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Osisko Announces Preliminary Q1 2025 GEO Deliveries and Strong Quarterly Cash Margin
Osisko Gold Royalties Ltd (TSX:OR) (NYSE:OR) 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 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.
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.
Posted April 9, 2025
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