OR Royalties Inc (OR) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to OR Royalties Q1 2026 results conference call. (Operator Instructions) Please note that this call is being recorded today, May 7, 2026, at 10:00 AM Eastern Time.

各位女士、先生，早安，歡迎參加 OR Royalties 2026 年第一季業績電話會議。（接線員指示）請注意，本次電話會議將於今日（2026 年 5 月 7 日）美東時間上午 10:00 錄音。

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

現在我想把會議交給今天電話會議的主持人 Jason Attew 先生。

(spoken in foreign language)

（以外語發言）

Good morning, everybody, and thanks for being on today's call. Procedurally, I'll run through our prepared presentation, and then we'll subsequently open up the line for question-and-answer session. 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. Please note that there are forward-looking statements in this presentation from which actual results may differ.

各位早安，感謝大家參加今天的電話會議。就流程而言，我將先帶大家走過我們準備好的簡報內容，之後再開放問答時間。透過網路直播參與的各位，可以在直播平台上預先提交問題。今天的簡報也將在我們公司網站上提供並可供下載。另請注意，本簡報包含前瞻性陳述，實際結果可能與之有所差異。

Also, please note that all amounts presented and discussed will be in US dollars unless otherwise stated. I'm joined on the call this morning by Fred Ruel, the company's Vice President, Finance and Chief Financial Officer, amongst others, indicated on slide 3.

另外請注意，除非另有說明，所有呈現與討論的金額均以美元計價。今天早上與我一同參與電話會議的還有公司財務副總裁兼財務長 Fred Ruel 等人，詳見第 3 張投影片。

When looking at OR Royalties first quarter of 2026, it's safe to say that the company is off to an impressive start. OR Royalties earned 22,740 gold equivalent ounces in the first quarter of 2026, a great start to the year as it relates to our annual delivery guidance of 80,000 to 90,000 gold equivalent ounces.

回顧 OR Royalties 2026 年第一季的表現，可以說公司開局相當亮眼。OR Royalties 於 2026 年第一季取得 22,740 盎司黃金當量（GEO），就我們全年 80,000 至 90,000 盎司黃金當量的交付指引而言，這是非常好的年度開端。

As a reminder, the company is expecting fairly balanced quarter-over-quarter GEO performance through the rest of the 2026 calendar year. Propelled by the strong performance from our asset base, as well as robust precious metals pricing during the period, OR Royalties achieved record quarterly revenues of $102.8 million, along with peer-leading cash margin of 96.8%.

提醒各位，公司預期在 2026 年剩餘期間，各季的 GEO 表現將相對均衡。在資產組合強勁表現以及期間貴金屬價格穩健的帶動下，OR Royalties 創下單季營收新高，達 1.028 億美元，並同時達成同業領先的 96.8% 現金利潤率。

OR Royalties ended the first quarter with $94.9 million in cash. And as of the end of March, we were also completely debt-free. We'll revisit the balance sheet later on in today's formal presentation as there have been some key movements subsequent to the quarter end that we'll be providing more information on.

OR Royalties 於第一季末持有 9,490 萬美元現金。截至 3 月底，我們也已完全無負債。我們將在今天正式簡報稍後再回到資產負債表的部分，因為季末之後出現了一些重要變動，我們會提供更多資訊。

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 first quarter, marking its 46th consecutive quarterly dividend with over $289 million returned to shareholders to date from these distributions.

就我們持續回饋股東資本的承諾而言，公司於第一季宣告並支付每股 0.055 美元的季度股利，這是連續第 46 次季度配息；截至目前，透過這些分配已累計向股東返還超過 2.89 億美元。

Subsequent to quarter end, OR Royalties Board of Directors approved an 18.2% increase to the base quarterly dividend to $0.065 per common share payable on July 15, 2026, to shareholders of record as of the close of business June 30, also 2026. The dividend increase itself is a testament of the confidence we have in the consistency, predictability, and the anticipated growth of the current and future cash flows underpinning our business.

在季末之後，OR Royalties 董事會核准將基本季度股利上調 18.2%，至每股普通股 0.065 美元，將於 2026 年 7 月 15 日支付給截至 2026 年 6 月 30 日營業結束時的登記股東。此次股利調升本身，反映我們對支撐公司業務之現有與未來現金流的一致性、可預測性以及預期成長的信心。

The 2025 calendar year represented a period of time during which OR Royalties chose to stay on the sidelines and exercise discipline from a corporate development perspective, as it was a period marked by rapidly increasing commodity prices. And in most cases, and as a group, we just couldn't get there on the values being paid at the time or the lack of the security in some of the deals we saw got printed last year.

2025 年曆年期間，OR Royalties 在企業發展方面選擇保持觀望並維持紀律，因為當時大宗商品價格快速上漲。在多數情況下，無論是當時支付的估值水準，或是我們在去年看到的一些交易缺乏足夠的保障，整體而言我們都難以接受。

That said, our activity picked up significantly in the first quarter of 2026 with the company having announced three new transactions during the period, acquiring 13 new royalties, and committing to deploy $438.5 million.

儘管如此，我們在 2026 年第一季的活動顯著升溫，公司於期間宣布三筆新交易，收購 13 項新權利金，並承諾投入 4.385 億美元。

More importantly, we proved that we could get deals done at good rates of return and appropriate security and thus completing these transactions as well as the fourth one announced just a few weeks ago at above-average industry returns. We'll come back to all of these specific deals shortly.

更重要的是，我們證明了能以良好的報酬率與適當的保障條件完成交易，因此完成了這些交易，以及幾週前剛宣布的第四筆交易，皆取得高於產業平均的報酬。我們稍後會回到這些具體交易逐一說明。

Even with the increased activity we've announced year-to-date in terms of new investments, OR Royalties corporate development function remains very busy, and there are a lot of prospective deals we are currently working on. Our philosophical approach to these new investments remains unchanged, given we're often making these investments on assets with 15-, 20-, 25-year mine lives, we're not willing to settle for NAV-dilutive instruments nor we're willing to sacrifice having appropriate security in all our streams and royalties.

即使我們今年迄今已宣布增加新投資活動，OR Royalties 的企業發展團隊仍非常忙碌，目前正在推進許多潛在交易。我們對新投資的理念與方法維持不變：鑑於我們往往投資於礦山壽命 15 年、20 年、25 年的資產，我們不願接受會稀釋淨資產價值（NAV）的工具，也不願在任何串流與權利金上犧牲應有的保障。

As many of you on the line today know well, unlike many of its peers, OR Royalties has the luxury of being able to walk away from any transactions that doesn't fit this criterion given our peer-leading near- to medium-term organic GEO growth profile.

如同今天在線上許多朋友所熟知的，與許多同業不同，OR Royalties 具備在任何不符合上述標準的交易上選擇退出的條件，因為我們擁有同業領先的短至中期有機 GEO 成長曲線。

We'll now pivot to the company's financial performance for the first quarter of 2026. As previously noted, quarterly revenues were a record for the company and effectively track both increased GEOs earned and higher precious metals prices during the period when compared to the first quarter of 2025. Q1 2026 net earnings of $0.39 per basic common share for the year represented a substantial increase over the first three months of 2025.

接下來我們轉到公司 2026 年第一季的財務表現。如前所述，單季營收創公司新高，主要反映相較 2025 年第一季，期間取得的 GEO 增加以及貴金屬價格上升。2026 年第一季每股基本普通股淨利為 0.39 美元，較 2025 年前三個月大幅成長。

Most importantly, the first quarter saw a major improvement in cash flow per share versus the same period last year. And finally, positive annual adjusted earnings of $0.40 per basic common share represents a 125% increase over the adjusted earnings announced by the company back in Q1 2025.

最重要的是，第一季每股現金流相較去年同期顯著改善。最後，每股基本普通股調整後盈餘為 0.40 美元，較公司在 2025 年第一季公布的調整後盈餘增加 125%。

As of May 6, the company had 24 producing assets with the vast majority of our key contributing royalties and streams coming from what we define as Tier 1 mining jurisdictions at just under 75% in aggregate, and that includes GEOs from Canada, the US, and Australia. If we were to include Chile as a Tier 1, we'd be closer to 90%. The list on slide 6 has 24 producing assets, and as we've now included Buenaventura's San Gabriel mine as our transaction to acquire, the Gold Fields portfolio is expected to close in the coming days.

截至 5 月 6 日，公司擁有 24 項投產資產；我們主要貢獻的權利金與串流中，合計接近 75% 來自我們定義的第一級（Tier 1）礦業司法管轄區，包括來自加拿大、美國與澳洲的 GEO。若將智利也納入 Tier 1，比例將接近 90%。第 6 張投影片列出 24 項投產資產；此外，隨著我們已納入收購 Buenaventura 的 San Gabriel 礦山之交易，Gold Fields 投資組合預計將在未來幾天內完成交割。

Recent notable additions to this list include Dalgaranga as we received our first notice of payment from Ramelius in late April with first payment expected any day now, as well as Agnico Eagle's Amalgamated Kirkland or AK deposit located at Macassa, on which OR holds a 2% NSR royalty. Agnico noted just last week that the mine has now officially gone to produce 40,000 ounces of gold this year at AK.

近期值得注意的新增項目包括 Dalgaranga：我們在 4 月下旬已收到 Ramelius 的首筆付款通知，預期首筆款項將在近日到帳；另外還有 Agnico Eagle 位於 Macassa 的 Amalgamated Kirkland（AK）礦床，OR 持有其 2% 的 NSR（淨冶煉回收）權利金。Agnico 上週指出，該礦今年在 AK 已正式轉入生產，預計產出 40,000 盎司黃金。

Moving to slide 7 and looking at the commodity breakdown for Q1 2026. Over 97% of our GEOs earned came from precious metals, gold at 57.5% and silver at just under 40%, with the remainder coming primarily from copper. Stronger silver prices realized during the quarter versus our budget provided a boost in terms of both GEOs earned as well as the direct exposure to the metal versus last year's 30% of GEOs and revenue having come from silver.

接著看第 7 張投影片，為 2026 年第一季的商品結構。超過 97% 的已取得 GEO 來自貴金屬，其中黃金占 57.5%，白銀占比接近 40%，其餘主要來自銅。第一季實現的白銀價格較我們預算更強，帶動了已取得 GEO 的提升，同時也提高了我們對該金屬的直接曝險；相較之下，去年白銀約占 GEO 與營收的 30%。

No matter which price deck you're using today or for tomorrow, OR royalties provides investors with material relative direct exposure to the white metal. Agnico Eagle's Canadian Malartic continued to deliver in the first quarter, performing well versus expectations, primarily as a result of higher grades and ore tonnes at the Barnat pit. The higher gold grades and ore tonnes were a result of continued mining of mineralized zones near historical underground stopes in the Barnat pit.

無論你今天或明天採用哪一套價格假設，OR Royalties 都能為投資人提供對「白色金屬」（白銀）的實質相對直接曝險。Agnico Eagle 的 Canadian Malartic 在第一季持續交出成績，表現優於預期，主要因 Barnat 露天礦坑的品位與礦石噸數較高。較高的黃金品位與礦石噸數，源於 Barnat 礦坑持續開採靠近歷史地下採場（stopes）附近的礦化帶。

In additional good news, production from the East Gouldie ramp commenced in March of 2026. All of Agnico's development and construction activities at Canadian Malartic continue to progress on schedule. Construction of the first loading station is scheduled for first production through Shaft Number 1 in the second quarter of 2027.

另外一項好消息是，East Gouldie 斜坡道的產量已於 2026 年 3 月開始。Agnico 在 Canadian Malartic 的各項開發與建設活動仍按計畫推進。第一座裝載站的建設預計將於 2027 年第二季透過 1 號竪井（Shaft Number 1）實現首次投產。

Elsewhere, exploration drilling continued to yield positive results in multiple areas of the Odyssey mine, and Agnico now has a combined 35 drill rigs turning both at Malartic as well as regionally. As reiterated again in their Q1 update last week, Agnico continues to advance the transition to underground mining at Malartic, with the construction of the Odyssey mine, including the development of the Odyssey Shaft Number 1. They also identified the pilot hole for the second shaft and are also advancing internal evaluations on three projects that together have the potential to increase annual throughput. A study covering all three of these projects is expected from Agnico in September of this year.

在其他方面，勘探鑽探在 Odyssey 礦區多個區域持續取得正面成果，而 Agnico 目前在 Malartic 以及區域範圍內合計共有 35 部鑽機同時運轉。正如其上週的第一季（Q1）更新中再次重申，Agnico 持續推進 Malartic 由露天轉向地下採礦的轉型，並推動 Odyssey 礦的建設，包括 Odyssey 1 號豎井（Odyssey Shaft Number 1）的開發。他們亦已確定第二座豎井的導孔位置，並正就三個專案推進內部評估；這三個專案合計具備提高年處理量的潛力。Agnico 預計將於今年 9 月發布涵蓋上述三個專案的研究報告。

As many of you also follow Agnico Eagle, it is notable that the Chief Operating Officer, Dominique Girard, mentioned in their conference call last week that the life of mine at Malartic will probably extend to 2060, which is well beyond the last stated life of mine, which to remind people was 2042.

由於你們當中許多人也關注 Agnico Eagle，值得注意的是，營運長（Chief Operating Officer）Dominique Girard 在上週的電話會議中提到，Malartic 的礦山壽命（life of mine）很可能延長至 2060 年，這遠超過先前所述的礦山壽命；提醒大家，先前的說法是到 2042 年。

At Mantos Blancos, sulfide mill throughput was strong in the first quarter despite a 4-day planned maintenance shutdown, having averaged 19,661 tonnes per day versus a nameplate of 20,000 tonnes per day. Based on our current understanding of Capstone's plans for 2026 and anticipated silver grade variability between now and the end of October, Mantos Blancos is expected to have a stronger first half as it relates to OR's GEOs earned and thus, a modestly softer second half of the year.

在 Mantos Blancos，儘管第一季有一次為期 4 天的計畫性維護停機，硫化物選礦廠（sulfide mill）處理量仍表現強勁，平均達每日 19,661 噸，相較於名目產能（nameplate）每日 20,000 噸。根據我們目前對 Capstone 於 2026 年計畫的理解，以及從現在到 10 月底之間預期的銀品位波動，Mantos Blancos 在 OR 所賺取的 GEO（黃金當量盎司）方面，預期上半年表現較強，因此下半年則可能略為走弱。

Touching on CSA and based on our previous disclosure, the asset basically performed to budget in the first quarter, also in line with Harmony's public disclosure on CSA's copper production guidance through the end of their financial year in late June 2026. We're anticipating a weaker quarter in terms of GEOs for second quarter owing to Harmony's disclosed 1-month suspension at CSA to complete necessary structural steel work underground.

談到 CSA，並根據我們先前的揭露，該資產第一季基本上按預算表現，亦與 Harmony 公開揭露的 CSA 銅產量指引一致，該指引涵蓋至其 2026 年 6 月下旬結束的財務年度。我們預期第二季在 GEO 方面將較弱，原因是 Harmony 已揭露 CSA 將停產 1 個月，以完成地下必要的結構鋼工程。

As it relates to Harmony's guidance for its fiscal year 2027, as well as our partners' longer-term plans at CSA, we'll all have a better understanding later this summer with their FY27 copper production guidance announcement and an updated life of mine plan in August. Other notable mentions included a strong quarter at the Sasa mine in Macedonia as well as the early benefits of our 2% royalty interest at Namdini in Ghana.

至於 Harmony 對其 2027 財政年度的指引，以及我們合作夥伴在 CSA 的長期規劃，我們將在今年夏末更清楚了解，屆時他們將公布 FY27 銅產量指引，並於 8 月更新礦山壽命計畫。其他值得一提的還包括：馬其頓 Sasa 礦山的強勁季度表現，以及我們在迦納 Namdini 持有 2% 權利金權益所帶來的初期效益。

This provides a good segue to slide 8. The first two slides that touch on our four most recent transactions, all of which have been announced year-to-date in 2026. And after our quiet 2025 in terms of new investments, I'm delighted today to spend some time discussing all of our recent activity.

這也正好銜接到第 8 張投影片。前兩張投影片聚焦於我們最近四筆交易，且全部都已在 2026 年迄今對外宣布。在 2025 年我們在新投資方面相對沉寂之後，我今天很高興能花一些時間討論我們近期的所有活動。

We actually already discussed these first two transactions on our last quarterly conference call, given that they've already been announced prior to mid-February, but it's worth circling back to provide a bit more context.

事實上，我們在上一季的電話會議中已討論過前兩筆交易，因為它們在 2 月中旬之前就已宣布；但我們仍值得回頭再談一次，以提供更多背景脈絡。

At that time, we called Namdini a classic no-brainer, and we obviously continue to stand by that claim. The upfront $98.5 million closed in the first quarter of 2026 and was funded entirely with cash on hand, meaning that our end-of-quarter cash balance is reflective of having paid for the additional 1% NSR at Namdini.

當時我們稱 Namdini 是典型的「毫無懸念」交易，而我們顯然仍然堅持這一說法。9,850 萬美元的預付款已於 2026 年第一季完成交割，且完全以手上現金支付，這意味著我們季末現金餘額已反映我們已支付 Namdini 額外 1% NSR（淨冶煉回收）權利金的對價。

Similarly, and on our previous conference call, we also expressed our excitement associated with having just announced the acquisition of the portfolio of eight royalties from Gold Fields for $115 million, anchored by a 1.5% NSR royalty on Buenaventura's producing San Gabriel gold and silver mine in Peru, an operating mine, which just received its key final permits last week, allowing the operations to really start increasing throughput later this year. The key theme on this page was that Namdini was completed 100% on a bilateral basis, while the Gold Fields acquisition truly demonstrated the creativity of our corporate development team to gain an edge in what was a competitive process.

同樣地，在上一場電話會議中，我們也表達了對剛宣布以 1.15 億美元向 Gold Fields 收購 8 項權利金組合的興奮之情；其中的核心資產為 Buenaventura 位於秘魯、正在生產的 San Gabriel 金銀礦之 1.5% NSR 權利金。該礦為營運中礦山，且上週剛取得關鍵的最終許可，使其營運得以在今年稍晚真正開始提升處理量。本頁的關鍵主題是：Namdini 100% 以雙邊方式完成，而 Gold Fields 的收購案則真正展現了我們企業發展團隊在競爭流程中以創意取得優勢的能力。

With respect to the latter, while we are able to leverage our relationship and goodwill with Gold Fields given our partnership at Windfall, in addition to the producing San Gabriel royalty, our team sees very good value in the 2.25% NPI over the AuRORA discovery in BC and the 2% NSR on the Paris project in Western Australia, which incidentally is located just 12 kilometers southeast of Gold Fields iconic St. Ives mine. This asset also recently attracted the discovery management team from Dalgaranga. We expect to see strong exploration results in the near term out of these projects. We mentioned in our press release last night that we're confident to have completed deals that have been described by sell-side analysts as above-average industry returns.

就後者而言，雖然我們能夠憑藉與 Gold Fields 在 Windfall 的合作關係以及既有互信來推進交易，但除了正在生產的 San Gabriel 權利金之外，我們團隊也認為：對卑詩省（BC）AuRORA 發現區的 2.25% NPI（淨利潤權益），以及對西澳 Paris 專案的 2% NSR，具有非常好的價值。順帶一提，Paris 專案距離 Gold Fields 具代表性的 St. Ives 礦僅 12 公里東南方。該資產近期也吸引了來自 Dalgaranga 的發現管理團隊加入。我們預期這些專案在短期內將出現強勁的勘探成果。我們在昨晚的新聞稿中提到，我們有信心已完成的交易，已被賣方分析師形容為高於平均的產業報酬。

Flipping to slide 10. We are illustrating our two most recent transactions in Spring Valley and Murray Brook, both of which were not disclosed on our last call, and the latter of which was actually announced in mid-April, so subsequent to the first quarter's end. Spring Valley was in some ways very analogous to Namdini in that we took the opportunity to effectively double down on an asset within our portfolio and one that was already serving as a key growth driver for OR Royalties when looking at our 5-year outlook.

翻到第 10 張投影片。我們展示兩筆最新交易：Spring Valley 與 Murray Brook；這兩筆在上次電話會議中尚未揭露，其中後者其實是在 4 月中旬才宣布，也就是在第一季結束之後。Spring Valley 在某些方面與 Namdini 非常類似，因為我們把握機會，等同於在我們投資組合中的一項資產上加碼，而該資產在我們的 5 年展望中，已是 OR Royalties 的關鍵成長驅動因素。

And while the transaction was once again a public process, we were able to leverage our institutional knowledge on the asset. This transaction closed in April and as such, we now own a 6% NSR royalty versus 3% previously on the core claims at Spring Valley, meaning once this project goes into production estimated in 2028 and after 500,000 ounces of gold have been recovered, Spring Valley will be generating approximately 10,000 GEOs per annum to our account with our first meaningful payments expected in the 2030 calendar year. The average sell-side IRR at spot prices for this fully funded and fully permitted development asset in a Tier 1 mining jurisdiction was 8.6%.

儘管這次交易同樣是公開流程，我們仍能運用我們對該資產的機構知識（institutional knowledge）。此交易於 4 月完成交割，因此我們目前在 Spring Valley 核心礦權（core claims）上持有 6% NSR 權利金，先前為 3%。這意味著一旦該專案於預估 2028 年投產，且在回收 50 萬盎司黃金之後，Spring Valley 將為我們帶來每年約 10,000 GEO 的貢獻，而我們預期第一筆具實質意義的款項將在 2030 曆年入帳。對於這個位於第一級（Tier 1）採礦司法管轄區、已完全融資且已完全取得許可的開發資產，以現貨價格計算的賣方分析師平均 IRR 為 8.6%。

And finally, with Canadian Copper's Murray Brook, we proved that sometimes even smaller deals can come with outsized positive returns. Full credit to our internal team for identifying this under-the-radar opportunity early on, an opportunity that checked all of our boxes, future precious metal GEOs from a near-term brownfield restart in a Tier 1 mining jurisdiction with major infrastructure and labor advantages. First production for the Murray Brook deposit processed through the pre-existing Caribou mill could occur in late '28 or early 2029, thanks to what should be an accelerated permitting time line.

最後，關於 Canadian Copper 的 Murray Brook，我們證明了有時即便是較小的交易，也能帶來超乎比例的正向報酬。完全歸功於我們內部團隊及早辨識出這個低調的機會；該機會符合我們所有條件：在第一級採礦司法管轄區內，透過近期棕地（brownfield）重啟所帶來的未來貴金屬 GEO，並具備重大基礎設施與勞動力優勢。由於預期許可時程可加速，Murray Brook 礦床的首次生產並透過既有的 Caribou 選礦廠處理，可能在 2028 年底或 2029 年初發生。

While the total transaction value was only $28 million, it provided a crucial piece of financing that has allowed our new partner funding through to production. The calculated average sell-side IRR for Murray Brook was a formidable 21.6%.

雖然交易總價值僅 2,800 萬美元，但它提供了一塊關鍵的融資拼圖，使我們的新合作夥伴得以一路資金到位直至投產。Murray Brook 的賣方分析師平均 IRR 計算值高達 21.6%，相當可觀。

In summary, we had been previously conveying that OR Royalties have been patiently waiting for the right deals. And based on what I've just outlined, I think we proved to both ourselves and our shareholders that our patience has paid off. We'll continue to take the exact same philosophical disciplined approach to all additional new investments that we hope to complete in 2026 and beyond.

總結而言，我們先前一直在傳達 OR Royalties 正耐心等待合適的交易。根據我剛才的說明，我認為我們已向自己與股東證明，我們的耐心已獲得回報。我們將持續以完全相同、具紀律的投資哲學來面對 2026 年及其後希望完成的所有新增投資。

So how does this all stack up? Well, moving to slide 10 where we present the same slide you've seen many, many times, it is very much worthy to note that while our 2030 5-year outlook originally out in February 2026 took into account future GEOs from the 2% at Namdini and the assets acquired from Gold Fields, including San Gabriel, what the range does not include any additional potential GEOs expected from both our additional coverage at Spring Valley as well as Canadian Copper's Murray Brook project, meaning that there is already confirmed contingency as well as potential upside built into our published 2030 range.

那麼整體表現如何對照？接著到第 10 張投影片，我們呈現你們已看過很多很多次的同一張投影片；非常值得注意的是：我們在 2026 年 2 月發布的 2030 年「5 年展望」原本已納入 Namdini 2% 權利金以及自 Gold Fields 收購的資產（包括 San Gabriel）所帶來的未來 GEO，但該區間並未包含我們在 Spring Valley 額外覆蓋（coverage）以及 Canadian Copper 的 Murray Brook 專案所預期帶來的任何額外潛在 GEO。這意味著，在我們已公布的 2030 年區間中，已內含已確認的緩衝空間（contingency）以及潛在上行空間。

Let's move to slide 11, which highlights all the greenfield projects currently in construction and/or advanced development that are currently included in our 5-year outlook with the caveat that the approximately 10,000 GEOs annually from Spring Valley represents the increased royalty coverage, only half of which is in our official 2030 guidance range as just discussed.

讓我們翻到第11頁投影片，這一頁重點列出目前正在建設中及／或已進入後期開發、且已納入我們5年展望的所有綠地（greenfield）專案；但需注意的是，Spring Valley 每年約10,000個GEO代表的是特許權覆蓋範圍的增加，其中只有一半如同剛才所討論，已納入我們官方的2030年指引區間。

In the not included section, I'll point to a few names. First, there is Canadian Copper's Murray Brook with that transaction expected to close in the next two weeks. Second, more positive progress continues to be made at Agnico Eagle's Upper Beaver project with our partners still guiding for a 2030 start-up. And given the recent comments by Agnico, we feel that we might see some GEOs in 2030. Third and finally, it was announced last week that Boroo Mining has entered into a 90-day exclusivity period with PricewaterhouseCoopers, acting as a receiver in respect to its proposed acquisition of the Eagle Gold Mine in the Yukon. At OR Royalties, this is an exciting announcement that could result in potential future upside to our 5-year outlook. A 5% NSR at a Canadian mine that has a good potential for restart before the end of the decade could be additive to our already impressive growth profile.

在「未納入」的部分，我想點出幾個名稱。第一個是 Canadian Copper 的 Murray Brook，該交易預計在未來兩週內完成交割。第二個是 Agnico Eagle 的 Upper Beaver 專案持續取得更正面的進展，我們的合作夥伴仍指引於2030年投產。鑑於 Agnico 近期的評論，我們認為在2030年可能會看到一些GEO。第三也是最後一個，上週宣布 Boroo Mining 已與普華永道（PricewaterhouseCoopers）進入為期90天的排他期，普華永道係以接管人身分就其擬收購育空地區 Eagle Gold Mine 一案行事。對 OR Royalties 而言，這是一項令人振奮的公告，可能為我們的5年展望帶來未來的上行空間。對一座具備在本十年末之前重啟良好潛力的加拿大礦山持有5% NSR，可能會為我們本已亮眼的成長曲線再添助力。

Moving to slide 12. I just wanted to flag a few key items of note on our catalyst page based on some very recent updates provided by our operating partners. First, Gold Fields is now expecting to complete its permitting process and associated finalized First Nation IBA work for Windfall in the third quarter of this year. This keeps the project on track for Gold Fields publicly disclosed base case time line, which anticipates first production from Windfall in the first quarter of 2029.

接著看第12頁。我想根據我們營運合作夥伴提供的一些最新更新，在催化劑頁面上提示幾個關鍵重點。第一，Gold Fields 目前預期將於今年第三季完成 Windfall 的許可程序，以及相關已定案的第一民族 IBA（影響與利益協議）工作。這使專案仍符合 Gold Fields 公開揭露的基準情境時程，該時程預期 Windfall 將於2029年第一季首次投產。

And second, last week, South32 provided a comprehensive update on its Hermosa Taylor development project in Arizona, which is now expecting to see first production from the Taylor mine in the first half of 2028, previously mid-2027 and ramping up to full throughput and production rates by early 2031, previously mid-2030. The most important takeaway, however, is that our partner remains very much committed to what is eventually set to become a cornerstone asset within its broader portfolio.

第二，上週 South32 就其位於亞利桑那州的 Hermosa Taylor 開發專案提供了全面更新，目前預期 Taylor 礦將於2028年上半年首次投產，先前為2027年年中；並預期於2031年初達到滿負荷處理量與產量水準，先前為2030年年中。然而，最重要的重點是，我們的合作夥伴仍然非常致力於該專案，而該專案最終將成為其更廣泛投資組合中的基石資產。

Finally, we'll end the formal part of the presentation on slide 13, which outlines the current state of OR Royalties balance sheet. As of the end of March, we were completely debt-free and held approximately $95 million in cash on the balance sheet, which, as previously noted, accounted for the closing of the Namdini Part II transaction, along with our associated initial payment of $98.5 million funded with cash. You'll also notice we were active in our buyback program in Q1. As you can see in the cash flow waterfall, we bought back and canceled another $12.9 million of OR shares.

最後，我們將在第13頁結束簡報的正式部分，該頁概述 OR Royalties 資產負債表的現況。截至3月底，我們完全沒有負債，且資產負債表上持有約9,500萬美元現金；如先前所述，這反映了 Namdini Part II 交易的完成交割，以及我們以現金支付的9,850萬美元初始付款。你也會注意到我們在第一季積極執行庫藏股計畫。如現金流瀑布圖所示，我們回購並註銷了另外1,290萬美元的 OR 股票。

Worth noting, however, is that the $168 million Spring Valley transaction closed in April of 2026, and that was funded by a drawdown from the credit facility. Along the same lines, we're expecting the aggregate transactions with Gold Fields to close in the coming days and that $167 million will also be funded by a combination of balance sheet cash and amounts drawn from the credit facility.

不過值得注意的是，1.68億美元的 Spring Valley 交易已於2026年4月完成交割，該交易係透過動用信貸額度融資。同樣地，我們預期與 Gold Fields 的合計交易將在未來幾天內完成交割，而該1.67億美元也將由資產負債表現金與自信貸額度提取的款項共同支應。

The Murray Brook transaction is also imminent with a total of $9 million of initial cash outflows from OR to be funded with cash off the balance sheet. The long story short, after closing and funding all these transactions, drawn debt on the facility should stand at approximately $230 million, with our cash balance being at just over $30 million. Needless to say, after all this, we still have sufficient liquidity to execute on new streams and royalties as they present themselves over the next months and years.

Murray Brook 交易也即將完成，OR 將有合計900萬美元的初始現金流出，將以資產負債表上的現金支付。簡而言之，在完成交割並為所有這些交易提供資金後，信貸額度下的已動用負債應約為2.30億美元，而我們的現金餘額將略高於3,000萬美元。不用說，在此之後，我們仍具備充足流動性，可在未來數月與數年內，隨著新串流與特許權機會出現而加以執行。

Our corporate development pipeline remains robust, and our core focus amidst this opportunity set remains on adding GEOs today and our GEOs that will contribute to our already peer-leading growth profile between now and 2030.

我們的企業開發管線仍然強勁，而在這一系列機會之中，我們的核心重點仍是增加當期GEO，以及增加將在現在到2030年間為我們本已領先同業的成長曲線作出貢獻的GEO。

We have a strong desire to continue to grow the business by completing new and accretive transactions, and that remains our number one priority. But as we've said before, here at OR Royalties, we're looking -- we're not looking to achieve these goals at any cost. And with that, I'd like to thank everyone for listening today. We'll now open up the line for questions as well as questions posted on the webcast.

我們非常希望透過完成新的、具增益性的交易來持續擴大業務，而這仍是我們的第一優先事項。但正如我們之前所說，在 OR Royalties，我們希望——我們並不希望不惜任何代價來達成這些目標。說到這裡，感謝各位今天的聆聽。接下來我們將開放電話提問，以及網路直播上提交的問題。

If we don't get to all the questions on the line, we'll make sure to respond offline to those that we don't cover on this webcast. Joelle, back to you, please.

如果我們無法在電話上回答所有問題，我們會確保對本次網路直播未涵蓋的問題於會後另行回覆。Joelle，請交回給你。

(Operator Instructions)

（接線員指示）

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行（Scotiabank）。

Okay. I just wanted to circle back. First of all, congratulations, Jason, on your four deals that you've done this year. I was just looking at, they're ranging anywhere, I'm going to say like $50 million to $300 million or thereabout. Is that how I should be thinking about your pipeline that you're looking at?

好的。我想先回到前面。首先，Jason，恭喜你今年完成了四筆交易。我剛看了一下，金額大概落在5,000萬美元到3億美元左右不等。我是否可以用這樣的方式來理解你正在看的交易管線？

Is it sort of still in that sweet spot for you?

這是否仍然算是你們的甜蜜點（sweet spot）？

Tanya, thank you for your question, and thank you for the congratulations on the quarter. And again, do commend our corporate development team for the four deals that we've done this year. I would say, again, our sweet spot, as we've communicated many, many times, we do look at smaller deals as evidenced by what we did with Canadian Copper. So you can think of kind of the sweet spot between USD50 million and USD300 million. That said, the opportunity set, there are a number of deals out there that are significantly above that range, the $50 million to $300 million.

Tanya，謝謝你的提問，也謝謝你對本季的祝賀。同樣地，也要稱讚我們的企業開發團隊今年完成了四筆交易。我會說，如同我們已多次溝通的，我們也會看較小的交易，這從我們與 Canadian Copper 的交易就可見一斑。因此，你可以把我們的甜蜜點大致視為5,000萬美元到3億美元之間。不過，市場上的機會集合中，也有不少交易金額顯著高於這個區間，也就是高於5,000萬到3億美元。

As we have exhibited in 2025, though, some of those big deals, we just couldn't get there both on valuation and on structure. We will continue to be disciplined. We will continue to participate if there are options around those bigger transactions.

不過，正如我們在2025年所展現的，那些大型交易中，有些我們在估值與架構兩方面都無法達成。我們會持續保持紀律。如果在那些更大型交易周邊存在可行選項，我們也會持續參與。

Clearly, what's happened with Wheaton Precious's successful stream on Antamina is there's a lot more conversations, we would say at both the senior diversified companies and the larger and mid-tier copper cos that have significant byproduct to essentially stream off to fund their capital projects. So the deals, I would say that we're seeing, they do range from the sweet spot that I said, all the way up to some billion-dollar transactions.

很明顯，Wheaton Precious 成功在 Antamina 做出串流交易之後，對話變得更多了；我們會說，無論是在大型多元化公司，或是在擁有大量副產品、且希望透過將其副產品進行串流以資助資本專案的較大型與中型銅礦公司之間，相關討論都在增加。因此，我會說我們看到的交易，從我剛提到的甜蜜點區間，一直到一些十億美元級的交易都有。

We will be very careful with our shareholders' capital. We -- as we've talked about before, we do have, obviously very stringent and disciplined hurdles. But that's the environment out there right now, Tanya. But I think it's safe to say for us, you can think about $50 million to $300 million is our sweet spot.

我們會非常謹慎地運用股東資本。我們——如同先前談過的，我們確實有非常嚴格且具紀律的門檻。但這就是目前的市場環境，Tanya。不過我認為可以很安全地說，對我們而言，你可以把5,000萬美元到3億美元視為我們的甜蜜點。

And Jason, as you mentioned, you are very particular in some of the security that you want to have in place in your contracts. Can you remind us what are the critical, let's say, top three that you will not budge on in terms of the security that you're looking for?

Jason，如你提到的，你對合約中希望具備的某些保障條款非常講究。你能否提醒我們，就你所尋求的保障而言，最關鍵、比如說前三項你絕不讓步的是哪些？

Yes. Well, first of all, again, I'll just talk to last year's transactions that we did see. Most of them that we did see, in fact, the majority of them were on streams. And some of the streams that we did see were completely unsecured. So again, there's a whole range of variance or continuum of security associated with these instruments.

可以。嗯，首先，我再以我們去年看到的交易來說明。我們看到的大多數交易——事實上，多數都是串流（streams）。而我們看到的一些串流是完全沒有擔保的。所以再說一次，這些工具所附帶的保障程度存在很大的差異或連續光譜。

What I would say is for ourselves and for our shareholders, we need to essentially, from a risk management perspective -- the mining industry is very tough, as you know, Tanya. There can be unexpected events that within assets, within countries that we certainly need some sort of security.

我想說的是，對我們自己以及對我們的股東而言，從風險管理的角度來看——採礦業非常艱難，如你所知，Tanya。在資產層面、在國家層面都可能出現意外事件，因此我們確實需要某種形式的擔保。

And again, there's a continuum for which we can affect that, for which if an incident does happen, effectively, we're a creditor at the table, either around insolvency or a mine doesn't work out kind of worst case, where effectively the mine goes pear-shaped and effectively, it's not delivering as to the expectations.

而且再說一次，這裡存在一個連續光譜，我們能在其中施加影響；如果真的發生事件，實際上我們會成為談判桌上的債權人，無論是圍繞破產程序，或是礦山最壞情況下無法如預期運作——也就是礦山狀況急轉直下，實際上未能達到預期交付。

Again, it's something that our team is very focused on. We obviously would like to have a lot of transactions that wouldn't have the workouts that I'm describing. But for a risk management and a shareholder perspective, again, we're insistent that we have some tie of security back to the asset that if something does go wrong, at least we have a seat at the table to negotiate something go forward to protect the capital that we put in.

同樣地，這是我們團隊非常專注的一件事。我們當然希望有很多交易不會走到我剛才描述的那種重整／處置情境。但從風險管理與股東角度來看，我們仍堅持必須有某種與資產相連的擔保安排；一旦出了問題，至少我們能在談判桌上有一席之地，去協商後續方案，以保護我們投入的資本。

Okay. And so Jason, what I'm hearing from you is that you want security at the asset level is what I took away. How important is it to you to have security from a parent guarantee? How important is that for you?

好的。所以 Jason，我從你這裡聽到的是，你希望在資產層級取得擔保，這是我理解的重點。那麼，對你而言，取得母公司保證的擔保有多重要？這對你有多重要？

Yes. Look, again, there's a whole continuum of security, Tanya. And so asset level security would vary from country to country as well. Obviously, if it's a multi-asset company, a parent guarantee or a corporate guarantee would satisfy our requirements just around security and any sort of acquisition go forward. But again, there has to be, in our mind, with large transactions, there has to be some sort of ability for us to essentially sit at the table when things do go wrong.

是的。你看，Tanya，再說一次，擔保本身有一個完整的光譜。而資產層級的擔保也會因國家而異。顯然，如果是一家多資產公司，母公司保證或公司保證可以滿足我們對擔保以及任何後續收購安排的要求。但同樣地，在我們看來，對於大型交易，必須要有某種能力，讓我們在事情出問題時能坐上談判桌。

We're hoping that doesn't happen for our peers and for ourselves going forward. But as you know, you've been in the industry and the sector as long as I have, that does happen from occasion to occasion.

我們希望這不會發生在同業或我們自己身上。但如你所知，你在這個產業與領域的時間和我一樣長，這種情況確實偶爾會發生。

I would assume you want also arbitration rights. We've seen those as well.

我猜你也會希望有仲裁權利。我們也看到過這類安排。

Yes. That's correct.

是的。沒錯。

And just mainly my last question just on these deals. You mentioned syndication of deals. Are you seeing any opportunities in the syndication front?

另外，關於這些交易，我最後一個問題主要是：你提到交易的聯貸／分銷（syndication）。你在聯貸這一端有看到任何機會嗎？

Well, the way I'd answer that, Tanya, is clearly, you saw us syndicate a deal in Cascabel with Franco, it's probably now 18 months ago or almost 2 years ago. We do like the syndication of deals in jurisdictions that we would say are not Tier 1. That was a very unique circumstance for which I think you know both ourselves and Franco already had existing royalties. We've done a bunch of diligence. We've been to site multiple times. We're very pleased that, obviously, what's happened since then is Jiangxi Copper has come in and acquired SolGold because it does provide financial certainty.

嗯，Tanya，我會這樣回答：很明顯，你看到我們在 Cascabel 與 Franco 做過一筆聯貸交易，那大概是 18 個月前或將近 2 年前。我們確實喜歡在我們認為不是第一級（Tier 1）的司法管轄區進行交易聯貸。那是一個非常特殊的情況，我想你也知道，我們和 Franco 當時都已經有既存的權利金。我們做了大量盡職調查，也多次到現場。我們也很高興，顯然自那之後發生的事情是江西銅業進來並收購了 SolGold，因為這確實提供了財務確定性。

But that said, again, there's a blueprint there for streaming and royalty companies to work together in specific instances. I would say that we're an advocate of the structure. We're an advocate of syndicating deals that have the certain unique aspects that, again, just point back to Cascabel. So we're certainly open for it.

不過即便如此，這也提供了一個藍圖，讓串流與權利金公司在特定情境下可以合作。我會說我們支持這種架構，也支持在具備某些獨特特徵的交易上進行聯貸——再次回到 Cascabel 的例子。所以我們當然是開放的。

I would encourage you to ask the same question to the other royalty and streaming companies that you cover because I do think there is a mix of attitudes around whether or not they're looking to syndicate. And it's also why I would say that it's pretty rare. The syndicated deal, I think, was the first one done in 20-plus years that we did with Franco.

我也會鼓勵你把同樣的問題問問你所覆蓋的其他權利金與串流公司，因為我確實認為，對於是否要做聯貸，各家態度不一。而這也是為什麼我會說這其實相當罕見。我想我們和 Franco 做的那筆聯貸交易，可能是 20 多年來的第一筆。

Yes. I should say I don't hear anyone else say it. So -- okay. And then finally, just on the corporate transaction. Are there any opportunities there? Or are you seeing better value in sort of these asset deals?

是的。我得說我沒有聽到其他人這麼說。所以——好。最後，關於公司層面的交易，有沒有任何機會？還是你看到在這類資產交易上有更好的價值？

I would say, listen, Tanya, we obviously evaluate our sector. We've always said that consolidation should happen in the sector. We've got very good views on valuation of both the mid-tiers and the junior royalty and streaming cos. I would say at this point, again, everything has got a price. But at this point, we're not seeing a lot of value in that subset of royalty and streaming cos, but things can change rapidly, whether it's the assets getting some good geologic prospectivity, whether, again, every day, all our companies trade from 9:30 AM to 4:00 PM.

我會說，聽著，Tanya，我們當然會評估我們的產業。我們一直都說這個產業應該會出現整併。我們對中型公司以及小型權利金與串流公司的估值都有非常清晰的看法。我會說在目前這個時間點——再說一次，任何東西都有價格——但就目前而言，我們在那一小部分權利金與串流公司中，還沒有看到太多價值；不過情況可能很快改變，可能是資產出現良好的地質前景，也可能是——再說一次——每天我們所有公司都在上午 9:30 到下午 4:00 之間交易。

And so there is a value for -- we believe a value for everything. We're just not there currently today with, again, the subset that I talked about. But we're certainly open and we're certainly aware and we're certainly monitoring everything.

因此我們相信——對所有事物——都存在一個價值。我們只是目前還沒有到那個程度，針對我剛才提到的那一小部分。但我們當然保持開放，我們當然也很清楚並且持續監控所有事情。

Derick Ma, TD Cowen.

Derick Ma，TD Cowen。

If some of these larger $500 million, $1 billion transactions do materialize in OR's favor, is there sufficient liquidity and flexibility available to the business to execute? And how are you thinking about the NCIB in the context of the current deal market?

如果其中一些較大的 5 億美元、10 億美元交易真的以 OR 有利的方式落地，公司是否有足夠的流動性與彈性來執行？另外，在目前的交易市場背景下，你們如何看待 NCIB（正常發行人買回）？

Yes. Really good question, Derick. Thank you for that. So again, I think it really depends on the transaction that we've been talking about. We do have sufficient liquidity under our revolving facility, as you know.

是的，這是個非常好的問題，Derick。謝謝你。再說一次，我認為這真的取決於我們一直在談的那筆交易。你也知道，我們在循環信貸額度（revolving facility）下有足夠的流動性。

We've got $650 million undrawn as of quarter 1 with a $200 million accordion. Obviously, we've now deployed quite a bit. As I mentioned in my comments, we're expecting to have a drawn -- round of drawn by the time we close all these transactions of $230 million with some cash of about $30 million.

截至第一季，我們有 6.5 億美元尚未動用，並且有 2 億美元的增額選擇權（accordion）。當然，我們現在已經投入了相當多。如我在評論中提到的，我們預期在完成所有這些交易時，動用額度大約會到 2.3 億美元，並保有約 3,000 萬美元現金。

We are obviously making quite a bit of cash flow quarter over quarter. So that comes into the lens. But look, if there was a really unique opportunity that met all the -- checked all the boxes, met the hurdle rates within a good jurisdiction, we could -- obviously, we've got a really good relationship with our bank syndicate, we've got plenty of capacity if you think about the way they think things, think through things around compliance tests such as EBITDA as well as leverage ratios. We could certainly extend that revolver if we saw something that was really appealing for us. I would say, at this stage, we're not having any of those discussions. So that might give you some hints as to -- again, we really believe we've got sufficient liquidity to execute on our business plan given the opportunity set that we're seeing currently.

我們顯然每季都能產生相當可觀的現金流，所以這也會納入考量。但你看，如果出現一個非常獨特、符合所有——勾選所有條件、在良好司法管轄區內達到門檻報酬率的機會，我們可以——顯然——我們與銀行聯貸團有非常好的關係；若你考量他們在合規測試（例如 EBITDA）以及槓桿比率方面的評估方式，我們仍有充足的容量。如果看到對我們非常有吸引力的機會，我們當然可以擴大這個循環信貸額度。我會說，在現階段我們並沒有進行任何這類討論。所以這或許能給你一些線索——再說一次，我們確實相信，以目前看到的機會集合而言，我們有足夠的流動性來執行我們的業務計畫。

This is a business model that I think can support quite a bit of leverage, but what is the leverage ratio that you're ultimately comfortable with (inaudible) materialize.

我認為這種商業模式可以承受相當程度的槓桿，但如果（聽不清）真的發生，你們最終可接受的槓桿比率是多少？

Yes. Obviously, what informs the leverage if we were to do a significant sizable transaction is the commodity price underpinning whatever we're doing. We are certainly a precious metals vehicle. So let's for argument's sake, say it's a gold or silver transaction.

是的。顯然，如果我們要做一筆重大的大型交易，決定槓桿水準的關鍵因素，是我們所做交易背後的商品價格支撐。我們當然是一個貴金屬載體。所以假設是黃金或白銀交易。

I think the way -- and I'll ask Fred to comment here, too, if he likes, the way we think about our business is if there was an exceptional opportunity that we saw being very accretive, we wouldn't want to go much past 2 times EBITDA levels, debt-to-EBITDA levels.

我想我們的思考方式——我也請 Fred 如果願意的話一起補充——是：如果我們看到一個非常出色、且對我們每股／每單位高度增益（accretive）的機會，我們不希望負債對 EBITDA（debt-to-EBITDA）超過大約 2 倍。

For an exceptional opportunity, we could kind of stretch to 2.5 times, but this would be an opportunity that, again, would be paying GEOs for us. So we get back down to 2 times EBITDA very quickly and then continue to pay off our revolver. But we're quite comfortable if that was a scenario and situation, but it would have to be a very unique opportunity for us. And look, there's also other avenues or instruments too that doesn't necessarily have to be through the revolver. If you look at what Wheaton did with their Antamina transaction, they got a term loan from a syndicate as well.

若是極為特殊的機會，我們可以在某種程度上拉高到 2.5 倍，但這必須是一個——再說一次——能為我們帶來 GEOs（黃金當量盎司）回報的機會。如此我們就能很快把負債對 EBITDA 拉回到 2 倍，並持續償還我們的循環信貸額度。在那樣的情境下我們會相當安心，但對我們而言必須是非常獨特的機會。而且你看，還有其他途徑或工具，不一定非得透過循環信貸額度。如果你看 Wheaton 在 Antamina 交易中的做法，他們也從一個聯貸團取得了定期貸款（term loan）。

That's certainly available to us as well with the right opportunity.

在合適的機會下，這當然也是我們可以做的。

Got it. Let me ask you on jurisdictional risk then. There's a high concentration of assets in Tier 1 jurisdictions for OR that's been a trademark of the portfolio. How does jurisdictional risk factor into the assessment of new transactions going forward, given there's arguably some room to take on more jurisdictional risk in the portfolio?

了解。那我想追問一下司法管轄區風險。OR 的資產高度集中在第一級（Tier 1）司法管轄區，這一直是投資組合的標誌。展望未來，在評估新交易時，司法管轄區風險會如何納入考量？畢竟從某種角度看，投資組合似乎還有空間承擔更多司法管轄區風險。

Look, I think it's a really good question, Derick. I think this is what differentiates our company from our peers. We do take great pride in, again, having what we classify as the majority of our assets in Tier 1 jurisdictions. And so it would be very off brand for us to take a material transaction in a non-Tier 1 jurisdiction. You can think Africa or other jurisdictions that we wouldn't classify as Tier 1.

你看，我覺得這是個非常好的問題，Derick。我認為這正是我們公司與同業的差異所在。我們確實非常自豪於——再次強調——我們所歸類的大多數資產位於第一級司法管轄區。因此，若在非第一級司法管轄區做一筆重大的交易，會非常不符合我們的品牌定位。你可以想像非洲或其他我們不會歸類為第一級的司法管轄區。

It would be very off brand for us to do a material transaction because, again, we do believe this is what differentiates ourselves. We do like doing transactions, and we have a filter when we're looking at prospective opportunities and the filter is the Tier 1 jurisdiction filter because the way we see things going forward and the house view is, especially given the turbulent times that we anticipate around kind of geopolitical aspects and geopolitical strike as well as you couple that with the quite robust commodity environment.

我們若做一筆重大的交易會非常不符合我們的品牌定位，因為——再次強調——我們確實相信這正是我們的差異化所在。我們喜歡做交易，而在評估潛在機會時我們有一道篩選機制；這道篩選就是第一級司法管轄區的篩選。因為我們對未來的看法、也就是內部的基本觀點是：特別是在我們預期地緣政治層面將出現動盪的時期，包含地緣政治衝擊，再加上相當強勁的大宗商品環境。

We would expect countries that don't necessarily have a rule of law or deep mining history that they're going to try to extract through windfall taxes or increased royalties in countries, already started to see that to essentially get some more value for them and the assets versus, again, what we consider Tier 1 jurisdictions where it's obviously got established rule of law, deep mining history and these governments and stakeholders really do understand what mining can provide for communities, governments, and the sort.

我們預期那些未必具備法治或深厚採礦歷史的國家，將會嘗試透過暴利稅或提高權利金來取得更多利益——我們已經開始看到這種情況——以便從資產中為他們自己攫取更多價值；相較之下，我們所認定的第一級司法管轄區顯然具有既定的法治、深厚的採礦歷史，而這些政府與利害關係人也確實理解採礦能為社區、政府等帶來什麼。

So we do have a strong filter at looking at transactions in North America. It's no accident, therefore, when you look at the four transactions that we did print in 2026, there were a couple of them, the one being in Ghana, the other one being in Peru that our team was very focused on making sure we had the balance come back with the transactions of Spring Valley, Nevada and obviously, Canadian Copper in Canada here.

因此，我們在北美的交易篩選非常嚴格。所以當你看我們在 2026 年公告的四筆交易時，這並非偶然；其中有幾筆——一筆在迦納、另一筆在秘魯——我們團隊非常專注於確保透過 Spring Valley（內華達州）以及當然在加拿大的 Canadian Copper，把交易後的地域配置平衡拉回來。

So we do think through that frequently. We do debate it quite a bit. As I said, it would be very off brand for us to do a very large stream in an African country that would change, again, the jurisdictional exposure that we think insulates us and provides a superior investment vehicle to our shareholders.

所以我們確實經常思考這件事，也會相當多地辯論。正如我所說，若在某個非洲國家做一筆非常大的金屬流（stream）交易，將改變——再次強調——我們認為能夠保護我們的司法管轄區曝險結構，而這也為股東提供更優質的投資工具；這對我們而言會非常不符合品牌定位。

Brian MacArthur, Raymond James.

Brian MacArthur，Raymond James。

Jason, I just want to follow up on that. So one of your bigger projects that's coming on is Amulsar. A couple of questions. First, I don't know if you can give me security on that. But what I'm more interested is whether you take that in kind or whether you have to have the risk of them shipping out of the country.

Jason，我想就此再追問一下。你們即將投產的較大型專案之一是 Amulsar。有幾個問題。第一，我不確定你是否能就那部分提供一些保障。但我更關心的是，你們是實物交付（in kind）取得，還是必須承擔他們把產品運出國的風險？

And the second thing, just on your comments there because I do think it is something that is unique and helps Osisko. If someone were to give you a very good price for something like Amulsar, would you be willing to sell that to improve the multiple technically to maybe it sits somewhere else, better with someone else. But on the other hand, at 6,000 ounces, it's pretty big.

第二點，延續你剛才的評論，因為我確實認為這是獨特之處，也有助於 Osisko。若有人願意以非常好的價格收購像 Amulsar 這樣的資產，你們是否願意出售，以在技術上改善估值倍數——也許它放在別人那裡更合適、更能體現價值？但另一方面，6,000 盎司也相當可觀。

Yes, really good question. Look, the way we'd answer that is you have to recall that Amulsar was a legacy asset, right? And so Mike Spencer is in the room here, and he's basically spent the last eight years of his life effectively getting that through a workout, as you know, with Orion Mine Finance to the point where we're effectively looking at first gold by the summer.

是的，這是個非常好的問題。你看，我們的回答方式是：你必須記得 Amulsar 是一項歷史遺留資產，對吧？Mike Spencer 也在現場，他基本上在過去八年幾乎把人生都投入在把這個案子完成重整（workout）上——如你所知——與 Orion Mine Finance 一起，推進到我們基本上預期在夏季前後迎來首次產金。

So again, well done and essentially taking a legacy workout and making sure that we can continue to extract or get GEOs from it. And it is -- again, it's not a material -- if you think about -- and I don't know what your numbers, but we can take this offline in terms of the 2030 outlook. It's not a material contributor to our overall.

所以再次強調，做得很好；本質上是把一個歷史遺留的重整案處理到位，確保我們能持續從中提取或取得 GEO（黃金當量盎司）。而且它——再次強調——並不是一個重大的——如果你從——我不確定你用的數字，但我們可以私下再談 2030 年展望——它對我們整體而言不是重大的貢獻來源。

There is some ounces that we're including in our internal 2030 outlook, but it's -- again, it's not material if you think about the overall growth in our portfolio. To answer the question about whether or not we'd sell that position, I think we've always said we're open for business. If someone was going to lay down something significant that we saw was good for our shareholders and quite accretive, understanding kind of the risks and opportunities in Armenia, absolutely, we would consider it.

我們在內部的 2030 年展望中確實納入了一些盎司數，但——再次強調——若從投資組合整體成長來看，它並不重大。至於你問我們是否會出售該部位，我想我們一向都說我們願意談生意。如果有人願意提出一個我們認為對股東很有利、且相當具增益（accretive）的重大條件，同時也理解亞美尼亞的風險與機會，那麼當然，我們會考慮。

We do think it's a very good asset. We do think that the management team, the United Group is doing a very good job of moving that forward. And so again, I think that's the best way we can answer that question. But it is a legacy asset. It is a legacy workout and all commendations to Mike and his team for essentially -- we're going to be extracting GEOs for our shareholders in the next few years because of just us sticking with it and a workout.

我們確實認為這是一項非常好的資產。我們也認為管理團隊 United Group 在推進該專案方面做得非常好。所以——再次強調——我想這就是我們能給的最佳回答。但它確實是一項歷史遺留資產，也是一個歷史遺留的重整案；也要稱讚 Mike 和他的團隊，因為本質上——在未來幾年，我們將能為股東提取 GEO，正是因為我們堅持下來並完成了重整。

Fair enough. And do you get that in kind? Or is it like someone delivers you a paper somewhere at the end of the day?

了解。那你們是實物交付取得嗎？還是說到最後有人交給你一張文件之類的？

It's in kind.

是實物交付（in kind）。

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

目前沒有進一步的提問。我現在把電話交回給 Jason 作結語。

There are no further questions.

沒有進一步的提問。

No. I'm sorry, can you hear me?

不，抱歉，你們聽得到我嗎？

Yes, we can. Okay. Thank you, Joelle. Before we wrap up today's call, I want to leave you with a final thought on OR Royalties. As a management team, we focus on capital returns and hence, why we bought shares back in the quarter and increased our dividend by 18%. We'll continue to keep shareholder returns at the forefront of all our strategic decisions.

是的，我們聽得到。好的。謝謝你，Joelle。在結束今天的電話會議之前，我想就 OR Royalties 留下一個最後的想法。作為管理團隊，我們專注於資本回饋，因此我們在本季回購了股票，並將股息提高了 18%。我們將持續把股東回報放在所有策略決策的最優先位置。

And with that, thank you for your attention today. We do appreciate your support, and we'll talk to you next quarter.

最後，感謝各位今天的關注。我們非常感謝你們的支持，我們下個季度再談。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與，並請掛斷您的電話線。