Good morning, everybody, and thank you for your attention today. We know that it's a very busy day of earnings, so we appreciate your time. Procedurally, I'll run through a prepared presentation, and then we'll subsequently open up the line for a question-and-answer session. For those participating online via the webcast, you can submit your questions in advance through the webcast platform. Today's presentation will also be available and downloadable online through our corporate website. We will be making forward-looking statements. And as I always say, the future is bright, but it's not guaranteed. So please read the fine print. All amounts are in U.S. dollars unless otherwise noted. I'm joined on the call this morning by Frederic Ruel, the company's VP Finance and Chief Financial Officer, amongst others, the others indicated on Slide 3. When looking at OR Royalties full year 2025, the company had a remarkable year. OR Royalties earned 21,735 GEOs in the fourth quarter of 2025, which allowed us to end the year at 80,775 GEOs in aggregate. A figure that fell within our annual guidance range of 80,000 to 88,000 gold equivalent ounces and was effectively around the midpoint of our GEO guidance range when normalizing for commodity prices versus our budgeted ratios for 2025. Propelled largely by elevated precious metals prices in 2025, OR Royalties achieved the enviable triple crown of record annual revenues of $277.4 million, record operating cash flow of $246 million and record earnings of $1.10 per share facilitated by our peer-leading cash margins of nearly 97%. OR Royalties ended the 2025 year with $142.1 million in cash and most importantly, the company was completely debt-free. Having previously paid off the entirety of our credit facility in the third quarter. With respect to our ongoing commitment to return capital to shareholders, OR Royalties declared and paid is a quarterly dividend of $0.05, marking its 45th consecutive dividend with over $279 million returned to shareholders to date from these distributions. The consistency and predictability of our dividend allowed the company to once again be included in the S&P/TSX Dividend Aristocrats Index as of late January 2026. Subsequent to quarter end, OR Royalties Board of Directors approved a base quarterly dividend of $0.055 per common share payable on April 15, 2026 to the shareholders of record as of close of business on March 31, 2026. Consistent with the past two years that I've been in the CEO seat, Fred and I will be making a recommendation to our Board on our dividend with the company's first quarter 2026 financial results, which if you were paying attention, we increased our dividend by 8% and 20%, respectively, in the last two first quarters of 2024 and 2025, respectively. For us, 2025 proved that boring is good. We generated record cash, we drastically improved the balance sheet and stayed disciplined. It was these tenants that allowed us to announce in the past three weeks, two exciting and accretive transactions, which we will provide further details on later in my presentation. 2025 will be remembered as a year of discipline in our capital allocation. OR Royalties transacted on just $25 million in royalty and stream acquisitions. To put that number into context, over $9.3 billion in transactions were completed across the sector last year, which would include the large corporate consolidations of Sandstorm and Horizon. While we reviewed these opportunities, the rapid movement in commodity prices often created a disconnect on price and value. Furthermore, even where we identified value, we encountered internal red lines regarding structural security and contract terms that we were simply unwilling to cross. Our team remained extremely active in 2025, but we prioritized value over volume. When deploying capital and assets with 15- to 25-year mine lives, we simply do not compromise on structural security or settle for NAV-destructive investments. Because our near-term growth is already secured and fully funded, we possess a strategic advantage many peers lack, the luxury of walking away from bad deals to wait for the right ones. We'll now pivot to the company's financial performance for the full year of 2025. For those that are interested, quarterly numbers for Q4 '25 can be found in the appendix of today's presentation. As previously noted, annual revenues were a record for the company and effectively track the higher year-over-year precious metals prices. 2025 net earnings of $1.10 per basic common share for the year were a record and represented a substantial increase over 2024. Most importantly, 2025 saw yet another year-over-year improvement in cash flow per share, the eighth consecutive year of cash flow per share increases and yet another record for the company. And finally, positive annual adjusted earnings of $0.88 per basic common share. At the end of 2025, the company had 22 producing assets with the vast majority of our key contributing royalties and streams coming from what we define as Tier 1 mining jurisdictions and just under 75% in aggregate, and that includes gold equivalent ounces from Canada, the U.S. and Australia. If we were to include Chile as Tier 1, we'd be closer to 90%. Looking at the commodity breakdown, 95% of our 2025 GEOs came from precious metals, gold at 65% and silver at roughly 31% with the remainder coming primarily from copper. This percentage breakdown was based on OR's budgeted commodity price ratios for 2025. When applying peak spot prices for gold, silver and copper achieved earlier in 2026 to our 2025 GEOs earned, our direct revenue exposure from silver would have been 45%. No matter which price deck you're using today, OR Royalties provides investors with material silver exposure. Agnico Eagle's Canadian Malartic Complex delivered a fantastic year for both themselves and ourselves in 2025, once again outperforming our original expectations thanks to better-than-expected grades at the Barnat pit experienced throughout the last calendar year. At Mantos Blancos, we've seen an extended period of stability as it relates to plant throughput. While we've continued to see some quarterly variability of the process silver grades at the mine, we expect that 2026 should prove largely consistent year-over-year versus 2025. Touching briefly on CSA. After a strong start to the year in 2025, things slowed down in the back half, which can be largely attributed to Harmony's ongoing ownership transition. Harmony's focus right now continues to be on maximizing the asset value over the long term as it has a multi-decade view of the asset. Consequently, we expect our new partners to take their time on setting the mine up to perform well over this extended period, instead of pushing too hard for increased production in the short term. We'll all have a better understanding soon enough as based on public disclosure, we're expecting an updated 2026 CSA copper and silver production guidance for Harmony next month with an updated long-term mine plan to follow in the third quarter of this year. I mentioned previously that at the end of 2025, we had 22 producing assets. However, as of today, that number stands at 23, thanks to the very recent acquisition of a 1.5% NSR royalty at Buenaventura San Gabriel mine. Of note is that our transaction with Gold Fields will actually close later this quarter but we've still included San Gabriel on the list for today. Buenaventura's newest mine in Peru just poured its first gold in December of 2025, and as such, we're largely expecting San Gabriel to ramp up to be a meaningful GEO contributor to OR from 2028 onwards. We'd like to congratulate our new operating partner in Peru on getting the mine developed and into production on time and on budget. In addition, Ramelius Resources announced last night that first Dalgaranga ores were delivered to their Mt Magnet plant. Once those tons start getting processed, the number of our producing assets will jump to 24. Similar to San Gabriel, Dalgaranga will be ramping up this year and the next and growing into a material GEO contributor to OR from 2028 onwards. This provides a perfect segue to our other announcement yesterday, the acquisition of the Gold Fields royalty portfolio. While we're excited about the strategic depth of the entire portfolio we purchased, the crown jewel is undoubtedly the addition of Buenaventura's newly commissioned San Gabriel mine. This asset checks every box. It provides immediate additive GEOs in 2026 and possesses a long reserve life with significant embedded growth, driven by Buenaventura's plan to expand throughput to 4,000 tonnes per day by the end of the decade. We're happy to be adding a producing asset in a well-established mining jurisdiction in Peru, and we couldn't ask for a better local operating partner in Buenaventura. A Peruvian-based miner with over 70 years of experience developing, operating and expanding mines in the country. For more on San Gabriel or any of the other new royalty assets acquired from Gold Fields, I would refer you to last night's press release or you can also reach out to my colleague, Grant Moenting, over the phone or email. Flipping to Slide 9, we view the Namdini transaction as a textbook execution of our strategy to double down on a known high-quality asset. By acquiring the additional 1% NSR, we have secured a 2% royalty in total, on a mine that is already producing and ramping up. This transaction removes development risk and adds immediately high-margin gold ounces to our 2026 profile from an established operator in Shandong Gold. While the ramp-up hasn't followed the 2019 technical report to the letter, seeing is believing. Our team was boots on the ground in January, and that visit was a positive tipping point. We didn't just see a mine coming online. We saw operational excellence and community integration that convinced us Namdini will be a cornerstone asset for Shandong for decades, far outliving its initial 15-year reserve life. Once we saw the tangible upside, doubling down to 2% royalty wasn't just a choice, it was the easiest decision we made all year. Flipping to Slide 10, and moving back to Canada and a very familiar asset within our portfolio, the Island Gold District. After a bit of an uncharacteristically bumpy year at Island Gold in 2025, our partner, Alamos Gold, rebounded nicely earlier this month by outlining its concrete plans for yet another Island Gold District expansion. And most notably, a 25% increase to the tonnage to be mined from the high-grade Island Gold underground mine. Alamos now expects to eventually be able to ramp up to 3,000 tonnes per day from the Island underground mine versus the previous expectation of 2,400 tonnes per day. This is great news. And the great news is that the shaft infrastructure currently under construction is already being built to handle this capacity. So no additional work on this front is required. As noted by our partner, the shaft construction will be complete later this year, meaning that as the underground development ramps up over the time to support 3,000 tonnes per day, the GEOs from our royalties will follow. As a reminder, the real benefits to OR from Island Gold come from what is effectively a triple multiplier effect: higher grades, higher throughput and a higher royalty rate. As noted on the slide, Alamos' expanded and accelerated mine plan is also anticipated to transition into a greater proportion of production toward OR's 2% and 3% NSR royalty, with the blended life of mine royalty at around 2.34%. Long story short, as our partner continues to execute on its plans to expand production at its flagship mine, Island Gold, Island Gold will become one of OR Royalties most important assets from a GEO contribution perspective by the end of this decade and beyond. Late last week, Agnico Eagle provided a comprehensive update as it relates to our cornerstone asset, the Canadian Malartic Complex. As is customary at this time of year, there were certainly some key items of note as it pertains to OR Royalties. First, the asset's 2026 production guidance increased a little bit versus what we had projected this time last year, but also was in line with our own internal expectations. As a side note, the first quarter of 2026 will now include first production from East Gouldie, over which we have a 5% NSR royalty coverage via the ramp. This has been advanced forward several times over the past couple of years. More exciting, however, were material increases to Malartic's production guidance for both 2027 and 2028. With 2028 notably expected to realize an increase of approximately 80,000 ounces to 735,000 ounces per annum when compared to 2027, which is anticipated to be driven by growing contributions from East Gouldie at Odyssey. Overall, when looking at 2026 to 2028, production is expected to be sourced from the Barnat pit, increasingly supplemented by OR from Odyssey and low-grade stockpiles. Odyssey is expected to contribute approximately 120,000 ounces of gold in 2026, approximately 240,000 ounces of gold in 2027 and approximately 450,000 ounces of gold in 2028 as mining activities ramp up. Second, our operating partner explicitly stated that it is advancing on a technical evaluation of Shaft #2 at the Odyssey mine. With the preferred shaft location now confirmed near Shaft #1 and close to what they believe to be the center of gravity of the deposit. The evaluation, which incorporates the year-end 2025 mineral resource update will assess the potential for producing an incremental 8,000 to 10,000 tonnes per day. The technical evaluation is expected to be completed at the end of 2026, with permitting studies scheduled to begin in the third quarter of 2026 and potential formal permit submission early 2027. Agnico noting that after getting through all the permitting and development of Shaft #2, the project would be positioned for initial production in 2033. 2033 also marks the first year of expected production from Marban, over which OR Royalties has a blended NSR royalty of around 90 basis points. The technical evaluation envisions a 14,000 to 16,000 tonne per day open-pit operation, producing between 120,000 to 150,000 ounces of gold annually over a 12-year life of mine, with construction currently anticipated to start in 2031. Exploration at Canadian Malartic remains a massive value driver for OR royalties. Agnico has budgeted $32.6 million for a comprehensive 190,700-meter campaign in 2026, deploying up to 20 rigs to unlock the full potential of the property. Crucially, the drill bit is focused exactly where we want it, exploring the lateral extensions of the massive East Gouldie Deposit and the emerging Eclipse zone. Both of these high-priority targets fall under our 5% NSR royalty, offering the highest leverage to exploration success in our entire portfolio. Now on to Slide 12, where we've outlined both the company's brand-new 2026 GEO delivery guidance, as well as the updated 5-year growth outlook to 2030. Starting with 2026, OR Royalties expects GEOs earned to range between 80,000 and 90,000 GEOs this year at an average cash margin of approximately 97%. The 2026 guidance assumes ramp-ups at both Dalgaranga and San Gabriel, as well as the increased GEOs from our now 2% NSR royalty at Namdini. As previously noted on the call, we're expecting relatively consistent year-over-year GEOs earned from Capstone Copper's Mantos Blancos mine, while we've taken a more conservative view on CSA as Harmony works through its ownership transition and prior to us getting more complete updates expected from Harmony. Putting it all together, 2026 represents marginal growth over 2025, with much more significant step changes expected in 2027, thanks to expectations of increasing GEOs to be earned from many of the assets already discussed today, specifically Canadian Malartic, Island Gold, Dalgaranga, San Gabriel and Namdini, in addition to new mines expected to come online, such as Hermosa Taylor. This trend of increasing year-over-year growth should then continue between 2027 and 2030. Our new 2026 guidance reflects the consensus commodity price ratios at the beginning of February for both gold to silver and gold to copper. The former obviously has more influence on our potential GEOs earned for which has been set to 73:1, while the current spot ratio stands at approximately 64:1. We are applying the exact same methodology as we have in all our previous years of the company's existence and we'll continue to be transparent with respect to how these ratios influence our GEOs earned throughout the coming year. Switching to the updated 5-year outlook to 2030, we're now happy to say that our expected 50% growth over the next 5 years bests what we had outlined last year looking to 2029. Unsurprisingly, expected additional GEOs from brownfield expansions such as Island Gold, as well as large-scale greenfield underground mines, including Hermosa Taylor and Windfall are still being included in the outlook as they had been for the 2029 outlook. So this begs the question: what's new? What a difference a year makes, especially when that year resulted in an incredible performance from precious metals prices coinciding with the intentions of more streamlined project permitting processes, most notably in jurisdictions like Canada and the United States. As a result of the Osisko Development recent success in advancing its flagship Cariboo project in BC, both on the permitting and financing front, it's now being included in our 2030 outlook. The same can be said for Solidus Resources Spring Valley project in Nevada, which received its final federal permits in the summer of 2025 and subsequently secured its full financing to move forward. We're expecting first gold from Spring Valley by mid-2028. And while a portion of the payments under OR Royalties there don't kick in until the first 500,000 ounces of gold have been recovered, we're confident enough we will see meaningful GEOs from the project in 2030. We're also cautiously optimistic on United Gold's Amulsar project in Armenia, where construction is expected to be complete later this year, enough so to have included in our 2030 outlook. And finally, though much less impactful than the other three I mentioned, we've included South Railroad given Orla expects to see first gold and silver production prior to the end of calendar year 2027. I will once again reiterate as I often do that all this growth you see here out to 2030 is completely bought and paid for. In other words, there is absolutely zero contingent capital associated with OR Royalties realizing its GEO delivery profile over the next 5 years. Moving to Slide 13, you'll see we provided some more details on projects that made the cut for our 5-year 2030 outlook versus those that didn't. Some minor comments on those that you see on the slide in the not-included section. First, we have full faith and confidence in Agnico Eagle and its plans at Upper Beaver. Agnico noted last week that they are now expected to be ramping up the eventual mine in 2030. Given typical delays in payments versus production, we've elected to push it back by a year. Second, as it relates to Eagle, the process in finding a new owner has slowed down a bit versus the previous public expectations. While we're still expecting the announcement of a new owner sometime in this calendar year, we have elected to wait for more clarity before including this important asset in our outlook. Finally, on Cascabel, we are very pleased with the recent announcement regarding Jiangxi Copper's intention to acquire SolGold in the project. However, we expect Jiangxi to take a different view on project schedules, specifically how it relates to sequencing the high-grade block cave project versus the lower-grade TAM open pit. Finally, we'll end the formal part of our presentation on Slide 14, which outlines the current state of OR Royalties balance sheet. At year-end, we were completely debt-free and held just over $140 million on the balance sheet. The cash position is strong even after we bought back and canceled approximately $38 million worth of shares in the fourth quarter of 2025, all completed subsequent to OR Royalties going debt-free. The average cost per share of these buybacks was approximately $48, inclusive of the 2% Canadian government tax. Our much improved balance sheet is one of the key achievements we are proud of in 2025. And it's something I've been keen on addressing since I joined the company back 2.5 years ago, at which point, for context, we held over CAD 300 million in gross debt. Beyond the cash, our balance sheet is also primed and ready to allow us to act on potential new and accretive opportunities. Thanks to a completely untapped credit facility of $650 million with an additional uncommitted $200 million accordion. Following a quiet 2025, defined by capital preservation, we have pivoted to active deployment in the first quarter of 2026. With the consolidation of the Namdini royalty and the addition of the Gold Fields portfolio, anchored by the producing San Gabriel mine, we have secured immediate cash flow and strengthened our long-term pipeline. Looking ahead, we remain active in the market, targeting assets that contribute to our industry-leading 50% growth trajectory through to 2030. However, our priority remains on accretive value creation. We will not chase growth for growth's sake or compromise our return criteria. And with that, I'd like to thank everyone for listening today. We'll now open up the line for questions, as well as questions posted on the webcast. If we don't get to all the questions on the line, we'll make sure we respond offline to those that we don't get to cover on this webcast.
