Good morning ladies and gentlemen, and welcome to the Osisko Gold Royalties Q1 2017 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 5, 2017 at 11.00 Eastern Time. Today on the call we have Mr. Sean Roosen, Chair of the Board of Directors and Chief Executive Officer of Osisko Gold Royalties and Mr. Bryan Coates, President of Osisko Gold Royalties. 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] Sean Roosen [Foreign Language] Welcome everybody to the first quarter report for Osisko Gold Royalties. We’ll be using a PowerPoint located on our website this morning, please review the cautionary statements as forward-looking statements that we will be making during the presentation today. And I’d like to proceed on Page 3 with an overview of Q1 of 2017 for Osisko Gold Royalties. We reported 10,418 ounces gold equivalent a 9% increase for the first quarter over Q1 of 2016. Quarterly revenues at $17.1 million, 10% increase over 10% increase over 2016, a net cash flow provided by operating activities of $12 million, a 22% increase from 2016 Q1. Cash and cash equivalents of $423.6 million as of March 31st, closing $33 million investment with Osisko mining $44.3 million at silver stream on the Gibraltar property was also achieved in Q1. We also declared a dividend of $0.04 per common share, paid on April 17, 2017 to make this I believe our 10th dividend in a row. And we did that on a close of business March 31, as of March 31, 2017. Subsequent to March 31, we’ve had the acquisition…

[Operator Instructions] Your first question comes from the line of John Tumazos from John Tumazos Company. Your line is open.

All right, we’ll come back to John, I assume we have a technical problem.

Your next question comes from the line of Mike Jalonen with Bank of America. Please go ahead.

Hi, Sean, everyone here. Just I had a question on Osisko Mining and Falco with Windfall and Horne obviously, it looks like it’s pretty priceless [ph] discoveries and I keep thinking of [indiscernible] of obviously former executive chair at, you go and say that on running river he thinks the stream there is wind for royal gold and new gold. So, I’m just wondering what the thought process is, like you guys are well positioned I would assume for streams on these assets if these two companies are looking for that. So, I’m just wondering, what you're thinking?

Absolutely. We believe that both streaming and royalty as a source of capital for project development has its place in particular in earlier stage projects and we look forward to working with those companies as we get to the private financing level. In certain cases, we have existing agreements in which we have the right to negotiate a stream and at the appropriate time we will review preceding to do that. Most of the time we would like to do that once we’re at the feasibility level. So that’s kind of their match line through point for that, but, of course they have their responsibilities, to [indiscernible] those opportunities and make sure that they get the best deal for their shareholders as well. So, we look at those opportunities and we think that we're going to be able to create this pretty good wealth not only from that, but also the equity position that have increased in value, puts us in pretty good stead to make money in the short-term and set the stage for the medium term to address further in these projects as they move closer to development of those. We are intent on that. One of the most important aspects of the incubator model is that we’re already creating organic opportunities for Osisko Gold Royalties reported for their capital. Once the pipeline continues to fill out, we see it as sort of a continuous process, where these things are moving through their normal project cycle time. And once we get two or three years further in we should have a fairly cost of organic growth within our streaming and royalty portfolio.

Okay and I don't cover either of these socks, which one would be further ahead, is it Falco maybe and they appear to have more like pre fees or PEA out would that be the first one or is too hard to tell right now.

We would expect to Falco have a feasibility study at sometime in the third quarter this year. They have 7.2 million ounces of measured and indicated in their in resource model right now and it was a publicized [ph] study on their website. And as being the CEO there with the start of previously our Chief Operating Officer and we built Canadian Malartic [indiscernible] is making great progress and should deliver high quality of final feasibility study in Q3.

Thank you.

Your next question is from Dan Rollins with RBC Capital Markets. Please go ahead.

Sean, I was wondering if you might just be able to comment on what you’re seeing as there on the deal pipeline with respect to the size of projects or royalties that are out there, is there a number of packages. And are you actually looking at other development stage projects right now and if you are what type of equality you are seeing out beyond what you already have in your existing through Windfall and the Horne?

Yeah, I think we've seen a bit of a slowdown on the mature polymetallic mines that were putting that into streams and last year and the year before. We have seen an increase in project financing and I think that’s traditionally where royalties of streaming business has been done. So, I think we're back to a more traditional market for royalty and streaming. With the success in the capital that came into the space in the second half of 2016 earlier this year, we are seeing quite a few projects moving forward. We expect to see quite a big, we’ve green lighted, so we’re pretty accurate. I can tell you that nobody on the team has had any time off. We have several term sheets that are circulating any given day. So, it is busy, there are opportunities perhaps, not to the same level as there was in 2015 and 2016, as again with a polymetallics, but there is an awful lot going on in terms of moving things forward.

Okay. And then subsequently to that, it looks like right now you're being at about 30% of your operating cash flow in dividends, you're sitting on a lot of cash, if the bigger deals aren't out there. Where do you see the dividend progressing over the next one to two years? Are you comfortable with the $0.04 range or do you think, you have the capacity to start to move it higher here as the free cash flow really strips to pick up with the new addition this year?

Yeah, I think that as we see cash flow kind of available, we want to increase our dividend. The appropriate time to do that, I'm not going to pronounce today, but from the board of director’s level and shareholders that I've talked to, they have encouraged us to do that. We believe that to be a good use of our cash as we go forward as well. So we will want to continue to take our holding asset base that are reflected as a dividend payer.

Okay. And then just one final question for me. When the original, the spinout came in 2014, you had the Guerrero properties, they’re still there. And since then you've also picked up Coulon. I’m just wondering, you could give a little bit of color on sort of what the exit strategy is on those two assets right now potential timing around an exit on those?

Yeah, we’ve had several opportunities to look at different scenarios, by which we would do that. As you know last year we work to do a lot of structural stuff with the Virginia asset base that we acquired when we merged with Virginia. A lot of the James Bay assets we did a deal with the Osisko mining and that team is now operating, not only the James Bay asset, but operating the Windfall project as well. So, that was done last year as well as the listing on New York Stock Exchange for the 2017. We are looking at Coulon our investment there, and also our investment in Guerrero to find an optimal scenario to give capital as projects move forward. So we will be doing something with them hopefully this calendar year subject to the opportunity being convincing us is the right way to go, but we will be working on it.

Great. Thanks very much and good luck for the rest of the year.

All right. Thanks very much Dan.

Your next question is from John Tumazos with John Tumazos Very Independent Research. Please go ahead.

Among the different suites of properties that you’ve invested in or have exposures to, which one or two or three do you think are closer to coming into production? Or do you think Windfall will beat Horne or Barkerville, which do you think are first in the queue?

Well, Barkerville is actually going into small scale production as we speak. But if you are looking for probably 20,000 or 30,000 ounces a year to start there and we're driving an underground isle as we speak and we have remobilized the QR and Mill. But the big prize embark those to drill [indiscernible]. As you know Windfall Lake is still not being in discoveries. So, I think that we’re working hard to frame up a resource there to set the stage for the feasibility in the Permian. John and Luke have move forward with the acquisition of the [indiscernible] so that's probably a simpler projects in the near term because it'll be ramp access and you know not too big of a mill. The ---- project is a much bigger scale project looking for 15,000 kind of the underground mine and 15,000 kind of polymetallic triple circuit mill. So, it will take a little bit longer, but it is the high quality asset with over 91 million tons. But 2.5 gram gold equivalent and a significant amount of upside, but that project has a 17 year mine life based on the current resource with another basically, potential for another 5 years to 10 years in the inferred resources assuming it can be converted. So, that would be the way I would see it going and in terms of Barkerville, they’ve had a discovery there near the Shaft zone, so they’ll be drilling out that this summer. After we see, how that frames up, we can decide what the timeline for a second stage project at Barkerville might be. But right now Windfall Lake is fracing quite well, team issued the permitting process sometime around the end of the year. Once we get resource our work done.

Am I right to focus on those three year or are there a couple of more, are there varying near the same status? Odyssey I guess we treat is part of Canadian Malartics as it goes through the same mill?

Odyssey is covered on the same deal that we had when sold Canadian Malartics for the joint venture. The other ones that we obviously is from a royalty standpoint. Richmont is in production now and doing quite well. We also have a royalty on the Integra ground at Sigma and they are driving towards production as well. So, we don’t know exactly when they’re going to be in production, but they’re underground and they’re moving well right now. So, they could be contributors to us as we move forward. Vezza is a smaller thing, and so remnant pillar mining on the go right now, which is starting to contribute this year and could be quite helpful to us as we get into the year. And they’re looking like they’re going to have a pretty good year for us. So, those are going to adding into production for these 2017/2018 as well. So, those are kind of primary ones, John.

Thank you very much.

All right. Thank you very much everybody. There seems to be no further questions and I thank everybody for their time and hopefully we’ll get some good growth markets and we’ll see everybody over in Spain at the BAML Conference.

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