Good morning, ladies and gentlemen, and welcome to the Osisko Gold Royalties Q1 2025 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, May 8, 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. [Foreign Language]

[Foreign Language] 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, Osisko has made a key change to its presentation currency, which is now strictly in U.S. dollars unless we otherwise note. I am joined on the call today by Frédéric Ruel, the company's Vice President-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 3. When looking at Osisko’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. Osisko 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 in some of our major producing assets and 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. Osisko’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…

Thanks, Jason. As Jason mentioned, following the end of the first quarter, Osisko 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, FASB 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.

Thanks so much, Heather. Now moving on to the company's financial performance for quarter one. Quarterly revenues of $54.9 million tracked higher versus the same period last year, largely thanks to increased commodity complex or increased commodity prices. Earnings of $0.14 per basic common share for the period also marked a significant year-over-year improvement. Most importantly, Q1 2025 saw a year-over-year improvement in both cash flow per share at $0.25 versus $0.20 in Q1 last year, as well as quarterly adjusted earnings of $0.16 per basic common share again versus $0.12 in Q1 of 2024. During the first quarter of 2025, our GEOs earned came predominantly from Canada and we derived over 93% of our gold equivalent ounces from precious metals. Gold at just under 67% and silver at just over 26%. The balance came from copper and almost entirely associated with Osisko’s copper stream at MAC Copper's CSA mine. Some comments on specific mine performances during the quarter before speaking about a couple of more material assets in greater detail. Canadian Malartic had a very good quarter, especially when considering the asset outperformed versus our own internal forecast given the work on site associated with in-pit tailings disposal was completed faster than anticipated. That said, Canadian Malartic’s [ph] first quarter is still expected to be the weakest quarter of the year as telegraphed previously by operating partner Agnico Eagle. At Capstone Copper's Mantos Blancos operation Q1 production was slightly lower year-over-year, largely due to lower silver grades at the front of the year. As we previously flagged on our previous conference call in mid February. We are once again pleased to report that the throughput levels remained at nameplate capacity of 20,000 tons per day and that the anticipation is now that the silver grades trend back upwards for…

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] There are no questions at this time. I will now turn the call over to Jason for closing remarks.

Thank you, operator. As always, if anyone on the call or listening to the replay has additional questions, insights or observations on our business and our business strategy, please do not hesitate to reach out to Grant or Heather or myself, as we'd be more than pleased to provide more information about the bright future for our company and its shareholders. Thank you for your time today.

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