Good morning, ladies and gentlemen, and welcome to the Osisko Gold Royalties Q3 2019 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 7th, 2019 at 10:00 AM 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 of Osisko Gold Royalties; and Elif Lévesque, Vice President Finance and Chief Financial Officer. I would now like to turn the meeting over to our host for today's call, Mr. Sean Roosen.

[Foreign Language] Welcome, everybody, and welcome to the third quarter of 2019 conference call for updated financial results and outlook for Osisko Gold Royalties. We will be using a PowerPoint on our website. And I would take an opportunity to review our forward-looking statements as we get into this we will be providing some forward-looking statements as we get further into the presentation. The highlights for the third quarter of 2019, 18,123 GEOs were earned from our partner and revenues of $33.9 million for the quarter, record cash flows from operating activities at $28.3 million, a non-cash net loss of $45.9 million or $0.32 per share, basically reflecting the impairment on the stream and offtake interest of $60.8 million that Elif will be getting into in detail as we get further into the presentation. Adjusted earnings of CAD17.5 billion or CAD0.12 per basic share and recorded operating margin of over 91% for royalty and streaming interest, which is a new record in terms of margins for us. We also closed the second tranche of the share repurchase with Orion for a total of 12,385,717 shares, which were cancelled. This represented about 8% of the outstanding stock of Osisko Gold Royalties and financial value of just under $175 million. We enhanced the silver stream on Mantos Blancos, renegotiated some of the conditions there, and we'll get into in detail. Eagle mine in the Yukon, which is now the Yukon's largest gold mine historically than today. At pour gold in September, we own a 5% royalty on that. We'd like to congratulate the Victoria team for the completion of the construction and the commissioning that's ongoing. As we speak, it's been a great mine belt and our tribute to John McConnell and his team there. We also announced a definitive agreement to…

Thank you, Elif and on to page 18 -- is a slide that we just got through a lot and it's been around for quite a while and it sums up our investment strategies. As you know, we started a 2014 with the accelerated model as a new introduction to the Royalty and Streaming space. Now eventually on the left hand side in the 25% incremental investment where we said that we would invest 25% of our investment available assets under management in the accelerator model, and then we would invest 75% more in the traditional space of development opportunities, refinancing of debt or project expansion. And we do occasionally see in the in the gray and the gold colored zones within this chart. What has happened over the last five years in the accelerator space we've incubated Osisko mining, which has gone from an $8 million market cap to $750 million to $800 billion market cap with a successful discovery at Windfall Lake and continues to be the largest driller in Canada with over 24 drills turning on it as of yesterday and continues to be discovering new and exciting ounces there. We also came along, we incubated the HORNE 5 project, which went from zero ounces by end 2015 to currently sitting at 6.1 million ounces of gold equivalent reserves and overall reverse air over 9 million ounces, 24 ounces, which kind of supply the [indiscernible] deposit. So, huge success there, obviously, that project is currently in the trough. And that that is in the permanent cycle of a few full visibility was published in 2017. We also incubated Barkerville and with Cisco metals, which is operated by Bob Wares on the Pine Point Project, which is our base metal company, and we would consider Victoria to have…

All right. Well, thank you everybody. And as a final note, we'd like to send our condolences to the employees, workers at SEMAFO in Burkina Faso recently suffered significant loss. Our thoughts are with the families of people that’s been affected by this tragedy. And if anybody has any questions for us, we will be attending the Raymond James conference in Texas this weekend, and we're available by phone if anybody would require us. Thanks very much, and look forward to seeing you on the next available date.

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