Osisko Gold Royalties (TSX:OR) reported third-quarter financial results on Thursday. The transcript from the company’s third-quarter earnings call has been provided below.
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Summary
Osisko Gold Royalties reported a 26% increase in revenue and 21% rise in operating cash flow, with adjusted earnings per share up 29% year over year.
The company added three new producing assets, bringing the total to 25, and maintained its annual GEO guidance range of 80,000 to 90,000.
Significant updates include the successful commissioning of Kuyukuyu and Amulsar mines, and ongoing developments at Canadian Malartic and Hermosa, with future growth through 2030 fully funded.
The company plans to maintain a disciplined capital allocation strategy, focusing on high-quality royalty and stream assets without NAV-dilutive deals.
Future outlook remains positive with expected growth in GEOs by 2030, driven by a diverse portfolio and strategic investments, while maintaining flexibility for potential acquisitions.
Full Transcript
OPERATOR
Good morning, ladies and gentlemen, and welcome to our Osisko Gold Royalties Q3 2026 results conference call. After the presentation, we’ll conduct a question-and-answer session. If you’d like to ask a question, please press star followed by the number one on your telephone keypad. Please note this call is being recorded today, November 12, 2026, at 10:00 a.m. Eastern Time. I would now like to turn the meeting over to your host for today’s call, Mr. Jason Attew.
Bonjour mesdames, messieurs.
Jason Attew (President and Chief Executive Officer)
Good morning everyone and greetings from Antofagasta. Our board and management team are in Chile this week, and the day before yesterday we had the privilege of visiting Mantos Blancos, our second largest GEO contributor this quarter. This year, Mantos Blancos celebrates 65 years of continuous operation, one of the emblematic mines of northern Chile. So congratulations to everyone who has worked there over those six and a half decades. I also want to thank the Capstone team on site, Fernando, Felipe, Antonio, and Christian, among others, for their hospitality, their candor, and the quality of the dialogue.
There is no substitute for standing on the asset to understand both its challenges and its opportunities. A couple housekeeping notes before we get going. Please note that the news release and the regulatory filings are available on our website, on EDGAR, and SEDAR+. If you’re logging into the webcast, we’ll advance the slides for today’s presentation. It is also available in the Investors section of our website. Please also note there are forward-looking statements in this presentation from which actual results may differ, and that the amounts presented and discussed will be in U.S. dollars unless otherwise noted.
Fred Ruel, our CFO, is with me and will take you through the Q3 numbers momentarily. Three things to take away from our third quarter of 2026. Firstly, the model did its job. We earned 20,237 GEOs, essentially the same as the 20,326 a year ago, and turned them into 26% more revenue and 21% more operating cash flow because 96.8 cents of every revenue dollar is cash margin. In addition, adjusted earnings per share were up 29%. Second, the greenfield pipeline is now producing. Kuyukuyu, a heap leach mine in Brazil, poured its first gold on September 10th, and in Armenia at Amulsar, the heap leach asset poured its first gold on October 10th. Those, combined with Dalgaranga, which we announced last quarter, have provided our company and our shareholders exposure to three new mines, which puts the number of producing assets for our company to 25.
Thirdly, our guidance holds. The 63,734 GEOs through nine months, which is up 8% year over year, is tracking roughly to the midpoint of the 80,000 to 90,000 GEO annual guidance that we provided in February, and that’s after absorbing the Barnat pit wall incident. What went the other way this quarter? First, Agnico completed remediation of the north wall during the quarter and resumed mining in the unaffected areas of the pit on September 27th. Their estimate of the impact is unchanged: 60,000 to 80,000 fewer ounces in the second half of 2026, and up to 150,000 in each of 2027 and 2028. At our 5% royalty, that’s roughly 3,000 to 4,000 GEOs out this year and up to about 7,500 a year in 2027 and 2028. Those are our numbers, not Agnico’s, and they’re already inside our guidance.
In the quarter itself, GEOs from Canadian Malartic came in modestly ahead of our own expectations, helped by Odyssey where a record 391,000 tons were mined and East Gouldie produced 27,250 ounces. It’s important to note that Agnico is hosting a capital markets day on November 18th where we’ll be looking for more information on various assets not only at Canadian Malartic but also at Marban, AK, Upper Beaver, and Hammond Reef. All high quality projects on which Osisko Gold Royalties owns various NSR royalty coverage.
Two smaller things that did not land when we said they would. In August we told you first gold at Amulsar in September. It came on October 10. At CSA, a shipment missed a quarter-end cutoff so some silver and copper GEOs moved into the fourth quarter, and San Gabriel remains constrained by the back end of Buenaventura’s plant. We expect improvement at a measured pace over the next 18 to 24 months, and we will not guide ahead of the operator. Scoring ourselves off what we told you in August: MERBIP closing in the third quarter. It closed in July. The share buyback: it’s done. 1,007,496 shares bought for 29.1 million. What to be at our 2026 share price lows? Kuyukuyu commissioning in the fourth quarter, first pour on September 10th ahead of schedule. The Japan Gold option exercised in September. It closed on November 4. The 2030 outlook intact, and it still excludes increased GEOs from the additional Spring Valley royalty coverage and the Murray Brook stream we announced earlier this year.
Here is the one thing you will not find at any other royalty company. There are shafts being sunk under four of our assets, and this quarter every one of them moved. At Canadian Malartic, the first phase of shaft sinking finished on July 9th at 1,586 meters, with shaft-hoisted ore from East Gouldie planned for the second quarter of 2027. At Hermosa, South32 expects both the main shaft and the ventilation shaft will reach the primary production level this December quarter.
At Upper Beaver, sinking passed the halfway mark at 732 meters, and finally at Island Gold, Alamos now expects to commission its shaft in mid-2027, a quarter later than planned. A shaft is the slowest, most capital-intensive thing in mining, and our partners are paying for every meter. That is what bought-and-paid-for, zero contingent capital looks like in practice. Amulsar and Kuyukuyu are on slide 6. The one mechanic to understand: at Amulsar, our stream accrues from first production. The deliveries to Osisko Gold Royalties start once the operator repays its $150 million construction loan, and the accrued ounces then arrive in equal installments over the following 20 quarters. At current commodity prices, we expect first deliveries in the fourth quarter of 2027 or perhaps the first quarter of 2028. First royalty payments from Kuyukuyu are expected in mid-2027.
Briefly, across the rest of the portfolio, Mantos Blancos performed to expectations, as did CSA. However, on the latter, GEOs earned came in a little light with a shipment that just missed the end of the third quarter. Elsewhere, Dalgaranga continues to ramp up. Nandini has been performing to expectations, while GEOs from San Gabriel still remain challenged as Buenaventura continues to work through the bottlenecks at the back end of its plant. We’ll look to Buenaventura for specific guidance, but for those wanting more color, at its Investor Day the day before yesterday Buenaventura spoke to San Gabriel in some detail and signaled a measured ramp-up over the next 18 to 24 months. Our portfolio currently boasts 25 assets that are currently in production, with the two most recent additions already discussed, while first royalty and stream payments from both of those assets are expected over the coming quarters.
Four catalysts I’d like to mention: Agnico Eagle’s Capital Markets Day on November 18th—we expect execution detail on Canadian Malartic, Upper Beaver, and Hammond Reef; the full path to a million ounces including the second shaft we still expect in mid-2027; Windfall—on October 30, Quebec issued Gold Fields a Certificate of Authorization, principal environmental approval, and Gold Fields has said that it expects a final investment decision by February 2027 along with its 2026 provisional results; Mantos Blancos—the Phase Two pre-feasibility study for Capstone—February 1st Capital Markets Day; and Island Gold shaft commissioning in mid-2027 with underground rates targeted at 2,000 tons per day by year-end.
One line on Eagle. On October 22nd, Peru announced an agreement to acquire Victoria Gold and with it the Eagle Mine from the receiver, with closing targeted for December 31st subject to court approval. We clearly saw the announcement from Baru and their expectation to commit 1.5 billion Canadian dollars over the life of Mina Eagle. We are awaiting further information as the sales process advances toward closing in order to understand next steps. Obviously, the fact that the mine is moving from the hands of the receiver into a prospective operator is a positive step toward restarting production at Eagle.
It’s good for the Yukon, good for Baru, and we’ll have more to say when the transaction closes. Moving to slide 9. This slide is the answer to the question we get most often. The 2030 outlook of 120,000 to 135,000 GEOs is roughly 50% growth over this year, and it requires no contingent capital. Every asset in the growth bar is either producing, in construction, or fully funded by its operator. The point I would draw your eye to is on the right: as that growth arrives, Canadian Malartic’s share of our ounces falls from 38% of the 2026 guidance to about 21% of the 2030 outlook—not because Malartic shrinks, but because Amulsar, Windfall, Caribou, Hermosa, Spring Valley, South Railroad, among others, grow around it.
The concentration this year’s Barnat event exposed is diluted by the quality growth we’ve already paid for on new business. The pipeline is extremely active, and our criteria haven’t moved: no NAV-dilutive deals and a focus on complementary royalty and stream assets to our already high-quality portfolio. We can afford that selectivity because our growth through 2030, as outlined here on slide 10, is already 100% bought and paid for with zero contingent capital required.
Beyond that, we don’t comment on specific transactions until they’re signed and announced. So with that, Fred, over to you for the financial review.
Fred Ruel (Chief Financial Officer)
Thank you, Jason. Good morning, everyone. Revenues for the quarter were 90.2 million, up from 71.6 million a year ago. Twenty-six percent growth on effectively the same amount of GEOs earned, driven by realized prices of $4,204 per ounce of gold and $64.47 per ounce of silver. Cash margin was 87.3 million, or 96.8% of revenues, up from 69.3 million, or 96.7% last year. Royalties, which carry essentially no cost, contributed 56 million; streams contributed 34.2 million.
Net earnings were 55.4 million, 30 cents per basic share, against 44 cents per share in the same period a year ago. Higher net earnings in Q3 2025 came from a non-cash accounting gain of 54 million on the reclassification of Osisko Group from an associate to a non-associate. At the time, the book value of the investment was revalued at its fair value on that date, which generated a non-cash gain. More importantly, however, Q3 2026 adjusted earnings were 53.9 million, or $0.29 per share, up 29% year over year.
Cash flow from operations was 67.6 million, $0.42 per share against $0.34, so a 21% increase on a per-share basis compared to Q3 of last year. And as I stated on the last conference call, the per-share line is the one we manage the business to. Turning to the balance sheet, we ended September with 77 million of cash and 228 million drawn on the revolving credit facility for a net debt position of 151.5 million. Net debt increased slightly compared to the end of last quarter as the draft funded the various capital deployment measures as already mentioned by Jason earlier on the call, partially offset by 15 million in repayments against the facility during the quarter.
Our returns to shareholders: the Board maintained the quarterly dividend at 6 and a half cents per share, paid on October 15, or 48 consecutive quarterly dividends, with approximately 310 million returned to our shareholder through dividends to date, and a further 6 and a half cents per share dividend has been declared payable January 15, 2027. Jason already mentioned a total of roughly 1 million shares repurchased and canceled during the period, which was all completed in mid-July.
Year to date, the Company has repurchased and canceled 1.6 million common shares under the NCIB. At the end of September, the Company received a notice from SOGO of its intention to exercise its buyback option under the royalty agreement to repurchase one third of the Company’s NSR royalty on the Cascadado property for a cash consideration of 35 million. Following the buyback, the Company will retain a 0.4 NSR royalty. The buyback is expected to be effective on November 30.
This 35 million would be in addition to a separate 30 million also to be received from Galiano during the fourth quarter, marking the first of two deferred payments to be received by Osisko Gold Royalties as outlined in our announcement with respect to the Goldfields portfolio acquisition made back in February of this year. In total, that’s 65 million in cash flow coming onto the balance sheet in the fourth quarter, over and above our expected normal course operating cash flows.
Our capital allocation framework is unchanged: investment into new precious metals royalties and streams, as well as returns to shareholders through the dividend and buybacks, with ongoing debt repayment being considered normal course, all prioritized in whatever order creates the most net asset value per share. In the first half of 2026, that meant new asset acquisitions. In the final quarter of 2026, it could mean more acquisitions or opportunistic share repurchases.
Our philosophy is simple. If we don’t find and announce any accretive deals for our shareholders over this period, and no or or share loss come our way, then we’ll look to reduce the debt drawn from our facility. With our recently increased revolving credit facility, our balance sheet provides Osisko Gold Royalties with ample capacity and flexibility for our upcoming capital allocation decisions. Thanks, everyone. And back to you, Jason.
Jason Attew (President and Chief Executive Officer)
Thank you. That’s the end of our remarks. We’ll basically provide back to the operator to open it up for some questions and answers.
OPERATOR
Thank you. Ladies and gentlemen, if you would like to ask a question, please press star one. To withdraw your question, press star two. Please limit yourself to one question and one follow up. One moment, please, for your first question. Your first question comes from Tanya Jakisconek from Scotiabank. Please go ahead.
Tanya Jakisconek (Analyst at Scotiabank)
Oh, okay. Good morning. Thank you for taking my questions. I’m consolidating my three into two. All right, so can I ask on just 2027 outlook? And I know, Jason, you, you know, you provided what you look like in 2030 and I know 2027 is supposed to be a bit better than 2026 on a GEO basis. You know, obviously prices have an impact, but maybe we can just review the assets that are going to contribute on the upside. And what should we be thinking on the downside as well?
Just want to make sure at least I have my production correct for 2027 and on that as well. If I could ask about the debt, I think you mentioned that the debt repayment is lower in priority to share buybacks and transaction opportunities. So just want to confirm that and then I have a second question.
Jason Attew (President and Chief Executive Officer)
Yeah, no, thank you Tanya, good morning. Appreciate you participating in the call as always. So 2027, as we’ve stated in the past, we don’t give guidance until February of 2027 when we put our results out for Q4. However, you can appreciate, and we talked about today even from walking us from Q3 to Q4, in order to meet the midpoint of our guidance, Q4 has to do 5% more than Q3. Roughly 21,300 GEOs, and all the ingredients for the Q4 slight step-up will be in place for 2027.
That’s obviously CSA and Harmony getting more used to the asset and moving that forward. As I said in my statement, the CSA shipment that missed in September, a full quarter of that mining ore, we’ll see that in Q4; the full quarter of mining back in the Barnat pit; Nandimi will have the full 2%; and the continued ramp up at Dalgaranga. That’s where we’re very comfortable, the midpoint from a Q4 perspective, and a lot of the assets that I mentioned will obviously move into 2027. There are a number of our assets that are expanding, as you can appreciate, some of those assets that you can get more detail from the operators that we expect in 2027 to move: Island Gold; Nandimi, as I mentioned; Dalgaranga. San Gabriel is the one asset that, again, if you go to their investor presentation, it’s a lot slower ramp up than we expected when we first made the announcement. One of insurers is now basically guided to the next 18 to 24 months. It’s going to be very cautious on the ramp up there. And Kiwi QE possibly, as I mentioned in my opening remarks, it really will depend on the commodity price complex. But if Amulsar, which did produce first gold on October 10, is successful in paying off the 150 million construction loan, it is possible that we’ll receive some of those GEOs in 2027.
That’s really all I can provide until we provide the full guidance in February of 2027, Tania, but we’re always happy to have a conversation with you offline and talk you through where we see some of the catalysts in 2027.
Tanya Jakisconek (Analyst at Scotiabank)
Okay, and my second question is just on the pipeline. I always ask about this because, you know, from moment to moment, you know, these transactions, you know, appear or disappear. So just, you know, can you just talk a little bit about whether, you know, we’re still in that 100 to 300 million range that you talked about last quarter in terms of opportun— Is that what you’re seeing or are we going to the five to seven hundred or a billion dollars?
A couple of them are out there on that. How would you characterize what you’re seeing, what the structure of the deals you’re seeing and whether you’ve changed any thoughts about how you would structure your own contracts with this environment?
Jason Attew (President and Chief Executive Officer)
So it’s an excellent question, Tanya, please keep asking it because quarter over quarter things do change, as you can appreciate. So what we can tell you is we’re aware of a number of a billion-dollar-plus streams that are in various stages of processes with various operators around the world. And so as it relates to Osisko Gold Royalties, as you can appreciate, we have just over a billion dollars of available liquidity, and so our balance sheet certainly can do those larger transactions.
The question is whether we should. And the honest answer is that a billion, a billion and a half dollars of upfront capital in a single auction is very unlikely for us because anything of quality, our larger peers, as you can appreciate, have a cost of capital advantage at those sizes. And we’ve spent at least the last three years proving that we will not pay above our hurdle to win a process and essentially have a winner’s curse. That discipline is why the returns—what we did with Nandini, Spring Valley, Murray Brook, Goldfields Portfolio—are where they are, and we think they’re peer-leading returns.
Now I will provide some distinction around billion-dollar deals because billion-dollar deals can come in two formats. They can come in a headline value or, as I mentioned before, upfront capital, and they’re very two different things. A billion-dollar development stream funded against construction milestones over a two- or three-year build is, in cash terms, as you can appreciate, 200 to 400 million a year. We match those to a project spend protected by completion tests and security.
That’s a transaction we can do inside this facility without issuing a share. And it’s a structure where we believe, as a mid-cap, our speed and flexibility are worth more to a counterparty than our larger peers’ balance sheet. But to answer the question: so a billion-dollar headline, perhaps yes. A billion-dollar, billion-and-a-half-dollar check on day one? Probably not. But the core for us of our pipeline is still, as I mentioned on the conference call and our Q2, somewhere between 50 and 300 million.
We still want to obviously be very focused in precious metals—Canada, US, Australia. The ticket sizes in the market may have gone up, as you correctly pointed out, but we will continue to be very disciplined on our returns and very focused on the per-share metrics that you’re aware of for our shareholders.
Tanya Jakisconek (Analyst at Scotiabank)
And Jason, just to complete that, I asked about the change in the structure of the deals as you think about this because it is a dynamic environment. Are you thinking—when I say structure of the deal, there’s always a stream component, there’s an equity component, a debt component—and now I’ve seen increase in land package. How would that be different from what you’re looking at? Or maybe you’re looking at something else.
Jason Attew (President and Chief Executive Officer)
Yeah, so you’re absolutely on point. I mean, the structure has evolved over the course of time and there’s many transactions that involve, as you say, all the components. So we are looking at transactions that effectively do fully fund our counterparties through the various instruments that you mentioned. As long as, again, we have the appropriate security that we’re comfortable with and we get the appropriate return for our shareholders, we’re comfortable in providing those type of packages to counterparties.
Tanya Jakisconek (Analyst at Scotiabank)
Okay, thank you so much for taking my questions, which I hope I squeezed into two.
Jason Attew (President and Chief Executive Officer)
Thank you, Tanya, have a great morning.
OPERATOR
Your next question comes from John Tumasos from Very Independent Research. Please go ahead.
John Tumazos (Analyst at Very Independent Research)
Thank you for taking my question. Looking at your 2030 forecast and the development and exploration projects beyond your forecast, I guess Casca Bell is the biggest of those prospective future contributors. Which ones do you think are number two, three and four that might come in between 2030 and 35?
Jason Attew (President and Chief Executive Officer)
Yeah, it’s a really good question, John. So thank you for that. We do have a long tail of optionality, obviously, within our portfolio. We do see things, you know, from 2030 to 2035. We have a nice royalty in an asset called Casino, as you’re aware, in the Yukon. I think the biggest driver for us, though, comes back to our major cornerstone asset in Canadian Malartic. The growth to 2030 does not include the second shaft, as I think you’re aware, and you’re going to meet with the Agnico people next week.
The second shaft and the expansion, and their journey to a million ounces, which also includes, as I said in my opening remarks, a number of assets we have royalties on that comes next decade. So you can think of those two assets as the biggest single drivers of our growth beyond 2030. And again, there’s obviously Cascabel that is a very—it’s a world-class asset, as I think you know. And now it’s got an operator there that really is moving this forward, and we expect, again, in the next decade we’ll be receiving significant GEOs from it.
John Tumazos (Analyst at Very Independent Research)
Thank you. And once again, you don’t need to contribute any money for those because you’ve already bought in.
Jason Attew (President and Chief Executive Officer)
Everything is bought and paid for. There’s no contingent capital associated with the assets that I mentioned.
John Tumazos (Analyst at Very Independent Research)
How about the lithium in the north of Quebec? You didn’t mention that as one of the big early ones. Is that moving a little bit more slowly?
Jason Attew (President and Chief Executive Officer)
You’re talking PMET’s asset, the old—what was named Corvette.
John Tumazos (Analyst at Very Independent Research)
The company used to be called Patriot, but now it has a big aboriginal name that I can’t pronounce.
Jason Attew (President and Chief Executive Officer)
So yeah, again, that one, in our estimation, will come in—and again, careful here not to… The operator has obviously got guidance out there as well. You can follow that in terms of when they expect to actually get production. We have not put it, by design, in our 2030 outlook. We could, and it is in our optionality bar from 2030 to 2035. So is there an expectation that, yes, we’ll be getting GEOs or lithium product when that’s up in operation? Obviously, you’ve probably heard me say before, Quebec, I believe, is the best mining jurisdiction on the globe. It’s not only got all the components with respect to the geology, but it’s also got the talent, it’s got the regulatory environment, it’s got a really conducive environment for projects to move forward. Clearly, this is a critical mineral, but we have not put it, to be very clear, in our 2030 outlook. That may change as things get progressed by PMET, but right now it’s not in there, and it continues to sit in the optionality bar—2030 and beyond.
John Tumazos (Analyst at Very Independent Research)
Horne 5 is another one you didn’t mention. And Eagle, miraculously, Eagle looks like it could come in ’29 or ’30.
Jason Attew (President and Chief Executive Officer)
Yeah. Maybe I’ll start with Eagle first, because that’s obviously quite topical and we’ve seen the news and I mentioned it. The buyer has agreed to buy Victoria Gold, and they are committing, or expect to commit, $1.5 billion Canadian. Our 5% NSR interest is a registered interest in the property; it is an interest in the land, which is, from a security perspective, what you want to have in these situations. What we can tell you—and what I said in remarks—we’re obviously following the court process very closely.
I think it’s inappropriate for us to comment at this stage while it’s before the court. The royalty runs with the land, and as far as we’re aware, every party that was in the process treated it that way. And you’re also aware we took the impairment in 2024—we wrote it down to effectively zero. So anything that might happen within Eagle in the Yukon is just pure upside for ourselves. So again, we’re obviously following what’s going on. It’s important to us, and we’ll report back when appropriate.
With respect to Horne 5, as you know, that’s obviously a very, very nice asset in Quebec. It’s still subject to permits. I would suggest you talk to that management team around when the expectation of permits is going to come in. But it is significant upside for us if and when the permits do come to Falco.
John Tumazos (Analyst at Very Independent Research)
Thank you and congratulations. I’m happy to be a shareholder.
Jason Attew (President and Chief Executive Officer)
Thank you, John. Appreciate your support.
OPERATOR
Ladies and gentlemen, as a reminder, if you’d like to ask a question, please press star one. Your next question comes from Derek Ma from TD Cowen. Please go ahead.
Derek Ma (Analyst at TD Cowen)
Thank you. Branching off Tanya’s questions, liquidity for the entire royalty industry has continued to rise despite very strong deal execution over the past 12 months. If we were to bifurcate the market into sub–billion dollar deals alone, is there enough supply in the market for all the cash that’s being generated by the royalty companies—considering especially that not all the payments are upfront—or does demand kind of outstrip supply without these mega transactions and liquidity for the group will continue to grow?
Sorry, that was a bit long-winded.
Jason Attew (President and Chief Executive Officer)
Excellent question, and thank you for that, Derek. What I would say is, obviously, where the commodity complex is, every single one of the seniors, mid-cap, and junior royalty companies are doing incredibly well. Our margins have obviously expanded, fixed costs for our companies are pretty stable, we’re not subject to the inflationary components of the operating partners that we have. What I would tell you is, in terms of the opportunity set, it is very, very good—and just to tell you what we’re seeing, I do believe that the validation by BHP on the Antamina transaction has really got the attention of not only the senior diversifieds but every company out there that has a secondary byproduct in precious.
So I do believe—you know I talked about our core pipeline being 50 to 300—we certainly are seeing ample opportunity. Our corporate development and our technical team are visiting assets all over the world. From our perspective, from an execution, it really comes down to, again, cost of capital and making sure that we’re doing right by our shareholders and doing NAV-accretive deals. So the short answer is yes, there’s plenty of opportunity that we see.
We think there’s enough opportunity for all the parties, especially the five large ones, the large caps and the two mid caps that you’d be aware of. And so we couldn’t be more pleased with the opportunities out there, but we just continue to be disciplined, as I’ve preached for many years.
Derek Ma (Analyst at TD Cowen)
Okay, thank you. Good luck.
Jason Attew (President and Chief Executive Officer)
Thanks, Derek.
OPERATOR
And there are no further questions at this time. I will turn the call back over to Jason Attew for closing remarks.
Jason Attew (President and Chief Executive Officer)
Thank you, operator, and really do appreciate everybody’s time. Again, we’re going to sign off from Antofagasta here, but the last thing that I would say is if anyone on the line has any questions—we take a lot of pride—any questions, comments, observations, or insight on our business, we take a lot of pride in this management team having full access to our owners. So please do reach out to Grant Heather; you’ll have their contacts or you can find them on the website.
And we look forward to further engagement. Thank you very much for your time this morning.
OPERATOR
Ladies and gentlemen, this concludes today’s conference call. You may now disconnect. Thank you.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.