Good morning ladies and gentlemen, and welcome to the Osisko Gold Royalties Q3 2022 Results Conference Call. [Operator Instructions] Please note that this call is being recorded today, November 10, 2022, at 10:00 a.m. Eastern Time. Today on the call, we have Mr. Sandeep Singh, President and Chief Executive Officer; and Mr. Frédéric Ruel, Chief Financial Officer and Vice President, Finance. I now would like to turn the meeting over to your host for today’s call, Mr. Sandeep Singh. [Foreign Language]

Thank you, operator. Good morning, everyone. And thanks for joining us. I know it's a busy period, obviously made busier. There's a transaction in the market today, as well as a [CPI print] [ph], which was fractionally lower than what was expected. It's pretty amazing. We'll qualify. That’s good news, but we will we will take it as there certainly seems to be more glimmers and sparks and positivity in the gold market. So, happy to be talking to you this morning, also talking to you at a time when we're continuing the simplification of our business quite significantly and we'll go through that. Hopefully you've already seen that in the quarter that you're looking at. I am going to be pointing to some slides, not doing a page flip, but pointing to some slides that are on our deck. So, please, if you haven't already, you can go pick up the Q3 results deck on our website. I think to finish off the preamble maybe. Our business, as I said in our press release, our business has never really been stronger. It's doing exactly what it's meant to be doing. It's providing inflation protected gold exposure. Our assets are big. They're getting bigger. Their long life, they're getting longer, they're in fantastic jurisdictions that were partnered with some of the best-in-class, we’re doing exceptional things on our collective behalf. So, the portfolio is doing well, the growth assets are moving forward. In the meantime, we continue to make records, we continue to return capital to shareholders, and we continue to invest in our future. All the while simplifying the company, which is what we've said all along, if there's two things that you've heard me say over and over and over again over the last three years, it's been…

Oh, yes, over to you, operator. Thanks, Fred.

Thank you. [Operator Instructions] Your first question comes from Trevor Turnbull from Scotia Bank. Please go ahead.

Yeah, thanks for taking the question and congratulations on the SolGold deal. It appears to have been a good one judging by some of the comments from their shareholders. I wanted to ask about a couple of the assets that are expected to start contributing soon. I was wondering how quickly do you expect deliveries to ramp up from CSA Cobar in Australia? And then I just wanted to know if you had any update on when we might want to factor in San Antonio?

Sure. Morning, Trevor. So, yeah, look, I think that was a win-win for both. We're certainly happy to step in. Obviously, the treasury at SolGold was running down, that overhang, was a problem, so we were happy to step in there and assist that company in that asset. As I said, it's one that we know quite well. We've looked at it. We watched it for a long time, developed, and to be quite honest, I think in the last few years, it was probably one of the few that I felt like we might have missed as we were internally focused in 2020, kind of cleaning ourselves up a little bit, but certainly happy to rectify that situation. On CSA, look, I think Trevor, it's, as I've said a number of times, it's contingent on them, on MAC, on the SPAC, including that transaction. The world is different. The copper world is different now than it was in March, although they've been buffered a little bit on that by the Aussie dollar, but we really like that asset. I know we've got a motivated buyer and a motivated seller. So, it's a function of them advancing a pretty complicated transaction with senior lenders, [Marchés Financiers] [ph], ourselves and then ultimately the equity piece. The good news is, I think they're at that, you know, whatever you want to call it, starting line or finishing or finish line, in terms of putting on altogether. So, our hope is they can complete that successfully. And if they do timing wise, you know, that that should be, you know, an early Q1 type event. And obviously, it's in production, so GEOs would start flowing thereafter, but they've got that last hurdle to clear essentially. Go ahead if there's a follow-up to that.

No, no follow-up. I was just going to remind you about San Antonio.

Yes, no worries. On San Antonio, really the – well, I think you'd know that there's small scale production from the stockpile there, which is, just kind of a – for a here now type event. The bigger catalyst there is the permit for the new, the larger oxide deposit, and then hopefully some sulfide thereafter, but at least initially the oxide deposit. So, that's what [Osisko development] [ph] is waiting for. Is that permit thereafter, I think things can move pretty quickly. It's not a large or complicated mine, it’s not a large complicated development scenario. So, yes, that's the catalyst. When will that happen? I don't know. Mexico has, in all honesty, been tougher from a permitting perspective. Not, really just in terms of time lines and getting people to do things and bureaucrats to sign on dotted line. Our hope is that will come in, in a manner in 2023 where we can start to see some stream ounces in 2023. But I can't quite yet tell you when, but once it does come in, I think things can move pretty quickly thereafter.

Great. I appreciate that. Maybe just one other question. If you could give me maybe a little bit of background on Lydian, I know that when they went into creditor protection that you ended up with [Ryan] [ph] with that project. And I just wondered in addition to your original interest there, is there potentially some upside for you if someone comes in and wants to put that into production as a vendor? Is there some potential upside that we should think about from that aspect as well?

Sure. Yes, look, you're right. We did largely ourselves in [Ryan] [ph], kind of take that asset private to protect it for them. The crux of it is the debt for us. It's the stream. The gold and silver stream that we're protecting. One that is sizable for us, and I'd remind you an asset that is somewhere between 70% and 80% built with the potential to roughly do a 250,000 ounces a year for a long time. So, it's a prize. It was important. We protected it. It's been pretty minimal burn for us to do so. And all the while, we've been working on finding the right partner to come in and finish that build at a point where, and improve the situation in country, which I would tell you the team there has done a tremendous job. They've got unfettered access, had it since September, I don't want to say 2020, and have all the permits in place to move. So, just really need the funding partner and the funding/operating partner to finish the job. In terms of, you know, can it be more, I guess, theoretically, yes. It's already pretty sizable for us. I think it's already a healthy size or streaming on the asset. So, we're comfortable with that. I think it's a matter of protecting that asset more than growing it. And if we can reactivate something, you know, chunky that people have written off to zero for us, that's been our objective. We've been working on that, as I said, all the time. Some of it needed some time to heal, if you will, the situation in country and that's happened. The social license has improved dramatically. And I think people are starting to recognize that. Don't know how many people have picked it up, so just to kind of clear the decks for everyone because I have gotten some questions on it. There was a, you know, a UK company, [indiscernible], that put out a press release a couple weeks ago talking about how they were in discussions may not lead to anything, but an example of discussions that are ongoing. And all I can say is, we continue to have those types of discussions and we'll continue to have them until we find the right partner to come in and finish the job for us.

Okay. I appreciate that. Thanks, Sandeep.

No problem, Trevor. Thank you.

[Operator Instructions] Presenters, there are no further questions at this time. Please proceed.

Perfect. Thank you. Again, thanks for your time, busy morning, so let you get back to your days, and a more bullish gold sector out there. So, thanks again. As Fred mentioned, if you do have any follow-up questions for us, please feel free to reach out. Thanks so much.

Ladies and gentlemen, this concludes your conference call for today. We thank you for joining and ask that you please disconnect your lines. Thank you.