Good morning, ladies and gentlemen. And welcome to the Osisko Gold Royalties Q1 2022 Results Conference Call. After the presentation, we will conduct a question-and-answer session. [Operator Instruction] Please note that this call is being recorded today, May 12, 2022 at 8:00 AM Eastern time. Today on the call, we have Mr. Sandeep Singh, President and Chief Executive Officer, and Mr. Frederic Ruel, Chief Financial Officer and Vice President Finance. I will now like to turn the meeting over to our host for today's call, Mr. Sandeep Singh. [Indiscernible]

Thanks very much, Operator. And good morning, everybody. Thanks for being with us. On a busy day, probably and a busy week, to appreciate your time. We'll go through a short presentation, Fred and I, and then we'll certainly open it up for questions. Just note that I'll be referring to the presentation that's now on the website. Jumping in on Slide 3, just in terms of highlights for the quarter, we'll obviously pre -release our GEOs at 18.25,000 for the quarter. With that, comes a lot of information given our business model, but happy to fill in the gaps for the rest of this morning. That excludes GEOs from Renard stream as you've probably gotten used to us doing for the last significant period of time. Happy to report that hopefully, that's the last plan we have to say that with the Renard stream having been reactivated over the course of the quarter, as we had previously guided, so I think that's a very important step for us. Combination of the mine doing better than [Indiscernible] market having recovered. So that's a very good news for us, not only is the stream been reactivated, but the last half of the working cap facility has also been repaid to us and the other lenders to our account that was CAD 3.94 million. So happy with the progress there. Revenues from the royalties and streaming segment of just over CAD 50 million operating cash flows as well, just over CAD 40 million. So we continue to benefit from our business model with the highest cash margins in our history last quarter, obviously based on the gold price having been quite strong. The margin at 94%, again, continues to track exactly towards our guidance. Adjusted earnings, again, from that segment of CAD…

Thank you, Sandeep. [Foreign] Good morning, everyone. Thank you for joining us today. As you can see on Page 10 of the presentation, we recorded revenues of CAD 50.7 million this quarter from royalties and streams compared to CAD 49 million in Q1, of 2021. Cash flows from [Indiscernible] activities were CAD 23.6 million on a consolidated basis. For the royalties and streams segment alone, cash flows from operations reached CAD 40.5 million compared to CAD 27 million in Q1 of last year. On Page 11, we present a summary of our net earnings and adjusted earnings the consolidate to net earnings to Osisko shareholders was CAD 200,000 compared to net earnings of Teva CAD 7.6 million or CAD 0.06 per share in Q1 2021. The lower consolidated net earnings was mostly due to mining operating expenses incurred by Osisko Development in Q1 2022. On a consolidated basis, adjusted earnings were 2.2 million or CAD 0.01 per share. Comprised of adjusted earnings of CAD 24.8 million or CAD 0.15 per share for -- from the royalties and streams segment. And an adjusted loss of CAD 22.7 million from Osisko development or CAD 0.14 per share. On Page 12, we have a summary of our quarterly results with additional details for the royalties and streams segment. Including [Indiscernible] and deployed 18,251 GEOs in Q1 gross profit of CAD 36.2 million compared to 34.6 million last year. And the protein cash flows of CAD 40.5 million that were generated in Q1 from our royalty and streaming business. From my record, quarterly cash margin of $47.5 million. If we go on Page 13, we present a breakdown of our cash margin. The cash margin on our royalties reached $25 million and the cash margin on our streams amounted to $12.6 million for, as…

Thank you. [Operator Instruction] Your first question comes from Trevor Turnbull from Scotiabank. Please go ahead.

Hi, Sandeep. I guess my first question was about the CSA transaction. You mentioned the potential timing of closing of that deal later this year. I just wondered if you had a sense of when you might know if Metals Acquisition Corp would make a decision as to whether or not they would take advantage of that additional copper stream.

Yeah. Good morning, Trevor. Look, I think that will come into focus in the nearer term. Obviously for these factors, there's hoops you need to jump through. But the intent of that was always -- and that copper stream needs to be mutually agreeable to us and to them. The silver part was binding; the copper was not. But we expect -- where are we? Middle of May. We expect, I would say, over the next several weeks or months their funding package to come into focus. They have to then obviously describe that in their disclosure documents to go through the De-SPACing process. So I would say over that time period, we and they should know if that's something they want to avail themselves of and if it's something we want to pursue. So roughly, I think that's a fair timeline.

Okay, thank you. And then the other question I had is strategic and related to Sandstorm and Nomads merger. Consolidation clearly makes sense for Sandstorm and its strategy. And we've seen other smaller royalty companies feel consolidation also makes sense for them. Given your organic growth and the opportunities in your pipeline, it seems that it doesn't make sense to really think much about consolidation for Osisko right now. But is there a scenario down the road where you think that might be part of your tool kit going forward?

Yeah. Look, there's still a lot there and tripled books, they're all trying to answer it. I'd say, look, I don't disagree with your conclusion let's put it that way. I'd say our prime focus and you've heard me say this over and over again is to unlock the value of our current portfolio. It's incredibly valuable and it's not trading where we really wanted to when we were close. So that's job one. We've said -- we've all said frankly up there were a lot of companies created over 2020 - 2021 are part of 2021 in the royalties sector. We didn't think there was enough, especially on the smaller early-stage side for those companies to necessarily thrive. So I think some consolidation is warranted and we've been happy to watch it with interest given that we're in the sector, but nothing more. So I think that's normal, and it's healthy. And then the royalty sector in particular, there's no such thing as a massing too many royalties and streams. It's not like an operating company eventually becomes too big that you can certainly pile up royalty checks. So I think all that makes sense. We'll stay focused on our business overall when we just think about growth. If I can zoom out a little bit Trevor, we'll grow when it makes sense for us. And again, you've heard me for few months say that we didn't find -- we'd like to look steel transactions out there. So we took a hiatus that we focused on our own assets. And then over the course of Q1 with Synctech and TSA, we found transactions that we got off the beaten path, if you will, and we've got good deals on and we acted on them. So that's how we'll continue to conduct ourselves. And I think that organic growth that we have that's -- that you highlighted, that's pretty special. On top of trying to do things like Syntech and TSA when we see them makes for a pretty important and pretty special pipeline.

Great. Thank you very much, that's all.

[Operator Instructions] There are no further questions at this time. I will turn the call back over to the presenters for closing remarks.

Okay. Thank you, Operator and thanks for taking the time. Thanks for taking it easier on us than usual because my voice is not in best shave today. But look, we're always available if there are follow-up questions, I do realize it's a busy week, there's a lot you folks are catching up on. So if you need anything else from us, we're always available. But otherwise, I sum it up by saying pretty standard quarter for us and looking forward to the ounces starting to pile up. Very happy to have sold one of our problem children assets in Renard. We work on the other diligently, so I think there's a lot of good things happening in the portfolio. And we certainly look forward to closing those deals as well that we've announced, hopefully by the time we next speak. So all of that and have a great rest of the week. Thank you, Operator.

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