨氣候相關風險和機會的風險。該分析有助於為 2024 年至 2027 年時間範圍內首個氣候變遷策略的製定提供資訊。我們還提高了報告範圍 3 排放的透明度，並透過購買高品質碳信用額度完全抵消了公司 2023 年辦公室的排放量。

Lastly, on the social front, we have deepened our commitment to our employees and the communities we impact. We implemented comprehensive training, focused on diversity, equity and inclusion, health and safety, and human rights. Additionally, our teams have actively participated in volunteering events that support and uplift our local communities.

最後，在社會方面，我們加深了對員工和我們影響的社區的承諾。我們實施了全面的培訓，重點是多元化、公平和包容、健康和安全以及人權。此外，我們的團隊也積極參與支持和提升當地社區的志工活動。

We deployed over $325,000 towards community donations aligned with our newly formalized community investment guidelines. Our efforts have been recognized externally with Osisko receiving AA rating from MSCI and high rankings from Sustainalytics including top rated regional and industry badges. These achievements, we should be immensely proud of.

我們根據新制定的社區投資準則，部署了超過 325,000 美元的社區捐款。我們的努力得到了外部認可，Osisko 獲得了 MSCI 的 AA 評級和 Sustainalytics 的高排名，包括最高評價的區域和行業徽章。這些成就，我們應該感到無比自豪。

These accomplishments reflect our strong performance relative to precious metals peers and underscore our dedication to leading ESG practices. As we look to the future, our commitment remains firm. We will continue to integrate ESG principles across the organization and into our purpose strategy, ensuring that our actions benefit not only our shareholders, but also the broader communities and environment in which we conduct business. With that, I’ll pass it back to Jason.

這些成就反映了我們相對於貴金屬同行的強勁表現，並突顯了我們致力於領先的 ESG 實踐。展望未來，我們的承諾依然堅定。我們將繼續將 ESG 原則融入整個組織和我們的目標策略中，確保我們的行動不僅有利於我們的股東，而且有利於我們開展業務的更廣泛的社區和環境。這樣，我會將其傳回給傑森。

Thanks, Heather. We’ll now pivot to the company’s financial performance for Q1. Quarterly revenues effectively tracked higher year-over-year commodity prices when comparing to Q1 2023, which was also partially offset by less gold equivalent ounces versus the same period last year. The decrease in Q1 2024 is due to the stoppage of operations of Renard Diamond Mine at the end of 2023.

謝謝，希瑟。我們現在將重點放在公司第一季的財務表現。與 2023 年第一季相比，季度收入有效地追蹤了同比大宗商品價格的上漲，這也被黃金當量盎司數量較去年同期減少所部分抵消。2024 年第一季的下降是由於 Renard 鑽石礦於 2023 年底停止運作。

Net earnings of $0.08 per basic common share for the period representing a modest decline versus the first quarter of 2023. However, this delta largely reflects a noncash share of loss of associates, more specifically, the fiscal development and to a lesser extent a modest noncash foreign exchange loss during the period. Most importantly though, Q1 2024 saw a year-over-year improvement to both cash flow per share as well as quarterly adjusted earnings of $0.16 per basic common share.

該期間每股基本普通股淨利為 0.08 美元，較 2023 年第一季略有下降。然而，這一增量很大程度上反映了聯營公司損失的非現金份額，更具體地說，反映了財政發展，並在較小程度上反映了該期間適度的非現金外匯損失。但最重要的是，2024 年第一季每股現金流量以及季度調整後每股基本普通股收益均較去年同期有所改善。

During the first quarter of 2024, the company had 19 producing assets. Our GEOs earned come predominantly from Canada, and we derive over 95% of our gold equivalent ounces from precious metals, gold just under 71% and silver at 25% with the remainder coming from other metals.

2024年第一季度，該公司擁有19項生產資產。我們賺取的 GEO 主要來自加拿大，我們超過 95% 的黃金當量盎司來自貴金屬，其中黃金略低於 71%，白銀為 25%，其餘來自其他金屬。

As I noted previously, the recent shutdown of Renard, diamonds will no longer be a contributor to Osisko’s GEO’s earnings going forward, putting the company in position to effectively be 100% precious metal until some of the company’s base metal exposure begins to expand with the first material contributions coming from the CSA copper stream, and the effective date of that copper stream is June 15 this year.

正如我之前指出的，由於 Renard 最近關閉，鑽石將不再為 Osisko 的 GEO 未來收益做出貢獻，這使得該公司實際上可以成為 100% 貴金屬，直到該公司的一些隨著CSA 銅流的第一批材料貢獻，公司的基本金屬敞口開始擴大，該銅流的生效日期為今年6 月15 日。

Some comments on specific mine performances during the quarter before speaking about a couple of the more material assets in greater detail. The Canadian Malartic had yet another impressive start to the year with Agnico booking record quarterly production from the mine. The asset remains the Osisko’s most important contributor to our GEOs earned by a solid, solid margin.

在更詳細地討論一些更重要的資產之前，先對本季的具體礦山業績進行一些評論。加拿大 Malartic 礦場今年又迎來了一個令人印象深刻的開局，Agnico 創下了該礦季度產量紀錄。該資產仍然是 Osisko 對我們的 GEO 的最重要貢獻者，並透過穩定的利潤獲得了回報。

Performance from Victoria Gold Eagle Mine during the first quarter of 2024 fell somewhat short of above its expectations. Victoria noted, however, the gold production in Q1 2024 was lower year over year due to lower grades related to mine sequencing of the Eagle ore body, the timing of placing stacked tons under leach and lower planned stacking rates in Q4 2023. Despite the slower start, the company still expects to achieve 2024 gold production guidance of 165,000 to 185,000 ounces, with summer and fall season typically being the mine’s strongest operating periods.

維多利亞金鷹礦 2024 年第一季的業績略低於預期。然而，Victoria 指出，2024 年第一季度的黃金產量同比下降，原因是 Eagle 礦體的礦山排序、堆放噸數浸出的時間安排以及 2023 年第四季度計劃堆放率降低等相關品位較低。儘管起步較慢，但該公司仍預計 2024 年黃金產量將達到 165,000 至 185,000 盎司的目標，夏季和秋季通常是該礦最強勁的營運時期。

Performance from Capstone’s Mantos Blancos operation or milling rates continue to lag Phase 1 expansion sign levels and was effectively flat versus the prior period in Q4 2023. Osisko will continue to monitor Mantos’ performance through 2024. We remain optimistic that Capstone continues to point to a mid-2024 resolution of the plant issues following the deliveries in June 2024, installation of new pumping infrastructure related to the fine tailings and water management.

Capstone 的 Mantos Blancos 營運績效或銑削率繼續落後於第一階段擴張標誌水平，並且與 2023 年第四季度的前期基本持平。Osisko 將繼續監控 Mantos 的表現直至 2024 年。我們仍然樂觀地認為，Capstone 繼續指出，繼 2024 年 6 月交付、安裝與細尾礦和水管理相關的新泵送基礎設施之後，工廠問題將在 2024 年中期得到解決。

As things go well from there, Capstone is able to consistently achieve its Mantos throughput capacity of 20,000 tons per day and Osisko will reap the benefits of this achievement in its 2025 year, with Mantos Blancos representing the biggest driver of the Osisko’s step change and gold equivalent ounce growth in 2025 versus 2024.

隨著一切進展順利，Capstone 能夠持續實現每天 20,000 噸的 Mantos 吞吐能力，Osisko 將在 2025 年從這一成就中獲益，而 Mantos Blancos 是 Osisko 邁出這一步的最大推動力2025 年與2024 年相比的變化和黃金等量盎司增長。

As I mentioned earlier, the number of currently producing assets in our portfolio stands at 19. We anticipate this number to increase by two production assets in the second half as we expect both Namdini and Tocantinzinho projects to be pouring gold before the end of the year, in addition to the start of the CSA copper stream.

正如我之前提到的，我們投資組合中目前正在生產的資產數量為 19 種。我們預計這一數字將在下半年增加兩個生產資產，因為除了 CSA 銅礦流的啟動外，我們預計 Namdini 和 Tocantinzinho 項目將在年底前註入黃金。

Moving to the next slide, while we have spoken this slide an enumerate number of times, I think it remains as relevant today as ever. As our company continues to distinguish itself from the rest of its relevant peers in the subsector as it relates to jurisdictional exposure, Osisko is the leader when it comes to both net asset value and gold equivalent ounces earned from what Osisko defines as Tier 1 mining jurisdictions, which include Canada, United States, and Australia. Of note, that if we were to add Chile to that list country, we would be by over 95%.

轉到下一張投影片，雖然我們已經多次講過這張投影片，但我認為它在今天仍然與以往一樣相關。由於我們公司在司法管轄區風險方面繼續與該分行業的其他相關同行區分開來，因此在資產淨值和從 Osisko 定義的一級採礦管轄區賺取的黃金等值盎司方面，Osisko 均處於領先地位，其中包括加拿大、美國和澳洲。值得注意的是，如果我們將智利加入名單國家中，我們的支持率將超過 95%。

In terms of Canadian Malartic, the mine realized record quarterly gold production driven by higher tonnage and gold grades. Thanks to contributions from the Odyssey Underground. More specifically, ramp development continues to exceed target, reaching the first production levels of East Gouldie in February 2024 and at a depth of 765 meters at the end of March.

就加拿大 Malartic 而言，在噸位和黃金品位上升的推動下，該礦場實現了創紀錄的季度黃金產量。感謝奧德賽地下組織的貢獻。更具體地說，坡道開發繼續超額完成目標，於 2024 年 2 月達到 East Gouldie 的首次生產水平，並於 3 月底達到 765 米的深度。

Shaft sinking improved during the quarter with an average sinking rate of 2.4 meters per day. The temporary loading pocket previously planned at level 102 will now be built at level 64, which is expected to provide hoisting capacity by mid-2025, six months earlier than previously planned and will provide added development and production flexibility. We were obviously also delighted to hear our operating partner continues to make reference to plans around a potential second shaft of the Odyssey Underground, a story to stay tuned to.

本季豎井下沉有所改善，平均每天下沉 2.4 公尺。先前計劃在 102 樓的臨時裝卸區現在將在 64 樓建造，預計到 2025 年中期提供吊裝能力，比原計劃提前六個月，並將提供更大的開發和生產靈活性。顯然，我們也很高興聽到我們的營運合作夥伴繼續提及圍繞奧德賽地鐵潛在第二豎井的計劃，這是一個值得關注的故事。

Within the next slide on CSA, just a few weeks ago, our operating partners at Metals Acquisition Corp announced an updated mineral reserve and resource statement based on drilling completed at CSA only up to the end of August 2023. Highlights included 67% increase in mine life to 11 years, in other words, to the end of 2034 based on mineral reserves only compared to a six-year reserve mine life outlined previously.

在 CSA 的下一張幻燈片中，就在幾週前，我們 Metals Acquisition Corp 的營運合作夥伴宣布了一份更新的礦產儲量和資源聲明，該聲明基於 CSA 截至 2023 年 8 月底完成的鑽探。亮點包括僅根據礦產儲量，礦山壽命延長 67%，達到 11 年，換言之，到 2034 年底，與先前概述的 6 年儲備礦山壽命相比。

The updated mineral reserves only extend 95 meters vertically below the current decline position, and metals acquisition focused continue to drill beyond the August 2023 cutoff date. So we clearly expect that there is more to come from this team in relative near-term.

更新後的礦產儲量僅在當前下降位置垂直下方延伸 95 米，並且在 2023 年 8 月截止日期之後，以金屬收購為重點的繼續鑽探。因此，我們顯然預計該團隊在短期內將會做出更多貢獻。

Recall that the CSA copper mine has been producing for almost 60 years with very limited exploration away from the known deposits and there is clear potential to further optimize metal acquisition for April 2024 life of mine production plan. Exploration in the top 850 meters of the deposit is just starting and initial results highlight strong potential to open additional mining projects.

回想一下，CSA 銅礦已經生產了近 60 年，在已知礦床以外的勘探非常有限，並且明顯有潛力進一步優化 2024 年 4 月礦山生產計劃的金屬收購。礦床頂部 850 公尺的勘探才剛開始，初步結果凸顯了開設更多採礦計畫的巨大潛力。

Moving to the next slide, Island Magino. In late March 2024, Alamos announced the friendly acquisition of Argonaut Gold and its Magino gold mine and mill located immediately adjacent to Island Gold. This transaction is expected to close in Q3 2024. The previously planned Phase 3 mill expansion construction work at Island will no longer be required, following the announced acquisition of the 10,000 ton per day Magino mill, which is located approximately 2 kilometers from the Island Gold Shaft.

轉到下一張幻燈片，馬吉諾島。2024 年 3 月下旬，阿拉莫斯宣布友善收購 Argonaut Gold 及其緊鄰 Island Gold 的 Magino 金礦和磨坊。該交易預計將於 2024 年第三季完成。在宣布收購距離 Island Gold Shaft 約 2 公里的日產 10,000 噸的 Magino 工廠後，先前計劃的 Island 工廠第三期擴建工程將不再需要。

The larger mill and tailwinds infrastructure at Magino will now accommodate the rapidly growing mineral reserves and resource base at Island Gold. The expanded and accelerated mine plan is also anticipated to transition a greater proportion of production towards Osisko 2% and 3% NSR royalty boundaries earlier in the mine plan as opposed to the mineral inventory covered by Osisko’s 1.38% NSR royalty.

Magino 更大的磨坊和順風基礎設施現在將適應 Island Gold 快速增長的礦產儲量和資源基礎。擴大和加速的採礦計畫也預計將在採礦計畫早期將更大比例的生產轉向奧西斯科2% 和3% NSR 特許權使用費邊界，而不是奧西斯科1.38% NSR 特許權使用費涵蓋的礦產庫存。

In addition, a small fraction of the eastern limits of the Magino pit is covered by 3% NSR royalty, with production expected later this decade. The underground exploration potential previously highlighted by Argonaut Gold on this claim is located less than 300 meters from the existing Island Gold underground infrastructure.

此外，Magino 礦坑東部邊界的一小部分被徵收 3% 的 NSR 特許權使用費，預計本十年晚些時候將開始生產。Argonaut Gold 先前在此聲明中強調的地下勘探潛力距離現有 Island Gold 地下基礎設施不到 300 公尺。

Moving to our guidance and growth, after the first quarter and as previously noted, the company remains on solid footing with respect to being able to achieve its previously published 2024 GEO delivery guidance, especially with three material contributors expected to deliver new gold equivalent ounces to Osisko in the second half of 2024, being the CSA Copper Stream, Tocantinzinho, and Namdini.

轉向我們的指導和成長，在第一季之後，如前所述，該公司在能夠實現之前發布的 2024 年 GEO 交付指導方面仍處於堅實的基礎，特別是三個材料貢獻者預計將向2024 年下半年的Osisko，分別是CSA Copper Stream、Tocantinzinho 和Namdini。

While this year’s guidance number was always going to represent a modest step down versus last year’s, it is worth reminding everyone that with Renard no longer in the picture, cash margins have increased. And given the write downs that have already taken place in the asset, tax pools have been created, the fiscal is not expecting to be taxable in Canada for 2024. Unsurprisingly, at this point in time, the company’s five-year outlook for 2028 published in mid-February remains unchanged, as we remain very confident that both the expansion and our development assets will fuel the 30%-plus purely in growth with no continued capital or any capital calls required.

雖然今年的指導數字總是比去年略有下降，但值得提醒大家的是，隨著雷納德不再出現，現金利潤率增加。鑑於該資產已經發生減記，稅收池已經創建，預計 2024 年加拿大不會對財政徵稅。毫不奇怪，此時，該公司在 2 月中旬發布的 2028 年五年展望保持不變，因為我們仍然非常有信心，擴張和我們的開發資產將推動 30% 以上的純粹增長無需持續資本或任何資本催繳。

Moving to our catalyst slide, underpinning this updated growth profile is a long list of near-term catalysts that we provided on slides 14 and 15. We’ve already discussed many of these already on previous slides on this presentation, so no need for me to add anything further to today.

前往我們的催化劑幻燈片，支撐這項更新的成長概況的是我們在投影片 14 和 15 中提供的一長串近期催化劑。我們已經在本簡報的先前幻燈片中討論了其中的許多內容，因此我不需要在今天進一步添加任何內容。

That said, I would still suggest you take the time to go through this impressive list yourself. And if you have any questions or would like to discuss further any of the remaining line items highlighted on these two pages, I encourage you to reach out to my colleagues here at Osisko for more information.

也就是說，我仍然建議您花時間親自瀏覽這份令人印象深刻的清單。如果您有任何疑問或想進一步討論這兩頁上突出顯示的其餘行項目，我鼓勵您聯繫我在奧西斯科的同事以獲取更多資訊。

Turning to the balance sheet, finally, we’ll end the formal part of the presentation on slide 16, which outlines the current state of Osisko’s balance sheet. At quarter end, we had a total debt of just over $150 million and net debt of only approximately $80 million.

最後，轉向資產負債表，我們將在投影片 16 上結束簡報的正式部分，其中概述了奧西斯科資產負債表的當前狀態。截至季末，我們的總債務略高於 1.5 億美元，淨債務僅約 8,000 萬美元。

As we stated previously, the covenant performance was exceptionally strong with a 97% cash margin experienced in the first quarter of 2024 expected to continue throughout the year. As noted previously on this call and noted as a subsequent event, event in our MD&A, we’ve now also repaid an additional $18.6 million against our revolver credit facility, further strengthening our financial position, which by the way, frankly, extended the facility for another four years.

正如我們之前所說，契約業績異常強勁，2024 年第一季現金利潤率達到 97%，預計全年將持續這一水平。正如先前在本次電話會議中所指出的，以及作為後續事件（我們MD&A 中的事件）所指出的，我們現在還根據我們的循環信貸額度額外償還了1860 萬美元，進一步加強了我們的財務狀況，順便說一句，坦白說，這延長了我們的財務狀況。

In addition, if commodity prices, specifically gold and silver sit above USD2,300 and USD2,700 respectively -- sorry, USD2,500, respectively, we forecast to end up in a net cash position at the beginning of fourth quarter of 2024 with no significant deals are closed by that time. This is important as Osisko doesn’t expect to sit in its hands in 2024. And our much improved balance sheet provides the company with financial capacity and flexibility to continue its strategy of disciplined allocation in the pursuit of high quality accretive precious metal streams and royalties that will bolster the company’s current near-term GEO deliveries and cash flow that should accrue to our shareholders’ benefit.

此外，如果大宗商品價格（特別是黃金和白銀）分別高於 2,300 美元和 2,700 美元（抱歉，分別為 2,500 美元），我們預計到 2024 年第四季度初將達到淨現金頭寸，屆時尚未完成任何重大交易。這一點很重要，因為 Osisko 預計 2024 年不會落入其手中。我們大大改善的資產負債表為公司提供了財務能力和靈活性，以繼續其嚴格的配置策略，以追求高品質的增值貴金屬流和特許權使用費，這將增強公司當前的近期GEO 交付和現金流這應該為我們的股東帶來利益。

And with that, I’d like to thank everyone for listening today. We’ll now open up the line for questions as well as questions posted on the webcast. If we don’t get to all the questions on the line, we will make sure to respond offline to those that we don’t cover on this webcast. Operator?

在此，我要感謝大家今天的聆聽。我們現在將開通提問熱線以及網路廣播上發布的問題。如果我們無法在線上解答所有問題，我們將確保在線下回覆本次網路廣播中未涵蓋的問題。操作員？

(Operator Instructions) Ralph Profiti, your capital.

（操作員指令）拉爾夫·普羅菲蒂（Ralph Profiti），你的資本。

Thanks, operator. Good morning. Jason, thanks for taking my question. I have two of them, please. Firstly, the degree to which you can, without giving away too much, you mentioned one to two transactions hopefully be able to close this year. Can we get a broad range of the sizes of that you're looking at? And maybe more importantly, whether or not these are competitive processes or are you leveraging existing or new relationships where we would consider these opportunities more exclusive?

謝謝，接線生。早安.傑森，謝謝你提出我的問題。我有兩個，拜託。首先，在不透露太多資訊的情況下，您提到今年預計將完成一到兩筆交易。我們可以獲得您正在尋找的各種尺寸嗎？也許更重要的是，這些是否是競爭流程，或者您正在利用現有或新的關係，我們會認為這些機會更具排他性？

Thank you, Ralph. Very good question. And obviously, we’d love to give you more information on the opportunity set that we have at all because there’s a lot of confidentiality associated with. With respect to the opportunity set and the size of the ticket or the size of the transaction, again, it varies, obviously, due to the transactions that we’re looking at. Whether it’s royalties or streams as well, it certainly varies in terms of the transaction.

謝謝你，拉爾夫。非常好的問題。顯然，我們很樂意向您提供有關我們所擁有的機會集的更多信息，因為這涉及很多機密。就機會集和票據大小或交易大小而言，顯然，它會因我們正在查看的交易而有所不同。無論是版稅還是流量，在交易方面肯定有所不同。

There’s not a lot of detail that I can give you. However, what I would say is, again the team is very much focused and have the team very focused on smaller number of high conviction tests that -- again we’re hopeful that we can get one or two transactions announced spotlights by the end of the year. And transaction size, you can think of anywhere between USD50 million up to USD300 million. That’s what we’re essentially looking at.

我無法向您提供太多細節。然而，我想說的是，團隊非常專注，並且團隊非常專注於少量的高可信度測試，我們再次希望我們能夠在最後宣布一兩筆交易成為焦點今年的。至於交易規模，您可以想到 5000 萬美元到 3 億美元之間的任何地方。這就是我們本質上所關注的。

In terms of the competition, it is still a very, very competitive process, competitive environment as I think you can appreciate. We’ve got a lot of peers as well as the private equity groups that participate in those processes.

就競爭而言，這仍然是一個非常非常競爭的過程和競爭環境，我想你可以體會。我們有很多同行以及私募股權集團參與這些流程。

We do have some very strong relationships though, and so we are also moving forward with a number of bilateral transactions that are outside of any process. But any more detail that we can provide you, Ralph, obviously, we would be breaching confidentiality. Look, we’re very excited to hopefully, again, be able to announce one or two of these by year-end and then you can analyze this in terms of what the overall returns are because that will be incredibly disciplined to ensure that either accretive deal and accretion will accrete to our shareholders.

不過，我們確實有一些非常牢固的關係，因此我們也在推動一些不屬於任何流程的雙邊交易。但拉爾夫，我們可以向您提供的任何更多細節顯然都會違反保密規定。看，我們非常興奮地希望能夠在年底前宣布其中一兩個，然後您可以根據總體回報進行分析，因為這將非常嚴格地確保增值交易和增值將為我們的股東帶來增值。

Yes, certainly. I appreciate that, but very helpful comments. And then secondly, I wanted to break down the incremental benefit at Island Gold with Magino. And just can we quantify bringing forward not only the actual production by not having to bring it that mil but all your encroachment on the more advantages to the 3% NSR. If you’re running at sort of 5,000 ounces gold equivalent, just wondering if you can quantify, say, over the guidance period whether or not we’re going to see any incremental GEOs from that?

是的，當然了。我很感激，但非常有幫助的評論。其次，我想與 Magino 一起分解 Island Gold 的增量收益。我們不僅可以透過不必將其提高到 100 萬來量化實際產量，而且還可以量化您對 3% NSR 的更多優勢的所有侵犯。如果您以 5,000 盎司黃金當量運行，只是想知道您是否可以量化，例如，在指導期內我們是否會從中看到任何增量 GEO？

Well, thank you, Ralph. I’ll start and ask Iain to provide some his expertise around the technical nature of the asset. I would say his first comment is, the transaction has not closed as of yet. And obviously, the best source of information when it does close is with respect to the Alamos team.

好吧，謝謝你，拉爾夫。我將首先請 Iain 提供一些有關該資產技術性質的專業知識。我想說他的第一條評論是，交易尚未結束。顯然，關閉後最好的資訊來源是阿拉莫斯團隊。

Obviously, the proximity of the two assets has been something that’s been contemplated for some time. What we’re obviously excited is obviously you have an operator that’s moving into this taking over an asset and specifically it’s all about mill optimization as I think-that’s got a deep set of experience in terms of both operational acumen but very deep balance sheet as well.

顯然，這兩個資產的鄰近性已經被考慮了一段時間。我們顯然感到興奮的是，顯然您有一位運營商正在接管一項資產，特別是我認為這一切都與工廠優化有關，他們在這方面擁有豐富的經驗既有運營智慧，又有非常深厚的資產負債表。

So again, we’re quite excited about the transaction. We do think that it’s going to be beneficial for our royalties, both at the Island Gold as well as the Gino over time. But I’ll ask Iain to comment if he has anything further.

再說一次，我們對這筆交易感到非常興奮。我們確實認為，隨著時間的推移，這將對我們的特許權使用費有利，無論是 Island Gold 還是 Gino。但如果伊恩有任何進一步的意見，我會請他發表評論。

Yes. Sure. If you look at the most recent disclosure by Alamos, you’ll see just naturally where the mines -- the center of gravity of the mining is going towards the edges of where they’ve been recently. And that in general, you can see that as going towards the 2% and 3%.

是的。當然。如果您查看阿拉莫斯最近披露的信息，您會自然地看到礦山的位置（採礦的重心）正在向其最近所在位置的邊緣移動。總的來說，你可以看到這個數字正朝著 2% 和 3% 的方向發展。

The Magino acquisition or potential acquisition doesn’t really change any part of that plan. The thing that it does derisk some of the construction that was required. The mill expansion, tailing facilities. And so that’s if the acquisition goes through then those items are derisked.

Magino 收購或潛在收購併沒有真正改變該計劃的任何部分。它所做的事情危及了一些所需的建設。工廠擴建，尾礦設施。因此，如果收購成功，那麼這些專案就不會面臨風險。

And then the other portion is below that pit, and you’d have to go back a couple of years to see some of the Argonaut disclosure on underground drilling that were really quite spectacular intersections. And those were not necessarily orphaned, but a lot less accessible except for now in the hands of Alamos.

然後另一部分就在那個坑的下面，你必須回到幾年前才能看到阿爾戈英雄披露的一些關於地下鑽探的信息，這些交叉點確實非常壯觀。這些不一定是孤兒，但除了現在在阿拉莫斯手中之外，很難獲得。

It’s a lot easier for them to drift over and further test those and see if their economic and make sense to bring into the life of mine plan earlier. But that’s -- yeah, it’s hard to quantify what that could look like.

對他們來說，更容易轉移並進一步測試這些，看看它們是否經濟且有意義，以便儘早將其納入礦山計劃的生活中。但這是——是的，很難量化它會是什麼樣子。

Right. Helpful. Thanks, Jason. Thanks, Iain.

正確的。有幫助。謝謝，傑森。謝謝，伊恩。

Thank you, Ralph.

謝謝你，拉爾夫。

Kerry Smith, Haywood Securities.

凱裡史密斯，海伍德證券。

Thanks, operator. Jason, I have just two questions. Firstly, what is your targeted debt level that you’d like to run with for the company? You keep paying it down pretty aggressively and now you’re generating $45 million to $50 million a quarter of cash flow. So the debt’s pretty modest in that context. I’m just wondering if you have a target number there.

謝謝，接線生。傑森，我只有兩個問題。首先，您希望公司的目標債務水準是多少？你繼續相當積極地還款，現在你每季產生 4500 萬到 5000 萬美元的現金流。因此，在這種情況下，債務相當溫和。我只是想知道你是否有目標數字。

And your second question, Kerry?

你的第二個問題，克里？

And my second question is, how is the agreement structured on the Alamos Royalty in terms of how you actually figure out what your payable ounces will be from the island tonnage? Because the recoveries from Magino will be considerably lower than the recoveries they’ll get from the Island or just by virtue of the grade. I’m just wondering how you monitor that.

我的第二個問題是，阿拉莫斯特許權協議的結構如何，您如何實際計算出島上噸位的應付盎司數？因為從馬吉諾得到的回收率將大大低於他們從島上得到的回收率，或者僅根據等級。我只是想知道你如何監控這一點。

Thank you, Kerry. With respect to the leverage level, you’re absolutely on point being a real focus, and the whole of Osisko executive team to continue to pay down our facility. You heard what I had to say that they’re out with respect to the opportunities that we do think that there’s possibility for which we can be deploying this year USD300 million, USD400 million. And so the way we think through things in terms of the net debt-to-EBITDA level, I would suggest that we can do producing assets.

謝謝你，克里。就槓桿水平而言，您絕對是真正的焦點，整個 Osisko 執行團隊將繼續償還我們的貸款。你們聽到了我不得不說的，他們已經放棄了我們確實認為有可能在今年部署 3 億美元、4 億美元的機會。因此，按照我們從淨債務與 EBITDA 水準的角度思考問題的方式，我建議我們可以生產資產。

And it really again depends on the type of transaction that is done. Because if you’re doing a transaction that gives you immediate cash flow, it’s obviously that better. But in general rule of thumb, Kerry, we don’t want to be for any long period of time beyond a net debt to EBITDA ratio of 2 times.

這實際上又取決於所完成的交易類型。因為如果您進行的交易能夠立即產生現金流，那麼顯然會更好。但克里，根據一般經驗，我們不希望在任何長時間內淨債務與 EBITDA 的比率超過 2 倍。

We could go through it and obviously we’ve got lots of covenants. There’s lots of room within the covenants of our facility to do that. But generally speaking, we’ll look them with the management team. We think it’s certainly at these commodity prices 2 times net debt to EBITDA would effectively then we’d be back into as we have been over the last 12 to 18 months just repaying that facility down to the cash flow and repaying it back through another method. I’ll turn the question with respect to Island and tonnage, Island Gold and tonnage to Iain, if you can answer it a lot better than I can.

我們可以經歷它，顯然我們已經簽訂了許多契約。我們工廠的契約中有足夠的空間來做到這一點。但一般來說，我們會與管理團隊一起檢視它們。我們認為，以這些大宗商品價格計算，2 倍於 EBITDA 的淨債務肯定會有效，然後我們就會回到過去 12 到 18 個月那樣，只是將貸款償還到現金流並償還。返回。如果你能比我更好回答的話，我會將有關島嶼和噸位、島嶼黃金和噸位的問題轉給伊恩。

Yeah. So the distribution of ounces and the relative coverage, we can have a separate conversation if you want to reach out. But there are clues in the most recent technical report in terms of the royalty percentage with time in some of the graph that they provide.

是的。那麼盎司的分佈和相對覆蓋範圍，如果您想聯繫的話，我們可以單獨談談。但在最新的技術報告中，在他們提供的一些圖表中，從特許權使用費百分比隨時間變化的角度來看，有一些線索。

And with respect to the recovery of the Island Gold ores that would go into the Maginot mill, if you listen to the conference calls that were given by Alamos following the announcement of the transaction, this was raised on those calls. The specific process to use at Magino and the Island Gold mill are the same. The expectation is that the recovery will be equal.

至於將進入馬其諾磨坊的島嶼金礦石的回收，如果你聽過阿拉莫斯在宣布交易後舉行的電話會議，你會發現這一點是在這些電話會議上提出的。Magino 和 Island Gold 工廠所使用的特定流程是相同的。預計復甦將是平等的。

And I expect that Alamos will be highly sensitive to any gold loss, especially, if you look at the differential and grade. It will be very sensitive, and they’ll always have -- for the beginning period, anyway, they’ll have the opportunity to run that test scenarios and run some of the mill throughput through the existing mill there. So, yeah, we’re not concerned about that scenario.

我預計阿拉莫斯將對任何黃金損失高度敏感，特別是如果你看看金價差和品味。這將非常敏感，而且他們總是會在開始階段，無論如何，他們將有機會運行該測試場景並通過那裡現有的工廠運行一些工廠吞吐量。所以，是的，我們並不擔心這種情況。

John Tumazos, John Tumazos Very Independent Research.

約翰‧圖馬佐斯，約翰‧圖馬佐斯非常獨立的研究。

Thank you very much, and congratulations on all the progress on so many fronts. I was brainstorming, and I was thinking it would be an interesting package to put up for sale. If you were to bundle all of the Osisko legacy royalties together as a package, Cariboo, TINTIC, Horne 5, Falco, Windfall, and 39.6% of OTV and sell it as a block, as an asset package.

非常感謝，並祝賀在許多方面取得的所有進展。我正在集思廣益，我認為這將是一個有趣的包裝來出售。如果您將所有 Osisko 遺留特許權使用費捆綁在一起，將 Cariboo、TINTIC、Horne 5、Falco、Windfall 和 39.6% 的 OTV 捆綁在一起，並將其作為資產包整體出售。

It’s a nice North American package. A lot of good Canadian gold. And the proceeds would probably all book straight to equity because they’re assets that you didn’t pay much for, that probably aren’t on your books for very much, would probably all be tax free because you have some accumulated losses. And it would improve the perceptions in the market, and we wouldn’t have any more equity losses from OTV. What do you think of that, Jason? Would that be a nice way to pay down some debt or fund the stock buyback?

這是一個不錯的北美包裝。很多優質的加拿大黃金。收益可能會全部直接記入股本，因為它們是您沒有支付太多費用的資產，可能不會在您的帳簿上花費很多，可能全部都是免稅的，因為您累積了一些損失。這將改善市場的看法，我們不會再因 OTV 而遭受任何股權損失。你對此有何看法，傑森？這是償還部分債務或為股票回購提供資金的好方法嗎？

John, I appreciate the comment and the color and look, obviously, a very interesting concept. What I would say, however, is with all the assets that you mentioned, there are obviously some, we really do believe, that there’s the royalties, and it’s so tough in this competitive market to actually acquire royalties. But these are some very, very good royalties that we think from a shareholder perspective, which I know you have won. It’s much better for it to remain in our portfolio.

約翰，我很欣賞這個評論以及顏色和外觀，顯然，這是一個非常有趣的概念。然而，我想說的是，對於你提到的所有資產，我們確實相信，顯然有一些資產存在特許權使用費，而在這個競爭激烈的市場中，真正獲得特許權使用費非常困難。但我們從股東的角度認為，這些是一些非常非常好的特許權使用費，我知道你已經贏得了。最好將其保留在我們的投資組合中。

As I think, you’re aware, it’s very, very rare for royalty companies, streaming companies to be selling off assets like this. And specifically funneling all the ones that you mentioned, I would argue in this marketplace that we wouldn’t get the same value if we’re just patient and wait until these assets do come on and start generating some very good gold equivalent ounces in the fullness of time.

我認為，你知道，版權費公司、串流媒體公司出售這樣的資產是非常非常罕見的。特別是匯集您提到的所有資產，我認為在這個市場上，如果我們耐心等待，直到這些資產真正出現並開始產生一些非常好的黃金等值盎司，我們就不會獲得相同的價值在時間充裕的時候。

But I appreciate the comment. Again, we are very supportive of obviously all the companies that are associated with these companies moving the development forward because we do think in the fullness of time that our physical royalty shareholders will accrue the benefit for more so than if we were to essentially monetize it as we suggest today.

但我很欣賞你的評論。再次，我們非常支持與這些公司相關的所有公司，推動發展向前發展，因為我們確實認為，隨著時間的推移，我們的實物特許權使用費股東將獲得比我們實質上將其貨幣化更多的利益正如我們今天所建議的。

Thank you.

謝謝。

(Operator Instructions) Tanya Jakusconek

（操作員說明）Tanya Jakusconek

Thank you. Good morning, everyone. I just wanted to come back to Ralph's question on the transactions that are out there and the one to two that you’ve talked about that can potentially be done this year, Jason. Just I’m trying to understand whether it’s similar to other deals in the market which are either to fund the mine build, to help buy out some of these Newcrest sold assets and or rather by Newmont. So first of all -- or is it balance sheet repair? I’m trying to understand what sort of deal semantics they are.

謝謝。大家，早安。我只是想回到拉爾夫關於現有交易的問題，以及你談到的今年可能完成的一到兩筆交易，傑森。我只是想了解它是否與市場上的其他交易類似，這些交易要么為礦山建設提供資金，要么幫助收購紐克雷斯特出售的一些資產，或者更確切地說是由紐蒙特收購。首先，還是資產負債表修復？我試圖理解它們是什麼類型的交易語義。

Yeah. Thanks for your question, Tanya. And again, the same overriding comment with Ralph. Obviously, all the conversations that we’re in are quite confident. We’d love to open up and show you the opportunity set because I think you’d be quite impressed with it.

是的。謝謝你的提問，塔妮亞。拉爾夫再次發表了同樣重要的評論。顯然，我們正在進行的所有對話都非常有信心。我們很樂意向您敞開心扉，向您展示機會，因為我認為您會對它印象深刻。

With respect to the type of transaction though and you probably you’re aware that Q1 was a very quiet period for any sort of transactions by basically the whole subsector, the whole sector of royalties and streams. There was really nothing material as you know.

不過，就交易類型而言，您可能知道，對於基本上整個子行業、整個特許權使用費和串流媒體行業的任何類型的交易來說，第一季都是非常安靜的時期。正如你所知，確實沒有什麼實質的東西。

And so in terms of the type of transactions that we’re looking at, we’re absolutely on point of transaction of which senior companies that are selling assets and mid tiers are effectively looking at financing possibility or vehicle to essentially get the funds to bring that into their portfolio that hopefully will improve the portfolio.

因此，就我們正在考慮的交易類型而言，我們絕對處於交易的關鍵階段，其中出售資產的高級公司和中型公司正在有效地尋找融資可能性或基本上獲得資金的工具將其納入他們的投資組合中，希望能夠改善投資組合。

There are very few, I would say, opportunities with respect to balance sheet repair at this point. Typically, again, if the assets are supporting what they’re doing currently, unless they have a large portfolio with one asset that’s materially better than the others and then we obviously need to structure to ensure that our interests are protected if we’re assisting with one of the lesser of assets.

我想說，目前修復資產負債表的機會很少。通常情況下，如果這些資產支持他們目前正在做的事情，除非他們擁有一個龐大的投資組合，其中一項資產在實質上比其他資產更好，那麼我們顯然需要構建結構以確保我們的利益受到保護，如果我們正在協助其中一項較小的資產。

So we’re not really looking and working on anything with respect to balance sheet repair. It’s more on companies either acquiring good assets for the most part of production and/or some very high-quality development assets that will come into production within our five-year outlook with very, very competent teams, management teams in very good jurisdictions. I think that’s all I can say for now, Tanya.

因此，我們並沒有真正尋找和致力於修復資產負債表方面的任何事情。更重要的是公司要么獲得大部分生產所需的優質資產和/或一些非常高品質的開發資產，這些資產將在我們的五年展望內投入生產，並擁有非常非常有能力的團隊，管理團隊非常優秀司法管轄區。我想這就是我現在能說的，塔妮亞。

Okay. That's fair enough. And maybe, Jason, would you be interested in, let’s say, some of the bigger size deals that may be syndicated? Would that be of interest to you, if you were syndicated in that $60 million to $300 million range that you talked about?

好的。這很公平。傑森，也許您會對一些可能聯合進行的較大規模交易感興趣？如果您參與了您所說的 6000 萬至 3 億美元範圍內的銀團活動，您對此感興趣嗎？

It's always of interest to us being the fourth or fifth largest company in terms of public companies, royalty companies out there. If again, we have deep relationships with all our peers, so it’s always of interest to do something. As you can appreciate though, there hasn’t been that many transactions of that sort of nature that’s been done in the past for the reasons that -- again, if you have a high-quality asset, obviously, you want to do a transaction that accrues to your shareholders as opposed to keep sharing the economics with others. Then, we do have conversations, we do like the concept, we’re open to that concept and we’ll see where it goes.

作為上市公司和特許權使用費公司中的第四或第五大公司，我們始終對我們感興趣。再說一遍，我們與所有同行都有深厚的關係，所以做某事總是令人感興趣的。不過，正如您所理解的，過去並沒有進行過很多此類性質的交易，原因是——同樣，如果您擁有高質量的資產，顯然您希望進行一項為股東帶來收益的交易，而不是繼續與他人分享經濟利益。然後，我們確實進行了對話，我們確實喜歡這個概念，我們對這個概念持開放態度，我們會看看它會走向何方。

Okay. And then my last question on these transactions. Are we looking at sort of your transaction being very simple and structure i.e. a royalty or a stream or should we thinking that they would be more complicated with equity investments and/or debt component?

好的。然後是我關於這些交易的最後一個問題。我們是否認為您的交易非常簡單和結構，即特許權使用費或流，或者我們是否應該認為它們會因股權投資和/或債務部分而變得更加複雜？

Yeah, it’s a great question, Tanya. I would say every opportunity we look at is quite bespoke. There’s obviously a set of needs for the partner of the investee company that we’re looking to assist either through a mine belt or through an acquisition. And so we really do focus on the strength of that company, the cash flow of that company, and try to be quite bespoke with respect to how we can assist whether it’s royalty stream equity.

是的，這是一個很好的問題，塔妮亞。我想說，我們看到的每一個機會都是客製化的。顯然，被投資公司的合作夥伴有一系列需求，我們希望透過礦帶或收購來滿足這些需求。因此，我們確實關注該公司的實力、該公司的現金流，並嘗試完全客製化我們如何能夠幫助它是否是特許權使用費流股本。

We do shy away from the debt piece though. That’s not really what we consider a hard part of our business. It’s nothing that we’ve contemplated to date. And I would say right now with the opportunities that we have in front of us, it’s nothing that we’re going to contemplate in the very near-term.

不過，我們確實迴避了債務部分。這並不是我們認為業務中真正困難的部分。到目前為止我們還沒有考慮過這一點。我想說的是，鑑於我們現在擁有的機遇，我們短期內不會考慮這些。

Okay. That's very helpful. Thank you so much and good luck.

好的。這非常有幫助。非常感謝你，祝你好運。

Thanks, Tanya.

謝謝，塔妮亞。

Brian MacArthur, Raymond James.

布萊恩麥克阿瑟，雷蒙德詹姆斯。

Thank you for taking my questions. Just following up on Tanya’s question though. I mean people talk about these $300 million and $400 million deals. Can we assume though the majority of that price will be streaming royalties? If half of it becomes equity all the time, aren’t we getting back into the situation we had before where the royalty company’s own portfolio, but you’re probably not going to get the same credit for?

感謝您回答我的問題。不過，只是跟進 Tanya 的問題。我的意思是人們談論這些 3 億美元和 4 億美元的交易。我們是否可以假設該價格的大部分將是串流版稅？如果其中一半始終成為股權，我們是否會回到以前的情況，即特許權使用費公司擁有自己的投資組合，但您可能不會獲得相同的榮譽？

So thanks, Brian, for the comment. I can only comment on, again, the strategy and how we’re going to execute our business. I can’t speak for, obviously, our peers and our competitors. What I can tell you is the general point in terms of how we look at things.

謝謝布萊恩的評論。我只能再次評論我們的策略以及我們將如何執行我們的業務。顯然，我不能代表我們的同行和競爭對手說話。我能告訴你的是我們看待事物的一般觀點。

We do not want to be portfolio managers of equity positions go forward. We will, as I said in the past -- certain circumstances for which the financing is quite bespoke and it’s the last capital in with respect to an equity check, similar to what we did with the CSA transaction that was required for them to acquire the asset from Glencore.

我們不想成為未來股票部位的投資組合經理人。正如我過去所說，在某些情況下，融資是完全客製化的，並且是股權檢查的最後資本，類似於我們對他們所需的 CSA 交易所做的那樣從嘉能可收購該資產。

But we don’t eventually want to again be portfolio managers that effectively have an equity book. So it’s essentially, again -- as we think about from royalty perspective, the priorities in terms of funding, certainly royalty stream, economic interest would be first and foremost. But if some equity is required and it’s got to be right sized, that really assists with the catalyzing event, either being an acquisition or something that really gets a fully financed development asset. We will consider that and we have in the past and we have very likely to do that in the future.

但我們最終不想再次成為實際上擁有股票帳簿的投資組合經理。因此，從本質上講，我們從特許權使用費的角度考慮，資金方面的優先事項，當然特許權使用費流，經濟利益將是首要的。但如果需要一些股權並且其規模必須合適，那麼這確實有助於催化事件，無論是收購還是真正獲得全額融資的開發資產。我們會考慮這一點，我們過去已經考慮過，將來也很可能會這樣做。

Great. Thank you for that color. That's very helpful. Second question is just -- I know you mentioned Renard and it’s been taken out, but Windfall potentially has a call option to buy this thing and maybe in the future it comes back. Do you have any other -- at times, you’ve lent money into them and, do you have anything else that comes back?

偉大的。謝謝你的那個顏色。這非常有幫助。第二個問題是——我知道你提到了雷納德，它已經被拿出來了，但 Windfall 可能有一個看漲期權來購買這個東西，也許在未來它會回來。你還有其他的嗎──有時，你借錢給他們，你還有其他可以拿回的東西嗎？

If this deal were to close and went forward, the only thing you have be the 9.6% diamond stream or is there other claims you might have on some of that money that they put into acquiring Bernard if that transaction goes through? Thank you.

如果這筆交易完成並繼續進行，您唯一擁有的就是 9.6% 的鑽石流，或者如果交易成功，您可能會對他們投入收購 Bernard 的部分資金提出其他索賠？謝謝。

Thanks, Brian. Excellent question. I’m going to turn it over to Iain. Iain, he’s on the Board of Stornoway. He’s been living this experience for the last 24 months. So he’s probably the best person to comment. Go ahead, Mr. Renard.

謝謝，布萊恩。很好的問題。我要把它交給伊恩。伊恩，他是斯托諾韋董事會的成員。在過去的 24 個月裡，他一直在經歷這種經歷。所以他可能是最適合發表評論的人。繼續吧，雷納德先生。

Yeah, great question. Thanks. Look, in all likelihood, if that Winsome transaction materializes, the stream will be vested as part of that transaction and the only proceeds will be the winsome consideration being the cash or the shares of Winsome.

是的，很好的問題。謝謝。看上去，如果盈盛交易實現，那麼該流將作為該交易的一部分歸屬，唯一的收益將是盈盛的現金或股票。

Thanks very much for taking my questions.

非常感謝您回答我的問題。

Thank you, Brian.

謝謝你，布萊恩。

There are no further questions at this time. I will now turn the call over to Jason.

目前沒有其他問題。我現在將把電話轉給傑森。

Thank you very much, operator. Again, this concludes our call. Thank you for your attention today and listening to our Q1 results. Have a good week, everybody.

非常感謝您，接線生。我們的通話到此結束。感謝您今天的關注並聆聽我們的第一季業績。祝大家有個愉快的一周。

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

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。