OR Royalties Inc.

Good morning, ladies and gentlemen, and welcome to the Yale Cisco Gold Royalties Q1 2025 Results Conference Call. After the presentation, we will conduct a question and answer session. If you would like to ask a question, please press star followed by the one on your telephone keypad. Please note that this call is being recorded today, May 8, 2025 at 10 a.m. Eastern Time. I would now like to turn the meeting over to our host for today's call, Mr. Jason Attu. Bonjour Mesdames et Messieurs et bienvenue à l'appel conférence des résultats du premier trimestre de 2025 de redevances aurifières Osisko Limited. Après la présentation, nous procéderons à une séance de questions et réponses. Si vous désirez poser une question, veuillez appuyer sur la touche étoile suivie du numéro 1. Veuillez prendre note que cet appel est enregistré aujourd'hui, le 8 mai 2025, à 10 h, hors de l'Est. I would now like to hand over to your host, Mr. Jason Atul.

Thank you, Joelle. Good day to everyone, and thanks for your attention this morning. As we know, it's a busy reporting week. Procedurally, I'll run through the presentation, and then we will open up the line for questions. For those participating online via the webcast, you can submit your questions in advance through the webcast platform. Today's presentation will also be available and downloadable online through our corporate website. Please note that there are forward-looking statements in this presentation from which actual results may differ. And as a reminder, as of Q4 2024 onwards, Cisco has made a key change to its presentation currency, which is now strictly in US dollars, unless we otherwise note. I am joined on the call today by Frederic Ruel, the company's Vice President of Finance and Chief Financial Officer, as well as Heather Taylor, our VP Sustainability and Communications, as well as my other colleagues, as indicated on slide three. When looking at Ascisco's first quarter of 2025, we've had a solid start as it relates to gold equivalent ounces earned, cash margin, cash flows, as well as overall debt reduction. Cisco earned 19,014 geos in the first quarter, which puts us on track to achieve our previously published full year 2025 geo delivery guidance range of 80,000 to 88,000 gold equivalent ounces. Recall that we had been very explicit about the fact that due to sequencing and some of our major producing assets, including the Malartic and Mantos Blancos, the first quarter was always expected to be our weakest of the year, with sequential quarter-over-quarter improvements in aggregate geo-deliveries expected for the rest of the year. The Cisco's operating cash flows for the period came in at an impressive $46.1 million at a cash margin of 97.1% during the period. And while our corporate development team remains busier than ever, and in some cases on some really sizable transactions, We didn't announce anything major during the period. However, we did complete a handful of smaller transactions, which we believe over the course of time will be viewed as astute transactions with operating partners we know and trust. Cisco ended the first quarter with $63.1 million in cash and net debt has now been reduced to just over $10 million after the company continued to pay down its revolving credit facility during the period. With respect to our ongoing commitment to return capital to shareholders, the company declared and paid its quarterly dividend of Canadian $0.065 per share in the first quarter, making its 42nd consecutive dividend with over Canadian $328 million returned to shareholders to date from these historic distributions. Subsequent to quarter end, Cisco's Board of Directors approved a 20% increase the base quarterly dividend to U.S. dollar 5.5 cents per common share payable on July 15, 2025 to shareholders of record as of the close of business on June 30, 2025. The change to U.S. dollar-based dividend is consistent with the company's recent change in its presentation currency. The dividend increase itself is a testament of the confidence we have in the consistency, predictability, and the anticipated growth current and future cash flows underpinning our business. Finally, as some of you know, in mid-April, ASISCO published its fifth edition of a sustainability report, Growing Responsibly. And I'd like to bring on Heather Taylor, our VP of Sustainability and Communications, to talk to some of the details associated with this key achievement in more detail. Heather?

Thanks, Jason. As Jason mentioned, following the end of the first quarter, OSISCO released the fifth edition of our annual sustainability report, Growing Responsibly. This latest edition reaffirms our focus on transparency and the ongoing evolution of our sustainability approach and efforts. It is informed by GRI, SASB, and IFRS climate-related disclosure standards. This year, we made meaningful progress across all pillars of ESG, including some of the following key highlights. On the environmental front, we implemented our 2024 to 2027 climate strategy and completed our first CDP climate disclosure in the small-medium enterprise category. We also took action to offset emissions linked to our offices and employee travel by purchasing and retiring verified carbon credits. On the social side, we contributed over $360,000 to community initiatives, introduced a donation matching program for employees, and earned our certification as a great place to work. And in governance, we took a closer look at what matters most to our stakeholders by refreshing our materiality assessment and adopting a double materiality approach inspired by the evolving European CSRD framework. We embedded ESG-related considerations formally into advanced stage due diligence and maintained leading positions with ESG rating agencies, AA from MSCI, prime from ISS, and industry and regional top rated by Sustainalytics. As always, our aim is to ensure long-term value creation goes hand in hand with strong governance, community support, and environmental stewardship. I encourage you all to take a look through the report, which is available on our website. Please don't hesitate to reach out if you would like to discuss any of the covered aspects in greater detail. And with that, I'll pass it back to Jason.