OR Royalties Inc (OR) 2024 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Osisko Gold Royalties Q3 2024 results conference call. After the presentation, we will conduct a question-and-answer section. (Operator Instruction) Please note, that this call is being recorded today, November 6, 2024 at 5:00 PM Eastern Time.

女士們、先生們，下午好，歡迎參加奧西斯科黃金特許權使用費 2024 年第三季業績電話會議。演講結束後，我們將進行問答環節。（操作員說明）請注意，此通話是在東部時間今天（2024 年 11 月 6 日）下午 5:00 錄製的。

I would now like to turn the meeting over to our host for today’s call, Mr. Jason Attew. (spoken in foreign language)

現在我想將會議轉交給今天的主持人 Jason Attew 先生。（用外語說）

Thank you, Joelle. Good evening, everybody, and thanks for being on today's call. I'm Jason Attew, President and CEO of the Osisko Gold Royalties. Procedurally, I will run through the presentation and then we will open up the line for questions.

謝謝你，喬爾。大家晚上好，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，我將完成演示，然後我們將開放提問。

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下載。

Please note, that there are forward-looking statements in this presentation for which actual results may differ. Of particular note is that from Q4 2024 onwards, Osisko will be making a change to its presentation currency as it will also be reporting exclusively in US dollars. But for today, please note the basis of presentation will be in Canadian dollars unless otherwise noted.

請注意，本簡報中存在前瞻性陳述，實際結果可能有所不同。特別值得注意的是，從 2024 年第四季起，Osisko 將更改其列報貨幣，因為它也將僅以美元進行報告。但請注意，除非另有說明，今天的演示基礎將以加元為單位。

I'm joined today on the call by Fred Ruel, the company's VP, Finance and Chief Financial Officer, as indicated on slide 3, with some of my other colleagues also available as necessary. When looking at Osisko's third quarter and first nine months of 2024, we had a solid first three quarters as it relates to the gold equivalent ounces earned, cash margin, cash flows as well as overall debt reduction, especially when considering the loss of the Eagle Mine royalty as a key contributor in late June of this year.

如投影片 3 所示，我今天參加了公司財務副總裁兼財務長 Fred Ruel 的電話會議，必要時我的其他一些同事也可以參加。當審視Osisko 的第三季和2024 年前九個月時，我們的前三個季度表現強勁，因為這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，特別是考慮到Eagle 的損失礦權費是今年六月下旬的主要貢獻者。

Osisko earned 18,408 gold equivalent ounces in the third quarter, which has us in a good position as of September 30 to achieve our previously published full year 2024 guidance of 77,000 to 83,000 gold equivalent ounces.

Osisko 在第三季度賺取了 18,408 黃金當量盎司，這使我們能夠在 9 月 30 日實現之前發布的 2024 年全年指導值 77,000 至 83,000 黃金當量盎司。

Osisko's operating cash flows for the period came in at an impressive $47.2 million and a cash margin of 96.3% during the period. More on Osisko's cash margin in a couple of slides. We came true on our commitment to cement at least one more deal that meets our investment criteria in 2024 over and above the Cascabel gold stream announced earlier this year, which we discussed in our second quarter results presentation.

Osisko 在此期間的營運現金流達到令人印象深刻的 4,720 萬美元，現金利潤率為 96.3%。幾張投影片詳細介紹了奧西斯科的現金利潤率。我們兌現了承諾，除了今年稍早宣布的 Cascabel 黃金流之外，我們將在 2024 年至少再達成一項符合我們投資標準的交易，我們在第二季業績報告中對此進行了討論。

This came in the form of the acquisition of a 1.8% gross revenue royalty on Spartan Resources Dalgaranga Gold project in Western Australia, with the transaction expected to close in Q4. This transaction is only subject to approval by Australian's Foreign Investment Review Board.

此次收購的形式是收購西澳大利亞 Spartan Resources Dalgaranga Gold 專案 1.8% 總收入特許權使用費，該交易預計將於第四季度完成。該交易僅須獲得澳洲外國投資審查委員會的批准。

With respect to our opportunity set, the company's pipeline continues to remain robust with our corporate development team as busy as it's ever been. So while we might be running out of time to announce any more deals in calendar 2024, I would advise everyone to continue to watch the space over the next several months as we all head into the first half of 2025.

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一如既往地忙碌。因此，雖然我們可能沒有時間在 2024 年宣布更多交易，但我建議大家在接下來的幾個月繼續關注這個領域，因為我們都將進入 2025 年上半年。

Osisko ended the third quarter with $58.5 million in cash and net debt has now been reduced to just over $20 million after the company continued to pay down its revolving credit facility during the period. Over the past 12 months, the state of our balance sheet has improved tremendously, increasing Osisko's financial flexibility to enable transactions on new accretive royalty and stream opportunities as they present themselves.

奧西斯科第三季末現金為 5,850 萬美元，在該公司在此期間繼續償還循環信貸額度後，淨債務現已減少至略高於 2,000 萬美元。在過去的 12 個月中，我們的資產負債表狀況得到了極大改善，提高了 Osisko 的財務靈活性，能夠實現新的增值特許權使用費的交易，並在出現機會時抓住機會。

With respect to our ongoing commitment to return capital to shareholders, the company declared and paid its quarterly dividend of $0.065 per share in Q3, marking its 40th consecutive dividend with over $300 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，該公司在第三季度宣布並支付了每股0.065 美元的季度股息，這是其連續40 次派息，迄今為止，這些分配已向股東返還了超過3 億美元。

Subsequent to the quarter, Osisko's Board of Directors approved a Q4 dividend of $0.065 per common share payable on January 15, 2025, to shareholders of record as of the close of business on December 31, 2024.

本季結束後，Osisko 董事會批准於 2025 年 1 月 15 日向截至 2024 年 12 月 31 日營業結束時在冊的股東支付每股普通股 0.065 美元的第四季股息。

In addition, and you'll have seen this in our Q3 MD&A, we tried to be opportunistic by being active on our normal course issuer bid during the period. However, we are only able to repurchase a total of 26,000 shares during the quarter or just under $600,000 prior to our share price making a step change higher.

此外，您將在我們的第三季 MD&A 中看到這一點，我們試圖透過在此期間積極參與正常發行人的投標來抓住機會。然而，在我們的股價大幅上漲之前，我們在本季只能回購總共 26,000 股股票，即回購金額略低於 60 萬美元。

Moving on to the company's financial performance for Q3, quarterly revenues of $57.3 million tracked modestly lower, when comparing to Q3 of 2023. The lower year-over-year revenue in Q3 2024 comes as a result of Osisko having received just shy of 1,600 gold equivalent ounces on September 30, a Canadian holiday, meaning that while these gold equivalent ounces were earned during the period, they were not sold and the associated revenue will be booked in Q4.

再來看該公司第三季的財務業績，與 2023 年第三季相比，季營收為 5,730 萬美元，略有下降。2024 年第三季營收年減的原因是Osisko 在9 月30 日（加拿大假期）收到了略低於1,600 黃金等值盎司的結果，這意味著雖然這些黃金等值盎司是在此期間賺取的，但它們並沒有銷售和相關收入將在第四季度入帳。

Stronger commodity prices in Q3 2024 versus Q3 2023 were effectively offset by fewer GEOs this quarter versus the comparable quarter last year, due to the suspension of the Eagle Mine. Earnings of $0.10 per basic share for the period marked a year-over-year improvement compared to last year when the company took the full non-cash impairment and write-off associated with this diamond stream at Renard. Most importantly, Q3 2024 saw a year-overyear improvement in both cash flow per share at $0.25 as well as a quarterly adjusted earnings of $0.15 per basic common share.

由於 Eagle 礦場的暫停，本季 GEO 數量較去年同期減少，有效抵銷了 2024 年第三季商品價格較 2023 年第三季走強的影響。與去年相比，該期間每股基本股收益為 0.10 美元，年比有所改善，當時該公司承擔了與 Renard 鑽石流量相關的全部非現金減損和沖銷。最重要的是，2024 年第三季每股現金流量年增 0.25 美元，季度調整後每股基本普通股收益成長 0.15 美元。

Moving on to Slide 6, I thought I would highlight a key metric, which that we frequently make reference to in our public disclosure, because we think it's an important one and one that sees Osisko stand out amongst its peers, and that's cash margin.

轉到幻燈片6，我想我應該強調一個關鍵指標，我們在公開披露中經常提到該指標，因為我們認為這是一個重要的指標，也是Osisko 在同行中脫穎而出的指標，那就是現金利潤率。

Osisko's cash margin as defined by deducting our cash cost of sales, excluding depletion from our revenues, was 96.3% for the quarter -- third quarter and 97% year-to-date. This owes more to our company's royalty heavy portfolio and makes Osisko the leader amongst our relevant peers on this metric.

Osisko 的現金利潤率（扣除我們的現金銷售成本（不包括收入損耗））第三季為 96.3%，今年迄今為 97%。這更歸功於我們公司的特許權使用費密集型產品組合，並使 Osisko 在這項指標上成為我們相關同行中的領先者。

At Osisko, we think margin matters. When it comes to cash margin, not all gold equivalent ounces are created equal. And in the case of Osisko, we effectively capture more value per gold equivalent ounce delivered versus those delivered to our peers, with our company and its shareholders benefiting to the tune of about $0.97 of every dollar of revenue generated.

在奧西斯科，我們認為利潤很重要。就現金保證金而言，並非所有黃金等值盎司都是一樣的。就 Osisko 而言，與交付給同行的每盎司黃金等價物相比，我們有效地獲得了更多價值，我們公司及其股東從每產生 1 美元的收入中受益約 0.97 美元。

During the third quarter of 2024, the company had 20 producing assets. Our GEOs earned come predominantly from Canada, and we derived over 91% of our GEOs from precious metals, gold at just over 65% and silver at just over 26%. New this past quarter was a significant contribution of copper to the commodity mix, driven by a first of many deliveries from the CSA copper stream.

2024年第三季度，該公司擁有20項生產資產。我們賺取的 GEO 主要來自加拿大，超過 91% 的 GEO 來自貴金屬，其中黃金略高於 65%，白銀略高於 26%。上個季度的新變化是銅對商品組合的重大貢獻，這是由 CSA 銅流中的第一批交付所推動的。

Some comments on specific mine performances during the quarter before speaking about a couple of our more material assets in greater detail, Canadian Malartic had another solid quarter in Q3, albeit with a slight dip from the previous quarterly period. This mild difference was expected given Agnico's previously well-telegraphed planned downtime for scheduled maintenance, which took place during the third quarter.

在更詳細地談論我們的一些更重要的資產之前，對本季度特定礦山業績的一些評論，加拿大馬拉蒂克公司在第三季度又取得了穩健的季度業績，儘管與上一季相比略有下降。考慮到 Agnico 先前已明確告知計劃在第三季進行定期維護的停機時間，這種輕微差異是意料之中的。

As we've experienced many times in the past, we're expecting our cornerstone contributor to end 2024 on a strong note. At Capstone Copper's, Mantos Blancos operation, Q3 production was lower year-over-year due to a combination of lower throughput, grades and recoveries, as well as some unplanned downtime during the period. Plant upgrades to sustainably reach 20,000 tonnes per day are now complete despite a roughly two-month delay from Capstone's initial plan due to longer equipment lead times.

正如我們過去多次經歷的那樣，我們期望我們的基石貢獻者能夠在 2024 年結束時表現出色。在 Capstone Copper 的 Mantos Blancos 工廠，第三季產量年減，原因是吞吐量、品位和回收率下降，以及在此期間出現了一些計劃外停機。儘管由於設備交付週期較長，Capstone 的最初計劃推遲了大約兩個月，但工廠升級至可持續達到每天 20,000 噸的目標現已完成。

Assuming Capstone continues to find success in pushing the plant's throughput higher and keeping it at Phase 1 expansion design levels, Osisko expects to see the benefit of the increased throughput at Mantos Blancos translate into growing silver deliveries starting at the beginning of 2025. I'll touch more on Mantos Blancos in just a little bit.

假設 Capstone 繼續成功提高工廠吞吐量並將其保持在一期擴建設計水平，Osisko 預計 Mantos Blancos 吞吐量增加的好處將從 2025 年初開始轉化為白銀交付量的增長。我稍後會詳細介紹 Mantos Blancos。

Finally, in the top right, you'll see our commodity mix, which in Q3 was just over 26% silver. With the improvements expected at Mantos Blancos, Osisko's revenue derived directly from silver is expected to rise around 30% over the next few years.

最後，在右上角，您會看到我們的商品組合，第三季的白銀含量略高於 26%。隨著 Mantos Blancos 的預期改善，Osisko 直接來自白銀的收入預計在未來幾年將成長 30% 左右。

This is why the company was officially included in the sole Active Global Silver Miners Total Return Index effective as of November 1. This index is tracked by the Global X Silver Miners ETF, where Osisko now holds a top five weighting.

這就是為什麼該公司被正式納入自 11 月 1 日起生效的唯一活躍全球白銀礦業總回報指數。該指數由 Global X Silver Miners ETF 追踪，Osisko 目前佔據該指數前五名的權重。

Moving to slide 8. And as I mentioned earlier, the number of currently producing assets in our portfolio stands at 20. Changes to the list include the recent removal of the Eagle mine, partially offset by recent additions of G Mining Ventures Tocantinzinho mine in Brazil, which announced its first gold pour in early July, as well as Agnico Eagles, Akasaba West satellite operation at its gold ex mine.

轉到投影片 8。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 20 種。名單上的變化包括最近移除了Eagle 礦，但部分被近期新增的巴西G Mining Ventures Tocantinzinho 礦（該礦宣佈於7 月初進行首次金礦開採）以及Agnico Eagles、Akasaba West 衛星作業公司的金礦部分抵消。

On the ladder, Osisko received its first payment from Agnico in July, whereas, on TZ, first payment from G Mining is still expected this month based on a two-month lag associated with the quarterly royalty payments as structured in the contract.

在階梯上，Osisko 於7 月收到了Agnico 的第一筆付款，而在TZ 上，由於與合約中規定的季度特許權使用費支付相關的兩個月的滯後，預計G Mining 的第一筆付款仍預計本月收到。

This current list of 20 assets also counts CSA as a single operating asset. However, as you all know, we have two instruments associated with this mine, 100% silver stream in addition to our copper stream, with the copper stream having provided its first deliveries to Osisko in early July of this year. The next asset that we believe will be added to this list should be Nandimi with commissioning of the mine and mill expected this month and potentially first gold poured before end of year.

目前的 20 項資產清單也將 CSA 視為單一營運資產。然而，眾所周知，我們有兩種與該礦相關的工具，除了銅流之外，還有 100% 銀流，其中銅流已於今年 7 月初向奧西斯科提供了第一批貨物。我們認為將添加到此列表中的下一個資產應該是南迪米 (Nandimi)，礦山和磨坊預計將於本月投產，並可能在年底前產出第一批黃金。

Moving on to slide 9. Our company continues to distinguish itself from the rest of its relevant peers as it relates to jurisdictional exposure. Osisko is the leader when it comes to both NAV and GEOs earned from what we define as Tier 1 mining jurisdictions, which include Canada, United States and Australia. Of note is that if we were to add Chile to that list of countries, we'd be at over 95%.

繼續看投影片 9。我們公司在司法管轄權方面繼續與其他相關同行區分開來。就從我們定義的一級採礦管轄區（包括加拿大、美國和澳洲）獲得的 NAV 和 GEO 而言，Osisko 處於領先地位。值得注意的是，如果我們將智利添加到該國家列表中，我們的比例將超過 95%。

This is why we think the announced acquisition of the Dalgaranga gross revenue royalty on September 30 was very much on brand for Osisko as not only does it -- not only does the asset check the Tier 1 mining jurisdiction box, but the investment ticks all the important criteria of being a near-term long-life gold asset.

這就是為什麼我們認為 9 月 30 日宣布收購 Dalgaranga 總收入特許權使用費對 Osisko 來說非常符合品牌形象，因為不僅該資產符合一級採礦管轄權要求，而且這項投資符合所有條件成為近期長期黃金資產的重要標準。

This brings me to slide 10, which provides some highlights related to our recent Dalgaranga 1.8% gross revenue royalty transaction. On September 30, we purchased from Tembo Capital, a production royalty for USD44 million, along with an additional royalty for USD6 million on a massive proximal exploration land package, which for context is about half the size of Rhode Island. As noted previously, this transaction is expected to close in Q4 of this year after a customary review and approval from Australian's Foreign Investment Review Board.

這讓我看到幻燈片 10，其中提供了與我們最近的 Dalgaranga 1.8% 總收入特許權使用費交易相關的一些亮點。9 月30 日，我們從Tembo Capital 購買了4,400 萬美元的生產特許權使用費，以及600 萬美元的額外特許權使用費，購買了一個大型近端勘探土地包，該土地包的面積約為羅德島州的一半。如前所述，經過澳洲外國投資審查委員會的例行審查和批准後，該交易預計將於今年第四季完成。

Over the past 24 months, Spartan Resources has reimagined and retooled the planned approach to Dalgaranga from an open pit bulk tonnage operation to a high-grade underground concept. With all the necessary permits for the processing infrastructure already on site, the team there started refocusing on underground exploration and discovered the high-grade Never-Never deposit in 2022.

在過去 24 個月裡，斯巴達資源公司重新構想並調整了通往達爾加蘭加的計畫路線，從露天散裝噸位作業轉變為高品位地下概念。在現場已獲得加工基礎設施的所有必要許可後，團隊開始重新專注於地下勘探，並於 2022 年發現了高品位 Never-Never 礦床。

Spartan moved rapidly to unlock the potential of the significant discovery and the discovery of the high-grade underground Pepper deposit quickly followed suit. The project now comprises of a current JORC-compliant mineral resource estimate that includes a high-grade resource of 1.9 million ounces at 8.7 grams per tonne.

斯巴達迅速採取行動，釋放這項重大發現的潛力，高品位地下胡椒礦床的發現也迅速跟進。該項目目前包括符合 JORC 標準的礦產資源估算，其中包括 190 萬盎司（8.7 克/噸）的高品位資源。

The exploration potential of this emerging resource is what really attracted us to this asset. We see parallels to the early innings of Alamos' Island Gold mine with this asset. As noted previously, this is a straight down the fairway transaction for Osisko, given it is an asset that checks all our boxes in terms of near-term GEOs, near-term cash flow generation, a top-tier mining jurisdiction, management quality and significant exploration upside.

這種新興資源的勘探潛力是這項資產真正吸引我們的地方。我們看到該資產與阿拉莫斯島金礦早期的情況有相似之處。如前所述，這對奧西斯科來說是一筆直接的交易，因為它是一項符合我們所有要求的資產，包括近期 GEO、近期現金流生成、頂級採礦管轄區、管理品質和勘探潛力巨大。

We are expecting the key catalysts from Dalgaranga in the second quarter of calendar 2025, whereby Spartan has indicated they plan to release a maiden reserve estimate and project feasibility study. This information is likely to coincide with a final investment decision, which could see Dalgaranga restart mining and milling operations as early as late 2026.

我們預計達爾加蘭加將在 2025 年第二季發揮關鍵催化劑作用，斯巴達已表示他們計劃發布首次儲量估算和專案可行性研究。這項資訊可能與最終投資決定一致，達爾加蘭加最早可能在 2026 年底重新啟動採礦和銑削業務。

We see this exciting project fitting comfortably within our five-year outlook when we update our outlook out to 2029 in February of next year, with Dlgaranga potentially contributing well over 2,500 gold equivalent ounces annually to Osisko over the life of mine.

當我們在明年 2 月更新對 2029 年的展望時，我們認為這個令人興奮的項目非常適合我們的五年展望，Dlgaranga 可能在礦山的使用壽命內每年向 Osisko 貢獻超過 2,500 盎司黃金當量。

Finally, with over 95 kilometers of drilling planned for Spartan's financial year 2025, we also expect that the project will continue to grow in scale. Switching gears to Slide 11 and focusing on our cornerstone asset, the Canadian Malartic complex was front and center in Agnico Eagle's impressive Q3 2024 results announced last week.

最後，Spartan 2025 財年計劃進行超過 95 公里的鑽探，我們也預期該專案的規模將繼續擴大。切換到幻燈片 11，重點關注我們的基石資產，加拿大 Malartic 綜合體在 Agnico Eagle 上週公佈的令人印象深刻的 2024 年第三季度業績中處於前沿和中心位置。

As noted, production was a tad lighter quarter-over-quarter, but this was expected, and our partner remains well on track to achieve production guidance for Malartic this year. Perhaps even more exciting were the headline drill results from the shallower parts of the East Gouldie deposit on which Osisko has a 5% NSR.

如前所述，產量比上一季略有減少，但這是預期的，我們的合作夥伴仍有望實現今年 Malartic 的產量指導。也許更令人興奮的是東古迪礦床較淺部分的頭條鑽探結果，奧西斯科的 NSR 為 5%。

Agnico specifically noted in their release that and I quote, continued conversion drilling success in this area would confirm the potential to add mineral reserves that could provide additional production for the operation that would require modest additional lateral development considering the area's proximity to the existing ramp infrastructure.

Agnico 在他們的新聞稿中特別指出，我引用的是，該地區持續的轉換鑽探成功將證實增加礦產儲量的潛力，這可以為該作業提供額外的產量，考慮到該地區靠近現有坡道基礎設施，這需要適度的額外橫向開發。

Moving to slide 12. Underground development at Odyssey progressed well in Q3 as ramp development continued to progress on schedule. And as of September 30, 2024, the main ramp had reached a depth of 873 meters. Recall that Agnico continues to study the potential to accelerate the first underground production from East Gouldie into 2026 from 2027 previously as the ramp progress remains ahead of schedule.

轉到投影片 12。隨著坡道開發繼續按計劃進行，奧德賽的地下開發在第三季進展順利。截至2024年9月30日，主坡道深度已達873公尺。回想一下，Agnico 繼續研究將 East Gouldie 的首次地下生產從 2027 年加速到 2026 年的潛力，因為斜坡進度仍然提前。

On the exploration front, we're excited to report that exploration drilling at the Odyssey mine and regional exploration drilling around the mine totaled 68,800 meters during the third quarter or nearly 150,000 meters during the first nine months of 2024, with up to 11 underground drill rigs and 13 surface drill rigs in operation, primarily targeting the East Gouldie and other -- and the various Odyssey deposits.

在勘探方面，我們很高興地報告，第三季度奧德賽礦井和礦井週邊區域勘探鑽探總數 68,800 米，2024 年前 9 個月接近 150,000 米，地下鑽探數量多達 11 個鑽機和13 個露天鑽機正在運行，主要針對東古迪和其他地區以及各種奧德賽礦床。

Osisko would also like to congratulate members of Agnico Eagle's Canadian Malartic exploration team as it was announced yesterday that they were selected to be the recipients of the PDAC 2025 Bill Dennis Award for their extraordinary discovery of the East Gouldie gold deposit. This discovery made in 2018, represents a major milestone in Canadian mineral exploration due to its size, geological significance, and economic value.

Osisko 也要祝賀 Agnico Eagle 的加拿大 Malartic 勘探團隊的成員，昨天宣布他們因東古迪金礦的非凡發現而被選為 PDAC 2025 年比爾·丹尼斯獎得主。2018 年的這項發現因其規模、地質意義和經濟價值而成為加拿大礦產勘探的一個重要里程碑。

The exploration team's perseverance, technical expertise, and commitment to innovation have been central to the success of this discovery. Consequently, Osisko couldn't think of a more deserving group for this award.

勘探團隊的毅力、技術專長和對創新的承諾對於這項發現的成功至關重要。因此，奧西斯科想不出還有哪個團隊更值得獲得此獎項。

On to slide 13, which touches on Capstone Copper's Mantos Blancos mine, our second most important contributor. We're excited to say that things there finally appear to be turning the corner. In July, a successful two-week plant shutdown was completed, which included the installation of a new holding tank and additional pumps in the tailings area. These investments address deficiencies identified preventing the sustained achievement of the 20,000 tonne per day throughput capacity from the sulfide operations.

轉到幻燈片 13，其中涉及 Capstone Copper 的 Mantos Blancos 礦，它是我們第二重要的貢獻者。我們很高興地說，那裡的事情似乎終於出現了轉機。7 月，工廠成功關閉了兩週，其中包括在尾礦區安裝了新的儲槽和額外的泵浦。這些投資解決了硫化物業務持續實現 20,000 噸/日吞吐量的缺陷。

Following the plant ramp-up period in August, ore throughput averaged 18,062 tonnes per day through to the end of Q3, with plant throughput meeting or exceeding the nameplate capacity of 20,000 tonnes per day on 23 operating days. The overall variability of the milling process has been significantly reduced. And if you listen to management on their Q3 results presentation, higher throughput is expected in Q4.

繼 8 月工廠產能提升期之後，截至第三季末，礦石吞吐量平均為每天 18,062 噸，工廠吞吐量在 23 個營運日內達到或超過了每天 20,000 噸的銘牌產能。銑削過程的整體變異性已顯著降低。如果您聽取管理層對第三季業績演示的意見，預計第四季度的吞吐量將會更高。

Given our two-month delivery lag on the stream, our year-end at Mantos Blancos effectively ended last week on October 31. But this is very directionally good news as it bodes well for Osisko as we head into 2025, with improvements at Mantos Blancos expected to be the key year-over-year gold equivalent ounce growth driver for Osisko. Additionally, we are looking forward to a potential Phase 2 expansion at Mantos Blancos over the next few years with a feasibility study on this expected from our partner late next year.

鑑於我們在直播中延遲了兩個月，我們在 Mantos Blancos 的年終實際上已於上週 10 月 31 日結束。但這是非常有方向性的好消息，因為隨著我們進入 2025 年，這對 Osisko 來說是個好兆頭，Mantos Blancos 的改進預計將成為 Osisko 同比黃金當量盎司增長的關鍵動力。此外，我們期待在未來幾年內對 Mantos Blancos 進行第二階段擴建，我們的合作夥伴預計將於明年底對此進行可行性研究。

Moving to slide 14. And after a solid Q3 2024, Osisko is on track to meet its 2024 gold equivalent ounce delivery guidance range of 77 to 83 gold equivalent ounces, which was revised last quarter after the suspension and subsequent full write-down of Eagle.

轉到投影片 14。在經歷了2024 年第三季的穩健表現之後，Osisko 有望實現2024 年黃金當量盎司交割指導範圍（77 至83 黃金當量盎司），該指導範圍是在Eagle 停牌和隨後全額減記後上個季度進行修訂的。

I also just want to quickly flag Namdini on this slide. The mine and the mill are expected to be commissioned by operator Cardinal and Namdini at some point during this month with the potential for first gold poured before the end of the year.

我也只是想快速地在這張投影片上標記 Namdini。營運商 Cardinal 和 Namdini 預計該礦和選礦廠將於本月某個時間投入運行，有可能在年底前產出第一批黃金。

Based on previously published technical studies, which we understand still underpin the expected mine plan, the grade profile at the mine sees higher grades upfront in the first two years, meaning Namdini should represent another key year-over-year growth driver for Osisko as we head into 2025. With a 15-year life of mine, we also expect Namdini will be a meaningful contributor to Osisko for many years to come.

根據先前發布的技術研究（據我們所知，這些研究仍然支持預期的礦山計劃），該礦的品位概況預計在前兩年會出現更高的品位，這意味著Namdini 應該成為Osisko 的另一個關鍵的年成長動力，因為我們邁入 2025 年。我的壽命已達 15 年，我們也預期 Namdini 將在未來許多年為 Osisko 做出有意義的貢獻。

Our investee companies continue to make great strides in derisking their assets that will accrue to our shareholders. Highlights of some of these efforts are provided on slide 15. If there is one we haven't really discussed and one that I would like to highlight today, it would be OceanaGold's WKP, which in early October was approved under the New Zealand's government new Fast Track approvals Bill.

我們的投資公司在降低資產風險方面持續取得長足進步，這些資產將歸我們的股東所有。投影片 15 提供了其中一些努力的要點。如果有一個我們還沒有真正討論過，而我今天想強調的一個，那就是 OceanaGold 的 WKP，該項目於 10 月初根據新西蘭政府新的快速審批法案獲得批准。

We're expecting to find out more about OceanaGold's plans for the Wahi North WKP project before the end of the year as the results of project pre-feasibility study are expected this quarter. Osisko owns a 2% NSR royalty on WKP.

我們預計將在今年年底前了解更多有關 OceanaGold 的 Wahi North WKP 項目計劃的信息，因為項目預可行性研究的結果預計將於本季度公佈。Osisko 擁有 WKP 2% 的 NSR 特許權使用費。

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 total debt of just over $80 million and net debt of only $22 million. This compares to net debt of just under $250 million in the comparative quarter of 2023. As responsible capital allocators, we have focused on using our cash flow from operating activities to pay down our revolving debt facility. Year-to-date, these repayments amount to over $115 million.

最後，我們將在投影片 16 上結束簡報的正式部分，其中概述了 Osisko 資產負債表的當前狀態。截至季末，我們的總債務略高於 8,000 萬美元，淨債務僅為 2,200 萬美元。相較之下，2023 年同期的淨債務略低於 2.5 億美元。作為負責任的資本配置者，我們專注於利用經營活動產生的現金流來償還我們的循環債務融資。年初至今，這些還款金額已超過 1.15 億美元。

During the quarter, Osisko Bermuda Limited also made a USD10 million payment to SolGold as their first installment under the Gold Stream agreement to further advance the Cascabel project in Ecuador. As we are now in the fourth quarter, it is also worth recalling that we're expecting to pay Tambo USD50 million during this current period once the Dalgaranga transaction closes.

本季度，Osisko Bermuda Limited 也向 SolGold 支付了 1000 萬美元，作為 Gold Stream 協議下的第一期付款，以進一步推進厄瓜多爾的 Cascabel 項目。由於我們現在已進入第四季度，也值得回顧的是，一旦 Dalgaranga 交易結束，我們預計將在本期向 Tambo 支付 5000 萬美元。

Assuming no new transactions announced by Osisko or any of its subsidiaries between now and year-end, the company should be in a net cash position by early 2025. This is important as Osisko's corporate development team continues to be active with the hope of getting more deals across the line over the next several months.

假設 Osisko 或其任何子公司從現在到年底沒有宣布新交易，該公司到 2025 年初應該會處於淨現金狀況。這一點很重要，因為 Osisko 的企業開發團隊繼續活躍，希望在未來幾個月內獲得更多交易。

Our much improved balance sheet provides the company with the 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 and near-term gold equivalent ounce deliveries as well as cash flows, all of which should accrue to our shareholders' benefit.

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，這也將增強公司當前和近期的黃金等量盎司交割量作為現金流，所有這些都應該為我們的股東帶來利益。

Lastly, on behalf of all the employees and Board of Osisko, we'd like to thank Rob Krcmarov for his valuable guidance and advice over the past two years, as he moves on to take the helm at Hecla Mining. And with that, I'd like to thank everyone for listening today. We'll now open the line for questions, including those from the webcast. If we don't get to all the questions on the line, we'll make sure to respond offline to those that aren't covered on the webcast. Operator?

最後，我們謹代表 Osisko 的所有員工和董事會，並感謝 Rob Krcmarov 在過去兩年接掌 Hecla Mining 期間提供的寶貴指導和建議。在此，我要感謝大家今天的聆聽。我們現在將開放提問熱線，包括來自網路廣播的問題。如果我們沒有回答線上的所有問題，我們將確保在線下回答網路廣播中未涵蓋的問題。操作員？

(Operator Instructions)

（操作員說明）

Ralph Profiti, Eight Capital.

拉爾夫·普羅菲蒂，八資本。

Thanks, operator. Good afternoon. Jason, I wanted to ask a question on the Dalgaranga production profile, specifically your reference to 2,500 ounces annually, which I believe was a life of mine estimate. When we get into that high-grade core in those early years, do you have a sort of more of a near-term profile?

謝謝，接線生。午安.Jason，我想問一個有關 Dalgaranga 產量概況的問題，特別是您提到的每年 2,500 盎司的產量，我相信這是我的估計壽命。當我們早年進入高級核心時，您是否有更多的近期概況？

If you look at potential diluted grades, I mean, my numbers come almost double that in the first few years. Just wondering if that is sort of a rational assumption. And then just a follow-up. If we're not going to get a mine plan until the second quarter of 2025, do you anticipate still including it in your next guidance update? Or will you wait?

如果你看看潛在的稀釋成績，我的意思是，我的數字幾乎是前幾年的兩倍。只是想知道這是否是一個合理的假設。然後只是後續行動。如果我們要到 2025 年第二季才能獲得採礦計劃，您預計仍會將其包含在下一次指導更新中嗎？或者你會等嗎？

Thank you, Ralph, for your question. And you noted the most important thing with respect to disclosure from Spark Resources. We will not see publicly the feasibility studies, as I mentioned, into 2025. So it's really difficult for us to comment on a mine plan that hasn't been developed. However, I will pass the microphone over to Guy, who is very familiar with, again, that investment and was one of the bigger advocates here at Osisko of us pursuing and transacting on that. So Guy, please?

謝謝拉爾夫的提問。您也指出了 Spark Resources 揭露的最重要的事情。正如我所提到的，到 2025 年我們不會公開看到可行性研究。所以我們真的很難對一個還沒制定出來的採礦計畫發表評論。不過，我將把麥克風交給蓋伊，他對這項投資非常熟悉，並且是奧西斯科我們在這方面追求和交易的最大倡導者之一。那麼蓋伊，好嗎？

Yes. Ralph, you correctly pointed out that the grade, they have potential to hit high grade earlier in the life of mine. We're trying to be a little bit conservative with respect to how those ounces are going through that plant, but there's also a buydown provision, and we don't know what's going to happen with that piece as well. So --

是的。拉爾夫，你正確地指出了等級，他們有潛力在我生命的早期達到高等級。我們試圖對這些盎司如何透過工廠採取保守一點的態度，但也有買斷條款，而且我們也不知道該產品會發生什麼。所以--

Okay. All right. Fair enough.

好的。好的。很公平。

Sorry, Ralph, the other point is that the mill allows for 2.5 million tonnes per year. However, the company has sort of been communicating that they'll be using a portion of that, at least in the initial life of mine.

抱歉，拉爾夫，另一點是工廠每年可生產 250 萬噸。然而，該公司一直在傳達他們將使用其中的一部分，至少在我的最初生活中。

And with respect to your question on the five-year outlook, yes, in February of next year, we will be providing five-year outlook, and you can expect that there'll be some inclusion of Dalgaranga within our five-year outlook.

關於你關於五年展望的問題，是的，明年 2 月，我們將提供五年展望，你可以預期，我們的五年展望中將會包含一些達爾加蘭加。

Okay. Thanks for that clarity. And I apologize if I missed this on Namdini. Are we expecting first revenue, including sort of that one to two-month lag that first gold is ported towards the end of the year. We may not see those first revenues until, say, Q1 or Q2 of 2025?

好的。感謝您的清晰說明。如果我在 Namdini 錯過了這個，我深表歉意。我們是否期待第一批收入，包括第一批黃金在年底運出的一到兩個月的延遲。我們可能要到 2025 年第一季或第二季才能看到第一筆收入？

I think that's a very good assumption. And yes, so yes, Ralph, I think that's what we're expecting here Q1 2025, if again, they pour first gold by the end of this year.

我認為這是一個非常好的假設。是的，所以是的，拉爾夫，我認為這就是我們對 2025 年第一季的預期，如果他們再次在今年年底投入第一枚金牌。

Okay. Thanks, Jason. Thanks, Steve.

好的。謝謝，傑森。謝謝，史蒂夫。

Thanks Ralph.

謝謝拉爾夫。

Kerry Smith, Haywood Securities.

凱裡史密斯，海伍德證券。

Thanks operator. Jason, would the Plan B for Dalgaranga when you -- when it closes, I guess you would just draw down on your facility. Is that the plan in the short-term at least?

感謝運營商。傑森，當你關閉達爾加蘭加時，我猜你會動用你的設施。至少短期內是這樣的計劃嗎？

Yes, that's exactly right, Kerry. Again, it's USD50 million that will be coming out. We expect it's going to be coming out in Q4 of this year. It is subject, as I mentioned, to the -- for approval in Australia. But the plan is to just draw on a revolver facility.

是的，完全正確，克里。同樣，將有 5000 萬美元的支出。我們預計它將在今年第四季推出。正如我所提到的，它需要在澳洲獲得批准。但計劃只是利用左輪手槍設施。

But as you also note and note from our quarter this year, we're making close to $50 million in operating cash flow per year -- or sorry, per quarter, especially at these elevated gold prices. So we'll quickly pay that down based on our operating cash flow.

但正如您在今年季度中所注意到的那樣，我們每年（或抱歉，每個季度）的營運現金流接近 5000 萬美元，尤其是在金價上漲的情況下。因此，我們將根據我們的營運現金流快速支付這筆費用。

Right. Okay. Okay. That's great. And then as you mentioned, you're going to switch over for calendar 2025 to US dollar reporting then, correct?

正確的。好的。好的。那太棒了。然後，正如您所提到的，您將把 2025 年日曆切換為美元報告，對嗎？

Yes, that's correct. So our presentation currencies go forward for 2025 will be in US dollars.Our functional currency still will remain as Canadian dollars.

是的，這是正確的。因此，2025 年我們的列報貨幣將是美元。

And with a large proportion of your revenues coming from Canada, would you think about doing any currency hedging then? I mean, I know you wouldn't hedge the commodity, but might you hedge some of the exchange exposure?

由於您的收入很大一部分來自加拿大，您會考慮進行貨幣對沖嗎？我的意思是，我知道你不會對沖商品，但你可以對沖一些外匯風險嗎？

Look, that's No, look, it's a good question, Kerry. And given again, we consider any sort of hedging FX, others is effectively a risk management exercise. If we see that there's a discrepancy, for example, today, there is obviously a very strong reaction and a very positive reaction to the US dollar, whether that's -- we believe that's sustainable or not go forward. We, again, will get together as a team and potentially put on some U.S. dollar hedges. But it won't be material, and it's really as a risk management exercise as opposed to any sort of speculation on currency.

聽著，那是不，聽著，這是個好問題，克里。再次強調，我們認為任何形式的外匯對沖其實都是一種風險管理活動。如果我們看到存在差異，例如今天，顯然會對美元產生非常強烈的反應和非常積極的反應，無論這種情況是——我們認為這種情況是否可持續。我們將再次作為一個團隊聚集在一起，並可能進行一些美元對沖。但這不會是實質的，而且它實際上是一種風險管理活動，而不是任何形式的貨幣投機。

Got you. Okay. Okay. Thank you very much.

明白你了。好的。好的。非常感謝。

Thanks Kerry.

謝謝凱瑞。

(Operator Instructions)

（操作員說明）

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行。

Hi. Great. Good evening. I think that's me. I just wanted to ask on the transaction environment. And I know, Jason, you mentioned it's really busy, and maybe you don't get another one in this year, but watch out in the first half of next year. Can you just comment on what you're seeing out there still?

你好。偉大的。晚安.我想那就是我。我只是想問交易環境。我知道，傑森，你提到它真的很忙，也許你今年不會再有一個，但明年上半年要小心。您能評論一下您仍然看到的情況嗎？

Is it in that $50 million to $300 million range? And are you seeing opportunities that require you to do a little bit more -- put different parameters on your transactions like we saw one of your competitors have to put collars in for the transaction they did. So I'm just kind of wondering what the structure is looking like. Has that been changing for you as well?

是在 5,000 萬到 3 億美元的範圍內嗎？您是否看到了需要您做更多事情的機會 - 在您的交易中設定不同的參數，就像我們看到您的競爭對手之一必須為他們所做的交易設定限制一樣。所以我只是想知道這個結構是什麼樣的。你的情況也改變了嗎？

Thanks, Tanya, really good question. So as I said, the opportunity set is very, very robust. Again, our sweet spot, as we've articulated many, many times, is anywhere between USD50 million all the way up to USD400 million to US$500 million. So it really will depend, case-by-case. And first and foremost, we look at asset quality.

謝謝，塔尼婭，非常好的問題。正如我所說，機會集非常非常強勁。正如我們多次闡述的那樣，我們的最佳點是 5000 萬美元到 4 億美元到 5 億美元之間。所以這確實取決於具體情況。首先，我們關注的是資產品質。

And so yes, there's been a number of transactions that we've obviously seen one of our senior peers transact at. It was a transaction that also involved a debt facility. So what I would say around that is we try and be as bespoke to our operating partners or our potential operating partners as possible.

是的，我們顯然已經看到我們的一位資深同行進行了許多交易。該交易還涉及債務融資。因此，我想說的是，我們嘗試盡可能為我們的營運合作夥伴或潛在的營運合作夥伴量身定制。

But it really comes back to the asset quality. If we think the asset quality is very good and we think the management quality is very good in a jurisdiction that we're comfortable, we'll be as bespoke as we can to be competitive around ensuring that, again, we're disciplined with our capital deployment. And so you're seeing in the marketplace that everybody has to -- it is competitive, but everybody is having to be, again, providing that bespoke solution to some of the operating partners out there.

但這實際上又回到了資產品質。如果我們認為資產品質非常好，並且我們認為在我們感到滿意的司法管轄區中管理品質非常好，我們將盡可能定制，以確保我們再次遵守紀律，從而具有競爭力我們的資本部署。因此，你在市場上看到每個人都必須這樣做——這是有競爭力的，但每個人都必須再次為一些營運合作夥伴提供客製化的解決方案。

So would that be -- should I conclude from that, that you would be open to equity and debt, et cetera, and collars if you -- if the opportunity was great and you have to provide that?

那麼，如果我的結論是，如果機會很大並且你必須提供的話，你會對股權和債務等持開放態度，還有領子嗎？

Look, for the right asset and the team got excited and knew we were going to actually provide very good returns to our equity holders, yes, I think everything is on the table in terms of what you've seen historically.

看，對於合適的資產，團隊感到興奮，並且知道我們實際上將為我們的股東提供非常好的回報，是的，我認為就您歷史上看到的情況而言，一切都在桌面上。

Okay. And would most of the opportunities you're seeing still be in the development phase? Or are we seeing any that is more in the production phase?

好的。您看到的大部分機會仍處於開發階段嗎？或者我們看到更多處於生產階段的東西？

We're seeing -- I would say we're seeing a lot in the cash flow development stage -- sorry, the cash flowing stage more so. And a lot of it has to do with, obviously, there's a lot of activity in our sector right now. So we're across a number of companies assisting them with acquisition finance. And so those acquisition finance, they're all cash flowing opportunities at this stage.

我們看到——我想說我們在現金流發展階段看到了很多——抱歉，現金流階段更是如此。顯然，這很大程度上與我們行業目前的大量活動有關。因此，我們與許多公司合作，協助他們進行收購融資。所以這些收購融資，都是現階段的現金流機會。

There are also some high-quality development assets that were across from as well. So case by case, but we're -- again, the focus of this team and the company is really to focus on opportunities that will have an impact and hopefully a significant positive accretive impact in the next five years.

對面也有一些高品質的開發資產。所以具體情況具體分析，但我們再次強調，這個團隊和公司的重點實際上是專注於那些將產生影響的機會，並希望在未來五年內產生重大的正面增值影響。

Okay. And did I hear correctly that you will be changing your reporting currency to US dollars from Canadian dollars starting in 2025?

好的。我沒聽錯嗎，從 2025 年開始，你們會把報告貨幣從加幣改為美元？

That's correct.

這是正確的。

Okay. So Q4 will still be Canadian, but starting with Q1, it would be all USD.

好的。因此，第四季仍將是加拿大的，但從第一季開始，將全部是美元的。

And Q4 will be US dollars and then into 2025, it will all be US dollars.

第四季將是美元，然後到 2025 年，將全部是美元。

Okay. So Q4 and going forward. Okay. That's great. Thank you for the clarity on that.

好的。第四季以及未來。好的。那太棒了。感謝您對此的澄清。

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

目前沒有其他問題。我現在將把電話轉給傑森，讓他發表結束語。

Look, thank you very much for everyone participating in this evening. As I said, we had a very solid quarter at Osisko Gold Royalties, and we look forward to coming back and a very -another solid quarter in Q4. So thank you for your time. Thank you for your support. And if there are any further questions, you know how to get to us. Thank you.

聽著，非常感謝大家參加今晚的活動。正如我所說，我們在 Osisko Gold Royalties 度過了一個非常穩定的季度，我們期待著回歸並在第四季度再創一個非常穩定的季度。謝謝您的寶貴時間。感謝您的支持。如果還有任何其他問題，您知道如何聯絡我們。謝謝。

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。