Good morning, ladies and gentlemen, and welcome to OR Royalties Q4 and Year 2025 Results Conference Call. [Operator Instructions] Please note, this call is being recorded today, February 19, 2026 at 10:00 a.m. Eastern Time. I would now like to turn the meeting over to your host for today's call, Mr. Jason Attew. [Foreign Language]

Good morning, everybody, and thank you for your attention today. We know that it's a very busy day of earnings, so we appreciate your time. Procedurally, I'll run through a prepared presentation, and then we'll subsequently open up the line for a 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. We will be making forward-looking statements. And as I always say, the future is bright, but it's not guaranteed. So please read the fine print. All amounts are in U.S. dollars, unless otherwise noted. I'm joined on the call this morning by Frederic Ruel, the company's VP Finance and Chief Financial Officer, amongst others, the others indicated on Slide 3. When looking at OR Royalties full year 2025, the company had a remarkable year. OR Royalties earned 21,735 GEOs in the fourth quarter of 2025, which allowed us to end the year at 80,775 GEOs in aggregate. A figure that fell within our annual guidance range of 80,000 to 88,000 gold equivalent ounces and was effectively around the midpoint of our GEO guidance range when normalizing for commodity prices versus our budgeted ratios for 2025. Propelled largely by elevated precious metals prices in 2025, OR Royalties achieved the enviable triple crown of record annual revenues of $277.4 million, record operating cash flow of $246 million and record earnings of $1.10 per share facilitated by our peer-leading cash margins of nearly 97%. OR Royalties ended the 2025 year with $142.1 million in cash and most importantly, the company was completely debt free. Having previously paid off the entirety of our credit facility in the third quarter. With respect to our ongoing commitment to return capital to…

[Operator Instructions] Your first question comes from Tanya Jakusconek from Scotiabank.

Can you hear me?

We can hear you, Tanya.

Okay. I have a few questions, if I could. I wanted to start just first one is easy, just on guidance. Just wondering how I should think about your year. I understand that this ratio forecast, but if we were to assume constant gold and silver pricing, how should we be thinking about the quarter-over-quarter performance? Again, just high level, not asset by asset.

Thank you for your question, Tanya. And look, we obviously -- our methodology that we're applying for 2026 is consistent with our methodology we've always used for which we use the consensus pricing for the year that -- for 2026, and that consensus price deck is 7:1. Certainly, as we've seen some volatility with respect to silver, in particular, and as I mentioned in my remarks, the silver price is currently about 64:1. So if you were to use the 64:1, the roughly 30% silver revenues would move to close to 45%. We don't look at quarter-over-quarter guidance in terms of the ratios of gold to silver. Again, we will update yourself and the analysts and the investment community as our quarters are reported, but that's our methodology. We certainly do have very good leverage to silver. And if silver does continue around kind of the 64:1 ratio, as I said, there's a significant uptick in our GEOs that would be earned for which, again, just to give you some specific guidance around 2026 would add an incremental, let's just say, 4,000 to 5,000 GEOs over the course of the year, if again, it stayed at 64:1.

Okay. Maybe another way of asking the same question is do you have any mine ramp-up in the first or second half? Or any new things that are coming on that I should kind of think about just in my production profile?

Not really, apart from what we've disclosed. I mean, obviously, the biggest contributors from a silver perspective are Mantos Blancos CSA followed by Gibraltar. And as I said in my remarks, Mantos, it doesn't correlate in a meaningful way to the copper grades. And obviously, what we've seen at Mantos Blancos is a very stable throughput, but we're still seeing some variability as it relates to the silver grade and the silver reconciliation. And this is why, as we thought when we put our 2026 guidance, we'd essentially look at historically where they were trending and essentially give that reference or instruction for 2026. There certainly could be some upside if, again, the silver variability is less extreme than what we saw in 2025, but that's what we're essentially suggesting for Marketplace. And Mantos Blancos would be, again, the biggest variation with respect to our silver deliveries in 2026.

Okay. Maybe I'll move on to just the M&A or the transaction environment. You did your buying the royalty portfolio from Gold Fields. Just wondering because the [ Bristow ] the [ Namdini ] one, which you did, which you doubled down on, just wondering if there's other opportunities to double down on other assets that you already know and own?

Yes, great question. Really good question, Tanya. So I would say the opportunity set at what we're looking at is pretty significant. Our corporate development team and our technical team is flat out looking at opportunities similar to what we had in 2025. I would say it crosses the gamut of assets that we already know and understand to brand-new assets to portfolios in senior companies much the same as what we saw in 2025. So to answer your question, yes, there are some opportunities of assets that we're quite familiar with that we might actually have exposure to, as well as new opportunities. But as I've always said and our team has always gone through, one of the major filters that we do have is with respect to geography. We're very, very proud of the fact that -- and we think we differentiate ourselves versus our peers of having a majority of our assets in Canada, the U.S. and Australia. So that certainly is one of our filters that was what we think about acquiring new assets in 2026.

And what would be your sweet spot where these transactions land? Is that $100 to $500 or $200 million to $500 million range? Just trying to understand.

Yes. I think it really depends on a case-by-case perspective, whether, again, our focus is on either cash flowing royalties or something that will actually impact our 5-year outlook. Look, we've obviously got -- and Fred has done a fantastic job of having lots of capacity with respect to our revolving credit facility. We are seeing opportunities, as you said, $100 million to $200 million, but we're also seeing opportunities from $750 million all the way up to $1 billion. So we're in the midst, and there's a lot of these transactions that are in flight. But what I would say, if it's going to be a big chunky transaction like the $750 million to -- we absolutely understand the return metrics. We have to have these as accretive transactions. And as I said, for these larger transactions, they have to really be contributing GEOs either now or within our 5-year outlook.

[Operator Instructions] Your next question comes from Derick Ma from TD.

I wanted to ask a question on the 2030 number. Guidance came in below expectations and at least certainly below my estimates. You mentioned Cascabel, Eagle and Upper Beaver. What is the quantum of geos that you would expect from those assets in 2031 and beyond, let's say? And does the 2030 number include minimum payments from Cascabel?

So just will answer the first -- last question first. The 2030 would include the minimum payments from Cascabel. I would direct you to our presentation that we just went through in terms of the aggregate upside slide -- Slide 13 in our presentation deck. If you aggregate all this optionality or all these potential GEOs that could fall within our 2030 guidance, we're looking at another 20,000 to 30,000 gold equivalent ounces in aggregate.

Your next question comes from Brian MacArthur from Raymond James.

Or same sort of question. 2030, did you just assume basically flat at Mantos? Or what did you do with Mantos out in 2030, just given the reconciliation that we've been seeing or not seeing.

Yes. So with respect to Mantos, Brian, you're absolutely on point. It's effectively flat to what we have seen in 2025 and what we're expecting for 2026.

And there are no further questions over the phone at this time. I will turn the call back over to Jason.

Great. Thank you very much, Julie. We thank you for your time today. Hopefully, we'll see some of you in person in the coming weeks as we run the gauntlet in the upcoming conference circuit. And if not, and you have questions, observations, insights about our business, we'd be very happy to discuss them. Please reach out to Grant, Heather or myself, and we very much look forward to engaging with you. Thank you again for your time today.

Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Thank you.