OR Royalties Inc.

Good morning, ladies and gentlemen, and welcome to the Oral Royalties Q2 2026 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 number one on your telephone keypad. Please note that this call has been recorded today, August 6, 2026 at 10 a.m. Eastern Time. I would now like to turn the meeting over to our host for today's call, Mr. Jason Etude. Bonjour, Mesdames et Messieurs. Bienvenue à l'appel conférence des résultats du deuxième trimestre de 2026 de Redevance Or. 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 6 août 2026 à 10 h, heure de l'Est. J'aimerais maintenant céder la parole à votre hôte, M. Jason Latour.

Good morning, everybody, and thank you for joining us on a busy earnings day. Please note that the news release and regulatory filings are available on our website and on EDGAR and CDAR+. If you're logging into the webcast, we will advance the slides for today's presentation, which is also available in the investor section of our website. Please also note there are forward-looking statements in this presentation from which actual results may differ and that all amounts presented and discussed will be in U.S. dollars unless otherwise noted. I'm joined on the call this morning by Fred Ruel, the company's Chief Financial Officer of VP Finance, amongst the others as indicated on slide three. Fred will take you through the financial results in a few minutes. Three things to take away from the second quarter. First, our portfolio did its job. Revenues of $97.8 million and operating cash flow of $83.2 million were both up 62% over the second quarter of last year on a 5% increase in gold equivalent ounces. That spread, five points of geo growth producing 62 points of cash flow growth, is the whole argument for this business model. 96.8 cents of every revenue dollar converted to cash margin this quarter, which is the best in the sector, Also, net earnings were up 94% to $0.33 per share. Second, capital. We closed on the Goldfields royalty portfolio and the Spring Valley acquisitions. $335 million in total, funded largely from our revolver, which stood at $215 million drawn at quarter end. In July, we closed the Murraybrook stream as well. The second half's job is straightforward. Continue to seek accretive opportunities for our owners. Third, guidance. First half deliveries for 43,497 gold equivalent ounces, which were up 12% over the first half of 2025, and has us comfortably on track for our 80,000 to 90,000 geo range for 2026. And I want to spend a minute on why that remains true after the news at Canadian Malartic. As most of you are aware, on July 1st, a rock mass movement occurred along the north wall of the Barnett Open Pit at Canadian Malartic. Nobody was hurt. As Agnico described on its second quarter call last week, his monitoring systems were tracking the wall and mining in the area had already been suspended as a precaution. The systems worked exactly as designed. Here is the updated picture from that call. Roughly 1 million tons of moved material will remain in place. Agnico will spend the third quarter building safety berms and access roads, with mining in the affected area expected to resume in the fourth quarter. In total, approximately 370,000 ounces of gold are now considered inaccessible over the next three years, 60 to 80,000 ounces in the second half of 2026, and roughly up to are up to roughly 150,000 ounces in each of 2027 and 2028. IGNICO now expects full-year production toward the lower end of its guidance range in Canadian Malartic, supplementing mill feed from low-grade stockpiles in the meantime. Most of you would have already updated your models for this event, but I will walk you through our math. Applying 5% to those figures means roughly 3,500 fewer geos to OR in 2026, and up to roughly 7,500 fewer GOs in each of 2027 and 2028. So call it 18,500 gold equivalent ounces over three years. This, of course, would be before any mitigation or recovery activities IGNECO undertakes. Three things don't change because of this. Our 2026 guidance of 80,000 to 90,000 GO stands Our 2030 outlook of 120,000 to 135,000 geos is unaffected because Barnett was always scheduled to be mined out by 2028 or 2029. In Odyssey, the future of Canadian Malartic is untouched. It set a quarterly production record of 28,800 ounces. The first phase of shaft number one sinking was completed in July at a depth of 1,586 meters. and first shaft production remains on schedule for the second quarter of 2027. Ignico was clear on his call that his journey to one million ounces at Canadian Malartic by the early 2030s remain unchanged. I'd also note on a more somber subject that Canadian Malartic second quarter included a six day mill shutdown following a fatal accident in April. Our thoughts remain with the family and colleagues affected. and we fully support IGNICO's position that nothing at the operation matters more than the safety of its people. Two smaller items also moved against us. At CSA, Concentrate sat on site at quarter end because of transport logistics, deferring some silver and copper geos into the second half. Harmony expects inventories to normalize over the balance of the year. And Mantos Blancos delivered fewer geos than in the first quarter. which we had flagged last quarter as silver grades were front-end loaded this year. Net of all this, we now expect the second half to be modestly lighter than the first. Barnett takes ounces out, and the ramp-ups at Nandimi, San Gabriel, Dalgaranga, CB, and CSA put some back. Scoring ourselves against what we previously committed to, the 2026 guidance is on track. The 2030 outlook intact, and it still excludes any GOs from the additional Spring Valley coverage or the Murray Brook transactions, both of which now have closed. So that outlook has contingency built in. One more thing I'm alartic because it frames how we think about everything we own. Agnico's update on the path to 1 million ounces is now expected in November. And their chief operating officer has publicly said that even at an expanded production rate, the life of mine could still extend out to 2060. Before Gene Cernan climbed off the moon in 1972, who was the last man to walk on it, he wrote his daughter's initials in lunar dust. Because there's no atmosphere up there, they're still there today. A royalty and a great ore body works the same way. Mine plans get revised. Pit walls get redesigned. Operators may come and go. The ore body and our royalty on it doesn't move. The announcement of the wall movement changes our near-term geos, but it changes nothing about what we own and our shareholders as well. Briefly across the rest of the portfolio, we received the first royalty payment from Dalgaranga this quarter. And at Nandimi, our increased 2% royalty is becoming a significant contributor as the ramp-up hits its stride. Our portfolio currently boasts 23 producing assets, and the 24th producing asset should be Cabral Gold's Coiu-Coiu project in Brazil, with commissioning still on schedule for the fourth quarter. Slide 8 lists the catalysts ahead on assets representing over half our NAV. Three I'd watch out are Harmony's fiscal 2027 guidance expected this month with an updated mineral resource estimate and life of mine plan to follow later in the year. Also, first gold at Almosar in September, where a stream should begin accruing from first production ahead of its first payments expected in 2028, which is largely dependent on commodity price and the pace for which the operator, United Gold, pays back their loans. And finally, an update from IGNICO and Canadian Malartic's future, now expected, as I said earlier, to be coming in November. On new business, the pipeline is active and our criteria have not moved. No non-dilutive deals. We can afford that selectivity because our growth through 2030 is already bought and paid for with zero contingent capital. Beyond that, we don't comment on transactions until they're signed. I'd like to hand it over to Fred to talk about our financial results.

Thank you, Jason, and good morning, everyone. Revenues for the quarter were $97.8 million, up from $60.4 million a year ago, a 62% growth on 5% more GOs, driven by realized prices of $4,504 per ounce of gold and $17 per ounce of silver. Cash margin was $94.7 million or 96.8% of revenues, up from $57.8 million or 95.8% last year. Royalties, which carry essentially no cost, contributed $62.8 million of revenue.