Good morning ladies and gentlemen, and welcome to the Osisko Gold Royalties' Q1 2016 Results Conference Call. After the presentation, we will conduct a question-and-answer session. [Operator Instructions] Please note that this call is being recorded today, May5th, 2016 at 11:00 AM Daylight Savings Time. I would now like to turn the meeting over to our host for today's call, Mr. Sean Roosen, Chair of the Board of Directors and Chief Executive Officer of Osisko Gold Royalties. [Foreign Language]

[Foreign Language] Good morning everybody, and thank you for joining the call. We will be following a PowerPoint that's on our website titled 2016 Q1 results this morning. Within that PowerPoint, on page two, there is a forward-looking statement and we do seek Safe Harbor during the presentation as we will be discussing future events and I ask you to review that. As we move forward this morning on page three of the PowerPoint, just a brief summary of what we've accomplished in Osisko Gold Royalties in the first 22 months of our existence as you know we IPOed this company on June 17th, 2014. We've been extremely active throughout that period. We've raised over $500 million in capital and we've secured another $200 million in available credit, and we've invested 235 million as a capital into investments and another 775 million in transactions including corporate acquisitions. We've added 49 royalties to our portfolio plus royalty options and a total of 18 million dividends have been declared as we're in seventh consecutive quarter of dividend payment. We created a new royalty business model, the incubation model that we're taking advantage of as we see these gold markets evolve. And a bit of timeline on the bottom here shows you the transactions have importance. In 2014, we have started the company with $157 million in cash. We secured a $100 facility. Subsequently, we did the acquisition of Éléonore through the acquisition of Virginia and André Gaumond and Paul Archer and his teams joined forces with the Osisko to set the stage for what we believe is the leader in the intermediate royalty space and including the differential business model with the incubator strategy added to the year -- to the business plan. We've also announced a $200 million [Indiscernible] in Q1…

[Operator Instructions] Your first question comes from the line of Tara Hassan from Haywood Securities. Your line is open.

Thank you. My name is [indiscernible]. And just a quick question on sort of how you are seeing competitive landscape evolve on the new acquisition of royalty and streams. We’ve obviously seen a strong equity market. Could you maybe touch on how that’s changed the process in your view and potential timing of executing on new transaction?

Sure. I take that. Obviously, particularly in a gold space we’ve seen stronger performance on the equities than we have in the base metal space. I think where we’re focused right now would be fairly bigger streaming deals on private producers. There is still quite a bit of activity from the boards and management levels in companies that are converting debt out of through the sale of disposition of assets or through royalty and/or stream deals. So we see that piece of business being pretty active as we go through the rest of the year probably along with 2017. There is quite a bit of debt conversation that has been announced so we’re actively pursuing also those opportunities. Within a gold space, we’ve seen equity markets open up somewhat made that space as it gets typically these freight markets are fairly strong. So we’ll see as we evolve into Q3 and Q4. But most of the deals we’re working on are continuing down the path. Competition with equity I think is there right now and we’ll see how the world market evolves on that. But from our standpoint with the long term plan and we’re executing on that plan.

Perfect. Thanks guys.

[Operator Instructions] Your next question comes from the line of Eric Lemieux from Peartrees Securities. Your line is open.

Well, Sean and team, congratulations. Just maybe a short question. Sean, you made reference to Éléonore factor bringing a brand new belt and we know this from -- perhaps, some good exploration potentially area obviously, [indiscernible] resources has been in the news. Just wondering, in terms of the royalty you have there its sizeable land tractors, right? How many hectors?

Maybe control is all of the land that were sold to Éléonore at the time the exact size of the project. I think it's about 550 square kilometers. I have to check here back here with the exact number quite a long piece of the trend.

Exactly. So it is pretty big land package and has Gold Corp. been very active in terms of exploring outside of Éléonore per se [indiscernible] in the 494 zone. Are you aware that there has been other stuff going on in terms of their exploration on property scale?

They’ve been deepening ramp and drilling from end to the 494 zone. We expect to see some more drillers also come out of that later on in this year in terms of the outside the current footprint of the mine. We told that there is work being done. The intensity of that work is will be subject to some success on the first half and obviously as you stated the ongoing exploration sets is serious. It is line up on trend with the Éléonore property. And it has last year some good potential there resulted in new discovery.

Right. That’s it. Thank you very much.

Just one clarification. We also own land directly outside of the Éléonore belts are total footprint where we are own the land or have the royalty as 4600 sq. km in James Bay. That includes our direct own land.

I’m good. Thank you.

Your next question comes from the line of Dan Rollins from RBC Capital Markets. Your line is open.

Yes, thanks very much. Sean, I was wondering if you might be able to provide a little bit more information on the incubator model you guys have so far successfully operated. Do you see the ability to add more companies into the portfolio or you’re currently happy with the existing compliment of companies that you’re working with and you put your management of technical expertise into?

I think Dan where we were pretty active in 2015 and earlier this year. We’ve had a focus on the Brownfield projects where we saw tangible resources. And we see those opportunities come by we may act. Brownfield with tangible resources are fairly – we have a fairly small number of them. And we will see also activities as projects go through the permanent process and into the project financing level. We will be active on the project finance level with post, post feasibility level as well.

Okay. Perfect. And then, I guess you’re almost – coming up to your two year anniversary. One of the topics when you recreated what’s potential spinner of the grill belt and somebody acquired Virginia pick up some of the lands just recently mentioned. What’s the exit strategy for some of the land packages you have? And could we see some deals being done this year or is it a still couple of years away?

That is you know, we had committed to signing first two years structuring the company and building out business model and our platform. As you said, we are coming of that anniversary. So we will be looking to simplify our asset base and to make it easier for market to understand as we will further honor through the year. So yes, you can expect to see some changes over the next few quarters.

Great. Perfect. Thanks very much, guys.

All right, thank you very much. Patent, we have Adrian Day.

Your next question comes from the line of Adrian Day from Adrian Day Asset Management. Your line is open.

Yeah, hi. Good morning. Thank you. I guess my question follows up on the last question about the incubator model. Looking at that from other end with the cash you’ve got on hand, are you -- is your primary focus now -- I don’t have words in mouth, but is it your primary focus looking for perhaps a larger cash flowing stream or royalty. Will that be a prime focus of the money?

2016 as we said we’re short of the balance sheet earlier in Q1 by adding $222 million and the gold there right now is -- if we look around at the royalty space we believe we’re one of the company has the ability to deploy up to $500 million U.S. or $650 million Canadian on a bigger deal without having a kind of market. So that is 2016 goal is to work on the bigger assets.

Okay. Primary gold or exclusively gold?

We would be looking primarily gold or silver precious metal addition to our asset base.

Okay. Great. Thank you.

Alright, thank you very much, everyone for calling in today and we will continue to get ready for the rest of 2016 where we believe normally be a pretty active year for deals. So keep you posted on that and thanks very much for calling in today.

This concludes today’s conference call. You may now disconnect.