OR Royalties Inc (OR) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the OR Royalties Q2 2025 results conference call. (Operator Instructions) Please note that this call is being recorded today, August 6, 2025, at 10:00 AM Eastern Time. I would now like to turn the meeting over to our host for today's call, Mr. Jason Attew. (spoken in foreign language)

女士們、先生們，早安，歡迎參加 OR Royalties 2025 年第二季業績電話會議。（操作員指示）請注意，本次通話於今天（2025 年 8 月 6 日）東部時間上午 10:00 進行錄音。現在，我想將會議交給今天的主持人 Jason Attew 先生。（用外語說）

Good day to everybody, and thanks for your attention this morning as I 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.

大家好，感謝大家今天早上的關注，我知道這是一個繁忙的報告週。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. All amounts presented and discussed on today's call are in US dollars, unless otherwise noted. I'm joined on the call today by Frederic Ruel, the company's VP Finance and Chief Financial Officer, 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。除非另有說明，否則今天電話會議上提出和討論的所有金額均以美元計算。今天參加電話會議的還有公司財務副總裁兼財務長 Frederic Ruel，以及投影片 3 所示的我的其他同事。

Taking a look back at OR Royalties second quarter of 2025, we were pleased with our geos earned our cash margin, cash flows, as well as our overall debt reduction. OR Royalties earned 19,700 geos in the second quarter, a modest step-up over the first quarter of the year. which puts the company on track to achieve its previously published full year 2025 to delivery guidance of 80,000 to 88,000 gold equivalent ounces.

回顧 OR Royalties 2025 年第二季的表現，我們對我們的地理位置、現金利潤、現金流以及整體債務減少感到滿意。OR Royalties 在第二季賺得 19,700 個 geos，比今年第一季略有成長。這使該公司預計將實現先前公佈的 2025 年全年交付量為 80,000 至 88,000 黃金當量盎司的預期。

Recall that we had been very explicit about the fact that due to sequencing at some of our major producing assets, including Malartic and Mantos Blancos. The first half of the year was always going to amount to approximately 45% of the midpoint of our 2025 GEO guidance range. And basically, we're there or modestly above it as of June 30.

回想一下，我們曾經非常明確地表示，這是由於我們的一些主要生產資產（包括 Malartic 和 Mantos Blancos）的排序所致。今年上半年的產量始終將達到我們 2025 年 GEO 指引範圍中點的約 45%。基本上，截至 6 月 30 日，我們已經達到或略高於這一水平。

Needless to say, we're expecting a stronger second half to the year. Of note is that the first half of 2025, there is approximately 1,200 GEOs that were not realized compared to our internal budget due to the higher gold silver ratio in the first half of this year versus the ratio we use for our annual guidance of 83:1. That said, higher gold prices have translated to record cash flows from operating activities for ore royalties for both the second quarter in the first six months of the year. So as you can imagine, our shareholders should be satisfied with these price movements.

毋庸置疑，我們預計今年下半年將會表現更加強勁。值得注意的是，2025 年上半年，與我們的內部預算相比，大約有 1,200 個 GEO 未實現，這是因為今年上半年的黃金白銀比率高於我們年度指導所使用的 83:1 的比率。儘管如此，金價上漲已轉化為今年第二季和上半年礦石特許權使用費經營活動現金流創歷史新高。因此你可以想像，我們的股東應該會對這些價格變動感到滿意。

Our cash margin remained robust in the second quarter but saw a slight dip from the first quarter due to some final residual geo contribution from the shedded Renard diamond mine. OR Royalties ended the second quarter with $49.6 million in cash. And as at June 30, we are in a net cash position for the first time in several years as the company continued to pay down its revolving credit facility during the period.

我們的現金利潤率在第二季度保持強勁，但由於雷納德鑽石礦剝離帶來的一些最終殘餘地理貢獻，與第一季相比略有下降。OR Royalties 在第二季結束時擁有 4960 萬美元現金。截至 6 月 30 日，由於公司在此期間繼續償還循環信貸額度，我們幾年來首次處於淨現金狀況。

And while members of our corporate development team remain extremely busy, the only transaction completed of note during the period was our acquisition of 100% silver stream on Orla Mining South railroad project in Nevada for a total consideration of $13 million. While seemingly small for now with an updated feasibility study expected in the project from Orla in the second half of 2025 and positive momentum seen in the permitting of new projects in the US, in particular, we are excited about the path forward for South Railroad over the next few years.

雖然我們企業發展團隊的成員仍然非常忙碌，但在此期間完成的唯一值得注意的交易是我們以總價 1,300 萬美元收購了內華達州 Orla Mining South 鐵路項目的 100% 銀流。雖然目前看來規模較小，但預計 Orla 將於 2025 年下半年對該項目進行更新的可行性研究，並且美國新項目審批方面也出現了積極的勢頭，我們對南鐵路未來幾年的發展前景感到興奮。

With respect to our ongoing commitment to return capital to shareholders, the company declared and paid its quarterly dividend of $0.055 per share in the second quarter, marking its 43rd consecutive dividend. OR Royalties history of progressive dividend payment serves as a testament to the confidence that we have in the consistency, predictability, and the anticipated growth of the current and future cash flows underpinning our business.

秉持我們一貫的承諾，公司向股東返還資本，第二季宣布並派發每股 0.055 美元的季度股息，這是公司連續第 43 次派發股息。OR Royalties 的累進股息支付歷史證明了我們對業務所依賴的當前和未來現金流的一致性、可預測性和預期增長的信心。

Now moving on to the company's financial performance for Q2. Quarterly revenues of $60.4 million tracked higher versus the same period last year, largely thanks to increased commodity prices. Net earnings of $0.17 per basic common share for the period was also markedly a significant year-over-year improvement, where a loss was previously recognized due to the technical failure and subsequent suspension of operations at Eagle mine in the Yukon, resulting in ore royalties having written down the asset to 0 in the same period last year. Most importantly, Q2 of 2025 saw a year-over-year improvement in both cash flow per share at $0.27 versus $0.21 in Q2 of last year. as well as quarterly adjusted earnings of $0.18 per common share versus $0.13 again in the same period of last year.

現在來看看該公司第二季的財務表現。季度營收為 6,040 萬美元，較去年同期有所成長，這主要得益於商品價格上漲。本期間每股基本普通股淨收益 0.17 美元，與去年同期相比也有顯著改善，此前由於育空地區 Eagle 礦發生技術故障並隨後暫停運營，導致礦石特許權使用費在去年同期減記為 0，因此確認了損失。最重要的是，2025 年第二季每股現金流為 0.27 美元，去年第二季為 0.21 美元，季度調整後每股普通股收益為 0.18 美元，去年同期為 0.13 美元。

Moving to slide 6. During the second quarter of 2025, our geos earned came predominantly from Canada, and we derived over 93% of our gold equivalent ounces from precious metals. We are continuing to see a modestly increasing contribution from copper as part of the overall mix, almost entirely associated with our copper stream at CSA mine. Some comments on specific mine performances during the quarter before speaking about a couple of our more material assets in greater detail. Agnico Eagle's Canadian Malartic had yet another fantastic quarter, including a significant step change quarter-over-quarter, given Q1 included the work on site associated with in-pit tailings disposal adjustments that were ultimately completed faster than anticipated.

移至幻燈片 6。2025 年第二季度，我們的地理收入主要來自加拿大，我們 93% 以上的黃金當量盎司來自貴金屬。我們繼續看到銅作為整體結構的一部分的貢獻略有增加，幾乎完全與我們在 CSA 礦場的銅流有關。在更詳細地談論我們的一些更重要的資產之前，先對本季的具體礦山表現發表一些評論。Agnico Eagle 的加拿大馬拉特克金礦又度過了一個出色的季度，環比實現了顯著的變化，因為第一季度包括與坑內尾礦處置調整相關的現場工作，這些工作最終比預期完成得更快。

A reminder that historically, we've often seen stronger back half of the year from Canadian Malartic versus the other way around. So that bodes well for a final six months of 2025. At Capstone's copper Capstone Copper's Mantos Blancos operation, Q2 production was effectively flat year-over-year despite the much improved plant throughput. And this was largely due to the previously telegraphed lower silver grades experienced at the mine through the first half of our stream delivery year, which started November 1, 2024 and ends October 31, 2025. As noted, throughput levels remained at or above the mine's name late capacity of 20,000 tonnes per day at Mantos Blancos, and our anticipation is that silver grades will trend back upwards between now and the end of October.

需要提醒的是，從歷史上看，我們經常看到加拿大馬拉特克公司在下半年表現強勁，而反之則不然。這對 2025 年最後六個月來說是個好兆頭。在 Capstone 的銅礦 Capstone Copper 的 Mantos Blancos 營運中，儘管工廠產量大幅提高，但第二季的產量與去年同期相比基本持平。這主要是因為之前曾報道過，在我們溪流交付年度的上半年（2024 年 11 月 1 日開始，2025 年 10 月 31 日結束），該礦的銀品位較低。如上所述，Mantos Blancos 礦的產量水準仍保持在或高於其礦山的名義後期產能 20,000 噸/天，我們預計從現在到 10 月底，白銀品位將回升。

Finally, on Mantos Blancos, -- and as of last week's Q2 2025 update from Capstone, the Phase II feasibility study is now scheduled for 2026. And versus the previous expectation of Q4 of 2025. Finally, we remain impressed with the ongoing successful ramp-up at GE Mining Ventures token to Zeno mine in Brazil. Commercial production was only achieved in September of last year, and the ramp-up has gone very well. Finally, for the first time ever represented on this slide, you will see the Nandini mine in Ghana, for which OR Royalties received its first payment from CARDINAL during the period to the tune of 130 geos.

最後，關於 Mantos Blancos——根據 Capstone 上週發布的 2025 年第二季更新，第二階段可行性研究現計劃於 2026 年進行。與先前 2025 年第四季的預期相比。最後，我們對 GE Mining Ventures 代幣在巴西 Zeno 礦場的持續成功擴張印象深刻。去年9月才實現商業化生產，目前產能提升進展順利。最後，您將在這張幻燈片上首次看到加納的 Nandini 礦，OR Royalties 在此期間從 CARDINAL 收到了第一筆款項，金額為 130 個地理單位。

Moving to slide 7. 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, and as noted in our press release, during the second quarter and similar to Nandimi, OR Royalties received its first royalty payment from Talisker Resources, with mining now having started at Bralorne, over which OR Royalties has a 1.7 net smelter royalty. As previously noted and based on the current trajectory of the asset, OR Royalties expects to start receiving more meaningful royalty payments from both newly contributing assets, but more so from Namdini through the second half of 2025.

移至幻燈片 7。正如我之前提到的，我們投資組合中目前生產資產的數量為 22%。深入研究這個數字，正如我們在新聞稿中指出的那樣，在第二季度，與 Nandimi 類似，OR Royalties 也從 Talisker Resources 獲得了第一筆特許權使用費，目前已開始在 Bralorne 進行採礦，OR Royalties 對該礦擁有 1.7 的淨煉廠特許權使用冶費。如前所述，根據資產的當前趨勢，OR Royalties 預計到 2025 年下半年將從新貢獻的資產中獲得更有意義的特許權使用費，但從 Namdini 獲得的特許權使用費將更多。

A note of congratulations to both operators and getting these volumes up and running. Just a quick note on the doughnut chart in the bottom left-hand corner of this slide, through H1 2025 OR Royalties sell over 94% of its revenues generated from precious metals, perhaps but perhaps more importantly, over 26% of that came directly from silver.

向兩家運營商表示祝賀，並祝賀這些卷的順利啟動和運行。只要在此投影片左下角的環形圖上快速說明一下，到 2025 年上半年，OR Royalties 出售的貴金屬收入中有 94% 以上來自銷售，也許但更重要的是，其中 26% 以上直接來自白銀。

With the gold silver ratio having tightened up considerably since the beginning of June, we're currently back down to about $89 from the 2025 highs of approximately 100 -- or 105 to one. It is worth noting that ore royalties can provide lower risk, high quality and meaningful leverage to silver for investors that are looking for, especially if silver prices continue to close the gap against gold and trade at ratios we have historically witnessed.

自 6 月初以來，金銀比率已大幅收緊，目前已從 2025 年高點約 100 美元回落至約 89 美元，即 105 比 1。值得注意的是，對於尋求白銀的投資者來說，礦石特許權使用費可以為白銀提供較低的風險、高品質和有意義的槓桿，特別是如果白銀價格繼續縮小與黃金的差距並以我們歷史上見證的比例進行交易。

Moving on to slide 8, which many of you have seen many times before, our company continues to set itself apart from the rest of its relevant peers in two key areas: first, as it relates to lower risk jurisdictional exposure; and second, as it relates to our peer leading cash margins. Starting with the former, we continue to believe that OR Royalties is the unequivocal 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. And even with the recent deals made by our peers, in addition to the sector consolidation we are witnessing, our position at the far left of this chart isn't expected to be challenged anytime soon.

繼續看幻燈片 8，很多人之前已經看過很多次了，我們公司繼續在兩個關鍵領域與其他同行區分開來：首先，它與較低的風險管轄權有關；其次，它與我們同行領先的現金利潤率有關。從前者開始，我們繼續相信，就從我們定義的一級採礦管轄區（包括加拿大、美國和澳洲）獲得的資產淨值和地理利潤而言，OR Royalties 是毫無疑問的領導者。即使我們的同行最近達成了交易，再加上我們正在見證的行業整合，我們在該圖表最左側的位置預計不會很快受到挑戰。

Moving to the latter OR Royalties peer-leading cash margins provides our shareholders with both transparent leverage as well as unmatched downside protection. Switching gears to slide 9 and focusing on our cornerstone asset, our partner, Agnico Eagle, provided some relevant information relating to Canadian Malartic along with this Q2 '25 financial results. And now it's just late last week. As it relates to operations during the period, gold production saw a significant quarter-over-quarter uptick with higher grade source from the Barnett pit. -- were once again partially offset by slightly lower volume of tonnes milled.

轉向後者或特許權使用費同行領先的現金利潤率為我們的股東提供了透明的槓桿以及無與倫比的下行保護。切換到幻燈片 9 並重點介紹我們的基石資產，我們的合作夥伴 Agnico Eagle 提供了一些與 Canadian Malartic 相關的資訊以及 2025 年第二季的財務業績。現在剛好是上週晚些時候。就本期間的營運而言，黃金產量較上季大幅上升，主要得益於巴奈特礦坑的黃金品位較高。 ——但再次被略低的碾磨噸數所部分抵消。

The higher gold grades from Barnett were a result of the continued mining of mineralized zones near the historical underground stopes in the pit that had better-than-expected grade reconciliation. In addition, and as expected, Agnico's input tailings deposition also ramped up to its design capacity in the second quarter of 2025.

巴奈特金礦的金品位較高，這是因為礦坑內歷史地下採場附近的礦化帶持續開採，且品位比預期好。此外，正如預期的那樣，Agnico 的輸入尾礦沉積量也在 2025 年第二季上升至其設計產能。

Flipping to slide 10. Odyssey underground gold production during Q2 was a quarterly record at approximately 26,600 ounces driven by higher grades and ore mined of approximately 3,970 tonnes per day compared to the target of 3,500 tonnes per day. The ramp-up of the service hoist to his design hoisting capacity of 3,500 tonnes per day and the increased use of remote operated in automated equipment were the main drivers for exceeding the development and the production targets during the period.

翻到幻燈片 10。奧德賽 (Odyssey) 地下黃金產量在第二季度創下了季度紀錄，約為 26,600 盎司，這得益於更高的品位和每天開採約 3,970 噸的礦石，而目標是每天 3,500 噸。服務提昇機的設計提昇能力達到每天 3,500 噸，以及自動化設備中遠端操作的使用增加，是在此期間超越開發和生產目標的主要驅動力。

On the development front, Odyssey underground the second quarter of 2025 saw mine development advance ahead of schedule with a record of 4,850 meters completed. A key milestone was achieved as the ramp reached the mid-shaft loading station at level 102. The ramp breakthrough to the shaft is scheduled for the third quarter of 2025. The main ramp towards shaft bottom progressed to a depth of 1,019 meters as at June 30, 2025.

在開發方面，奧德賽地下礦場在 2025 年第二季的開發進度提前，完成了 4,850 公尺的記錄。當坡道到達 102 樓的中井裝載站時，我們實現了一個重要的里程碑。預計該礦井的斜坡貫通時間為 2025 年第三季。截至 2025 年 6 月 30 日，通往礦井底部的主坡道已延伸至 1,019 公尺的深度。

Development of the East Gold production levels also advanced with preparatory work underway for the planned production start-up in the second half of 2026. Building on continued exploration success at depth and the expansion of the mineral resource at East Gouldie, our partner, Agnico, is evaluating opportunities to enhance operational efficiency over the medium to long term. One option under consideration is a 70-meter extension of Shaft number 1 to a depth of 1,870 meters. This initiative is being assessed in parallel with the potential development of a second shaft at Odyssey.

東部黃金生產水準的開發也取得了進展，計劃於 2026 年下半年開始生產的準備工作正在進行中。基於深度勘探的持續成功和東古爾迪礦產資源的擴大，我們的合作夥伴 Agnico 正在評估中長期提高營運效率的機會。正在考慮的一個方案是將 1 號豎井延伸 70 公尺至 1,870 公尺的深度。該計劃正與奧德賽第二座礦井的潛在開發同時進行評估。

Looking at exploration. Agnico certainly isn't slowing down with 26 surface and underground drills operating during the period. Q2 results from drilling into the lower East extension of East Goli, extended the deposit at depth and to the east and are expected to contribute additional inferred mineral resources in this portion of the deposit by year-end of 2025. Further to this, impressive holes intersected in the subparallel Eclipse zone, which would be fully covered by OR Royalties 5% NSR royalty and it has Agnico believing that this area has the potential to add indicated mineral resources and potentially mineral reserves to East Gold by year-end.

展望探索。Agnico 顯然沒有放慢腳步，在此期間共有 26 個地面和地下鑽井投入運作。Q2 對東戈利下東部延伸區的鑽探結果，將礦床深度和東部延伸，預計到 2025 年底將為該部分礦床帶來額外的推斷礦產資源。此外，令人印象深刻的孔洞在亞平行 Eclipse 區域相交，該區域將完全被 OR Royalties 5% NSR 特許權使用費覆蓋，Agnico 相信該地區有潛力在年底前為 East Gold 增加指示礦產資源和潛在礦產儲量。

Jumping to slide 11. It's important to note that it's only been just over a year since Alamos Gold acquired Argonaut Gold, which was an acquisition that I think over time, the market will judge as one of the best return on investments in the gold space. as this expansion study evaluates increasing the Magino mill to 20,000 tonnes per day. That expansion study is expected to be published by the end of this year. In many ways, internally here at OR Royalties, we see Island Gold is very much tracking the same progress being made at Canadian Malartic, just with a smaller footprint, thanks to more than triple the gold grades.

跳至投影片 11。值得注意的是，Alamos Gold 收購 Argonaut Gold 才一年多一點，我認為隨著時間的推移，市場會將這次收購視為黃金領域最好的投資回報之一。因為這項擴建研究評估了將 Magino 磨坊的產量增加到每天 20,000 噸。該擴展研究預計將於今年底發布。在 OR Royalties 內部，我們在許多方面看到 Island Gold 與 Canadian Malartic 的進展非常相似，只是佔地面積較小，這要歸功於金品位的三倍多。

During the second quarter and in late June 2025, Alamos provided an updated life of mine plan for the district and probably most notably, also announced an updated underground mineral reserve of 11.8 million tonnes, grading 10.85 gram per tonne gold for 4.1 million ounces at Island Gold. That's up 80% from year-end 2024 and reflecting the impressive recent conversion of mineral resources. Probably the most exciting part of all, this brand-new mine plan serves as just an intermediary stepping stone prior to Alamos' scheduled release of a district expansion study that I mentioned earlier that is expected to be complete in Q4 of 2025, which could potentially see a modest increase to the planned underground mining rates from the currently planned 2,400 tonnes per day.

2025 年第二季和 6 月底，Alamos 提供了該地區最新的礦場壽命計劃，其中最引人注目的是，它還宣布 Island Gold 的地下礦產儲量更新為 1,180 萬噸，品位為每噸 10.85 克黃金，總儲量為 410 萬盎司。這比 2024 年底成長了 80%，反映了近期礦產資源的顯著轉化。或許最令人興奮的是，這個全新的礦山計劃只是阿拉莫斯計劃發佈區域擴展研究報告之前的中間墊腳石，我之前提到過，該報告預計將於 2025 年第四季度完成，這可能會使計劃的地下採礦率從目前計劃的每天 2,400 噸略有增加。

What this could mean, what could this mean for OR Royalties? Well, any increase over and above the currently planned underground mining rates would only add geos over and above the anticipated 7,000 to 8,000 of annual gold woven ounces that we're already expecting from this asset in the latter few years of this decade, certainly something to watch over the near future.

這可能意味著什麼？這對 OR Royalty 來說意味著什麼？好吧，任何超過目前計劃的地下採礦率的增加都只會在預期的 7,000 到 8,000 盎司年度黃金編織量之外增加地理量，我們已經預計在本世紀後幾年內該資產將達到這一水平，這肯定是近期值得關注的事情。

On to slide 12, which catches on Dow Garage, a high-grade underground gold asset, of which OR Royalties acquired a 1.8% gross revenue royalty towards the end of last year. On July 31, Ramelius Resources closes acquisition of Spartan Resources, meaning Dalgaranga represents a key piece of the former's proximate operations and infrastructure in the immediate region.

轉到幻燈片 12，它介紹了 Dow Garage，這是一種高品位地下黃金資產，OR Royalties 於去年年底獲得了其 1.8% 的總收入特許權使用費。7 月 31 日，Ramelius Resources 完成對 Spartan Resources 的收購，這意味著 Dalgaranga 成為前者在鄰近地區的近地業務和基礎設施的重要組成部分。

Around the same time in publicly available documents, Ramelius noted that an integrated feasibility study likely along with a maiden mineral reserve for Dalgaranga is being progressed and is set for release by the end of this calendar year. In OR Royalties, we've been extremely encouraged by the fact that Ramelius' management team continues to point to the fact that underground development in Dalgaranga is already underway. -- and that the high-grade resource at the never-never deposit could be processed through Ramelius' Checkers mill prior to the end of 2025.

大約在同一時間，在公開文件中，拉梅利厄斯指出，一項綜合可行性研究以及達爾加蘭加的首次礦產儲量正在進行中，並將於今年年底發布。在 OR Royalties 中，我們非常高興看到 Ramelius 的管理團隊不斷強調 Dalgaranga 地下開發項目已在進行中，而且 Never-Never 礦床的高品位資源可以在 2025 年底之前通過 Ramelius 的 Checkers 工廠進行加工。

For context, this is a full year ahead of what we originally anticipated further clue as to the potential time lines was uncovered last week when Remele provided us with an early buyback notice for 20% of the Dalgaranga gross revenue royalty reducing the royalty rate on Doldaranga from 1.8% to 1.44% as well as reducing the royalty rate on Ben's Mining's Glenbur and Mount Egerton projects from 1.35% to 1.08%. For context, when we are initially moving forward with the deal, we were always expecting this buyback to take place shortly before first production.

具體來說，這比我們最初預期的時間提前了整整一年，上週，Remele 向我們提供了一份提前回購通知，回購了 Dalgaranga 20% 的總收入特許權使用費，將 Doldaranga 的特許權使用費率從 1.8% 降至 1.44%，同時將 Ben's Mining 的 Glen 1. 1.08%，這為潛在的時間表提供了進一步的線索。就背景而言，當我們最初推進這筆交易時，我們一直預計這次回購將在首次生產之前不久進行。

On slide 13, which provides a summary of the significant progress being made in some of our key optionality assets that are currently excluded from our five-year outlook. If you haven't had a chance to go through our June 2 press release covering all these specific assets in more detail, I highly recommend taking a look as what's in there might provide a good preview on how to think about what might be included in our 2035-year outlook when we release it mid-February of next year. By ways of examples in terms of additional progress since that specific disclosure and subsequent to quarter end, on July 14, the Euro land management provided a positive record of decision on Solids Resources Spring Valley project in Nevada, meaning this large-scale gold heap leach project is effectively shovel-ready.

第 13 張投影片總結了我們目前未納入五年展望的一些關鍵可選資產所取得的重大進展。如果您還沒有機會仔細閱讀我們 6 月 2 日發布的涵蓋所有這些特定資產的新聞稿，我強烈建議您看一下，因為其中的內容可能會為您在明年 2 月中旬發布 2035 年展望時如何思考可能包含的內容提供一個很好的預覽。舉例來說，自該具體披露以來以及季度末之後取得的進一步進展，7 月 14 日，歐洲土地管理部門對內華達州的 Solids Resources Spring Valley 項目做出了積極的決定，這意味著這個大型黃金堆浸項目已經準備就緒。

And speaking of shovel-ready projects, July 21, Cisco Development and now it said it secured a $450 million project loan facility secured from a new strategic partner, Appian Capital Advisory to fund development and construction of the Cariboo Gold project. This includes $100 million initial draw that enables (inaudible) to accelerate the project preconstruction activities and materially derisk the project.

說到即將動工的項目，7 月 21 日，思科開發公司表示，它已從新的戰略合作夥伴 Appian Capital Advisory 獲得 4.5 億美元的項目貸款，用於資助 Cariboo Gold 項目的開發和建設。其中包括 1 億美元的初始資金，用於（聽不清楚）加速專案前期建設活動並實質上降低專案風險。

Further to this, announced just last week, the Cisco Development raised an additional $195 million through concurrent bought deal and private placement equity financing to latter with a strategic investor both the debt and equity combined, along with indications of interest from commodity traders seeking high-quality concentrate offtake and other potential financing arrangements that the Cisco Development is actively negotiating will provide the necessary funds to complete the construction of the mine.

此外，就在上週，思科開發公司宣布，透過同時進行的買斷交易和私募股權融資，該公司又籌集了 1.95 億美元，後者向戰略投資者提供了債務和股權相結合的融資，同時，大宗商品交易商也表示​​有興趣尋求高品質的精礦採購，思科開發公司正在積極談判的其他潛在建設融資安排將為完成礦山建設融資安排的資金。

This is all extremely positive for (inaudible) and our cells given we have a 5% NSR at Caribou. Finally, once the parallel equity offerings are closed as of mid-August, OR Royalties equity position in the Cisco development will be reduced to approximately 14.3% and on an undiluted basis versus our current 24.4% as of June 30, 2025. Neither Spring Valley nor Caribou, both of which would require approximately two-year construction periods are included in our five-year outlook for 2029. And collectively represent approximately an additional 16,000 annual geos earned from Tier 1 mining jurisdictions once both projects are operating and the royalties are being paid.

這對（聽不清楚）和我們的細胞來說都是非常正面的，因為我們在 Caribou 有 5% 的 NSR。最後，一旦平行股票發行在 8 月中旬結束，OR Royalties 在思科開發專案中的股權將減少至約 14.3%，且未稀釋，而截至 2025 年 6 月 30 日，我們的股權比例為 24.4%。Spring Valley 和 Caribou 兩個項目的建設工期均約為兩年，均未納入我們對 2029 年的五年展望中。一旦兩個項目投入營運並支付特許權使用費，這些收入總計將相當於每年從一級採礦管轄區額外賺取約 16,000 個地理收入。

This provides a good segue to slide 14, where you can see all the projects listed, including Spring Valley and Caribou in our optionality bar on the far right of this chart. -- along the same lines as the projects listed as part of our current five-year outlook for 2029. All of the growth from the listed projects across the blue bars is already bought and paid for with no contingent capital associated or required from OR Royalties. I wanted to also take some time to highlight the expansion asset that sits on the very top of the optionality bar, and that's the Odyssey second shaft at Canadian Malartic. Our partner, Agnico Eagle, continues to believe all the necessary disclosure on the concept to result in internal belief here OR Royalties that we're not just talking about when and not an if.

這為第 14 張投影片提供了良好的過渡，您可以在其中看到列出的所有項目，包括此圖表最右側可選欄中的 Spring Valley 和 Caribou。 ——與我們目前 2029 年五年展望中列出的項目相同。藍色條中列出的項目的所有增長均已購買並支付，無需 OR 特許權使用費相關或要求的或有資本。我還想花點時間重點介紹一下可選欄最頂端的擴展資產，那就是加拿大馬拉蒂克的奧德賽二號豎井。我們的合作夥伴 Agnico Eagle 繼續相信，有關該概念的所有必要披露都會導致內部相信或特許權使用費，我們談論的不僅僅是何時而不是是否。

In fact, on Agnico's conference call held on Thursday last week, Agnico management made an explicit reference to future throughput and gold production scenario with both shafts and operations. running a combined underground running at combined underground mining rates of 30,000 tonnes per day and 750,000 to 800,000 ounces of gold per annum from the single ore body.

事實上，在上週四舉行的 Agnico 電話會議上，Agnico 管理層明確提到了未來的吞吐量和黃金生產情景，包括豎井和作業。綜合地下開採率為每天 30,000 噸，單一礦體每年可開採 750,000 至 800,000 盎司黃金。

The sheer amount of gold discovered to date at Odyssey underground and more specifically East coolly and which we have the 5% NSR royalty and which continues to expand is nothing short of staggering. And today, our partner, Agnico, still has 26 drills turning to add to this mineral resource and reserve ounce inventory and firm up the confidence of what has been previously defined. Based on our current understanding, Agnico is taking a well-warranted, methodolical approach -- methodical approach to the potential of the second shaft. Consequently, it's unlikely that there will be any meaningful disclosure as it relates to the specific details of Agnico's findings until late '26, but most likely early 2027.

到目前為止，在奧德賽地下礦區，更具體地說是東冷礦區發現的黃金數量之多，以及我們擁有 5% 的 NSR 特許權使用費，而且這一數量還在繼續增加，這簡直令人震驚。如今，我們的合作夥伴 Agnico 仍有 26 座鑽機正在運轉，以增加此礦產資源和儲備盎司庫存，並鞏固對先前定義的信心。根據我們目前的了解，Agnico 正在採取一種有理有據的方法——有條不紊地挖掘第二礦井的潛力。因此，直到 2026 年末，但最有可能的是 2027 年初，不太可能有任何與 Agnico 調查結果具體細節相關的有意義的披露。

As of today, it's our belief internally at the value of the potential second shaft at Odyssey is not currently fully reflected in our share price, despite the fact that we truly believe that there's no doubt will be happening and that the additional geos from a second shaft alone would be the single biggest individual asset growth driver for all royalties once it's all in production. And recall, the potential second shaft only serves as a component, albeit a key one to Agnico's broader plans, which could see the entire Canadian Malartic Complex produced 1 million ounces from the 2030s onwards when factoring additional ore sources such as Marban and Wasamac.

截至今天，我們內部認為奧德賽潛在的第二座礦井的價值尚未完全反映在我們的股價中，儘管我們確實相信這毫無疑問會發生，並且一旦全部投入生產，僅第二座礦井帶來的額外地理位置就將成為所有特許權使用費最大的單一資產增長動力。回想一下，潛在的第二座礦井只是一個組成部分，儘管它是 Agnico 更廣泛計劃的關鍵組成部分，如果考慮到 Marban 和 Wasamac 等額外礦石來源，整個加拿大馬拉特克綜合體從 2030 年代起的產量將達到 100 萬盎司。

Switching gears, I also wanted to highlight an asset that has not been included in either of these slides or -- and that is of the Eagle mine in the Yukon. At this stage, there isn't much detail to add here outside of what's already in the public domain. However, most recent updates include the early July release of the independent review board report on their findings as to the cause of the heap leach failure back over a year ago in June 2024, along with the current conditions of the facilities on site. Eagle is now officially up for sale after an Ontario Court approved the mine receivers application to begin the sales process. The receiver PricewaterhouseCoopers has outlined a two-phase sale process and its submission to the Ontario Superior Court of Justice.

換個話題，我還想強調一下這兩張投影片中都沒有提到的一項資產──那就是育空地區的鷹礦。在這個階段，除了已經公開的內容之外，沒有太多細節可以添加。然而，最近的更新包括 7 月初獨立審查委員會發布的報告，該報告介紹了他們對一年多前（2024 年 6 月）堆浸失敗原因的調查結果，以及現場設施的現狀。在安大略省法院批准礦山接收方開始銷售程序的申請後，Eagle 現已正式出售。接管人普華永道已概述了分兩個階段的出售流程及其向安大略省高等法院提交的文件。

The receiver will accept letters of intent very shortly. And then we'll choose qualified submissions to file an actual bid their timing is around October 15. And the decision filed to the court the presiding judge noted that all parties agreed that it was time to put the mine up for sale. The judge also said that while the first nation of Natura Natu did not oppose a sale, they are asking to be kept informed throughout the process. OR Royalties will continue to provide as much information as it can along the way.

接收方很快就會接受意向書。然後我們將選擇合格的投標者提交實際投標，時間大約是 10 月 15 日。主審法官在提交給法院的裁決中指出，各方都同意現在是時候出售礦場了。法官還表示，雖然 Natura Natu 的原住民並不反對出售，但他們要求在整個過程中隨時了解情況。OR Royalties 將繼續提供盡可能多的信息。

But needless to say, the next six to eight months will be very telling as it relates to the potential future restart of Eagle. Quickly on slide 15. On top of everything else we've mentioned, here is an updated list of key catalysts on currently producing assets on the left and key near-term development projects that fall within our five-year outlook on the right.

但毋庸置疑，未來六到八個月將非常關鍵，因為它關係到 Eagle 未來可能重啟的可能性。快速翻到第 15 張投影片。除了我們提到的所有內容之外，這裡還提供了左側當前生產資產的關鍵催化劑和右側五年展望範圍內的關鍵近期開發項目的最新清單。

I'll single out just two for now. First, on May 27, Mac Copper announced that it had entered into a binding scheme implementation deed with Harmony Gold to acquire 100% of the issued share capital in Mac copper, both of OR Royalty silver and copper streams at CSA remain unchanged in terms of future geos ore royalties from the asset. And as noted, in last night's press release, we couldn't think of a better operator than Harmony possessing the technical expertise to continue the path of the optimization and growth that already saw tremendous progress under Matt Copper's leadership. The transaction is expected to close in the second half of 2025.

我現在只挑選兩個。首先，5月27日，Mac Copper宣布已與Harmony Gold達成具有約束力的計畫實施契約，以收購Mac Copper 100%的已發行股本，CSA的OR Royalty銀和銅流在未來資產的geos礦石特許權使用費方面保持不變。正如昨晚的新聞稿所述，我們想不出比 Harmony 更好的營運商，它擁有技術專長，可以繼續優化和成長的道路，在 Matt Copper 的領導下，這條道路已經取得了巨大的進步。該交易預計將於 2025 年下半年完成。

Looking to the right of the slide and announced just last week, Goldfields confirmed the continuation of the environmental assessment process for windfall through the submission of the second series of responses to COMEX questions. Recall that the most recent fulsome update from Gold Fields provided the expectation that an updated feasibility study along with final project permits as well as final IBAs with relevant First Nation groups are all expected in the second half of this year with the final investment decision and initial project construction expected in early 2026.

查看投影片右側，Goldfields 上週剛宣布，透過提交對 COMEX 問題的第二系列答复，確認將繼續進行意外之財的環境評估流程。回想一下，Gold Fields 最近發布的最新消息顯示，預計最新的可行性研究、最終項目許可以及與相關原住民群體的最終 IBA 都將於今年下半年完成，最終投資決定和初步項目建設預計將於 2026 年初完成。

Finally, we'll end the formal part of the presentation on slide 16. We which outlines the current state of ore royalties balance sheet. At quarter end, we had a total debt of just under $36 million, and we are also in a net cash position of $14 million. This net cash number would grow to approximately $63 million if we were to include the $49 million value from our Mac copper shares, which are listed on this slide as investments held for sale.

最後，我們將在第 16 張投影片上結束簡報的正式部分。我們其中概述了礦石特許權使用費資產負債表的現狀。截至本季末，我們的總債務略低於 3,600 萬美元，淨現金狀況為 1,400 萬美元。如果我們將 Mac 銅股票的 4,900 萬美元價值計入其中（這些股票在這張投影片上被列為持有待售的投資），那麼淨現金金額將成長到約 6,300 萬美元。

Factoring this all in, with over $900 million in potential available liquidity at the end of the quarter, the balance sheet is looking incredibly strong and has gotten even stronger subsequent to quarter end with OR Royalties having paid down an additional $21 million in debt. Our improved financial position is a key as OR Royalty's corporate development team continues to be stretched to capacity across multiple transaction opportunities.

考慮到所有這些因素，由於本季末有超過 9 億美元的潛在可用流動資金，資產負債表看起來非常強勁，並且在季度末之後變得更加強勁，因為 OR Royalties 已經償還了額外的 2100 萬美元債務。隨著 OR Royalty 的企業發展團隊繼續在多個交易機會中發​​揮最大能力，我們改善的財務狀況是一個關鍵。

We're hoping to make some announcements on new meaningful transactions between now and the end of the year. At the same time, our robust organic growth profile and deep pipeline of palatable optionality affords OR Royalties the luxury to pick our spots and wait for the right deals as we are not just willing to sacrifice investment returns or deal economics just for the sake of adding gold equivalent ounces. As such, we plan to adhere to our time-tested strategy of disciplined capital allocation in the pursuit of high-quality accretive streams and royalties that will bolster the company's current and near-term GEO deliveries as well as cash flows for the benefit of our current and future shareholders.

我們希望從現在到年底之間宣布一些新的有意義的交易。同時，我們強勁的有機成長狀況和豐富的可選性管道使 OR Royalties 能夠選擇合適的時機並等待合適的交易，因為我們不願意僅僅為了增加黃金當量盎司而犧牲投資回報或交易經濟效益。因此，我們計劃堅持經過時間考驗的嚴格資本配置策略，追求高品質的增值流和特許權使用費，這將增強公司當前和近期的 GEO 交付以及現金流，從而使我們當前和未來的股東受益。

And with that, we will conclude the formal part of today's call, and we can move forward with the Q&A. Joel?

至此，我們將結束今天電話會議的正式部分，然後我們可以繼續進行問答環節。喬爾？

(Operator Instructions) Fahad Tarik, Jefferies.

（操作員指示）Fahad Tarik，Jefferies。

Can you provide some more color on maybe the second half of this year and where the incremental GEO sales are coming from? The way we're modeling it right now, it looks like it's going to maybe the lower end of the production guidance range. But just wondering what we're maybe missing. I think you mentioned Canadian Malartic and MDM, but is there anything else we should be aware of?

您能否提供一些有關今年下半年的詳細資訊以及增量 GEO 銷售額的來源？根據我們現在的建模方式，它看起來可能會達到生產指導範圍的下限。但我只是想知道我們可能錯過了什麼。我認為您提到了加拿大馬拉特克和 MDM，但還有什麼我們應該注意的嗎？

Yes. Thanks, Fahed. So to answer your question, we've been quite explicit about, again, 45% for H1 and 55% for the second half. Most of that pickup will come from a few things. Firstly, as you correctly pointed out and what I mentioned on the calls, we expect Canadian Malartic to continue to perform at our internal budget or better going forward, given, again, the tails deposition is certainly on track or ahead of schedule.

是的。謝謝，法赫德。因此，回答您的問題，我們已經非常明確地表示，上半年為 45%，下半年為 55%。大部分收益將來自幾件事。首先，正如您正確指出的以及我在電話中提到的那樣，我們預計加拿大馬拉特克公司將繼續按照我們的內部預算或更好的方式執行，因為尾礦沉積肯定在按計劃進行或提前完成。

The second thing and probably the most notable thing is we have an expectation at Mantos Blancos for the silver grade. The throughput is obviously quite steady right now at 20,000 tonnes per day if you look at their disclosure. But what's been disappointing on our end is essentially the silver grade not meeting expectations.

第二件事，也可能是最值得注意的事情是，我們對 Mantos Blancos 獲得銀級的期望。如果你看一下他們的披露信息，那麼現在的吞吐量顯然相當穩定，為每天 20,000 噸。但令我們失望的是，銀的品味基本上沒有達到預期。

So we do expect that the silver grade at Mantos to be trending up over the second quarter. We also obviously have the continued ramp-up at Token Tan Zeno and in the second half of this year, Nandini, who was essentially putting the mine through ramp up as well. That will be a contributing factor to the second half. again, the 55%, 45% split.

因此，我們確實預期曼托斯的白銀品位將在第二季呈上升趨勢。顯然，我們也持續提高 Token Tan Zeno 的產量，而今年下半年，Nandini 也基本上提高了礦場的產量。這將成為下半年的促成因素。再一次，55% 和 45% 的分割。

Okay. Great. And maybe just switching gears to corporate development. You mentioned the team has stretched to capacity -- just at a high level, can you talk about if there's, I guess, philosophically a preference for producing versus development stage royalties, just given that compared to peers, OR has I guess a lower percentage of producing royalties?

好的。偉大的。或許只是轉向企業發展。您提到團隊已經達到了最大容量——只是在高層，您能否談談，從哲學上講，與同行相比，是否更傾向於生產階段的版稅而不是開發階段的版稅，或者我猜生產版稅的比例較低？

Yes, it's a great question. So obviously, our first preference when we do accretive deals on producing assets. what we've obviously seen in the market, there's been some pretty significant transactions, and I encourage you to talk to those companies that have done those transactions. But those transactions from our perspective, don't meet our economic hurdles for the most part.

是的，這是一個很好的問題。因此，顯然，當我們對生產資產進行增值交易時，我們的首選是。我們在市場上顯然看到了一些非常重要的交易，我鼓勵您與那些已經完成這些交易的公司交談。但從我們的角度來看，這些交易大部分都不符合我們的經濟要求。

So we have been involved in the majority of again, the transactions that you've seen printed. We have a number of filters, including, again, the geopolitical profile that I keep talking about.

因此，我們再次參與了您所看到的大多數交易。我們有許多過濾器，包括我一直在談論的地緣政治概況。

We have to make a decent hurdle for our shareholders. there are a lot of producing opportunities out there that our corporate development team is obviously involved in, but it's incredibly competitive. So we just have to be very disciplined with, again, what we're doing in terms of the economic returns for our portfolio and for our shareholders.

我們必須為股東設定一個適當的障礙。我們的企業發展團隊顯然參與其中，有許多生產機會，但競爭非常激烈。因此，我們必須非常自律，再次強調，我們必須為我們的投資組合和股東帶來經濟回報。

With respect to development assets, yes, we are obviously involved in looking at a number of high-quality development assets. But what I would guide you to is our corporate development team is really focused only on development assets that will actually make a difference within our five-year outlook. In other words, producing geos within the next five years.

關於開發資產，是的，我們顯然正在關註一些高品質的開發資產。但我想告訴大家的是，我們的企業發展團隊實際上只專注於那些能夠在我們的五年展望中真正發揮作用的發展資產。換句話說，在未來五年內生產地理產品。

So we're not looking at something that's very early stage that could take 15 years essentially to get through all the studies, the permitting, construction and ramp-up. So we really have focused our team on those types of high-quality assets in the jurisdictions that I mentioned earlier that we consider Tier 1.

因此，我們不會考慮那些處於早期階段的項目，因為這些項目可能需要 15 年的時間才能完成所有的研究、許可、建造和升級。因此，我們的團隊確實專注於我之前提到的我們認為屬於一級的司法管轄區內的那些類型的高品質資產。

Cosmos Chiu, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Cosmos Chiu。

Jason and team for a very thorough presentation. Jason, as you talked about the five-year guidance. And as you talked about, there should be a new five-year guidance that should be presented to us early next year. So it's great you've talked about some of the assets that have not -- or are currently not included in your five-year guidance. I guess my question is, as you look at your new five-year guidance, what criteria do you consider?

Jason 和他的團隊進行了非常詳細的演示。傑森，正如您所說，五年指導方針。正如您所說，明年年初應該會向我們提交一份新的五年指引。所以，您談到了一些尚未或目前未包含在您的五年指導中的資產，這很好。我想我的問題是，當您審視新的五年指導方針時，您會考慮哪些標準？

Is it timing? Does it need to be fully financed? Does it need to be fully permitted? I'm just trying to get a gauge and to the extent that you can share with us what could get included. For example, as you mentioned, Spring Valley is not included. And so number one, criteria? And number two, specifically, what could get included to the extent that you can share with us?

時機合適嗎？是否需要全額融資？是否需要完全許可？我只是想得到一個衡量標準，並與我們分享可以包含的內容。例如，正如您所提到的，Spring Valley 並不包括在內。那第一點，標準是什麼？第二，具體來說，您可以與我們分享其中的具體內容嗎？

Yes. Thank you, Cosmos. Great question. So we are very vigilant when we're actually looking at our five-year guidance. And so the broad criteria as case by case by asset is we have to have very good confidence and visibility that an asset will actually contribute geos over the next five years.

是的。謝謝你，Cosmos。好問題。因此，當我們真正審視我們的五年指導時，我們非常警惕。因此，根據資產的具體情況制定的廣泛標準是，我們必須非常有信心和預見性地相信一項資產將在未來五年內真正為地理做出貢獻。

Obviously, permits are a big factor to it, having a company that's fully financed or visibility to fully finance solution also would be incredibly important. As we all know, mining is a very, very tough business. So we look at other factors such as social license such as the track record of, again, our partnering our investee companies.

顯然，許可證是一個重要因素，擁有一家資金充足的公司或能夠提供全面融資解決方案的公司也非常重要。眾所周知，採礦業是一項非常非常艱難的行業。因此，我們也會考慮其他因素，例如社會許可，以及我們與被投資公司合作的業績記錄。

Obviously, companies that have assets in production currently. And I'd just pick out, for example, Hermosa, which is in our guidance of this year -- or sorry, our five-year outlook. Again, that's a multi-asset, multibillion-dollar company with very good financial breadth and tactical acumen. So those are the type of criteria that we look at when we will update the market in February as to, again, what will be included and what will not. I will tell you right now more likely than not, given what a Cisco development has done around Caribou. More likely than not, we're going to be including some contribution of Caribou and our five-year outlook.

顯然，目前擁有資產的公司正在生產中。我只是挑選了 Hermosa 作為例子，這是我們今年的指導方針——或者抱歉，是我們五年展望的一部分。再說一遍，這是一家擁有多種資產、價值數十億美元的公司，擁有非常良好的財務廣度和戰術敏銳度。因此，這些就是我們在二月更新市場時所考慮的標準，以確定哪些內容會被納入，哪些內容不會被納入。考慮到思科圍繞 Caribou 所做的開發，我現在可以告訴你這很有可能。更有可能的是，我們將納入 Caribou 的一些貢獻和我們的五年展望。

And we'll have to see what happens with assets like Spring Valley and others, because, obviously, they've got their operative decision, which is a very positive derisking component, but they're still looking to finalize even though the US XM Bank has provided term sheets for up to $835 million they still yet to finalize a complete financing plan. So there's a lot of factors, but I'd say the two biggest ones are permitting the acceptability and social license on site as well as, again, having the financing in place for us to get complete confidence to include our or five-year outlook.

我們將拭目以待 Spring Valley 等資產的情況，因為顯然他們已經做出了可操作的決定，這是一個非常積極的降低風險的組成部分，但他們仍在尋求最終確定，儘管美國 XM 銀行已提供高達 8.35 億美元的條款清單，但他們仍未最終確定完整的融資計劃。所以有很多因素，但我認為最重要的兩個因素是允許現場的可接受性和社會許可，以及再次擁有資金，讓我們完全有信心包括我們的五年展望。

Great. And maybe Switching gears a little bit and following up on Fahad's question in terms of royalty acquisitions. As we've seen, as you mentioned as well, the activity has picked up and the size of these transactions have certainly picked up as well.

偉大的。也許可以稍微轉換話題，繼續回答法哈德關於特許權使用費收購的問題。正如我們所看到的，正如您所提到的，活動已經回升，這些交易的規模也肯定有所回升。

We've seen a number of transactions hitting $1 billion mark. How do you see OR Royalty positioned for some of these bigger deals is $1 billion deals. Would that still be within your snack bracket? And along the same topic, did that kind of factor into a decision to increase your line of credit from believe, CAD550 to USD650 million.

我們已經看到許多交易額達到 10 億美元大關。您如何看待 OR Royalty 在這些規模較大的 10 億美元交易中佔據的有利位置？這還算屬於你的點心範圍嗎？並且圍繞著同一主題，這種因素是否影響了您將信用額度從 5.5 億加元提高到 6.5 億美元的決定？

Yes. It's a really good question. So the way I'd answer that, Cosmos, is we certainly need to pick our spots. -- again, given where the commodity complex has gone and you've obviously seen your remarks in some of the deals out there, we have to be true to the economic returns that we're providing to our shareholders. That doesn't mean we've got $900 million of available liquidity to act on accretive transactions for ourselves.

是的。這確實是一個好問題。因此，Cosmos，我的回答是，我們當然需要選擇我們的位置。 ——再一次，考慮到大宗商品綜合體的走向，以及您顯然已經在某些交易中看到了您的言論，我們必須忠於我們為股東提供的財務回報。這並不意味著我們有 9 億美元的可用流動資金來為自己進行增值交易。

So let's just say the $1 billion type transaction and the right circumstance and the right return is not off the table or royalties. We are working on a number of transactions are significantly less than that. We also are in the flow with transactions that, again, to meet the precedents that we've seen over the last couple of quarters. It really just comes down to returns. It comes down to the security of the instrument. And what we think is to essentially complement what we believe that we have the best portfolio, both growth and quality wise in the sector to complement that.

因此，我們可以說，10 億美元的交易、正確的情況和正確的回報或特許權使用費都是可能的。我們正在進行的交易數量明顯少於這個數字。我們的交易流程也再次符合我們在過去幾季中看到的先例。這實際上只是回報的問題。這取決於儀器的安全性。我們的想法本質上是對我們所認為的最佳投資組合的補充，無論是成長還是品質方面，我們都是該行業中最好的投資組合。

Great. And maybe one last question going to Cisco development. And it's great to see that they've announced a financing package. I guess there's two benefits. Number one, now it is fully financed and number two, it helps in terms of diluting your ownership in the company, as you mentioned, Jason, to 14-point -- about 14.3%. I guess my question is, is that -- are you happy with that 14.3% or would you want that to go even lower? And maybe if you can kind of touch on the longer-term plans in terms of your holdings and the shares of Oded?

偉大的。最後一個問題是關於思科開發的。很高興看到他們宣布了一項融資方案。我想有兩個好處。第一，現在資金已經充足；第二，正如你所提到的，傑森，這有助於稀釋你在公司的所有權，稀釋到 14 個百分點——大約 14.3%。我想我的問題是，您對 14.3% 這個數字滿意嗎，還是希望這個數字更低？您能否談談您持有的股份和 Oded 股份的長期計劃？

Yes. Look, it's a great question, Cosmo. Firstly, we'd like to acknowledge and congratulate the Osisko development team because obviously, have derisked the Caribou project significantly over the course of the last year, getting their permits having an optimized feasibility study and finally getting the financing in place.

是的。瞧，這是一個很好的問題，科斯莫。首先，我們要感謝並祝賀 Osisko 開發團隊，因為他們在過去一年中明顯降低了 Caribou 專案的風險，獲得了許可證，進行了優化的可行性研究，並最終獲得了融資。

I think we were very clear, especially when I came on that, we were no longer going to be funding the Cisco development carbo through equity placements or through any other type of financial arrangements, given at that time, we own close to 50% of the equity in the company through the course of a series of equity dilution or equity offerings we are now down and will be down when they close these financings to 14%.

我認為我們非常清楚，特別是當我談到這一點時，我們將不再透過股權配售或任何其他類型的金融安排為思科開發碳提供資金，因為當時，透過一系列股權稀釋或股權發行，我們擁有該公司近 50% 的股權，現在我們的股權已經下降，當他們關閉這些融資至 14% 時，我們的股權還會下降。

We are quite happy with our position at 14%. We are quite optimistic. And as I said, I do believe that the Caribou asset is a top quality Canadian producing development opportunity. And again, the big value for us though obviously comes from the big chunky 5% NSR we have. So to answer your question, we are currently very pleased with the 14.3% position that we'll have.

我們對 14% 的佔比感到非常滿意。我們非常樂觀。正如我所說，我確實相信 Caribou 資產是加拿大最優質的生產開發機會。再次強調，對我們來說，最大的價值顯然來自於我們擁有的高達 5% 的 NSR。所以回答你的問題，我們目前對 14.3% 的份額感到非常滿意。

We continue to have conversations with the Cisco development management team. And so we're a very -- right now, we're a please shareholder. And so that's where I'd like to end that. So we're not looking in any fashion. So I'm very, very clear. We're not looking in any fashion to divest or sell that block in the near term?

我們持續與思科開發管理團隊進行對話。因此，我們現在是一個非常令人愉悅的股東。這就是我想結束的地方。所以我們不會以任何方式尋找。所以我非常非常清楚。我們短期內不會以任何方式剝離或出售該區塊嗎？

Thank you, Jason, for some very thorough answers.

謝謝傑森提供的非常詳盡的答案。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

Thank you for taking my two questions. The first one just follows up on the landscape for potential transactions. So if we eliminate the $1 billion range, what would you see most of your transaction range size-wise would be?

感謝您回答我的兩個問題。第一個只是追蹤潛在交易的情況。那麼，如果我們消除 10 億美元的範圍，您認為大部分交易的規模範圍是多少？

That's a great question, Tanya. Look, what I will tell you is it ranges anything from, again, somewhere around USD35 million. all the way up to close to the $1 billion. Again, we're working on multiple transaction opportunities. And so I can't give you any more specificity than that.

這是一個很好的問題，Tanya。聽著，我要告訴你的是，它的範圍從大約 3500 萬美元一直到接近 10 億美元。再次強調，我們正在努力尋找多種交易機會。因此我無法給你更具體的資訊。

Okay. And would that also involve, Jason, the total size, including debt positions or equity positions included in these types of transactions as well as just normal screens and other?

好的。傑森，這是否還涉及總規模，包括這些類型的交易中包含的債務頭寸或股權頭寸以及正常的屏幕和其他？

Yes, you can assume that, Tanya, that whatever we provide in terms of financial instruments, the targets or the transaction size you can assume as all instruments, yes.

是的，Tanya，你可以假設，無論我們提供什麼金融工具、目標或交易規模，你都可以假設為所有工具，是的。

And could I also assume that, that could include corporate transactions in that $1 billion range?

我是否還可以假設，這可能包括 10 億美元範圍內的企業交易？

Well, again, the market has actually done a remarkable thing for all the royalty and streaming companies we've all appreciated significantly, but I've always been very, very deliberate and open with yourself and others. Firstly, we're open for business.

好吧，再說一次，市場實際上為所有版稅和串流媒體公司做了一件了不起的事情，我們都非常讚賞這些公司，但我一直對自己和他人非常非常謹慎和開放。首先，我們已經開始營業。

Secondly, there has been, obviously, an uptick if you think of the Randgold Sandstorm transaction on just the interest and, let's say, chatter out there in the marketplace around corporate transactions. We continue to look at opportunities, both corporately and through royalty and streaming transactions. That would be accretive to our shareholders. So to answer your question, yes, that would -- corporate transactions are included in, again, the range of dollars that we hope to deploy over the course of the next 6 to 12 months.

其次，如果你考慮蘭德戈爾德沙塵暴交易，那麼顯然，只從興趣和市場上圍繞企業交易的討論來看，就會發現出現了上升趨勢。我們將繼續尋找機會，包括公司層級以及透過特許權使用費和串流媒體交易。這將為我們的股東帶來增值。所以回答你的問題，是的，那將——公司交易再次包含在我們希望在未來 6 到 12 個月內部署的美元範圍內。

Okay. That's helpful. And then my second question is I haven't seen any additional filings from Elliott. Has there been any update to what was then announced in April? I just haven't seen any further updates. I'm just wondering if you have as well.

好的。這很有幫助。我的第二個問題是，我還沒有看到埃利奧特提交的任何其他文件。四月宣布的消息有更新嗎？我只是沒有看到任何進一步的更新。我只是想知道你是否也有這樣的經驗。

It's a good question. So the last public disclosure that we see is Elliott owns 2.2 million or royalty shares. And so I don't think until they actually published something for it would not be appropriate for me to speculate beyond that.

這是個好問題。因此，我們看到的最新公開披露是埃利奧特擁有 220 萬股特許權使用費股份。因此，我認為，除非他們真正發表了一些成果，否則我不宜進行更進一步的推測。

No, I didn't want you to speculate. I just wanted to make sure that, that all that's out there. I haven't seen anything else that I've missed.

不，我不想讓你猜測。我只是想確認一下，所有這些都在那裡。我還沒有看到任何我錯過的東西。

That's what we see as the last public disclosure, the 2.2 million shares.

這就是我們所看到的最後一次公開揭露，220萬股。

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。現在我將把電話交給傑森，請他做結束語。

Thank you, Joel. As always, if anyone on the call or listening to the replay has any additional questions, insights, observations on our business and our business strategy. Please do reach out to Grant Heather and myself, and we'll be more than pleased to provide more information about the bright future for our company and its shareholders.

謝謝你，喬爾。像往常一樣，如果通話中或收聽重播的任何人對我們的業務和業務策略有任何其他問題、見解或觀察。請聯絡 Grant Heather 和我，我們將非常樂意提供更多有關我們公司及其股東美好未來的資訊。

With that, we don't want to delay you any further, knowing that we are one of the last companies to report, and so you can enjoy the remainder of the summer. Thank you very much.

因此，我們不想再耽誤您了，因為我們是最後一批報告的公司之一，所以您可以享受剩下的夏天。非常感謝。

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。感謝您的參與，並請您斷開線路。