Osisko Gold Royalties (OR) an interesting small cap to look into as the October $15/$12.50 bull risk reversals traded 3,465X on 6/11 and a net debit and another 3,445 traded on 6/14 at an even larger net debit. OR has been a solid performer in 2021 with shares +17.5% YTD and quietly broke out in May above a downtrend that started with its debut in 2014 of lower highs. It has a longer-term measured move now up to $20 on the monthly chart. Osisko is engaged in the business of acquiring and managing precious metal and other high-quality royalties, streams and similar interests. Osisko’s cornerstone asset is a 5% NSR royalty on the Canadian Malartic mine, located in Canada and operated by Agnico and Yamana. Canadian Malartic is Canada’s largest producing gold mine. The operation processed a record 62,000 tonnes per day during the fourth quarter of 2020. Mining is transitioning from the Canadian Malartic pit to the Barnat pit, which is now in commercial production, and 70% of the total tonnes mined in 2021 are expected to come from the higher grade Barnat pit. In November 2020, Osisko completed the spin out transaction of its mining assets and certain equity investments to Osisko Development, a newly created company engaged in the exploration, evaluation and development of mining projects in Canada and in Mexico.  OR has a market cap of $2.5B and trades 21X FY21 EBITDA. Gold metal prices and robust deliveries led to strong results for Osisko in Q1, as Sandeep said, including record revenues and cash margins as well as solid operating cash flows from the Royalty and Stream business including record revenues and cash margins as well as solid operating cash flows from the Royalty and Stream business. OR is expecting the Mantos expansion next year to produce 1.2M annual silver ounces, a key asset. Management was very positive on the latest call for its growth catalysts for new producing assets saying current production justifies its market cap.