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Globe and Mail
4 days ago
- Business
- Globe and Mail
Positive Updates on Select Development Assets Outside of Current 5-Year Outlook & Acquisition of Silver Stream on South Railroad Project
MONTRÉAL, June 02, 2025 (GLOBE NEWSWIRE) -- OR Royalties Inc. (the ' Company ' or ' OR Royalties ' or ' OR ') (OR: TSX & NYSE) is pleased to provide the following select asset updates. Amounts presented are in United States dollars, except where otherwise noted. Jason Attew, President & CEO of OR Royalties commented: 'Today's update further demonstrates the embedded material optionality within OR Royalties' robust asset portfolio. None of the assets highlighted herein are included in OR's current five-year GEO delivery growth outlook of 110,000 – 125,000 GEOs, however, based on the recent positive news associated with each, some or all may potentially be included in future iterations of our 5-year growth outlook. We are also pleased to announce the acquisition of a 100% silver stream on Orla Mining's South Railroad project in Nevada, further increasing our Company's exposure to Tier-1 1 mining jurisdictions.' South Railroad (operated by Orla Mining Ltd.) On May 19 th, Osisko Bermuda Limited ('OBL'), a wholly-owned subsidiary of OR Royalites, completed the acquisition of a 100% silver stream ('Silver Stream') from a fund managed by Orion Resource Partners (USA) LP ('Orion') with reference to production from Orla Mining Ltd.'s ('Orla') South Railroad project and Jasperiod Wash deposit (collectively, the 'Project') located in Elko County, Nevada, USA. Orla is planning to release an updated Feasibility Study ('FS') for South Railroad by end-of-year 2025 and anticipates receiving final permits by mid-2026, followed by a projected pre-production construction timeline of approximately 12 months. Consequently, first production from South Railroad could occur as early as 2027. South Railroad is expected to be an open-pit heap-leach mine, using conventional processing methods, resulting in on-site doré production. Pursuant to the Silver Stream agreement, OBL will purchase refined silver equal to 100% of the recovered silver produced from the Project for the life of mine at a price equal to 15% of the prevailing market price of silver. The Silver Stream is secured by the property and assets relating to the Project. OBL paid Orion $13 million on closing representing the total consideration for the purchase of the Silver Stream. Orla is a multi-asset mid-tier gold producer; the company constructed and continues to operate the Camino Rojo open-pit heap-leach gold project in Mexico, and recently acquired the operating Musselwhite gold mine from Newmont Corp. Spring Valley (operated by Solidus Resources, LLC, a wholly-owned subsidiary of Waterton Mining) OR Royalties is pleased to report that the United States Bureau of Land Management ('BLM') has announced an expected release for a Final Environmental Impact Statement on Solidus Resources, LLC's ('Solidus') Spring Valley gold project by July 11th, 2025 2. In addition, the BLM has guided for a Record of Decision by August 11th, 2025. This is expected to allow for project construction to commence in the third quarter of 2025. On May 13, 2025, Solidus announced the receipt of a Letter of Interest from the Export-Import Bank of the United States (EXIM) regarding the potential financing of up to $835,000,000 for the Spring Valley Project 3. The funding for this project is being considered under EXIM's Make More in America initiative and its China and Transformational Exports Program. Solidus released the results of the Spring Valley FS in February 2025, which outlined a +10-year life-of-mine ('LOM') averaging over 300 thousand ounces ('koz') of gold ('Au') per year (excluding a residual year of gold leaching), with 348koz Au expected to be produced per year over the first five years. Spring Valley is envisaged as a single, large open-pit mine with a LOM strip ratio of 2.9:1. The FS was based on a Probable Mineral Reserve of 243 million short tons, grading 0.016 oz/ton Au for 3.8 million ounces ('Moz') contained Au. Production estimates are based on an average LOM gold recovery rate of 80.5%. OR Royalties owns a 2.0% to 3.5% net smelter return ('NSR') royalty on the core of the Spring Valley deposit, and a 0.5% NSR royalty on peripheral claims, the latter of which comprises only a small percentage of the overall defined Mineral Resource. The majority of the current pit constrained resource sits within OR Royalties' 3.5% NSR royalty area. The royalty on the core claims becomes payable once 500koz Au are recovered from Spring Valley. Cariboo (operated by Osisko Development Corp.) In late April 2025, Osisko Development Corp. ('Osisko Development') announced the results of a positive Optimized Feasibility Study ("OFS") for its permitted, 100%-owned Cariboo gold project ("Cariboo'), located in central British Columbia, Canada. The 2025 OFS was completed by BBA Engineering Ltd. as lead independent consultant and supported by other independent engineering firms. The OFS outlined a 10-year LOM averaging approximately 190koz Au per year, with 202koz Au expected per year over the first five years. Production estimates are based on an average LOM gold recovery rate of 92.6%. According to the OFS, the project will now proceed through a single-phase construction period, and subsequently ramp-up directly to nameplate capacity of 4,900 tonnes per day, which is aligned with the existing permitting framework. The OFS also outlined streamlined processing facilities into a single location and improved flowsheet design with incorporation of a gravity circuit, as well as production of a higher-grade concentrate end-product. The FS was based on a Probable Mineral Reserve of 17.8 million tonnes, grading 3.62 grams per tonne gold ('g/t Au') for 2.071Moz contained Au. Production estimates are based on an average LOM gold recovery rate of 92.6%. Cariboo is a fully permitted project, and subject to financing, first gold production from Cariboo could come as early as the second half of 2027 assuming construction commences in the third quarter of 2025. OR Royalties owns a 5.0% NSR royalty on the Cariboo property. Amulsar (operated by United Gold) In early June, OBL completed the sale of its ownership interest in Lydian Armenia CJSC and the Amulsar mine to United Gold, a private gold development company. Concurrently, OBL entered into an amended and restated purchase and sale agreement (gold and silver) (the 'Stream Agreement') and an amended and restated credit agreement (the 'Credit Agreement'). Pursuant to the Stream Agreement, OBL will purchase (i) refined gold equal to 3.34% of payable gold produced from the mine until ~82.3koz Au have been delivered and 1.31% of payable gold thereafter for the remaining LOM, and (ii) refined silver equal to 49.22% of payable silver produced from the mine until ~1.03Moz Ag have been delivered and 19.69% of payable silver thereafter for the remaining LOM. OBL shall pay a fixed $400 and $4.00 for each ounce of refined gold and refined silver delivered, respectively. Deliveries under the gold and silver stream shall commence upon repayment of a new third-party $150 million construction loan (expected ~4 years from the restart of construction) (the 'Delivery Start Date'). Gold and silver production attributable to OBL under the Stream Agreement prior to the Delivery Start Date shall be accrued and delivered in equal quantities over the 20 quarters following the Delivery Start Date. The previous stream cap, buy-back options in favour of the operator, and purchase price inflation adjustment have been eliminated. The existing unsecured gold offtake agreement has also been terminated. The amended gold and silver stream is secured against the assets of the Amulsar mine. Based on current estimates provided by United Gold, Amulsar is expected to produce approximately 168koz Au and 140koz Ag per annum over an initial 16-year mine life. Additionally, pursuant to the Credit Agreement, United will pay to OBL approximately $26.5 million plus accrued interest. Interest shall accrue at a fixed rate of 8% per annum. Payments under the Credit Agreement shall commence on the Delivery Start Date. The Credit Facility is secured against the assets of the Amulsar mine, pari passu with the Stream Agreement. Upper Beaver (operated by Agnico Eagle Mines Ltd.) In late April 2025, Agnico Eagle Mines Ltd. ('Agnico Eagle') provided an update on its 100%-owned Upper Beaver project ('Upper Beaver') located in the Kirkland Lake camp of northeastern Ontario; a camp which also includes the Upper Canada and Anoki-McBean deposits. In June 2024, Agnico Eagle completed a positive internal evaluation for a standalone mine and mill scenario at Upper Beaver, with the project having the potential to produce an annual average of approximately 210koz Au and 3,600 tonnes of copper over a 13-year LOM starting in 2031. In addition, Agnico Eagle believes that a standalone mine and mill at Upper Beaver could have the potential to unlock significant development potential at depth and within satellite deposits, including the Upper Canada and Anoki-McBean exploration projects. In July 2024, Agnico Eagle approved a $200 million investment over approximately three years to further de-risk the project, with work that will include developing an exploration ramp and an exploration shaft to depths of 160 metres and 760 metres, respectively, to establish underground drilling platforms and to collect bulk samples. In the second half of 2024 the shaft collar was excavated, the foundation for the headframe was completed and the power line was commissioned and energized. In the first quarter of 2025, installation of the structural steel for the exploration shaft head frame commenced. At the hoist room, the steel structure and cladding were completed during the quarter. Sinking of the exploration shaft is expected to commence in the fourth quarter of 2025. Excavation of the box cut for the ramp portal was completed during the first quarter of 2025 and excavation of the exploration ramp is expected to commence in the fourth quarter of 2025. Agnico Eagle is also advancing permitting and conducting several studies for the preparation of the impact assessment at Upper Beaver. Agnico Eagle expects to submit an impact assessment in late 2025. OR Royalties owns a 2.0% NSR royalty on the Upper Beaver project, as well as a 2% NSR royalty that covers most of Agnico Eagle's Kirkland Lake regional properties, including Amalgamated Kirkland, Anoki-McBean, Bidgood, and Upper Canada. Ermitaño (operated by First Majestic Silver Corp.) In 2024, First Majestic Silver Corp. ('First Majestic') announced the discovery of the Navidad vein system, a new significant, vein-hosted gold and silver mineralized system adjacent to its currently producing Ermitaño mine. The drilling completed during the second half of 2024 significantly expanded the gold and silver mineralization discovered at the Navidad target. During 2025, additional drilling from surface is planned to continue testing the potential expansion of Navidad, which remains open in multiple directions. Expansionary and infill resource definition drilling will also take place from multiple new underground drilling stations constructed from the Ermitaño mine. Five drill rigs are currently active at Navidad. In late March 2025, First Majestic announced its 2024 Mineral Reserve and Mineral Resource Estimates for the Ermitaño deposit. As part of the update, First Majestic announced an initial Inferred Mineral Resource at Navidad, consisting of 2.3Mt grading 81 grams per tonne silver ('g/t Ag') and 3.42 g/t Au, and containing 5.9Moz Ag and 249koz Au. To date, only a portion of the newly delineated vein system has been classified within the Inferred Mineral Resource Estimate, with significant upside potential to be realized by First Majestic through additional drilling. On May 28 th, 2025, First Majestic announced drill results targeting the Winter vein more than 100 meters east of prior drilling and intersected some of the highest-grade mineralization ever encountered on the Santa Elena Property: 6.8 meters grading 14.8 g/t Au and 642 g/t Ag. Five additional significant intersections were cut further downhole including that of the Navidad vein. Resource conversion drilling confirms the continuity of precious metal mineralization and, in general, returned significantly higher gold and silver grades than estimated from prior drilling. Independent third-party metallurgical testing of Navidad and Winter mineralization under current mineral processing parameters for the Santa Elena processing plant was completed during the fall of 2024. The testing revealed exceptional gold and silver recovery rates with gold recoveries consistently exceeding 90% and silver recoveries exceeding 85%. The results firmly establish that Navidad's mineralization is compatible with the existing processing infrastructure at First Majestic's Santa Elena operation. OR Royalties' 2.0% NSR royalty on Ermitaño includes Navidad, the Cumobabi property, as well as the Luna Zone. Wharekirauponga (Operated by OceanaGold Corporation) In early March 2025, OceanaGold Corporation ('OceanaGold') announced a significant milestone in that it had lodged its application for the grant of Fast-track approvals for the Waihi North Project ("WNP"), which includes Wharekirauponga Underground ("WUG"), under New Zealand's Fast-track Approvals Act 2024 (the "Act"). OceanaGold expects WNP to be fully-permitted (subject to any appeals) under the Act by the end of 2025. This timetable would allow OceanaGold to commence decline and underground development work for the proposed WUG mine in 2026. In 2025, $40-45 million of early works not requiring Fast-track approvals have been planned. In addition, OceanaGold also announced drill results from WUG which continued to demonstrate the continuity and upside potential beyond the 1.2 Moz of Mineral Reserves declared within OceanaGold's WNP Prefeasibility Study ('PFS'), released in December 2024. The Mineral Reserve Estimate for WUG includes Probable Reserves of 4.1 Mt grading 9.2 g/t Au, containing 1.2Moz Au. MUG is expected to be the primary ore source until 2033, when mining transitions to WUG OR Royalties owns a 2.0% NSR royalty on the Waihi West and WUG. Prior to the full-scale development of WUG, a small amount of ore from the currently operating MUG mine is expected to be sourced from within the Waihi West royalty boundary. Sources for Technical Information: South Railroad Operator Website: (Asset profile) Orla Mining Ltd. press release (dated 2025-03-18) (Asset profile) Orla Mining Ltd. press release (dated 2025-05-12) (Asset profile) NI 43-101 Technical Report – South Railroad Project Feasibility Study, Elko County, Nevada (issue date 2022-03-14) (Asset profile, Mineral Reserves and Mineral Resources, LOM, LOM Production) Spring Valley Operator Website: (Asset Profile) BLM National NEPA Register – Spring Valley Mine Project (dated 2024-04-18) (Asset profile) United States Federal Register Notice (dated 2024-03-18) (Asset profile) Solidus Resources press release (dated 2025-02-18) (Asset profile) Solidus Resources press release (dated 2025-02-18) (Mineral Resources and Mineral Reserves, LOM, LOM Production, Asset profile) Solidus Resource press release (dated 2025-05-13) (Asset profile) Cariboo Operator Website: (Asset profile) Osisko Development Corp. press release (dated 2025-04-28) (Asset profile, Mineral Reserves and Mineral Resources, LOM, LOM Production) Amulsar ArmenPress press release (dated 2025-03-05) (Asset profile) ArmenPress press release (dated 2025-04-11) (Asset profile) Feasibility Study Technical Report Amulsar Project Armenia (filed 2019-10-16) (can be found on under the issuer Lydian International Limited). Note that the internal estimates provided by United Gold are not otherwise publicly disclosed. Upper Beaver Operator website: (Asset profile) Agnico Eagle press release (dated 2024-07-31) (Asset profile, Mineral Resources) Agnico Eagle press release (dated 2025-02-13) (Asset profile, LOM, LOM Production, Mineral Resources) Agnico Eagle press release (dated 2025-02-13) (Asset profile, Mineral Resources) Agnico Eagle press release (dated 2025-04-24) (Asset Profile) Ermitaño First Majestic Santa Elena (including Ermitaño) project website: (Asset profile) First Majestic press release (dated 2025-02-04) (Asset profile) First Majestic press release (dated 2025-02-20) (Asset profile) First Majestic Management's Discussion and Analysis for the Year and Quarter Ended December 31, 2024 (dated 2025-02-20) (Asset Profile) First Majestic press release (dated 2025-04-01) (Asset Profile, Mineral Reserves and Mineral Resources) First Majestic press release (dated 2025-05-28) (Asset Profile) First Majestic Proven and Probable Mineral Reserve Estimates with an Effective Date of December 31, 2024 (dated 2025-04-01) (Mineral Reserves and Mineral Resources) Wharekirauponga Operator website: (Asset profile) OceanaGold Corporation press release (dated 2024-10-16) (Asset profile) OceanaGold Corporation press release (dated 2024-12-18) (Asset profile) OceanaGold Corporation press release (dated 2024-12-11) (LOM, LOM Production, Mineral Reserves and Mineral Resources) OceanaGold Corporation press release (dated 2025-03-04) (Asset profile) NI 43-101 Technical Report – Waihi District Pre-feasibility Study, New Zealand (fling date 2024-12-11) (LOM, LOM Production, Mineral Reserves and Mineral Resources) Qualified Person The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, Ph.D., Vice President, Project Evaluation at OR Royalties Inc., who is a 'qualified person' as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ('NI 43-101'). About OR Royalties Inc. OR Royalties Inc is an intermediate precious metal royalty company which holds a North American focused portfolio of over 195 royalties, streams and precious metal offtakes, including 21 producing assets. OR Royalties' portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, home to one of Canada's largest gold mines. OR Royalties' head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2. Forward-Looking Statements Certain statements contained in this press release may be deemed 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, that OR Royalties will meet its five-year growth outlook estimate, that development and milestones to be achieved by operators of the properties in which the Company holds interest will be achieved in a timely manner and that some of the assets highlighted in this press release may potentially be included in future iterations of the Company's five-year outlook. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential', 'scheduled' and similar expressions or variations (including negative variations), or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of OR Royalties, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which OR Royalties holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from Mineral Resource Estimates or production forecasts by operators, (d) differences in conversion rate from Mineral Resources to Mineral Reserves and ability to replace Mineral Resources, (e) the unfavorable outcome of any challenges or litigation relating title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks, (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by OR Royalties, (b) a trade war or new tariff barriers, (c) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (d) regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies, regulations and political or economic developments in any of the countries where properties in which OR Royalties holds a royalty, stream or other interest are located or through which they are held, (e) continued availability of capital and financing and general economic, market or business conditions, and (f) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on OR Royalties' business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by OR Royalties, (b) the integration of acquired assets or (c) the determination of OR Royalties' PFIC status (d) that preliminary financial information may be subject to quarter end adjustments. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in OR Royalties' ongoing income and assets relating to determination of its PFIC status, and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which OR Royalties holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets. For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of OR Royalties filed on SEDAR+ at and EDGAR at which also provides additional general assumptions in connection with these statements. OR Royalties cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. OR Royalties believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward-looking statements and such forward-looking statements included in this press release are not guarantee of future performance and should not be unduly relied upon. In this press release, OR Royalties relies on information publicly disclosed by other issuers and third parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. These statements speak only as of the date of this press release. OR Royalties undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.
Yahoo
07-05-2025
- Business
- Yahoo
Osisko Reports Q1 2025 Results
Jason Attew, President & CEO of Osisko commented: 'Osisko's first quarter represented a good start for the Company in 2025 and serves as a solid base for Osisko to achieve its 2025 guidance range of 80,000 to 88,000 GEOs earned, especially considering that the Company's GEO deliveries are expected to sequentially improve quarter-by-quarter throughout the remainder of the year ahead. Declaration of a quarterly dividend of US$0.055 per common share, a 20% increase over the previous quarterly dividend, based on the foreign exchange rate (C$/US$) on the declaration date of the first quarter dividend. The dividend will be paid on July 15, 2025 to shareholders of record as of the close of business on June 30, 2025. Acquisition of a basket of royalties across various projects in British Columbia from Sable Resources Ltd. ('Sable Resources') for consideration of C$3.8 million, as well as certain rights in relation to the future acquisition of similar interests from Sable Resources; Declaration of a quarterly dividend of C$0.065 per common share paid on April 15, 2025 to shareholders of record as of the close of business on March 31, 2025. MONTRÉAL, May 07, 2025 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the ' Company ' or ' Osisko ') (OR: TSX & NYSE) today announced its consolidated financial results for the first quarter of 2025. Amounts presented are in United States dollars, except where otherwise noted. Story Continues Looking ahead over the next few months, there are several upcoming catalysts to watch out for, including, but not limited to, Osisko Development's project financing initiatives on the back of last week's Optimized Feasibility Study results for the fully-permitted Cariboo gold project; a new life-of-mine plan at Alamos Gold's Island Gold District; and finally, the anticipated Implementation of the Scheme of Arrangement between Spartan Resources and Ramelius Resources, which, if implemented, could accelerate first production from Dalgaranga to late 2025, a full year ahead of Osisko's expectations when we acquired the Dalgaranga 1.8% gross smelter return royalty in late September of 2024.' Norman MacDonald, Board Chair of Osisko, also commented: 'Tomorrow's Annual and Special Meeting of Shareholders will mark the end of Joanne Ferstman's tenure as an Independent Director on Osisko's Board. Joanne has been on Osisko's Board of Directors from the very beginning, and, as such, both Board and Management would like to wholeheartedly thank Joanne for her many years of leadership, guidance and service. Her attention to detail and dedication to realizing the Company's strategic vision, amongst her many other skills, will be missed. We would also like to wish Joanne all the best in her future endeavours.' Q1 2025 RESULTS CONFERENCE AND WEBCAST CALL DETAILS Conference Call: Thursday, May 8th, 2025 at 10:00 am ET Dial-in Numbers: (Option 1) North American Toll-Free: 1 (800) 717-1738 Local – Montreal: 1 (514) 400-3792 Local – Toronto: 1 (289) 514-5100 Local – New York: 1 (646) 307-1865 Conference ID: 33088 Webcast link: (Option 2) Replay (available until Sunday, June 8th, at 11:59 PM ET): North American Toll-Free: 1 (888) 660-6264 Local – Toronto: 1 (289) 819-1325 Local – New York: 1 (646) 517-3975 Playback Passcode: 33088# Replay also available on our website at Annual and Special Meeting of Shareholders The Company's 2025 Annual and Special Meeting of shareholders will be held on May 8, 2025 in Montréal, Québec. Qualified Person The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, Ph.D., Vice President, Project Evaluation at Osisko Gold Royalties Ltd, who is a 'qualified person' as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ('NI 43-101'). About Osisko Gold Royalties Ltd Osisko Gold Royalties Ltd is an intermediate precious metal royalty company which holds a North American focused portfolio of over 195 royalties, streams and precious metal offtakes, including 21 producing assets. Osisko's portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, home to one of Canada's largest gold mines. Osisko's head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2. For further information, please contact Osisko Gold Royalties Ltd: Grant Moenting Vice President, Capital Markets Tel: (514) 940-0670 x116 Cell: (365) 275-1954 Email: gmoenting@ Heather Taylor Vice President, Sustainability and Communications Tel: (514) 940-0670 x105 Email: htaylor@ Notes: (1) Gold Equivalent Ounces GEOs are calculated on a quarterly basis and include royalties and streams. Silver ounces and copper tonnes earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces or copper tonnes by the average silver price per ounce or copper price per tonne for the period and dividing by the average gold price per ounce for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue by the average gold price per ounce for the period. Average Metal Prices and Exchange Rate Three months ended March 31, 2025 2024 Gold (i) $ 2,860 $ 2,070 Silver (ii) $ 31.88 $ 23.34 Copper (iii) $ 9,340 $ 8,438 Exchange rate (C$/US$) (iv) 0.6968 0.7415 (i) The average price represents the London Bullion Market Association's PM price in U.S. dollars per ounce. (ii) The average price represents the London Bullion Market Association's price in U.S. dollars per ounce. (iii) The average price represents the London Metal Exchange's price in U.S. dollars per tonne. (iv) Bank of Canada daily rate. (2) Three months ended March 31, 2024 ('Q1 2024'). (3) Non-IFRS Measures Cash margin Cash margin in dollars and in percentage of revenues are non-IFRS financial measures. Cash margin (in dollars) is defined by Osisko as revenues less cost of sales (excluding depletion). Cash margin (in percentage of revenues) is obtained from the cash margin (in dollars) divided by revenues. Management uses cash margin in dollars and in percentage of revenues to evaluate Osisko's ability to generate positive cash flow from its royalty, stream and other interests. Management and certain investors also use this information, together with measures determined in accordance with IFRS Accounting Standards such as gross margin and operating cash flows, to evaluate Osisko's performance relative to peers in the mining industry who present these measures on a similar basis. Cash margin in dollars and in percentage of revenues are only intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers. A reconciliation of the cash margin per type of interests (in thousands of dollars and in percentage of revenues) is presented below: Three months ended March 31, 2025 2024 $ $ Royalty interests Revenues 36,790 33,029 Less: cost of sales (excluding depletion) (145 ) (78 ) Cash margin (in dollars) 36,645 32,951 Depletion (2,710 ) (4,104 ) Gross profit 33,935 28,847 Stream interests Revenues 18,126 12,018 Less: cost of sales (excluding depletion) (1,474 ) (1,281 ) Cash margin (in dollars) 16,652 10,737 Depletion (5,034 ) (4,442 ) Gross profit 11,618 6,295 Royalty and stream interests Total cash margin (in dollars) 53,297 43,688 Divided by: total revenues 54,916 45,047 Cash margin (in percentage of revenues) 97.1 % 97.0 % Total – Gross profit 45,553 35,142 Adjusted earnings and adjusted earnings per basic share Adjusted earnings and adjusted earnings per basic share are non-IFRS financial measures and are defined by Osisko by excluding the following items from net earnings (loss) and earnings (loss) per share: foreign exchange gains (losses), impairment charges and reversal related to royalty, stream and other interests, changes in allowance for expected credit losses, write-offs and impairment of investments, gains (losses) on disposal of assets, gains (losses) on investments, share of income (loss) of associates, transaction costs and other items such as non-cash gains (losses), as well as the impact of income taxes on these items. Adjusted earnings per basic share is obtained from the adjusted earnings divided by the weighted average number of common shares outstanding for the period. Management uses adjusted earnings and adjusted earnings per basic share to evaluate the underlying operating performance of Osisko as a whole for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its consolidated financial statements. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards such as net earnings (loss) and net earnings (loss) per basic share, investors and analysts use adjusted earnings and adjusted earnings per basic share to evaluate the results of the underlying business of Osisko, particularly since the excluded items are typically not included in Osisko's annual guidance. While the adjustments to net earnings (loss) and net earnings (loss) per basic share in these measures include items that are both recurring and non-recurring, management believes that adjusted earnings and adjusted net earnings per basic share are useful measures of Osisko's performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of the core operating results from period to period, are not always reflective of the underlying operating performance of the business and/or are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per basic share are intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers. A reconciliation of net earnings to adjusted net earnings is presented below: Three months ended March 31, 2025 2024 (in thousands of dollars, except per share amounts) $ $ Net earnings 25,640 11,169 Adjustments: Foreign exchange (gain) loss (160 ) 2,411 Share of loss of associates 3,752 10,053 Changes in allowance for expected credit losses and write-offs - (1,399 ) Loss (gain) on investments 286 (388 ) Tax impact of adjustments (41 ) 136 Adjusted earnings 29,477 22,032 Weighted average number of common shares outstanding (000's) 186,979 185,761 Adjusted earnings per basic share 0.16 0.12 Forward-Looking Statements Certain statements contained in this press release may be deemed 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, that Osisko will meet its guidance estimate, that development and milestones to be achieved by operators of the properties in which the Company holds interest will be achieved in a timely manner. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential', 'scheduled' and similar expressions or variations (including negative variations), or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of Osisko, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which Osisko holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from resource estimates or production forecasts by operators, (d) differences in conversion rate from resources to reserves and ability to replace resources, (e) the unfavorable outcome of any challenges or litigation relating title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks, (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by Osisko, (b) a trade war or new tariff barriers, (c) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (d) regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies, regulations and political or economic developments in any of the countries where properties in which Osisko holds a royalty, stream or other interest are located or through which they are held, (e) continued availability of capital and financing and general economic, market or business conditions, and (f) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on Osisko's business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by Osisko, (b) the integration of acquired assets or (c) the determination of Osisko's PFIC status (d) that preliminary financial information may be subject to quarter end adjustments. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in Osisko's ongoing income and assets relating to determination of its PFIC status, and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which Osisko holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets. For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of Osisko filed on SEDAR+ at and EDGAR at which also provides additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward-looking statements and such forward-looking statements included in this press release are not guarantee of future performance and should not be unduly relied upon. In this press release, Osisko relies on information publicly disclosed by other issuers and third parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. These statements speak only as of the date of this press release. Osisko undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law. Osisko Gold Royalties Ltd Consolidated Balance Sheets As at March 31, 2025 and December 31, 2024 (Unaudited) (tabular amounts expressed in thousands of United States dollars) March 31, December 31, 2025 2024 $ $ Assets Current assets Cash 63,070 59,096 Amounts receivable 2,773 3,106 Other assets 1,511 1,612 67,354 63,814 Non-current assets Investments in associates 40,086 43,262 Other investments 85,403 74,043 Royalty, stream and other interests 1,112,393 1,113,855 Goodwill 77,353 77,284 Other assets 6,140 5,376 1,388,729 1,377,634 Liabilities Current liabilities Accounts payable and accrued liabilities 3,923 5,331 Dividends payable 8,457 8,433 Lease liabilities 1,132 852 13,512 14,616 Non-current liabilities Lease liabilities 4,539 3,931 Long-term debt 74,346 93,900 Deferred income taxes 82,438 76,234 174,835 188,681 Equity Share capital 1,680,514 1,675,940 Contributed surplus 65,003 63,567 Accumulated other comprehensive loss (139,637 ) (141,841 ) Deficit (391,986 ) (408,713 ) 1,213,894 1,188,953 1,388,729 1,377,634 Osisko Gold Royalties Ltd Consolidated Statements of Income For the three months ended March 31, 2025 and 2024 (Unaudited) (tabular amounts expressed in thousands of United States dollars, except per share amounts) 2025 2024 $ $ (restated) Revenues 54,916 45,047 Cost of sales (1,619 ) (1,359 ) Depletion (7,744 ) (8,546 ) Gross profit 45,553 35,142 Other operating expenses General and administrative (4,959 ) (4,544 ) Business development (2,079 ) (1,011 ) Operating income 38,515 29,587 Interest income 598 934 Finance costs (1,730 ) (2,767 ) Foreign exchange gain (loss) 160 (2,411 ) Share of loss of associates (3,752 ) (10,053 ) Other (losses) gains, net (286 ) 1,737 Earnings before income taxes 33,505 17,027 Income tax expense (7,865 ) (5,858 ) Net earnings 25,640 11,169 Net earnings per share Basic and diluted 0.14 0.06 Osisko Gold Royalties Ltd Consolidated Statements of Cash Flows For the three months ended March 31, 2025 and 2024 (Unaudited) (tabular amounts expressed in thousands of United States dollars) 2025 2024 $ $ (restated) Operating activities Net earnings 25,640 11,169 Adjustments for: Share-based compensation 2,089 1,567 Depletion and amortization 8,032 8,790 Changes in expected credit loss of other investments - (1,399 ) Share of loss of associates 3,752 10,053 Change in fair value of financial assets at fair value through profit and loss 286 (338 ) Foreign exchange (gain) loss (92 ) 2,437 Deferred income tax expense 7,242 5,463 Other 104 116 Net cash flows provided by operating activities before changes in non-cash working capital items 47,053 37,858 Changes in non-cash working capital items (974 ) (496 ) Net cash flows provided by operating activities 46,079 37,362 Investing activities Acquisitions of short-term investments - (667 ) Acquisitions of investments (11,364 ) - Proceeds from disposal of investments - 3,847 Acquisitions of royalty and stream interests (5,285 ) - Other (17 ) (3 ) Net cash flows (used in) provided by investing activities (16,666 ) 3,177 Financing activities Increase in long-term debt 10,437 - Repayment of long-term debt (30,000 ) (32,394 ) Exercise of share options and shares issued under the share purchase plan 2,587 3,609 Dividends paid (7,610 ) (7,680 ) Withholding taxes on settlement of restricted and deferred share units (653 ) (2,204 ) Other (210 ) (288 ) Net cash flows used in financing activities (25,449 ) (38,957 ) Increase in cash before effects of exchange rate changes 3,964 1,582 Effects of exchange rate changes on cash 10 (682 ) Net increase in cash 3,974 900 Cash – beginning of period 59,096 51,204 Cash – end of period 63,070 52,104
