OR Royalties Inc (OR) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Osisko Gold Royalties' Q1 2025 results conference call. (Operator Instructions) Please note that this call is being recorded today, May 8, 2025, at 10:00 AM. Eastern Time.

女士們、先生們，早安，歡迎參加 Osisko Gold Royalties 2025 年第一季業績電話會議。（操作員指示）請注意，本次通話於今天（2025 年 5 月 8 日）上午 10:00 進行錄音。東部時間。

I would now like to turn the meeting over to our host for today's call, Mr. Jason Attew.

現在，我想將會議交給今天的主持人 Jason Attew 先生。

Bonjour, mesdames et messieurs. (spoken in French)

你好，女士們和先生們。（法文）

Merci, Joelle. Good day to everyone, and thanks for your attention this morning. As we know, it's a busy reporting week. Procedurally, I'll run through the presentation, and then we will open up the line for questions. For those participating online via the webcast, you can submit your questions in advance through the webcast platform.

謝謝，喬爾。祝大家有個愉快的一天，感謝大家今天早上的關注。我們知道，這是一個繁忙的報道週。按照程序，我將介紹演講內容，然後我們將開放提問環節。對於透過網路直播在線上參與的觀眾，您可以透過網路直播平台提前提交問題。

Today's presentation will also be available and downloadable online through our corporate website. Please note that there are forward-looking statements in this presentation from which actual results may differ. And as a reminder, as of Q4 2024 onwards, Osisko has made a key change to its presentation currency, which is now strictly in US dollars, unless we otherwise note. I'm joined on the call today by Frédéric Ruel Ruel, the company's Vice President, Finance and Chief Financial Officer; as well as Heather Taylor, our VP of Sustainability and Communications, as well as my other colleagues as indicated on slide 3.

今天的簡報也可透過我們的公司網站線上取得和下載。請注意，本簡報中含有前瞻性陳述，實際結果可能與前瞻性陳述有所不同。需要提醒的是，自 2024 年第四季起，Osisko 對其列報貨幣進行了重大更改，現在嚴格以美元表示，除非我們另有說明。今天與我一起參加電話會議的還有公司財務副總裁兼財務長 Frederic Ruel Ruel；以及我們的永續發展和通訊副總裁 Heather Taylor，以及幻燈片 3 中所示的我的其他同事。

When looking at Osisko's first quarter of 2025, we've had a solid start as it relates to gold equivalent ounces earned, cash margin, cash flows, as well as overall debt reduction. Osisko earned 19,014 GEOs in the first quarter, which puts us on track to achieve our previously published full-year 2025 GEO delivery guidance range of 80,000 to 88,000 gold equivalent ounces.

回顧 Osisko 2025 年第一季度，我們在賺取的黃金當量盎司、現金利潤、現金流以及整體債務減少方面取得了良好的開端。Osisko 在第一季度獲得了 19,014 份 GEO，這使我們有望實現先前發布的 2025 年全年 GEO 交付指導範圍，即 80,000 至 88,000 黃金當量盎司。

Recall that we had been very explicit about the fact that due to sequencing in some of our major producing assets including the Malartic and Mantos Blancos, the first quarter was always expected to be our weakest of the year, with sequential quarter-over-quarter improvements in aggregate GEO deliveries expected for the rest of the year.

回想一下，我們曾非常明確地表示，由於包括馬拉蒂克和曼托斯布蘭科斯在內的一些主要生產資產的排序，第一季度一直預計是我們今年表現最差的季度，而預計今年剩餘時間的 GEO 總交付量將逐季改善。

Osisko's operating cash flows for the period came in at an impressive $46.1 million at a cash margin of 97.1% during the period. And while our corporate development team remains busier than ever and in some cases, on some really sizable transactions, we didn't announce anything major during the period. However, we did complete a handful of smaller transactions which we believe over the course of time, will be viewed as astute transactions with operating partners we know and trust.

奧西斯科本期間的經營現金流達到了驚人的 4,610 萬美元，現金利潤率為 97.1%。儘管我們的企業發展團隊比以往任何時候都更加忙碌，並且在某些情況下，進行一些真正規模相當大的交易，但我們在此期間並沒有宣布任何重大消息。然而，我們確實完成了一些較小的交易，我們相信隨著時間的推移，這些交易將被視為與我們了解和信任的營運合作夥伴進行的精明交易。

Osisko ended the first quarter with $63.1 million in cash and net debt has now been reduced to just over $10 million after the company continued to pay down its revolving credit facility during the period. With respect to our ongoing commitment to return capital to shareholders, the company declared and paid a quarterly dividend of CAD 0.065 per share in the first quarter, making its 42nd consecutive dividend with over CAD 328 million returned to shareholders to date from these historic distributions.

奧西斯科第一季結束時持有 6,310 萬美元現金，由於公司在此期間繼續償還循環信貸額度，淨債務現已減少至略高於 1,000 萬美元。我們一如既往地致力於向股東返還資本，公司在第一季度宣布並支付了每股 0.065 加元的季度股息，這是該公司連續第 42 次派發股息，迄今為止，這些歷史性的派息已向股東返還了超過 3.28 億加元。

Subsequent to quarter end, Osisko's Board of Directors approved a 20% increase to the base quarterly dividend to USD 0.055 per common share payable on July 15, 2025, to shareholders of record as of the close of business on June 30, 2025.

季度結束後，Osisko 董事會批准將基本季度股息提高 20% 至每股 0.055 美元，於 2025 年 7 月 15 日支付給截至 2025 年 6 月 30 日營業結束時登記在冊的股東。

The change to US dollar-based dividend is consistent with the company's recent change in its presentation currency. The dividend increase itself is a testament of the confidence we have in the consistency predictability and the anticipated growth of current and future cash flows underpinning our business.

以美元計價的股利變動與公司近期列報貨幣的變動一致。股息增加本身證明了我們對業務的一致性、可預測性和預期的當前和未來現金流成長的信心。

Finally, as some of you know, in mid-April, Osisko published its fifth edition of a sustainability report, Growing Responsibly, and I'd like to bring on Heather Taylor, our VP of Sustainability and Communications, to talk to some of the details associated with this key achievement in more detail. Heather.

最後，正如你們中的一些人所知，四月中旬，奧西斯科發布了第五版可持續發展報告《負責任地發展》，我想邀請我們的可持續發展和傳播副總裁希瑟·泰勒來更詳細地談談與這一關鍵成就相關的一些細節。希瑟。

Thanks, Jason. As Jason mentioned, following the end of the first quarter, Osisko released the fifth edition of our annual Sustainability Report, Growing Responsibly. This latest addition reaffirms our focus on transparency and the ongoing evolution of our sustainability approach and efforts. It is informed by GRI, SASB and IFRS climate-related disclosure standards. This year, we made meaningful progress across all pillars of ESG, including some of the following key highlights.

謝謝，傑森。正如 Jason 所提到的，第一季結束後，Osisko 發布了我們的年度永續發展報告第五版《負責任地發展》。這項最新舉措再次證明了我們對透明度的關注以及我們對永續發展方法和努力的不斷發展。它遵循 GRI、SASB 和 IFRS 氣候相關揭露標準。今年，我們在 ESG 的所有支柱方面都取得了有意義的進展，包括以下一些關鍵亮點。

On the environmental front, we implemented our 2024 to 2027 climate strategy and completed our first CDP climate disclosure in the small medium enterprise category. We also took action to offset emissions linked to our offices and employee travel by purchasing and retiring verified carbon credits.

在環境方面，我們實施了2024年至2027年氣候策略，並完成了中小型企業類別的首次CDP氣候揭露。我們也採取行動，透過購買和註銷已驗證的碳信用額來抵消與我們的辦公室和員工旅行相關的排放。

On the social side, we contributed over $360,000 to community initiatives introduced a donation matching program for employees and earned our certification as a great place to work. And in governance, we took a closer look at what matters most to our stakeholders by refreshing our materiality assessment and adopting a double materiality approach inspired by the evolving European CSRD framework. We embedded ESG-related considerations formally into advanced stage due diligence and maintained leading positions with ESG rating agencies, AA from MSCI, Prime from ISS and Industry and Regional top rated by Sustainalytics.

在社會方面，我們為社區活動捐款超過 36 萬美元，為員工推出了捐款配套計劃，並獲得了「最佳工作場所」認證。在治理方面，我們透過更新重要性評估並採用受不斷發展的歐洲 CSRD 框架啟發的雙重重要性方法，更仔細地研究了對我們的利害關係人最重要的事項。我們將ESG相關考量正式納入後期盡職調查，並在ESG評級機構中保持領先地位，獲得MSCI的AA評級、ISS的Prime評級以及Sustainalytics的行業和區域頂級評級。

As always, our aim is to ensure long-term value creation goes hand-in-hand with strong governance, community support and environmental stewardship. I encourage you all to take a look through the report, which is available on our website. Please don't hesitate to reach out if you would like to discuss any of the covered aspects in greater detail. And with that, I'll pass it back to Jason.

像往常一樣，我們的目標是確保長期價值創造與強有力的治理、社區支持和環境管理並行不悖。我鼓勵大家仔細閱讀這份報告，它可以在我們的網站上找到。如果您想更詳細地討論所涵蓋的任何方面，請隨時與我們聯繫。說完這些，我就把它還給傑森。

Thanks so much, Heather. Now, moving on to the company's financial performance for quarter one, quarterly revenues of $54.9 million tracked higher versus the same period last year, largely thanks to increased commodity complex -- increased commodity prices. Earnings of $0.14 per basic common share for the period also marked a significant year-over-year improvement.

非常感謝，希瑟。現在，讓我們來看看該公司第一季的財務業績，季度營收為 5,490 萬美元，較去年同期有所成長，這主要歸功於大宗商品複雜性的提高——大宗商品價格的上漲。本期間每股基本普通股收益 0.14 美元也較去年同期有顯著改善。

Most importantly, Q1 2025 saw a year-over-year improvement in both cash flow per share at $0.25 versus $0.20 in Q1 last year, as well as quarterly adjusted earnings of $0.16 per basic common share, again versus $0.12 in Q1 of 2024.

最重要的是，2025 年第一季每股現金流年增 0.25 美元，去年第一季為 0.20 美元；季調整後每股基本普通股收益為 0.16 美元，而 2024 年第一季為 0.12 美元。

During the first quarter of 2025, our GEOs earned came predominantly from Canada, and we derived over 93% of our gold equivalent ounces from precious metals, gold at just under 67% and silver at just over 26%. The balance came from copper and almost entirely associated with the Osisko's copper stream at MAC Copper's CSA mine.

2025 年第一季度，我們賺取的 GEO 主要來自加拿大，我們 93% 以上的黃金當量盎司來自貴金屬，其中黃金略低於 67%，白銀略高於 26%。其餘部分來自銅，幾乎全部與 MAC Copper 的 CSA 礦的 Osisko 銅流有關。

Some comments on specific mine performances during the quarter before speaking about a couple of more material assets in greater detail. Canadian Malartic had a very good quarter especially when considering the asset outperformed versus our own internal forecast, given the work on site associated with in-pit tailings disposal was completed faster than anticipated. That said, Canadian Malartic's first quarter is still expected to be the weakest quarter of the year as telegraphed previously by our operating partner, Agnico Eagle.

在詳細討論一些重要資產之前，先對本季具體礦場的表現進行一些評論。加拿大馬拉特克本季表現非常好，尤其是考慮到資產表現優於我們自己的內部預測，因為與坑內尾礦處置相關的現場工作比預期完成得更快。儘管如此，正如我們的營運合作夥伴 Agnico Eagle 之前所預測的那樣，加拿大馬拉特克公司第一季預計仍將是今年最疲軟的一個季度。

At Capstone Copper's Mantos Blancos operation, Q1 production was slightly lower year-over-year, largely due to lower silver grades at the front of the year. As we previously flagged on our previous conference call in mid-February. We are once again pleased to report that the throughput levels remained at nameplate capacity of 20,000 tonnes per day and that the anticipation is now that the silver grades trend back upwards for the remainder of the year.

在 Capstone Copper 的 Mantos Blancos 礦區，第一季的產量較去年同期略有下降，主要原因是年初白銀品位較低。正如我們之前在二月中旬的電話會議上所提到的。我們再次高興地報告，吞吐量水準仍保持在每天 20,000 噸的額定容量，並且預計今年剩餘時間內白銀品位將回升。

Finally, the handover at Newmont to Dhilmar at Eleonore has been quite seamless, at least as it relates to Osisko's gold equivalent ounces earned in Q1 2025, which actually saw a bump over the same period last year. Congratulations to Dhilmar on his acquisition, and we very much look forward to working along with them as a partner in the James Bay region and at Eleonore for many more years to come.

最後，紐蒙特公司向埃萊奧諾雷的迪爾瑪公司的交接工作進展相當順利，至少就奧西斯科在 2025 年第一季度賺取的黃金當量盎司而言，這一數字實際上比去年同期有所增長。恭喜 Dhilmar 的收購，我們非常期待在未來的許多年裡與他們作為詹姆斯灣地區和 Eleonore 的合作夥伴一起努力。

Moving to slide 8, and as I mentioned earlier, the number of currently producing assets in our portfolio stands at 22. Diving a little bit deeper into that number, we are happy to announce that subsequent to quarter end, Osisko received its first royalty payment from Talisker Resources, with mining now having commenced at Bralorne, over which Osisko has a 1.7% NSR royalty.

轉到投影片 8，如我之前提到的，我們投資組合中目前的生產資產數量為 22。深入研究這個數字，我們很高興地宣布，在本季度末之後，Osisko 收到了來自 Talisker Resources 的第一筆特許權使用費，目前已開始在 Bralorne 進行採礦，Osisko 對該礦擁有 1.7% 的 NSR 特許權使用費。

Further to this, and touching briefly on Namdini, the asset is currently and what the controlling parent Shandong Gold defines as trial production, ahead of the ramp-up to steady state later this year. As we previously noted and based on the current trajectory of the asset, Osisko still expects to start receiving its first meaningful royalty payments from the asset in the second half of this year.

此外，簡單談談 Namdini，該資產目前正處於試生產階段，其控股母公司山東黃金將其定義為試生產，並將在今年稍後達到穩定狀態。正如我們之前所指出的，根據該資產的當前走勢，Osisko 仍預計將在今年下半年開始從該資產中獲得第一筆有意義的特許權使用費。

Moving to slide 9, our company continues to distinguish itself from the rest of his relevant peers in 2 key areas: first, as it relates to jurisdictional exposure and second, Osisko's peer-leading cash margin. Starting with the former, just a friendly reminder that 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, the United States and Australia. Moving to the latter, Osisko's shareholders can remain confident that the company's exposure to current high precious metal prices provides them with both transparent leverage as well as potential downside protection.

移到幻燈片 9，我們公司繼續在兩個關鍵領域與其他相關同行區分開來：首先，它與司法管轄權風險有關；其次，Osisko 的同行領先現金保證金。從前者開始，友誼提醒一下，Osisko 在我們所定義的一級採礦管轄區（包括加拿大、美國和澳洲）獲得的資產淨值和 GEO 方面都處於領先地位。從後者來看，Osisko 的股東可以確信，公司對當前高貴金屬價格的曝險為他們提供了透明的槓桿以及潛在的下行保護。

Switching gears to slide 10 and focusing on our cornerstone asset, the Canadian Malartic Complex was a key source of news in Agnico Eagle's Q1 2025 results, announced a couple of weeks ago. As it relates to operations during the period, gold production was solid with higher grade source from the Barnat pit were partially offset by a lower volume of tonnes milled. As previously noted, in-pit tailings deposition resumed in March of 2025 and is expected to ramp up in its design capacity -- to its design capacity in the second quarter of this year. As such, this work is no longer expected to serve as any kind of impediment to production for the remainder of 2025.

轉到第 10 張投影片並重點介紹我們的基石資產，加拿大馬拉特克綜合體是幾週前公佈的 Agnico Eagle 2025 年第一季業績的主要新聞來源。就本期間的運作而言，黃金產量穩定，來自 Barnat 礦坑的黃金品位較高，但被碾磨噸數的減少部分抵消。如前所述，礦坑尾礦沉積於 2025 年 3 月恢復，預計其設計產能將在今年第二季達到設計產能。因此，預計這項工作將不再對 2025 年剩餘時間的生產造成任何阻礙。

On the development front in the first quarter of 2025, ramp development reached the bottom of the first mining horizon at East Gouldie, evacuation of the mid-shaft loading station between levels [10.2] and [11.4] commenced and the temporary service hoist was commissioned. Both the ramp and the shaft remain on schedule.

在 2025 年第一季的開發方面，斜坡開發已到達 East Gouldie 第一個採礦層的底部，[10.2] 和 [11.4] 層之間的中井裝載站的疏散已開始，臨時服務提昇機也已投入使用。坡道和豎井均按計畫進行。

Exploration drilling continued to extend the East Gouldie deposit to the east and extend the newly discovered subparallel Eclipse zone. Agnico also completed the acquisition of O3 Mining in the first quarter. Additional funding of $5.5 million has been allocated for a first phase of exploration in 2025 that will include 24,000 meters of drilling at the Marvin deposit, over which Osisko has a patchwork of NSR royalties and which is located immediately northeast of the Canadian Malartic property.

勘探鑽探繼續向東延伸 East Gouldie 礦床，並延伸新發現的亞平行 Eclipse 區。Agnico 也在第一季完成了對 O3 Mining 的收購。已為 2025 年第一階段的勘探工作額外撥款 550 萬美元，其中包括在 Marvin 礦床進行 24,000 米的鑽探，Osisko 對該礦床擁有零散的 NSR 特許權使用費，該礦床位於加拿大馬拉特克礦區的東北部。

Moving to slide 11, it's worth reminding everybody that in recent public forms, Agnico continues to be vocal about the potential for a future second shaft at Odyssey underground which would serve as a key component to being able to drive eventual annual production from the complex to 1 million ounces. At the same time, it is our understanding that as exploration and engineering work remains ongoing to eventually achieve these goals. It is likely that the next major update on these two fronts will come in the second half of 2026. In the meantime, we will all continue to watch in amazement as the underground and notably East Gouldie, continues to expand in size.

轉到幻燈片 11，值得提醒大家的是，在最近的公開表格中，Agnico 繼續大聲談論奧德賽地下礦未來第二個豎井的可能性，這將成為推動該綜合設施最終年產量達到 100 萬盎司的關鍵因素。同時，我們理解，隨著勘探和工程工作的持續進行，最終將實現這些目標。這兩個方面的下一次重大更新很可能會在 2026 年下半年到來。同時，我們將繼續驚訝地註視地下組織，尤其是東古爾迪的規模不斷擴大。

On to slide 12, which touches on Dalgaranga, a high-grade underground gold asset for which Osisko acquired a 1.8% gross revenue royalty towards the end of last year. On March 17, Spartan Resources, along with Ramelius Resources a mid-tier Australian listed western -- Australian gold producer announced that the two companies had entered into a binding transaction implementation deed under which it was proposed that Ramelius will acquire all of the issued ordinary shares of Spartan that it did not already own.

轉到幻燈片 12，其中涉及 Dalgaranga，這是一項高品位地下黃金資產，Osisko 在去年年底獲得了 1.8% 的總收入特許權使用費。3 月 17 日，Spartan Resources 與澳洲西澳上市的中型黃金生產商 Ramelius Resources 宣布，兩家公司已達成具有約束力的交易實施契約，根據該契約，Ramelius 將收購 Spartan 尚未擁有的所有已發行普通股。

As you can see on the slide, this is a smart combination of complementary and proximate assets. with significant work already undertaken to optimize the synergies between Ramelius' Mt Magnet mine and is operating Checkers mill and Spartan's Dalgaranga and Yalgoo projects. The scheme of arrangement is expected to close in July of this year.

正如您在幻燈片上看到的，這是互補資產和近緣資產的巧妙組合。已經進行了大量工作來優化 Ramelius 的 Mt Magnet 礦場和正在運營的 Checkers 磨坊以及 Spartan 的 Dalgaranga 和 Yalgoo 項目之間的協同作用。該協議安排預計將於今年 7 月完成。

For Osisko and its shareholders, what's really exciting about the situation is that both management teams have pointed to the fact that the underground development at Dalgaranga is already underway and that the high-grade resource at the never-never deposit could be processed through Ramelius' Checkers mills prior to the end of 2025. And for context, this is a full year ahead of what we had originally anticipated.

對於 Osisko 及其股東來說，真正令人興奮的是，雙方管理團隊都指出，Dalgaranga 的地下開發工作已在進行中，並且 Never-Never 礦床的高品位資源可以在 2025 年底之前透過 Ramelius 的 Checkers 工廠進行加工。就背景而言，這比我們最初預期的提前了整整一年。

Moving to Osisko Developments, Cariboo project in Northern British Columbia on slide 13, it's half a world away from Dalgaranga. Our partner released the results of its optimized feasibility study just over a week ago. This feasibility study included an average annual production of approximately 190,000 ounces of gold over a 10-year life of mine 202,000 ounces in the first 5 years with the potential for first gold in the second half of 2027, assuming construction commences in Q3 of 2025.

前往第 13 張幻燈片上的 Osisko Developments，位於不列顛哥倫比亞省北部的 Cariboo 項目，它距離 Dalgaranga 有半個地球的距離。我們的合作夥伴剛剛在一周前發布了其優化可行性研究的結果。此可行性研究包括：假設礦山於 2025 年第三季開始建設，則礦山 10 年壽命內平均每年生產約 190,000 盎司黃金，前 5 年生產 202,000 盎司，並有可能在 2027 年下半年產出第一批黃金。

Recall that this project is fully permitted and effectively shovel-ready, meaning that the required hurdles to move forward now revolve almost entirely around Osisko Development's ability to move forward with project financing. Our congratulations to the Osisko Development team on this key milestone for this sizable Canadian gold project. As a reminder, once in steady-state production, Cariboo would have the ability to deliver 9,000 to 10,000 gold equivalent ounces to Osisko, thanks to our 5% NSR royalty on the project.

回想一下，該專案已獲得完全許可並實際上已準備就緒，這意味著現在推進所需的障礙幾乎完全圍繞著 Osisko Development 推進專案融資的能力。我們祝賀 Osisko 開發團隊在這項大型加拿大金礦專案中取得了這一重要里程碑。提醒一下，一旦達到穩定生產狀態，由於我們對該項目徵收 5% 的 NSR 特許權使用費，Cariboo 將有能力向 Osisko 交付 9,000 至 10,000 盎司黃金當量。

Finally, of note, is that Cariboo is not currently included in Osisko's five-year outlook, as we await more clarity on project financing, and this provides a good segue to slide 14. After a good start to the year, Osisko is in a good position to meet its 2025 gold equivalent ounce delivery guidance of 80,000 to 88,000 GEOs. We've also now included Bralorne as a paying contributor to this range for 2025.

最後，值得注意的是，卡里布目前尚未納入奧西斯科的五年展望中，因為我們正在等待有關項目融資的更多明朗信息，這為第 14 張幻燈片提供了良好的過渡。今年開局良好，Osisko 有望實現其 2025 年黃金當量盎司交付目標，即 80,000 至 88,000 GEO。我們現在也將 Bralorne 列為 2025 年該系列的付費貢獻者。

Touching briefly on the two blue bars to the right, and as just noted, Cariboo is currently not included in our 2029 outlook, but clearly could have the ability to move to the left as Osisko Development's financing initiatives continue to progress. Along the same lines, another project to keep an eye on is Solidus Resources' Spring Valley Gold project in Nevada, on which Osisko holds a 2% to 3.5% NSR royalty over the core of the deposit.

簡單看一下右側的兩個藍色條，正如剛才提到的，卡里布目前尚未納入我們的 2029 年展望，但隨著 Osisko Development 的融資計劃繼續推進，它顯然有能力向左移動。同樣，另一個值得關注的項目是 Solidus Resources 位於內華達州的 Spring Valley Gold 項目，Osisko 對該礦床核心部分擁有 2% 至 3.5% 的 NSR 特許權使用費。

The most recent update there is that the US Bureau of Land Management, or BLM, has announced an expected release for a final environmental impact statement by July 11 . In addition, the BLM has guided for a record of decision by August 11.

最新消息是，美國土地管理局（BLM）宣布預計將於 7​​ 月 11 日發布最終環境影響聲明。此外，土地管理局已指示在 8 月 11 日之前提交決策記錄。

Theoretically, this would be expected to allow for project construction to commence as early as Q3 of 2025, similar to the Cariboo asset. On Slide 15, you'll see that 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. Of particular note on this slide is Goldfield's most recently updated time line for windfall, where final permitting along with other key project milestones including an updated feasibility study are expected in the second half of this year.

從理論上講，這有望使專案建設最早於 2025 年第三季開始，類似於 Cariboo 資產。在第 15 張投影片上，您將看到我們的投資公司繼續在降低資產風險方面取得巨大進步，這些資產將歸於我們的股東。幻燈片 15 展示了其中一些努力的亮點。這張投影片特別值得注意的是 Goldfield 最近更新的意外收穫時間表，其中最終許可證以及其他關鍵項目里程碑（包括更新的可行性研究）預計將在今年下半年完成。

With the final investment decision and the start of an 18- to 24-month construction process in the first quarter of 2026. Also worth touching on is the fact that our partners at Marimaca Copper now expect to release a feasibility study for their MOD project in very short order. And this should then be followed by the receipt of final permits for the project in the fourth quarter of this year.

隨著最終投資決定的做出以及2026年第一季18至24個月的建設過程的開始。另外值得一提的是，我們在 Marimaca Copper 的合作夥伴現在希望在很短的時間內發布其 MOD 專案的可行性研究。隨後，該項目將於今年第四季獲得最終許可。

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 $70 million and net debt of only $10 million. Long story short, the balance sheet is looking strong and has got even stronger subsequent to quarter end with Osisko getting close to a net cash position.

最後，我們將在第 16 張投影片上結束簡報的正式部分，該投影片概述了 Osisko 資產負債表的當前狀況。截至季末，我們的總債務略高於 7,000 萬美元，淨債務僅為 1,000 萬美元。長話短說，資產負債表看起來很強勁，在季度末之後變得更加強勁，因為 Osisko 已接近淨現金狀況。

Our improved financial position is key to Osisko's corporate development team as they continue to be extremely active across multiple potential transactions, some of which are significant in size and scale with the hope of getting more deals across the line over the next few months.

我們改善的財務狀況對於 Osisko 的企業發展團隊來說至關重要，因為他們繼續在多個潛在交易中非常活躍，其中一些交易的規模很大，希望在未來幾個月內達成更多交易。

Our balance sheet provides the company with the financial capacity as well as 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，追求高品質的增值貴金屬流和特許權使用費，這將增強公司當前和近期的黃金當量盎司交付量以及現金流，所有這些都應為我們的股東帶來利益。

And finally, we'll deviate a little from the usual formal program to highlight that this is our last conference call as Osisko Gold Royalties. Shortly after this call, we will be hosting our AGM at which we expect to pass the resolution, allowing the company to change its name.

最後，我們將稍微偏離通常的正式計劃，強調這是我們作為 Osisko Gold Royalties 的最後一次電話會議。這次電話會議結束後不久，我們將召開年度股東大會，預計將通過決議，允許公司更改名稱。

Important to note, that June marks our company's 11th anniversary, and today we're stronger than ever. Commodity prices are elevated, our assets are performing well. The balance sheet is strong, and we're just getting started on our peer-leading growth trajectory. The long story short is we're excited about where we are today and where we're headed tomorrow.

值得注意的是，今年六月是我們公司成立 11 週年，今天我們比以往任何時候都更強大。大宗商品價格上漲，我們的資產表現良好。資產負債表強勁，我們才剛開始走上同業領先的成長軌跡。長話短說，我們對現在的狀況和未來的發展方向感到興奮。

So why the name change? Simply put, we've evolved. We're now a fully independent organization with a refreshed management team and Board. And as part of that evolution, Osisko Gold Royalties is becoming OR Royalties, a name that honors our history, our precious metals focus, and our Quebec roots.

那為什麼要改名呢？簡而言之，我們已經進化了。我們現在是一個完全獨立的組織，擁有全新的管理團隊和董事會。作為這一演變的一部分，Osisko Gold Royalties 正在更名為 OR Royalties，這個名字體現了我們的歷史、我們對貴金屬的關注以及我們的魁北克根源。

What's not changing is our NYSE and TSX ticker. It will still remain OR and our commitment to future growth via disciplined capital allocation and a high-quality precious metals-focused portfolio of royalties and streams.

不變的是我們的紐約證券交易所 (NYSE) 和多倫多證券交易所 (TSX) 股票代碼。它仍將保持 OR 的性質，並致力於透過嚴格的資本配置和以高品質貴金屬為重點的特許權使用費和收益流組合實現未來成長。

We're extremely excited about you joining us on this next stage in our company's evolution. And once the votes are tabulated later today, we'll be proud to be moving forward together as OR Royalties.

我們非常高興您能加入我們，共同推動公司發展的下一個階段。今天晚些時候投票結果公佈後，我們將自豪地作為 OR Royalties 共同前進。

And with that, I'd like to thank everyone for your time today. We'll now open the line for questions, including those from the webcast. And note, if we don't get to all the questions on the line, we'll make sure we respond offline to those that are not covered on the webcast. Joelle.

最後，我要感謝大家今天的寶貴時間。我們現在將開放提問熱線，回答包括網路直播中提出的問題。請注意，如果我們沒有在線上回答所有問題，我們將確保離線回答網路廣播中未涉及的問題。喬爾。

(Operator Instructions)

（操作員指示）

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

目前沒有問題。現在我將把電話交給傑森來做結束語。

Thank you, operator. And as always, if anyone on the call or listening to the replay, has additional questions, insights or observations on our business and our business strategy, please do not hesitate to reach out to Grant or Heather or myself as we'd be more than pleased to provide more information about the bright future for our company and its shareholders. Thank you for your time today.

謝謝您，接線生。像往常一樣，如果電話會議中的任何人或收聽重播的人對我們的業務和業務策略有其他問題、見解或意見，請隨時聯繫格蘭特、希瑟或我本人，我們非常樂意提供更多有關我們公司及其股東光明未來的信息。感謝您今天抽出時間。

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。感謝您的參與，並請您斷開線路。