Good morning. My name is Candice and I will be your conference operator today. At this time, I would like to welcome everyone to the Franco-Nevada Corporation First Quarter Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. Mr. Stefan Axell, you may begin your conference.

Thank you Candice. Good morning, everyone. I want to thank you for joining us today to discuss Franco-Nevada's Q1 2016 results, which we anticipate will be a relatively brief call. Accompanying our call today is a presentation which is available on our website at Franco-Nevada.com, where you’ll also find our full financial results. Sandip Rana, CFO of Franco-Nevada will provide a brief review of our results which will be followed Q&A period. Before we begin formal remarks, we'd like to remind participants that some of today's commentary may contain forward looking information, and refer you to a detailed cautionary note on Slide 2 of our presentation. I'll now turn the call over to Sandip Rana, CFO of Franco-Nevada.

Thank you Stefan. Good morning everyone, thank you for joining us this morning. As Stefan mentioned I’ll be providing further detail on the financial results for the quarter. As you all of seen from the press release issued yesterday that company had another strong quarter. This is estimate to the quality and strength of our portfolio and overall success of our business model. It continues to deliver growth and generate significant cash flow. As a result, we are increasing our dividend by approximately 5% to $0.22 per share effective with our second quarter dividend payments. This is the ninth dividend increase since our IPO and on an annualized basis Franco-Nevada will be paying in excess of $150 million in dividends, making it one of the highest dividend payers within the gold sector. With respect to our financial results, first quarter 2016 was a quarter of records. The company recorded its highest amount in GEOs, revenue and adjusted EBITDA this quarter, this despite a continued lower commodity pricing environment. I would like to speak a few highlights for the quarter. The company received our first gold and silver ounces from our most recent acquisition the precious metals stream Antapaccay. The deliveries for the quarter were approximately 8,900 GEOs. We look forward to benefitting from a fourth quarter deliveries from this asset in second quarter, as we only received two months of deliveries in first quarter. Also during the quarter, the company received a second delivery of silver ounce from Antamina, a deal we completed in fourth quarter 2015. Antamina deliveries were approximately 1.4 million silver ounces to the company. And lastly, we received the first delivery in March from our Karma stream, this is a stream on Karma project in Burkina Faso, which is now owned and operated by Endeavour Mining,…

[Operator Instructions] And your first question comes from Josh Wolfson from Dundee Capital Markets. Your line is now open.

Just two quick questions, for Cobre could you disclose what was paid in the first quarter for CapEx?

There was no payment paid from Franco-Nevada in first quarter. Our first payment this year will be done shortly with 30 million to 35 million expected for second quarter.

And then in terms of the balance, it's going to be I guess pretty heavily weighted for third and fourth quarter or is there going to be sort of a catch up style payment at the end of the year like we saw last year, which I guess was a different item?

Yes, we would expect higher payments in third and fourth quarter this year.

And then on the table disclosed I guess all of the streams there was a comment about the terms of those largely being about 40 years and I guess subject to successive expansion, would you be able to provide more details on what that really means, if these are finite or perpetual stream agreements?

The typical stream agreements are 40 years, fix term and then it was extension which there was conditions for and they are usually 10 to 20 years extension at a time.

Okay and those extensions, are they -- what are the condition generally associated with them or is it assets typically?

It's Paul Brink here, so most of those are at the option of the streamer. So if the asset is still operating we have the option to extend the stream.

Okay that’s it for me. Thank you very much.

[Operator Instruction] And we have no further questions at this time. I’ll turn the call -- I am sorry we do have one more question from Chris Terry with Deutsche Bank. Your line is now open.

Couple of questions from me, just on Antapaccay, is the second quarter, can we expect three-four months of sale or is there still some type of catch up there?

No the way that transaction was just because of the timing and when we did it. The first -- we really going to get paid for January in February and then -- so there is that one month delay. So we’ve had that initial month delay and now for every quarter we’ll get three months’ worth of payment.

Okay, it makes sense. And then just big picture on the overall environment for looking at investments obviously you’re reiterating the 80% exposure to pressures, but any views on oil and gas versus PGM versus gold versus silver?

Right now, it's David Harquail here. Its opportunity rich environment, our focus has been on gold transactions because we find those in the most motivated parties with gold assets for us to transact on. By the same time we’ve had a separate team, very active in bidding oil and gas assets. We have put in bids already in the number of assets in Western Canada. We’ve just been unsuccessful, I think other people have been more optimistic in terms of oil prices decks than ourselves. We continue to -- intend to continue bid oil and gas assets. But there is nothing, I would say that large in the immediate future right now for Franco on oil and gas side or other commodities. I think most of our opportunities are still in precious metals.

Okay thanks so much.

And there are no further questions at this time. I’ll turn the call back to the presenters.

Thank you Candice. I want to remind people that we expect to release our Q2 results on August 8th, with a conference call held the following morning and I want to thank you for your interest in Franco-Nevada.

And this concludes today's conference call. You may now disconnect.