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Good morning, ladies and gentlemen, and welcome to the Osisko Gold Royalties' Q2 2020 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, August 6, 2020 at 10:00 a.m. Eastern time. Today on the call, we have Mr. Sean Roosen, Chair of Board of Directors and the Chief Executive Officer of Osisko Gold Royalties; Mr. Sandeep Singh, President of Osisko Gold Royalties; and Mr. Frédéric Ruel, Chief Financial Officer and Vice President of Finance. I'd now like to turn the meeting over to our host for today's call, Mr. Sean Roosen. [Foreign Language]
[Foreign Language] And I'll switch to English now. And just to recap what I had said, we really are trying to make sure that we are the best partners out there for COVID-19 for both of our operators, our employees and our investors. We've taken a lot of steps and try to be a leader in terms of how things should be done and can be done during this pandemic. We've taken a very strong position in terms of supporting all of our operators and to do the best we can to take care of all of our associated partners, employees and families that are associated with us and those in the greater good of our society as we go through this pandemic. I'll start off with a basic recap of the business. I don't want to decide of where we are in this pandemic, but we did produce 12,386 GEOs in the quarter. We had 200 -- $28.7 million of revenues and royalties from our products that we're invested in. Cash flow from operating activities was at $15.4 million. Net earnings at $13 million was about $0.08 per share, adjusted earnings of $5.7 million after several payments, including a dividend. We withdrew production guidance due to COVID-19 in Q1 and Q2 -- sorry, in Q2. We are back now guiding to about 63,000 to 65,000 ounces a year and for the first half of the year, somewhere between 30 to -- second half of the year, sorry, from 33,000 to 35,000 ounces as the mines come back online. We also did a financing in the second quarter of $85 million with Investissement Québec. And we really thank the government of Québec and Investissement Québec for having partnered up with us during a hard time. It was more sort of a vote of confidence, I think, from our partners at Investissement Québec to really -- to come in and bolster our balance sheet in a time when things were unclear. And obviously, we have a lot of commitments in Québec and partnerships with Investissement Québec, so this makes great sense for us. We continue to have our partners invest in us and with us as we move forward. We also improved the silver stream from Gibraltar, having paid $8.5 million the transfer price to go from $2.75 an ounce in transfer price down to 0. So we basically had a royalty status on that silver stream, which I think is an exceptional asset to achieve during this market, where we see a lot of competition for royalties and streams. So it's -- hats off to the team for getting the deal done and obviously a big vote of confidence from our partners at Gibraltar and particularly in terms of their confidence to choose us a partner on that deal as we go forward. And also, we saw the commercial production declaration from Victoria Gold. Obviously, a huge milestone for us. We have a 5% top line royalty on that project. I'd like to congratulate John McConnell and the whole team at Victoria for just an exceptional mine built, just getting that project going during a time when we faced a cold -- couple of cold winters. And we saw the thing through. And John and his team are building Canada's next best gold mine, and it was the gold -- largest gold mine ever built in the Yukon and heading for 200,000 ounces a year plus in production and just an exceptional outcome on that project with our partners from Orion Mine Finance. And ourselves, having led the charge to get the project financed back in 2018 and '19 when everybody else was hiding under the bed, we were able to get that project financed. And John's management team deserves a huge kudos and hats off for the work that they did there to make that project work the way it is working now and obviously hitting a premium gold market. It couldn't have been smarter, and it couldn't have been better. So that's the way we see it. In terms of our COVID-19 results, I mean, at obviously Osisko, really hasn't had a big impact on us in terms of what it's been for other industries. And we're quite humble about taking advantage of the situation. But the price of gold has gone through the roof, and our partners continue to operate at a very good pace. And we see a lot of things positive happening in the gold space in terms of the projects that we're involved in as we go forward. We declared a $0.05 dividend in -- as of July 15, 2020. So that continues to be a leading dividend in the gold space. Subsequent to the Q2 results, we are looking for 33,000 to 35,000 ounces of GEOs in the second quarter, obviously at good gold price. Anything that's not pure gold is taking a backseat in terms of GEOs on an equivalent basis. So we're definitely seeing revenues increase based on the pure gold assets in a proportionate basis to other basis -- other assets. I'll move on right now to Page 12, and then I'm going to hand it over to Fréd. If you could take that through, if you could, please.
Thanks, Sean. Good morning, everyone. As previously noted by Sean, our deliveries of precious metals were affected by the COVID impact in Q2. Several of our operating companies have announced temporary provisional restrictions due to the COVID-19 pandemic, including reduced activities in the operations placed under care and maintenance. So as of today, most operators have started their activity and have reached or are expected to reach a pre-COVID level of operation in the future. The strong gold price helped offset the reduction in the GEOs during the second quarter, which should lead us to a great second half [ result ] in terms of cash margin and cash flows. If we go to Page 5 of the presentation. Revenues from royalties and streams amounted to $28.7 million compared to $33.8 million in Q2 2019. Cash flows from operating activities were $15.4 million compared to $21.4 million last year. Excluding the impact of the changes in noncash working capital items, operating cash flows were $18.6 million compared to $23.5 million. On Page 6, we show a breakdown of our cash margin for Q2 and year-to-date. The cash margin on our royalties decreased by $3 million to $20.7 million in Q2. For the first half of the year, the cash margin on royalties reached $46.4 million, less than $1 million lower than in 2019 despite the COVID impact on our delivery due to the strong gold prices, which offset the gold [indiscernible]. The cash margin on our streams was at $6.5 million in Q2, similar to 2019 and $15.4 million for the first half of the year, which was $3.2 million higher than last year, resulting in a cash margin on our royalties and streams of 95% in Q2 of this year compared to 90% in Q2 last year. Our total cash margin reached $27.8 million in Q2, including $2.6 million from our offtake agreements, $3.7 million lower than in 2019. Year-to-date, our total cash margin was $63.1 million, an increase of $1 million. On Page 7, we present this overview of our earnings and adjusted earnings. Net income was $13 million in Q2 or $0.08 per share compared to a net loss of $6.5 million in Q2 2019 or $0.04 per share. Adjusted earnings were $5.7 million or $0.03 per share compared to $8.2 million or $0.05 per share last year. You can go on Page 8 of the presentation, where we have a summary of our results for Q2 and year-to-date. Yields from gold production were lower this year, partly due to the sale of the Brucejack offtake in 2019 and, of course, the impact of COVID. The decrease in our total revenues from $132 million to $41 million was also due to the sale of the Brucejack offtake as well as lower delivery as a result of the COVID pandemic. But this was partially offset by the average realized price of our gold. Our average gold price per outflow amounted to CAD 2,363 in Q2 of this year compared to CAD 1,766 in Q2 of last year. Gross profit for Q2 was relatively flat at $19.1 million compared to $19.7 million in 2019. On Page 9, you find a summary of our financial position. Our cash balance at the end of Q2 was over $200 million. Our debt amounted to $422 million, which includes the drawdown of $50 million done in March on the revolving credit facility as a precautionary measure. Our net debt amounted to $220 million. If we include the $100 million accordion available under our credit facility, the total facility available is over $500 million at the end of June, which places Osisko in a very good position to deploy capital. In addition, our equity investment portfolio is currently [ substantive ] at over $300 million for a total firepower of $900 million. On Page 10, you may find our updated guidance for the second half of the year. As you know, after withdrawing our guidance for the year in March due to the uncertainty due to the pandemic, we have now issued a new guidance. We expect GEOs of between 33,000 to 35,000 in the second half of the year with a cash margin on our royalties and streams of 95% for the annual [ sales ] guidance of 63,500 ounces to 65,500 ounces. It's good to know that Q3 will be slightly impacted again by the reduced margins tbd in Q2, as some of our royalties are delivered with a delay of 1 to 3 months. We expect the situation to improve back to normal in Q4, benefiting from the exceptional gold price environment. Back to you, Sean.
Thank you very much, Fréd. And I just wanted to give a snapshot of your company, the shareholders own this company. And things are going exceptionally well. I think in terms of where we are, from an asset standpoint, obviously, from a share performance standpoint, we have some ground to make up, but the fundamentals of the company remain exceptionally solid in a space that's very difficult. In the next slide, we'll show you the quality of our portfolio, over 135 royalties and streams and precious metal offtakes. Diversified cash flow from 16 (sic) [ 17 ] producing assets, 91% growing to 95% cash flow operating margins in terms of -- most of our assets are in royalties. So we don't have margin compression the way that others do. And that sort of, I think, distinguishes the portfolio from a lot of others since it is a dominantly royalty portfolio as opposed to a streaming portfolio. Page 12, the quality of investments. I mean, we've done that a lot in terms of making sure that we add quality. And our dividend sits at 1.5%, which is the best in the space. As you can see here, Wheaton and Royal and Franco are all at 1% or less, whereas we're at 1.5%. So we do offer kind of a wait-and-see attitude. And then I think -- obviously, in an increased gold price, we have a leverage to a significant amount of growth assets in our portfolio. As we always said, we are a strong growth company with our accelerator model. So we're well leveraged to take advantage of this gold price as we move further into it. Significant undervalued amount there in terms of re-rate. It's surprising to me that we haven't seen the re-rate yet. But for those who've come in now, I think that the re-rate is fairly imminent as this gold price persists and we see what the actual upside of Osisko can be there. In terms of our trading, we've been a highly liquid stock at over $18.5 million a day. The balance sheet, over $202 million of cash on the balance sheet, over $900 million of finance capacity, if you include our available debt capacity in our equity book. We sit with one of the biggest dry powder -- fire -- the ability to acquire capabilities of all the royalty companies in the world right now with over $900 million we committed in available firepower to get going on a new transaction. We do think that there are some transactions that will happen at this price level. However, we've obviously built our portfolio in the past. So even if nothing were to happen, we see quite a bit of opportunity for us. And if you look forward to Page 13, you see that we go for about 140,000 active GEOs just on our organic growth, of things that our shareholders have already financed and paid for. So we have the organic growth. We don't have to reach. We don't have to stretch, and we don't have to pay premiums that we've seen people paying in this space. They are quite high in terms of achieving assets. All we really have to do is just sit back and harvest right now. Page 14, I think, is probably the most exciting slide in this entire presentation today, in terms of things that we knew about when we sold to these -- back in 2014 that are now being documented and drilled to resource and reserve level by our partners at Agnico and Yamana. Congratulations to them on a great job in terms of transitioning this project from what we always know as a great open pit mine to what it looks like. It may be one of the best ever underground gold mines. This is quite an exceptional deposit. It produced 8 million ounces by the time we got there in 2003. We documented another plus 8 million ounces in the open pit, and now there's another 10 million ounces in the underground. So this is ranked as one of the best gold deposits ever discovered in the world, and it continues to deliver value for both the Agnico and Yamana shareholders and also the Osisko shareholders. We congratulate them on a job well done, and we look forward to seeing the underground to deliver here. We haven't really seen it calculated in our share price, but we think it's high time that everybody understands that Malartic underground is a significant contributor to Osisko Gold Royalties as we move forward. And we wish our partners well on that, and we want see it come forward. And if you see -- look at Page 18, you can see that predominantly, the things that are important to the new mine plan are on the Osisko 5% ground as we move forward. And we will see some of the other assets that are there continue to contribute that really weren't in the calculation, I don't think, for Osisko. So that's all good news for Osisko shareholders, and we look forward to seeing the evolution of that mine, of the underground transition. Obviously, at these gold prices, I think that everybody is being incentivized to move forward quickly. The next slide that we have here shows the Eagle project. Obviously, on target for ramping up to 220,000 ounces a year, for which we have a 5% royalty on. We continue to be -- have a size -- a royalty only in our mine in Québec, in Mantos. It has been -- seen an increase as well. And congratulations to John Burzynski the and Osisko mining team in terms of the success that they've enjoyed at Windfall Lake in Québec with a massive discovery there with over 5 million ounces of high-grade ounces at plus 8 grams and continuing to drill there with over 30 drills on-site as we speak today. So just knocking out of the park success there. For Osisko Gold Royalties shareholders, this is obviously -- it shows why our accelerator model is important. Initially, we backed John at the very beginning of this process, and we were able to achieve exceptional numbers in terms of what we ended up paying for the royalty. But the reality is, we took the risk early on. And our model, I think, has proven beyond a shadow of a doubt by Windfall and Hermosa, where we've taken these risks as we bet early on, and we just had exceptional returns. And they're so much better than anybody else's royalty and streaming deal in the space that it's hard to argue that we wouldn't want to continue on with that business. With the returns on some of these, you end up paying in the thousands of percent as opposed to the 1% or 2% returns that we're seeing currently go off in the bank run processes for -- there's a lot of bidding going on, but not much is being accomplished in terms of net returns. So we continue to believe in that model. And the accelerator model is demonstrated well here, I think, by both Windfall and Hermosa. Horne 5 continues to be a significant asset that's in our portfolio. It's been undervalued. It's currently at 6 million ounces of GEOs in reserves, not in resources. And then on to Cariboo, which has been clearly a controversial topic within the Osisko portfolio. Last resource update was at 4.4 million ounces. There will be an upcoming resource update. And this is a mining project. This is a mining camp, and we're going to give you more information on that as we get further into the year. But I can tell you that things are going extremely well at Cariboo. And the drill results are starting to build a case to confirm what we always believe, which is this is not just a mining project, but it's a mining camp. On to Page 15. We do have a high exposure to the gold prices. We believe that in terms of royalty and streaming companies that we are the purest of them all in terms of being mostly exposed to gold. A lot of other companies are a side bar to a copper mine or polymetallic mines, or they have other ingredients in their cake that make them a little bit less exposed to gold. So we continue to be proud champions of the highest gold component in the space with 81% at our [ camp ].On Page 20, the business plan for Osisko hasn't changed since 2014. We were allocating 25% to our earlier-stage accelerating models and things like Cariboo and 75% to our sort of last-money end strategy, where we're bidding on things like we did with Victoria Gold. The plan hasn't changed too much, and I realize there's been a discount on the stock because of our hybrid strategy. But at the end of the day, when I look around the gold price today, I have to think that we are pretty much right on the money in terms of what we bet on. And we need to deliver those returns in the share price now. So that will be the challenge for the management team as we go forward into the fourth quarter. And as we see the summer end, just to really bring it home that the hybrid model, where we put that 25% in the accelerated companies, and we've seen some of these accelerated companies like Barkerville advance through the accelerator business into the development business. And we need to take advantage of that for our shareholders. So that will be the challenge for Sandeep and myself, as we come into the end of the year to really make sure that we transition that valuation that we've created there into the share price. In terms of opportunities, we've looked at our accelerator model and we've created quite a bit of value here. I just wanted to recap for shareholders the things that we did do. The incubation of Osisko Mining happened in 2015. It was an $8 million market cap. It is now $1.30 to $1.4 billion market cap within Osisko Metals with our friend Bob Wares. That started out as a $5 million, $6 million market cap. It's now $70 million, $80 million stock of resources. We started that company out in 2015, really. Luc Lessard stepped in and really put the meat on the bones in terms of that project. It's trading at about $100 million right now, but it certainly can be bigger than that. Talisker Resources, led by Terry Harbort, really another brownfield camp in BC, that's sort of seen the light of day and benefited from the tactical and structural geology that Terry brought to the team to really advance that project forward. Minera Alamos, we saw that company go from $13 million market cap to currently $230 million. So even if you've only invested in the side-car companies to Osisko, you've done pretty well. And we continue to be that incubation and that source of really hard-core grinder/incubation companies where we take an opinion on an asset, we take it and we build it, and we get in there early, and we work it hard. And that people like Chris Lodder and Ruben Padilla and Terry Harbort and Bob Wares and John Burzynski, they all bring that extra effort and that extra personality and character to that, that we've been able to uncover as we move forward. And I'm pretty proud of what we've done in the incubation strategy. So on the final slide here today. [indiscernible] the upside. We have the opportunity to have -- we have the team, and we have the ability to acquire assets, to mobilize those assets and take them through to fruition. And I thank everybody for supporting us as a Osisko shareholder. We look forward to bringing you to the latest fold. And obviously, Cariboo will be a big part of the story as we get into the rest of the year. But also, what John is doing with Osisko Mining, Terry is doing with Talisker and Bob is doing with Osisko Metals are a pretty important parts of our story as we go forward. So I'd like to thank everybody for being here today, and [indiscernible] to get to. But we don't think that there's anything wrong here. If ever there's been a time when we are right, this is it now. So thank you, everybody, and I'll turn it over for Q&A.
[Operator Instructions] [Foreign Language] Your first question comes from George Topping from Industrial Alliance.
So on Cariboo gold project, Sean, are you back up and running at full speed there on the exploration and reclamation activities, et cetera? Hello? Hello?
George, I hear you. I don't know if we lost Sean there for a moment or he's on mute. But I'll start the answer. Hopefully, he's right behind me. Yes, things are generally back up and running. We did take a bit of a hiatus to make sure that we had the least amount of footprint during kind of -- the pandemic. So generally speaking, we slowed things down. And in the near term, we'll be looking to kind of get that going to the full team with respect to exploration and some of the small remedial work that we're still doing there to clean up past sites.
So you're still going to spend the $10 million for this year, you think? It's in the MD&A.
Look, I think there's certainly the ability to catch that back up. I think, as I said, it made sense to take a bit of a hiatus just to make sure that we are protecting our employees and the community, most importantly, and that includes the elders. There's certainly the ability to catch that back up over the next 2 quarters.
Will it roll through to the permitting as well with the government being impacted?
Sorry, George, did you say whether there was an impact on the permitting from COVID?
Yes. On the permitting schedule.
Yes. Not as of yet. I mean, I think there's still enough buffer and redundancies in our permitting schedule that we can absorb kind of what's happened in the near term. Our team has continued to work, whereas we weren't necessarily full steam on site. We've certainly been full steam ahead on the permitting side. As you can imagine, a lot of that is desktop work and engagement. So that's all been ongoing as fast as we can get it moving. So I don't think we've really suffered any delays from that perspective as of yet. And again, I don't think, if anything, we have the ability to fast-track permitting. The community, the First Nations, the government have all been very supportive. And we look to kind of continue that with them. And as long as we keep acting responsibly, we think we have the opportunity to make up ground, not necessarily lose it.
All right. Then a second question is the diamond market. It's been impressive and what you're seeing there with respect to diamond sales and the pricing, obviously, for the Renard diamonds.
Yes. Obviously, Renard remains on care and maintenance. The diamond market was completely busted through this COVID piece. We're starting to see signs of life just broadly on the diamond side. There are more sales kind of coming about, some of them have already transpired. And we've seen a small uptick on that side. But I don't think it's -- I think it's fair to say that we're not out of the woods there from a diamond price perspective nor is anyone in the sector. But we have seen some moderate improvement. I think from a retail perspective, again, we're not back to pre-COVID levels. But there are positive signs out there that things are returning to normal, if you will. And so I think we will be cautious, and we will look to see some moderate improvement. But there are -- we've got a very sound partnership that's involved with the Renard mine. It is a good mine. There's $1 billion of good infrastructure that was spent there. It's really just missing a little bit of joy from a diamond market perspective. But we certainly hope the guidance we put out today does not reflect Renard, just given the continued uncertainty from a diamond price perspective. But we certainly hope that Renard will come out -- come back into the fold for us. And I think the partnership is working on ways to do that going forward.
The commodity specialists that you speak to, are they predicting a price in, say, the next 12 months or so at a level where you might reopen the Renard?
Yes. Look, I think there's certainly that ability. I think it remains to be seen. Obviously, it's not the least opaque market to have to operate within from a pricing perspective. I think the sales that are coming up now, some of the ones that have already happened, some of the ones that are coming up soon, will be pretty telling. And you can imagine, we're keeping a close eye on that. In the meantime, I think the mine has been doing everything they can to bring their own cost structure down so that they can bridge that gap, not necessarily through diamond prices, but also through just being more efficient at everything we do. So look, I think as I said, a lot remains to be seen there. But we are cautiously optimistic that with just a little bit of an improvement on the diamond side, there might be a restart there in our future.
And George, maybe I'll just add a little bit of color to that. As you and I know, we've been around for a while. And it's never as good or as bad as everybody likes to think it is. And I think the diamond market, we're seeing a lot of sort of smart people are going back and doing assets in the diamond space. So cautiously optimistic all the way around on the diamonds.
Your next question comes from John Tumazos from Very Independent Research.
Congratulations on the better price environment, and maybe people will understand and embrace the incubator model now. I'm trying to throw you a...
Well, John, we certainly hope your enthusiasm is shared.
I'm trying to throw you a cream puff without being too difficult. And maybe people don't understand the value of Cariboo or how smart it was to buy Barkerville late last year. What is the highest offer you've turned down for Cariboo? Or what are you -- what is the lowest you'd sell it for? It looks like it's a big...
John, you're putting me on the spot on a lot of fronts here. But I will say that Cariboo has continued to deliver not just obviously from the gold price change, but we've had significant success at the drill bit on that project. And we're going to be coming back to the market to tell you about that here in the next short while. But obviously, we bought a -- it was a 4.6 million-ounce deposit at $1,300 gold, and we're now dealing with $2,000 gold. So we don't know -- claim that we're too smart, but we were smart enough to recognize that this was an asset, unlike others. It's not just a mine deposit that we've identified. It's -- the overall resource that we're dealing with there is only in the first 4 kilometers, and we have 83 kilometers to deal with. So we kind of feel that we had to take the hit that we took, and there was a lot of punishment that was dealt on the share price for that. But hopefully, we'll see some reward as we come back and we demonstrate the strength of this asset and the fact that it's not just a deposit, but it's actually a mining camp. So we've got our work to do, John. And we've said no to quite a few corporates. And there was a lot of discussion around it because the number of deposits that can actually go to 5 million ounces of minable in the world is quite slim. And Barkerville is a camp, and we see upside there with a single process facility with multiple mines up and down the trend as we get forward on to it. And we'll be a little more vocal about it as we come into Q3 and Q4, John. And appreciate your view and the fact that you've done the work to go and look at what Barkerville actually is.
Do you think it's reasonable to expect the payday to be over USD 500 million with the first $500 million tax shielded?
I don't like to put numbers like that out there without having a lawyer and an accountant sign off on them, John. But certainly, we see here in the PEA study that we did last year, a couple of hundred thousand ounces a year with all-in sustaining costs being below $800, sort of in the mid-high 700s, and this thing is worth a ton of money. So...
Your next question comes from Kerry Smith from Haywood Securities.
Sean or Sandeep, just on Cariboo, you were going to provide an update sometime later this year on that asset. Will the resource update come as part of that disclosure? Or is that going to come out earlier?
Kerry, I think where we are on right now is that everybody's been so negative on the asset. We've been a little hesitant to get out there. But our work is being done, and we're going from 4 to 10 drills on the project as we speak. And as we get more comfort in terms of delivering not just a resource update but a reserve update, we'll come back to you. But I would suspect it to be in Q4.
Okay. So it'll all come at the same time then. Okay. That's great.
Kerry, we're going to deliver a bulletproof resource and reserve to you. We don't really want anybody else poking at this thing. We know the asset's solid, and we just want to make sure that we deliver the proper product.
[Operator Instructions] Your next question comes from Jeremy Hoy from Canaccord Genuity.
I think a lot of my questions have been answered. Actually, they were all surrounding Cariboo and Barkerville. Just related to next steps in the back half of the year. You guys have a resource and reserve update coming. Anything else going on with that project? You mentioned increased exploration as well.
Yes. Absolutely. Mr. Lodder and Maggie have taken amongst themselves to go out and get us 28 new drill targets. So we will be hitting those targets on a priority basis outside of our infill drilling. And yes, it's been a very exciting time with Barkerville. And I hope that you -- that everybody will be impressed when we come forth with the information. But given the reaction we've had in Barkerville in the past, we're not going to come out until we actually have a final product for you. So it will be fourth quarter information, and we will make sure that everything is drilled beyond a shadow of a doubt before we show it to anybody. Just based on previous reactions to that asset in terms of where it sits, we think that metallurgically, mining-wise, permit-wise, we've been able to derisk the asset significantly. But we're going to come forth at the same time with that information probably more into Q4.
[Operator Instructions] Your next question comes from Adrian Day from Asset Management (sic) [ Adrian Day Asset Management ].
Yes. Just a quick question. Listen, I may have missed it completely. But with the Malartic underground, did you, in the end, have to make any concessions on the royalty?
Adrian, I thank you for the question. The answer is no. The question that was being served up in the marketplace to shareholders previously was whether the royalty was making as much money as the rest of the mining group was at $1,200 or $1,300 gold price. I think that, that discussion has ended. We're obviously well north of $1,200 to $1,300 gold. We have no intention to make any concessions now. And there's been a bit of a discount on the Osisko share price, anticipating that we would be making a concession on that royalty. But we have no intentions to do so. And obviously, at $2,000 gold, it's not really even a relevant discussion that we would entertain.
We have no further questions. I'd like to turn the call back over to the presenters for their closing remarks.
So I'd like to thank everybody on the call today, and we appreciate it. Osisko's been a growth company, and we've had the lumps and bruises going through the marketplace as we built that growth portfolio. But obviously, I think that multiplied by the current commodity price, that the risks that we took in building this portfolio over the last 5 years is paying off for us now. And I encourage Osisko shareholders to be loud and proud about their persistence and their participation with us as we went through this asset building program. And I'll sign off there, and thanks, everybody.
This concludes today's conference call. Thank you for your participation. You may now disconnect. [Foreign Language]