Latest news with #Osisko
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
Hamilton Spectator
24-04-2025
- Business
- Hamilton Spectator
Leading Independent Proxy Advisory Firms Recommend Osisko Shareholders Vote for All Proposed Items at the Upcoming Annual and Special Meeting
MONTRÉAL, April 24, 2025 (GLOBE NEWSWIRE) — Osisko Gold Royalties Ltd (the 'Company' or 'Osisko') (OR: TSX & NYSE) is pleased to announce that leading independent proxy advisory firms, Institutional Shareholder Services ('ISS') and Glass Lewis & Co., LLC ('Glass Lewis'), have each recommended that Shareholders vote FOR all proposed resolutions at the upcoming Annual and Special Meeting of Shareholders (the 'Meeting') to be held on May 8, 2025. The Board of Directors of Osisko unanimously recommends that Shareholders vote 'FOR' all proposed resolutions. YOUR VOTE IS IMPORTANT – PLEASE VOTE TODAY The proxy voting deadline is 1:30 p.m. (Eastern Daylight Time) on Tuesday, May 6, 2025. Meeting Details The Meeting will be held on Thursday, May 8, 2025 at 1:30 p.m. (Eastern Daylight Time) at Lavery, de Billy L.L.P., 1, Place Ville Marie, Suite 4000, Montréal, Québec, H3B 4M4. For complete details and links to all relevant documents related to the Meeting please visit: (English) or (French). Shareholder Questions and Voting Assistance Shareholders who have questions about voting their shares may contact the Company's proxy solicitation agent, Laurel Hill Advisory Group: Toll Free: 1-877-452-7184 (for Shareholders in North America) International: +1 416-304-0211 (for Shareholders outside Canada and the US) By Email: assistance@ About Osisko Gold Royalties Ltd Osisko is an intermediate precious metals royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American and Australian focused portfolio of over 185 royalties, streams and precious metal offtakes. Osisko's portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, 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.
Yahoo
17-04-2025
- Business
- Yahoo
Osisko Announces Release of 2024 Sustainability Report
MONTRÉAL, April 17, 2025 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the 'Company' or 'Osisko') (OR: TSX & NYSE) is pleased to announce the publication of its 2024 Sustainability Report, Growing Responsibly (the 'Report'). All monetary amounts included in this release are expressed in United States dollars. The Report marks the fifth edition of Growing Responsibly and highlights Osisko's Environmental, Social and Governance ('ESG') initiatives and key performance metrics for 2024. Heather Taylor, Vice President, Sustainability and Communications of Osisko commented: 'In this fifth edition of Growing Responsibly, Osisko is proud to highlight the continued evolution of its sustainability practices. In 2024, we advanced key initiatives across our climate strategy, community investments, governance, and employee engagement. From implementing our 2024–2027 climate change strategy and completing Osisko's first CDP disclosure, to achieving our Board gender diversity target and enhancing ESG related due diligence, our efforts reflect a shared commitment to responsible growth. We are especially proud to have earned the Great Place to Work certification and to have launched an employee donation matching program to further support the communities where we live and work. As always, our goal is to ensure that long-term value creation goes hand in hand with best practices in governance, social responsibility and environmental stewardship.' The following are select report highlights: Environmental Stewardship: Implementation of 2024-2027 climate strategy Completed inaugural disclosure to CDP climate change survey Purchased and retired carbon credits to offset Scope 2 and Scope 3 emissions related to employee travel and commuting Supporting our Employees and Communities: Contributed over $361,000 towards community investments Introduced an internal donation matching policy Awarded Great Place to Work® certification Enhanced employee feedback and engagement mechanisms Excellence in Governance and Oversight: Achieved target of 40% female representation on the Company's Board of Directors Embedded ESG related considerations formally into advanced staged due diligence Refreshed Osisko's materiality assessment to reflect evolving disclosure standards Maintained leading positions with ESG rating agencies 'ESG Industry Top-Rated' and 'ESG Regional Top-Rated' by Sustainalytics, 'AA' rated by MSCI and 'Prime' rated by ISS For more information on Osisko's sustainability related initiatives please visit the website at: About Osisko Gold Royalties Ltd Osisko is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American focused portfolio of over 185 royalties, streams and precious metal offtakes. Osisko's portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, 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 MoentingVice President, Capital MarketsTel: (514) 940-0670 x116Cell: (365) 275-1954Email: gmoenting@ Heather TaylorVice President, Sustainability and CommunicationsTel: (514) 940-0670 x105Email: htaylor@ 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, the continued implementation of the climate change strategy, the ability to further support communities and to ensure that long-term value creation. 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, (e) Osisko's ability to deliver on its climate strategy, (f) that Osisko's efforts in maintaining carbon neutrality will be achieved and that efforts toward reducing carbon emission will be successful, (g) the availability of funds to finance community investments. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: (I) the absence of significant change in Osisko's ongoing income and assets relating to determination of its PFIC status, (II) Osisko's continued commitment toward improving sustainability goals, (III) the continued validity of science and climate hypothesis relating to climate change, (IV) the absence of material changes to the regulatory framework relating to climate and climate related disclosure, (V) 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, (VI) 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), (VII) 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), (VIII) no adverse development in respect of any significant property, (IX) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (X) 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. 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.
Associated Press
09-04-2025
- Business
- Associated Press
Osisko Announces Preliminary Q1 2025 GEO Deliveries and Strong Quarterly Cash Margin
MONTREAL, April 09, 2025 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the 'Company' or 'Osisko') (OR: TSX & NYSE) is pleased to provide an update on its first quarter 2025 preliminary deliveries, revenues and cash margin, as well as on its cash and debt positions as at March 31st, 2025. All monetary amounts included in this report are expressed in United States dollars, unless otherwise noted. PRELIMINARY Q1 2025 RESULTS Osisko earned 19,014 attributable gold equivalent ounces1 ('GEOs') in the first quarter of 2025. Osisko recorded preliminary revenues from royalties and streams of $54.9 million during the first quarter and preliminary cost of sales (excluding depletion) of $1.6 million, resulting in a quarterly cash margin2 of approximately $53.3 million (representing a quarterly record cash margin of 97.1%). As at March 31st, 2025, Osisko's cash position was approximately $63.1 million, following a $19.6 million net repayment on the Company's revolving credit facility during the first quarter. Osisko's revolving credit facility was drawn by $74.3 million at the end of March 2025, with an additional amount of $308.2 million available to be drawn plus the uncommitted accordion of C$200 million. Subsequent to quarter end, Osisko paid down an additional $25.0 million against its revolving credit facility, reducing the outstanding balance to $49.3 million as at the date of this press release. Osisko provides notice of the first quarter 2025 results and conference and webcast call details. The figures presented in this press release, including the cash and debt balances, and the revenues and costs of sales, have not been audited and are subject to change. As the Company has not yet finished its quarter end procedures, the anticipated financial information presented in this press release is preliminary, subject to quarter end adjustments, and may change materially. (1) Gold Equivalent Ounces GEOs are calculated on a quarterly basis and include royalties and streams. Silver and copper earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces or copper tonnes earned by the average silver price or copper price for the period and dividing by the average gold price for the period. Cash royalties and other metals and commodities are converted into gold equivalent ounces by dividing the associated revenue earned by the average gold price for the period. Average Metal Prices 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 (i) The London Bullion Market Association's pm price in U.S. dollars per ounce. (ii) The London Bullion Market Association's price in U.S. dollars per ounce. (iii) The London Metal Exchange's price in U.S. dollars per tonne. (2) Non-IFRS Measures 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 (in thousands of dollars and in percentage of revenues) is presented below: Three months ended March 31 2025 2024 Revenues $ 54,916 $ 45,047 Less: Cost of sales (excluding depletion) $ (1,619) $ (1,359) Cash margin (in dollars) $ 53,297 $ 43,688 Cash margin (in percentage of revenues) 97.1 % 97.0 % About Osisko Gold Royalties Ltd Osisko is an intermediate precious metals royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American and Australian focused portfolio of over 185 royalties, streams and precious metal offtakes. Osisko's portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, 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: 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 preliminary financial information may be subject to quarter end adjustments and the availability of the uncommitted accordion of the credit facility. 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. 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.
Yahoo
19-02-2025
- Business
- Yahoo
Osisko Reports Record 2024 Results and Provides 2025 Guidance and New 5-Year Outlook
Record annual revenues of US$191.2 million and record operating cash flows of US$159.9 million MONTRÉAL, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the 'Company' or 'Osisko') (OR: TSX & NYSE) is pleased to announce its consolidated financial results for the year 2024. Amounts presented are in United States Dollars, except where otherwise noted. 2024 Financial Highlights 80,740 gold equivalent ounces ('GEOs1') earned (94,323 GEOs in 2023); Record revenues from royalties and streams of $191.2 million ($183.2 million in 2023); Record cash flows generated by operating activities of $159.9 million ($138.4 million in 2023); Net earnings of $16.3 million, $0.09 per basic share (net loss of $37.4 million, $0.20 per basic share in 2023); Adjusted earnings2 of $97.3 million, $0.52 per basic share ($74.1 million, $0.40 per basic share in 2023) Net repayments of $49.7 million under the revolving credit facility; and Cash balance of $59.1 million and debt outstanding of $93.9 million as at December 31, 2024. Other Highlights Total capital committed and/or deployed in 2024 of over $287.7 million across 3 new transactions: Execution of a definitive agreement by Osisko Bermuda Limited ('Osisko Bermuda') for a 6% gold stream (until 225,000 ounces are delivered, and then 3.6% thereafter) on SolGold plc's Cascabel copper-gold development project in Ecuador for a total of $225.0 million, payable upon achieving certain milestones; Acquisition of a 1.8% gross revenue royalty ('GRR') from Tembo Capital Mining Fund II ('Tembo') on Spartan Resources Limited's Dalgaranga Gold project ('Dalgaranga') in Western Australia and a 1.35% GRR on additional regional exploration licenses in proximity to Dalgaranga from Tembo for combined consideration of $50.0 million; Amendment to the Gibraltar silver stream, increasing Osisko's attributable silver percentage by 12.5% to 100% and extending the step-down delivery threshold to 6.8 million ounces delivered for consideration of $12.7 million; First delivery of copper received by Osisko Bermuda from MAC Copper Limited ('MAC Copper') under the CSA copper stream; First payment received from G Mining Ventures Corp.'s ('G Mining') under the Tocantinzinho 0.75% net smelter return ('NSR') royalty; First payment received from Agnico Eagle Mines Limited under the Akasaba West 2.5% NSR royalty (partial coverage); Appointments of Mr. David Smith and Ms. Wendy Louie to the Company's Board of Directors; Publication of the Fourth Edition of the Company's sustainability report, Growing Responsibly and Osisko's 2024 Asset Handbook; and Declaration of quarterly dividends totaling C$0.255 per common share in 2024 (C$0.235 per common share in 2023). Subsequent to December 31, 2024 Acquisition of a 1.5% NSR royalty from Japan Gold Corp. ('Japan Gold') on certain properties and assets in Japan that are not (or don't become) subject to Japan Gold's existing Strategic Alliance Agreement with Barrick Gold Corp. for consideration of $5.0 million; and Declaration of a quarterly dividend of C$0.065 per common share payable on April 15, 2025 to shareholders of record as of the close of business on March 31, 2025. Guidance for 2025 and 5-Year Outlook 2025 Guidance Osisko expects GEOs earned to range between 80,000-88,000 in 2025 at an average cash margin2 of approximately 97%. For the 2025 guidance, deliveries of silver, copper, and cash royalties have been converted to GEOs using commodity prices based on consensus prices and a gold/silver price ratio of 83:1. The 2025 guidance assumes Capstone Copper Corp.'s Mantos Blancos mine will continue to operate at its Phase I nameplate throughput capacity of 20,000 tonnes per day, as well as the commencement of payments associated with GEOs earned from Cardinal Namdini Mining Limited's Namdini mine in the second half of 2025. In addition, the guidance assumes a full year of GEOs earned from the copper stream from MAC Copper's CSA mine, and the NSR royalty on G Mining's Tocantinzinho mine. Osisko's 2025 guidance on royalty and stream interests is largely based on publicly available forecasts from its operating partners. When publicly available forecasts on properties are not available, Osisko obtains internal forecasts from the producers or uses management's best estimate. 5-Year Outlook Osisko expects its portfolio to generate between 110,000-125,000 GEOs in 2029. The outlook assumes the commencement of production at Gold Fields Limited's Windfall project and South32 Limited's Hermosa/Taylor project, amongst others. It also assumes increased production from certain other operators that are advancing expansions, including Alamos Gold Inc.'s Phase 3+ Expansion at its Island Gold District. The 5-year outlook assumes there will be no GEO contribution from the Eagle Gold mine which is currently in receivership. Beyond this growth profile, Osisko owns several other assets, which have not been factored into the 5-year outlook, as their development timelines are either longer, or difficult to reasonably forecast at this time. As these operators provide additional clarity on these respective assets, Osisko will seek to include them in future long-term outlooks. This 5-year outlook is based on internal judgements of publicly available forecasts and other disclosures by the third-party owners and operators of the Company's assets and could differ materially from actual results. When publicly available forecasts on properties are not available, Osisko obtains internal forecasts from the operators or uses management's best estimate. The commodity price assumptions that were used in the 5-year outlook are based on current long-term consensus and a gold/silver price ratio of 80:1. This 5-year outlook replaces the 5-year outlook previously released in 2024, which should be considered withdrawn. Investors should not use this 5-year outlook to extrapolate forecast results to any year within the 5-year period (2025-2029). Management Commentary Jason Attew, President & CEO of Osisko commented: '2024 was a solid year for Osisko, marked by new annual records achieved with respect to revenues and cash flows, in addition to the closing of several key transactions which will positively contribute to Osisko's current and future cash flows. The Company is well-positioned to pursue additional accretive growth opportunities with a materially improved balance sheet after $85 million in repayments against its revolving credit facility in 2024. After working through a comprehensive portfolio review of Osisko's royalty and stream assets, with a focus on the Company's near-to-medium term growth profile and its associated timelines, our new 2025 guidance and updated five-year outlook together provide what management believes to be achievable ranges, based on current information and expectations. Regarding the 2025 GEO delivery guidance, it is worth noting that the expected year-over-year increase in GEO deliveries considers consensus commodity price assumptions and ratios, and more specifically the gold-to-copper ratio, which has recently expanded in gold's favour. This is important as copper is set to become a more meaningful component of our overall GEO delivery mix for 2025 and beyond. The 2025 guidance also factors in the timing and cadence of expected payments from assets transitioning from development to production, where some ramp-ups are going slower than previously anticipated. As a result, Osisko's 2025 GEO delivery profile is expected to be modestly weighted towards the second half of the year. Finally, and most importantly, Osisko's expected growth trajectory over the next five years through 2029 remains intact and robust at over 30%, as anticipated mine expansions, and the construction of new key projects, are all expected to be completed by our operating partners between now and then.' Q4 AND YEAR-END 2024 RESULTS CONFERENCE CALL AND WEBCAST DETAILS Conference Call: Thursday, February 20th, 2025 at 10:00 am ET Dial-in Numbers:(Option 1) North American Toll-Free: 1 (800) 717-1738Local – Montreal: 1 (514) 400-3792Local – Toronto: 1 (289) 514-5100Local – New York: 1 (646) 307-1865Conference ID: 82566 Webcast link:(Option 2) Replay (available until Thursday, March 20th, 2025 at 11:59 PM ET): North American Toll-Free: 1 (888) 660-6264Local – Toronto: 1 (289) 819-1325Local – New York: 1 (646) 517-3975Playback Passcode: 82566# Replay is also available on our website at 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 185 royalties, streams and precious metal offtakes, including 20 producing assets. Osisko's portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, one of Canada's largest gold operations. Osisko's head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montreal, Québec, H3B 2S2. For further information, please contact Osisko Gold Royalties Ltd: Grant Moenting Vice President, Capital Markets Tel : (514) 940-0670 x116 Mobile : (365) 275-1954 Email: gmoenting@ Heather TaylorVice President, Sustainability and CommunicationsTel: (514) 940-0670 x105Email: 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 December 31, Years ended December 31, 2024 2023 2024 2023 Realized Average Realized Average Realized Average Realized Average Gold(i) $2,656 $2,663 $1,981 $1,971 $2,361 $2,386 $1,943 $1,941 Silver(ii) $30.66 $31.38 $23.74 $23.20 $28.28 $28.27 $23.27 $23.35 Copper(iii) $8,880 $9,193 n/a $8,159 $8,920 $9,147 n/a $8,478 Exchange Rate (C$/US$)(iv) n/a 1.3982 n/a 1.3624 n/a 1.3698 n/a 1.3497 (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) Non-IFRS Measures Cash margin (in dollars and in percentage of revenues) 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 endedDecember 31, Years ended December 31, 2024 2023 2024 2023 $ $ $ $ Royalty interests Revenues 35,349 32,681 130,375 118,829 Less: cost of sales (excluding depletion) (180) 17 (413) (379) Cash margin (in dollars) 35,169 32,698 129,962 118,450 Depletion (2,160) (4,101) (12,208) (17,796) Gross profit 33,009 28,597 117,754 100,654 Stream interests Revenues 21,393 15,154 60,782 64,399 Less: cost of sales (excluding depletion) (2,001) (2,959) (6,325) (11,956) Cash margin (in dollars) 19,392 12,195 54,457 52,443 Depletion (7,315) (5,469) (20,399) (24,005) Gross profit 12,077 6,726 34,058 28,438 Royalty and stream interestsTotal cash margin (in dollars) 54,561 44,893 184,419 170,893 Divided by: total revenues 56,742 47,835 191,157 183,228 Cash margin (in percentage of revenues) 96.2% 93.8% 96.5% 93.3% Total – Gross profit 45,086 35,323 151,812 129,092 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 (loss) to adjusted net earnings is presented below: Three months endedDecember 31, Years endedDecember 31, 2024 2023 2024 2023 (in thousands of dollars, except per share amounts) $ $ $ $ Net earnings (loss) 7,105 (51,234) 16,267 (37,426) Adjustments: Impairment of royalty and stream interests - 17,768 49,558 35,711 Foreign exchange loss (gain) 1,771 (3,777) 4,424 (1,134) Share of loss (income) of associates 9,491 252 30,025 (5,937) Changes in allowance for expected credit losses and write-offs - 48,968 (1,399) 76,799 Loss on investments 8,960 10,316 8,957 13,868 Other non-cash losses (gains), net 2,362 (466) 2,362 (466) Tax impact of adjustments 164 (255) (12,920) (7,336) Adjusted earnings 29,853 21,572 97,274 74,079 Weighted average number of common shares outstanding (000's) 186,747 185,353 186,290 185,036 Adjusted earnings per basic share 0.16 0.12 0.52 0.40 During the fourth quarter of 2023, the following changes were made to the composition of adjusted earnings: (i) total gains and losses on investments on the statement of income (loss) are now excluded from net earnings (loss); prior to this change, only the unrealized gains and losses on investments were excluded from net earnings (loss); (ii) total foreign exchange gains and losses on the statement of income (loss) are now excluded from net earnings (loss); prior to this change, only the foreign exchange gains and losses adjustments from operation activities on the statement of cash flows were excluded from net earnings (loss); (iii) the tax impact of all adjustments in the calculation of adjusted earnings is now considered; prior to this change, the total deferred income taxes on the statement of earnings (loss) was excluded from net earnings (loss). These changes in the manner in which Osisko calculates adjusted earnings were made to align more closely the calculations with its peers and facilitate the comparison with these companies. These changes also affected adjusted earnings per basic share because they are calculated from adjusted earnings. Quarterly comparative figures have been restated to reflect the current composition of adjusted earnings and adjusted net earnings per basic 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. All statements in this press release, forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, production estimates of Osisko's assets (including increase of production), the 2025 guidance and the 5-year outlook, timely developments of mining properties over which Osisko has royalties, streams, offtakes and investments, management's expectations regarding Osisko's growth, results of operations, estimated future revenues, production costs, carrying value of assets, ability to continue to pay dividend, requirements for additional capital, business prospects and opportunities future demand for and fluctuation of prices of commodities (including outlook on gold, silver, diamonds, other commodities) currency markets and general market conditions. In addition, statements and estimates (including data in tables) relating to mineral reserves and resources and gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates will be realized. 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; with respect to 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 the infectious diseases outbreaks and the effectiveness of such response and the potential impact of infectious diseases outbreaks on Osisko's business, operations and financial condition; with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by Osisko or (b) the integration of acquired assets. 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 the Corporation's ongoing income and assets relating to determination of its Passive Foreign Investment Company ("PFIC') status; 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. 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 December 31, 2024 and 2023 (tabular amounts expressed in thousands of United States dollars) December 31, December 31, January 1, 2024 2023 2023 $ $ $ (restated) (restated) Assets Current assets Cash 59,096 51,204 66,853 Short-term investments - 6,200 - Amounts receivable 3,106 4,750 8,640 Other assets 1,612 1,392 1,880 63,814 63,546 77,373 Non-current assets Investments in associates 43,262 87,444 236,081 Other investments 74,043 70,335 54,268 Royalty, stream and other interests 1,113,855 1,174,298 1,017,582 Goodwill 77,284 84,081 82,102 Other assets 5,376 6,768 6,484 1,377,634 1,486,472 1,473,890 Liabilities Current liabilities Accounts payable and accrued liabilities 5,331 6,205 5,041 Dividends payable 8,433 8,409 7,472 Lease liabilities 852 849 680 14,616 15,463 13,193 Non-current liabilities Lease liabilities 3,931 5,201 4,948 Long-term debt 93,900 145,080 109,231 Deferred income taxes 76,234 72,797 63,917 188,681 238,541 191,289 Equity Share capital 1,675,940 1,658,908 1,642,855 Contributed surplus 63,567 62,331 60,764 Accumulated other comprehensive loss (141,841) (84,816) (101,659) Deficit (408,713) (388,492) (319,359) 1,188,953 1,247,931 1,282,601 1,377,634 1,486,472 1,473,890 Osisko Gold Royalties Ltd Consolidated Statements of Income (Loss) For the three months and the years ended December 31, 2024 and 2023 (tabular amounts expressed in thousands of United States dollars, except per share amounts) Three months endedDecember 31, Years endedDecember 31, 2024 2023 2024 2023 $ $ $ $ (restated) (restated) Revenues 56,742 47,835 191,157 183,228 Cost of sales (2,181) (2,942) (6,738) (12,335) Depletion (9,475) (9,570) (32,607) (41,801) Gross profit 45,086 35,323 151,812 129,092 Other operating expenses General and administrative (4,209) (5,587) (18,298) (24,344) Business development (1,987) (1,505) (5,632) (4,574) Impairment of royalty interests - (17,768) (49,558) (35,711) Operating income 38,890 10,463 78,324 64,463 Interest income 1,144 1,088 4,153 5,061 Finance costs (1,466) (4,805) (7,966) (14,031) Foreign exchange (loss) gain (1,771) 3,777 (4,424 ) 1,134 Share of (loss) gain of associates (9,491) (252) (30,025) 5,937 Other losses, net (11,322) (58,818) (9,920) (90,201) Earnings (loss) before income taxes 15,984 (48,547) 30,142 (27,637) Income tax expense (8,879) (2,687) (13,875) (9,789) Net earnings (loss) 7,105 (51,234) 16,267 (37,426) Net earnings (loss) per share Basic and diluted 0.04 (0.28) 0.09 (0.20) Osisko Gold Royalties Ltd Consolidated Statements of Cash Flows For the three months and the years ended December 31, 2024 and 2023 (tabular amounts expressed in thousands of United States dollars) Three months endedDecember 31, Years endedDecember 31, 2024 2023 2024 2023 $ $ $ $ (restated) (restated) Operating activities Net earnings (loss) 7,105 (51,234) 16,267 (37,426) Adjustments for: Share-based compensation 1,438 932 6,238 7,718 Depletion and amortization 9,713 9,812 33,572 42,707 Impairment of royalty and stream interests - 17,768 49,558 35,711 Change in allowance for expected credit loss and write-off of other investments and interest receivable - - (1,399) 27,831 Impairment of investments in associates - 48,768 - 48,968 Share of loss (income) of associates 9,491 252 30,025 (5,937) Change in fair value of financial assets at fair value through profit and loss (340) 5,057 (343) 9,748 Net loss (gain) on dilution of investments in associates 9,300 - 9,300 (3,580) Loss on disposal and deemed disposal of associates - 5,459 - 7,736 Foreign exchange loss (gain) 1,776 (3,821) 4,428 (1,268) Deferred income tax expense 7,537 2,268 11,183 7,874 Other 2,635 (629) 2,973 (133) Net cash flows provided by operating activities before changes in non-cash working capital items 48,655 34,632 161,802 139,949 Changes in non-cash working capital items 1,110 2,516 (1,877) (1,512) Net cash flows provided by operating activities 49,765 37,148 159,925 138,437 Investing activities Acquisitions of short-term investments (650) (1,386) (5,983) (6,200) Acquisitions of investments - - - (40,200) Proceeds from disposal of investments - 94,334 3,847 98,053 Acquisitions of royalty and stream interests (62,927) (37,260) (73,449) (217,745) Other (26) (2) (57) (34) Net cash flows (used in) provided by investing activities (63,603) 55,686 (75,642) (166,126) Financing activities Increase in long-term debt 35,000 35,000 35,000 190,000 Repayment of long-term debt - (124,806) (84,721) (155,787) Exercise of share options and shares issued under the share purchase plan 3,335 1,678 9,558 9,486 Normal course issuer bid purchase of common shares - - (428) - Dividends paid (7,687) (7,792) (30,650) (29,655) Withholding taxes on settlement of restricted and deferred share units - (379) (2,442) (3,592) Other (207) (553) (1,185) (1,082) Net cash flows provided by (used in) financing activities 30,441 (96,852) (74,868) 9,370 Increase (decrease) in cash before effects of exchange rate changes 16,603 (4,018) 9,415 (18,319) Effects of exchange rate changes on cash (873) 2,892 (1,523) 2,670 Net increase (decrease) in cash 15,730 (1,126) 7,892 (15,649) Cash – beginning of period 43,366 52,330 51,204 66,853 Cash – end of period 59,096 51,204 59,096 51,204
