Good morning, ladies and gentlemen, and welcome to the Osisko Gold Royalties Q4 and Year 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, February 20 2020 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. Sandeep Singh, President of Osisko Gold Royalties; and Ms. Elif Lévesque, Chief Financial Officer and Vice President of Finance. I would like to now turn the meeting over to our host for today's call Mr. Sean Roosen. [Foreign Language]

[Foreign Language] Forward-looking statement. We will be talking about the future so I'd like everybody to observe that forward-looking statements and we are following the PowerPoint that is on our website entitled Q4 and Year-end 2019 Results. 2019, big year for Osisko and lots of things going on within the portfolio and at the management level. Q4 started as a pretty good end of the year with over 20,000 GEOs earned in the fourth quarter and for a total of 78,006 GEOs earned into the 2019 period, which has actually met our guidance for 2019. Exceptional revenues of $38.9 million, obviously, a lot driven by oil price with record revenues for the year of CAD 140 million compared to $127 million in 2018. Net cash flows from operating activities of $17.2 million [indiscernible] in the fourth quarter sorry, and cash flows for the year at $91.6 million compared to $82 million for 2018, so all in all a pretty solid operating year. However, we did incur some noncash write-down within the portfolio related to some of the acquisitions that we did in 2017 from our partner Orion and also from the Virginia acquisition in 2015 related to Éléonore for the most part. And we've have a net loss based on noncash items of $155 million in the fourth with the net loss of $234 million for the year, reflecting the impairment of the stream and offtake interest that we're taking on through the auditor's report under our accounting process over the year. However, our continued guidance means what we've said out as we move forward. Adjusted earnings right now for the fourth quarter is at $10.3 million and $41.1 million for the entire year, compared with $31 million last year. 2019 also saw the evolution of our portfolio, a lot…

Thank you very much Elif. Obviously with the non-cash losses statement is a little bit of confusing year end and quarter, so you give the way that the accounting is more here. But with regards to the first principles we've made about $2.6 million a week for the last 52 weeks in a row. With a gross margin of 90%, so that's probably summary of what we should take away from today's presentation. As we look at Page 11 you can see obviously our cornerstone asset Canadian Malartic continues to deliver with over 33,000 ounces from the year and an overall contribution of 78,000 ounces with 68% coming from gold, 17% coming from silver, 13% from diamonds and 2% from other small metal groups. And we continue to be one of the more dominant precious metals based assets in the pragmatic space. Currently by market cap we are the fourth largest precious metal royalty and premium company in the world with a dominant focus on Canadian brownfields with 65% of our assets, producing assets located in Canada. And as geopolitical issues continue to exaggerate and create pressure on the rest of the world in terms of investability, we think that Osisko Gold Royalties and our focus on ESG in the past and in our current life sets the table for the Osisko Gold Royalties is to be one of the most investable companies at the precious metal space. If you look at our cornerstone asset, that’s on Page 12. Over 670,000 ounces – 670,000 ounces produced in 2019 making it I believe the 10th or 11th large gold mine rolling by fine largest gold crusher producer here in Canada was one of the best margins. And we wanted to take this moment to congratulate our partners Yamana and Agnico for…

Sure. Thanks Sean. I won't speak too much other than I’m very pleased to be part of the team. Also very pleased that a number of the right pieces were already in the company and ready to take over that come before. And with the new additions, you mentioned Benoit and promotions internally, we feel like we are set to take thing to next step in our next phase of growth. Thanks you as well. Feeling there's a lot of value to a lot with our existing portfolio and that's going to be the key focus. Obviously we'll continue to look for growth but there's a lot of interesting things to do in-house already. So excited about what’s going to come.

All right. On that note, we'll turn it over for questions. If anybody have anything, sorry, my oversight. Before we pass over to your questions, I'd like to mention that Murray John, a long-standing member of the resource and mining community previously at Dundee Wealth Management and both a geological and mining engineer of some record with a lot of portfolio, management experience under the Dundee has joined us as a member of the board. So congratulations and welcome to Murray John for joining the Board to fill out some of our space that has been created by departures over the last couple of years by people who either retired or moved on. So with that note, we'll go to our first question.

[Operator Instructions] Your first question comes from the line of Lawson Winder. Your line is now open.

Hello, Sean and team thank you for taking my call. Just a question on the Canadian Malartic royalty. One of the two partners in that partnership had commented on the call that they were in discussions with you guys on the economics of the underground with respect to the royalty. I'm just curious what -- I mean to the extent that you can. How flexible you might be on those and what your current thoughts might be on those discussions? Thank you.

Well, I believe the discussions and the negotiations between the three parties of this asset should remain -- which is at discussions and negotiations. However, I will comment that at the current gold price, this project is a slam dunk and the anxiety I believe that's been expressed has been around $1,000 to $1,100 gold price and we've seen some publication on that level. Obviously life is a negotiation and some of our friends have chosen to negotiate through the shareholder base and through the advisory base. That's their slide, so it's not the way we would do business. But we'll take that as we get. We're really more interested in the information to come. We feel the deposit has been 100 drilled so far and we'd like to see a larger commitment event from the partnership, executing a more significant drill program there, taking up the pace by context. We've drilled a million meters in 5 years and we have followed and we drilled 350,000 meters at Barkerville. And we would like to see our partnership at Canadian Malartic to pick up the pace and intensify the drilling for us to make a financial decision on our most significant asset. Our shareholders need to know what that project represented. So we would go with the Osisko model which is called SUDS which stands for Shut Up and Drill.

Thank you for that perspective. And then just maybe one more for me, how do you guys think about the dividend going forward? It would certainly seem at current gold prices, you would have the capacity to increase that? What are your thoughts? Thanks.

We always look at the dividend. And obviously we're – mostly, fairly big shareholders ourselves so it's close to our heart. However where we sit today, there's a lot of opportunity on our screen and we've been focusing on share buybacks, so I think right now at the current share price level, we'd probably focus more on share buybacks and the dividend increases, the stock is extremely undervalued in the current marketplace.

Great. Thank you.

Your next question comes from the line of Don Blyth from Paradigm Capital. Your line is now open.

Thanks guys. I missed the first few minutes of the call so excuse me if any of these have already been addressed. But on Barkerville, do you have any estimate of how much you'll be spending in 2020 to continue advancing that February.

Yes Don where we stand right now obviously there's been significant step drill result, there are some pending updates both on the resource level and on some exploration discoveries that have been made both on the major trend and on the parallel trend. So that will be an update coming out under the title of our as we evolve that right now. And we're looking at a couple of different decision points both based on the resource update in terms of further budget commitments as to how we move forward. However, we are – we are in fact very proud of our Barkerville acquisition and we believe that we're going to drive a lot of value on that project as we set the table for the North Spirit financing off late in the first half of this year. So stay tuned. There will be some updates coming. But in terms of funding commitments right now, we know we have some work to do. And some of that's going to be delivered and some of that budget decision will be driven by permitting requirements line of sight. As you know there's been some changes to the Canadian permitting process that are quite favorable to Barkerville that from a federal level, we only need to work on a provincial permit right now as they've increased the test for federal level from 600 tons a day to 5000 tons a day. We had put a bit apart at 4000 tons a day. So we're looking to take advantage of some of the things that have occurred in our favor at Barkerville had to take into account the exploration success and expertise that we've gained and the knowledge of that -- not only that portion of the project, but also the deep geological knowledge that we gained in the last 18 months of that project. So as we get forward, we will come forth with a more precise budget.

Okay. And with regards to taxes, can you give a sense of the tax pools and how long you think you can defer being into a cash taxable payable?

Well I'll hand this question over to Elif. She's the pioneer of all the tax. Elif Lévesque: Yes. So sure. So in terms of our tax actually -- we're sitting in a very good position given that we've done quite a few investments in terms of the royalties that actually end with the base that we started off in 2014, we've built some pretty interesting topical. So we're not actually foreseeing any cash taxes the next quite to four to five years actually. We're going to be paying withholding taxes from some of the international royalties there, but it's going to be limited to that our tax-affected tax pools are at a pretty good level right now.

Okay. And assuming you continue to invest in rates we expect that to sort of just keep moving forward. .

Maybe I would just add a couple of comments on the tax pool for those who may not be that familiar with the Canadian charity flow-through and flow-through tax regime. And creating as long as we invest in Canadian projects, especially here in Quebec DG in Ontario. Using flow through shares our flow-through share investments into places like Canadian Malartic -- or into projects like Osisko Mining and also in the Barkerville. Those investments as long as you're an equity nature can be used to track from our royalty revenue. So it's a rather unique advantage that we have with our accelerator model that by investing in those equities we can actually increase our taxable pool. And it provides roughly a 22% advantage for us, when we invest in those equities. It is unique to the Canadian companies in half-half brownfield projects and big drill programs to do that. But our friend Mr. Burzynski and our friends at Pine Point, the White Pine project, Barkerville and Victoria have done extremely well and taking advantage of that business and providing significant value to new Osisko shareholders. Especially, if you look at Windfall Lake, there's been over $400 million of flow-through and carry flow-through raised to advance that project and nobody else in the world could have ever executed that drill program without that tax program and of the push – of the been a major benefactor for that.

Excellent. Thanks very much.

Your next question comes from the line of Kerry Smith from Haywood Securities. Your line is now open.

Thanks, operator. Sean, I had a couple of questions. What is the rough timing now to complete the feasibility for Barkerville? And the second question was, what are you seeing on the diamond price trends? It seems like diamond pricing is improving but I'm just wondering what you're seeing at Renard generally, if you're seeing any favorable trends there?

Yeah. We see an increase. So I'll start with the diamonds first. We see an increase of between 5% to 7% sale on sales. There's a couple of contributing factors. So that obviously slight mandatory development with the furniture of the Victoria and Ontario and Argo. And some of the diamond market has been changing as the millennials come more into the space. However, there has been some discussion about whether the coronavirus would affect the diamond prices as we move forward. But we do think that there's a slight demand story that's pretty solid in the diamond space and that was when we went forward with our partnerships with Triple Flag and Caisse de dépôt et placement du Québec on the credit bid for Renard. That was one of the things we did take into consideration as a lot of people are quite bullish about diamonds, including some of the bigger groups like BHP and Rio Tinto having made significant exploration commitment to the diamond space as we move forward. And just a general comment, you know, this pursuit – this world there's a lot of wells around. And the pursuit of purchasing genuine articles and luxury articles continues to grow as we've seen across the board, with all the LVMH products with test look, and especially in the gem space and also the appreciative gold and platinum and palladium. There's a lot of pursuit for valuable so-called precious metals, precious stones, as we go forward. I think that growth increases as the rarity goes up. And Canadian diamonds from an ESG standpoint are pretty popular as we speak today. Your other question in terms of Barkerville feasibility, we'll announce that once we finish up with the current drill program that will be driven by the resource update and…

Okay. And the reserves I think would be when and when should we expect that?

Well, the reverse updates are freckle thing these days. So I would guide you to somewhere in early Q2 or late Q3.

Okay. Okay. That's helpful. Thank you.

All right. If there are no further questions, I'll thank everybody for participating today. It's exciting time to our Osisko Gold Royalties with obviously big things happening in Osisko Mining further success at the Barkerville program, advancements on the White Pine Project and our friends Victoria Gold heading into commercial production and the gold price sitting at a seven-year high of US$1,615. But I would remind everybody that at CAD 2,137 this morning which is an all-time high Canadian dollar an all-time high. Australian dollars has a great time to have a Canadian-based portfolio especially Brownfield assets where other people are spending their money and drilling our royalty land as we speak. And we thank everybody for their participation. I look forward to 2020 evolution as we think this is our time. We did create a very high-growth portfolio over the last five years and now it's starting to mature and should start to drive and deliver result to shareholders as we evolve through the next phase of this company. Thank you very much.

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