Good morning, ladies and gentlemen, and welcome to the Osisko Gold Royalties' Q3 2018 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, November 7, 2018, at 10 A.M. 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; Mr. Bryan Coates, President; and Ms. Elif Lévesque, Chief Financial Officer and Vice President of Finance. I would now like to turn the meeting over to our host for today's call, Mr. Sean Roosen.

Welcome everybody to the Q3 conference call. We are in Zurich today, so we may have a bit of a sound quality issues, in terms of the call, but if we don't, we'll refer back to Montreal. As noticed today, we have most of the management team with us today. A good quarter, again, within our boundaries of our guidance. Three months ended September 30, 20,000 GEOs, nine months ended 60,500 GEOs. So right down the middle of the fairway in terms of what we were expecting. Cash flow continues to come through at $20 million this quarter, $63.6 million to date. Adjusted earnings are now at $5.7 million for the Q3 bringing the years total to $18.3 million. GEO in Q3 was at 20,000 ounces up from 16,600 in 2017 for the same quarter. We also reported 87% cash operating margin on our ounces to date were 60,548 ounces reported for the first nine months operating. So we continue to hold our ground on our margins. Page 9 of the PowerPoint presentation that's on the website, gives you a breakdown on a bottom line basis. Obviously, Canadian Malartic seems to just kind of - is by far the strongest asset at this point in time with 8,930 ounces for the quarter. Éléonore at 2,000 ounces, CB at about 691 and Brucejack reported about 361. All the other assets are in between the 200 to 500 ounce range for the quarter. I think that's a good interest today though that 71% of our royalties are in gold, 18% in silver, and 8% in diamonds. So definitely on the precious metal side and continue to dominate with gold assets. Onto the next slide. Strong performance from Canadian Malartic as we talked about with mine having produced over 527,000 ounces so far…

Thank you, Elif. So we're on Slide 10 now like Activities for Q3, most recently that 1.75% NSR, additional royalty that we purchased on the Cariboo property held by Barkerville Gold in British Columbia, Canada. Giving us a total royalty there of 4%, according to the new agreement. The Company had at Barkerville also has the option to ask to sell another 1% under the agreement. Second big item was the receipt from Pretium on the Brucejack that they want to repurchase the stream, which is an option on the contracts that we purchased from Orion last year. They will pay us - we received notice - we will receive US$118.5 million at roughly C$153.4 million on December 31, 2018, which will reinforce our treasury and give us some dry powder continuing to transact. We also declared a dividend of $0.05 per common share in the quarter. The record close to the business of September 28, 2018, paid on October 15, 2018. Subsequent to September 30, we've done an amendment on the Renard Stream, and I'll get Joseph de la Plante to take a quick pass at what that means. We also repaid US$10 million in debt and C$12.9 million and extending the maturity date by one-year to November 14, 2022. So that's good progress there. And we said we've declared the dividend at $0.05 for next quarter as well to be paid on January 15, 2019. So on the stream repurchase, we've received the notice. This will give us a purchase back in - as I said, on December 31, 2018. Pretium had the option of doing this year on December 31 or in 2019, so these elected to come early, which is probably good for us in terms of the investment opportunities that we see in the space as of today. Slide 12 goes through, the Renard Diamond Stream Amendment, so I'm going to ask Joseph de la Plante to take you through what that means to Osisko shareholders.

Thanks Sean. So subsequent to quarter end at Osisko as part of the largest syndicate, did enter into an amendment of the Renard Stream as part of a larger comprehensive set of financing agreements that was done between Stornoway and its creditors. The total stream amendment was - for an additional proceeds to Stornoway at $45 million of which $21.6 million came from a Osisko. And essentially the main amendment to the contract was to the transfer pricing structure. So as you recall originally the stream had to $50 per carat transfer price. After this amendment, we have modified that to $40 a carat or 40%. So it's the lesser of those two amounts. And the other additional thing that we change is that the stream now applies to all life-of-mine diamonds from the entire property, whereas previously it applied to life-of-mine diamonds from only the 5 kimberlites never part of the original mine plant. So it's an important amendment for us. Ultimately, this better aligns us with Stornoway. We resolve with immediate increase cash margins on the stream and increase cash flow. We have better downside exposure to diamond price and to over recovery as small stones from the mine. And as a reminder this comes effective October 2, so with subsequent to quarter end, but it will be reflected in our Q4 results.

Page 13 goes through the increase in royalty on the Cariboo land package in British Columbia. The royalty covers over 2,000 square kilometers, one of the more prolific gold belts in the world, and this is a capsized play with the strike length here of the main structural 25 kilometers. Benefits to Osisko of course we gained exposure to this land package, which has been accelerated quickly, in terms of knowledge of the project and the potential that we see there. Company published a resource update in the spring with about 1.6 million ounces at six grams in a measured indicated another 2 million ounces that over five grams in the inferred category. So it's moving well. We see intensified drilling there as well as we unlocked the geological knowledge that we need to figure this one out, but it's come along the way in a very short time. Page 14, just to summarize our investment thesis. So we have early opportunities, development opportunities, and producing opportunities, and what this slide shows you as the time value of money as projects go through the various stages of de-risking and evolution. So in terms of early stage things, we've tried to invest about 20%, 25% of our portfolio in this window. A good example of that would be Windfall Lake when we purchased to $5 million royalty on the company assets about 30 months ago. Cariboo, which is the marketable BGM mine and their Horne 5 asset that that we initiated and we were catalyst investor to incubate that company in 2012. And we carried it for with us through the evolution. Now these assets have moved through into - a lot of these assets are moving through into the development stage, which involves feasibility studies, a permitting and construction. And…

[Operator Instructions]

All right. Well, it looks like we've got everybody covered. If there are any more questions, please feel free to give any of us a call. Our telephone numbers are available on the website and we'll be glad to take up any questions that didn't make it into this call. So thanks very much everybody.

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