Osisko Reports Q2 2022 Results

Record cash margin of $47.8 million from royalties and streams

Operating cash flows from the royalties and streams segment of $35.0 million

Osisko Gold Royalties Ltd (TSX:OR) (NYSE:OR) announced its consolidated financial results for the second quarter of 2022. Amounts presented are in Canadian dollars, except where otherwise noted.

Q2 2022 Financial Highlights

22,243 GEOs¹ earned (Q2 2021 – 20,178 GEOs);
Consolidated revenues of $64.0 million (Q2 2021 – $57.9 million);
- Revenues from the royalties and streams segment² of $51.5 million (Q2 2021 – $57.2 million, including $7.3 million from offtakes);
- Revenues from the mining exploration and development segment³ (i.e. Osisko Development Corp.) of $12.4 million (Q2 2021 – $0.7 million);
Consolidated cash flows from operating activities of ($0.2 million) (Q2 2021 – $30.9 million);
- Operating cash flows from the royalties and streams segment of $35.0 million (Q2 2021 – $37.3 million);
- Operating cash flows from the mining exploration and development segment of ($35.2) million (Q2 2021 – ($6.4) million);

Cash margin⁴ of 93% from royalties and streams (Q2 2021 – 94%);
Consolidated net earnings attributable to Osisko’s shareholders of $17.2 million, or $0.09 per share (Q2 2021 – net loss of $14.8 million or $0.09 per basic share);
Consolidated adjusted loss⁴ of $4.7 million, or $0.03 per basic share (Q2 2021 – net earnings $20.2 million, $0.12 per basic share);
- Adjusted earnings from the royalty and stream segment of $25.7 million, or $0.14 per basic share (Q2 2021 – $23.9 million, or $0.14 per basic share); and
- Adjusted loss from the mining exploration and development segment of $30.4 million, or $0.16 per basic share (Q2 2021 – $3.7 million, or $0.02 per basic share).

Sandeep Singh, President and CEO of Osisko commented: “We benefited from record GEO deliveries and cash margins in Q2 despite two core assets not being at their full run rates, and we expect deliveries to continue to climb steadily in the second half of the year. The markets have become increasingly volatile, but we believe the investment thesis for Osisko has never been stronger with growing cash flows, meaningful diversification, exposure to tier-1 jurisdictions, and countless catalysts in the portfolio. And as evident with our Q2 results, our royalty and streaming business affords protection from a highly inflationary mining environment.”

Financial Highlights by Operating Segment
(in thousands of dollars, except per share amounts)

As a result of the interest held (44.1% as of June 30, 2022) and based on other facts and circumstances, the Corporation consolidates the assets, liabilities, results of operations and cash flows of the activities of Osisko Development Corp. (“Osisko Development”) and its subsidiaries. The table below provides some financial highlights per operating segment. More information per operating segment can be found in the consolidated financial statements and management’s discussion and analysis for the three and six months ended June 30, 2022.

	For the three and six months ended June 30,
	Osisko Gold Royalties ⁽ⁱ⁾				Osisko Development⁽ⁱⁱ⁾				Consolidated ^(v)
	2022		2021		2022		2021		2022		2021
	$	$			$		$		$	$

Cash (June 30, 2022 and Dec. 31, 2021)	312,981		82,291		136,302		33,407		449,283		115,698

Three months ended June 30,
Revenues	51,545		57,246		12,862		775		63,959		57,941
Cash margin ⁽ⁱⁱⁱ⁾	47,789		47,150		n/a		n/a		47,789		47,150
Gross profit	35,938		35,713		653		–		36,591		35,713
Operating expenses
(G&A, bus. dev and exploration)	(6,200	)	(6,483	)	(10,079	)	(4,649	)	(16,279	)	(11,132	)
Mining operating expenses	–		–		(20,602	)	–		(20,602	)	–
Net earnings (loss)	18,059		16,341		(1,487	)	(41,404	)	16,572		(25,063	)
Net earnings (loss) attributable to Osisko’s shareholders	18,059		16,341		(899	)	(31,100	)	17,160		(14,759	)
Net earnings (loss) per share attributable to Osisko’s shareholders	0.10		0.10		(0.01	)	(0.19	)	0.09		(0.09	)
Adjusted net earnings (loss) ^(iv)	25,716		23,877		(30,375	)	(3,727	)	(4,659	)	20,150
Adjusted net earnings (loss) per basic share ^(iv)	0.14		0.14		(0.16	)	(0.02	)	(0.03	)	0.12

Cash flows from operating activities
Before working capital items	40,870		39,026		(24,913	)	(3,708	)	15,957		35,318
Working capital items	(5,905	)	(1,685	)	(10,276	)	(2,716	)	(16,181	)	(4,401	)
After working capital items	34,965		37,341		(35,189	)	(6,424	)	(224	)	30,917
Cash flows from investing activities	2,573		(42,377	)	(97,759	)	(47,464	)	(95,186	)	(89,841	)
Cash flows from financing activities	(125,705	)	(3,542	)	210,225		(1,718	)	84,520		(5,260	)

Six months ended June 30,
Revenues	102,234		124,169		22,029		775		123,357		124,864
Cash margin ⁽ⁱⁱⁱ⁾	95,297		93,676		n/a		n/a		95,297		93,676
Gross profit	72,148		70,312		653		–		72,801		70,312
Operating expenses
(G&A, bus. dev and exploration)	(12,457	)	(12,511	)	(18,007	)	(9,851	)	(30,464	)	(22,362	)
Mining operating expenses	–				(35,848	)			–
Net earnings (loss)	34,863		29,805		(23,820	)	(45,105	)	11,043		(15,300	)
Net earnings (loss) attributable to Osisko’s shareholders	34,863		29,805		(17,377	)	(33,970	)	17,486		(4,165	)
Net earnings (loss) per share attributable to Osisko’s shareholders	0.20		0.18		(0.10	)	(0.20	)	0.10		(0.02	)
Adjusted net earnings (loss) ^(iv)	50,559		47,316		(50,982	)	(9,238	)	(423	)	38,078
Adjusted net earnings (loss) per basic share ^(iv)	0.29		0.28		(0.29	)	(0.06	)	(0.00	)	0.23

Cash flows from operating activities
Before working capital items	80,762		78,565		(42,182	)	(1,285	)	38,580		71,570
Working capital items	(5,290	)	(4,487	)	(9,904	)	(14,842	)	(15,194	)	(19,329	)
After working capital items	75,472		74,078		(52,086	)	(16,127	)	23,386		52,241
Cash flows from investing activities	(13,013	)	(56,158	)	(94,445	)	(69,172	)	(107,458	)	(119,620	)
Cash flows from financing activities	159,823		(11,053	)	247,362		33,895		407,185		22,842

(i)	Osisko Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries. Represents the royalty, stream and other interests segment.
(ii)	Osisko Development Corp. and its subsidiaries. Represents the exploration, evaluation and development of mining projects segment.
(iii)	Cash margin is a non-IFRS financial performance measure for the royalties and streams segment which has no standard definition under IFRS. It is calculated by deducting the cost of sales (excluding depletion) from the revenues. Please refer to the Non-IFRS Financial Performance Measures section of the MD&A for the three and six months ended June 30, 2022 or the Notes section at the end of this press release.
(iv)	Adjusted earnings (loss) and adjusted earnings (loss) per basic share are non-IFRS financial performance measures which have no standard definition under IFRS. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of the Corporation’s MD&A for the three and six months ended June 30, 2022 or the Notes section at the end of this press release.
(v)	Consolidated results are net of the intersegment transactions. Refer to the Segment Disclosure section of the Corporation’s MD&A for the three and six months ended June 30, 2022.

Other Highlights

Publication of the inaugural Asset Handbook and the second edition of the environmental, social and governance report, Growing Responsibly;
Repayment in full of the outstanding revolving credit facility for $113.1 million;
Osisko Development completed the acquisition of Tintic Consolidated Metals LLC (“TCM”) and related financings, which resulted in the Corporation’s equity ownership in Osisko Development reducing from 70.1% to 44.1%;
Osisko Bermuda Limited entered into a binding agreement with TCM with respect to the previously announced metals stream on the Trixie test mine, as well as mineral claims covering more than 17,000 acres in Central Utah’s historic Tintic Mining District (the “Tintic Property”), for US$20.0 million in exchange for 2.5% of all metals produced and a transfer price of 25% of the spot prices;
Quarterly dividend of $0.055 per common share paid on July 15, 2022 to shareholders of record as of the close of business on June 30, 2022;
In July 2022, the Corporation purchased for cancellation a total of 659,520 common shares for $8.3 million (average acquisition price per share of $12.65) under its 2022 NCIB program; and
Declaration of a quarterly dividend of $0.055 per common share payable on October 14, 2022 to shareholders of record as of the close of business on September 30, 2022.

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, Ph.D., P.Geo., 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.

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 165 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its cornerstone asset, a 5% net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada.

Notes:

(1) Gold Equivalent Ounces

GEOs are calculated on a quarterly basis and include royalties, streams and offtakes. Silver earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces earned by the average silver price for the period and dividing by the average gold price for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue earned by the average gold price for the period. Offtake agreements are converted using the financial settlement equivalent divided by the average gold price for the period.

Average Metal Prices and Exchange Rate

	Three months ended June 30,				Six months ended June 30,
		2022		2021		2022		2021

Gold⁽ⁱ⁾	$	1,871	$	1,816	$	1,874	$	1,805
Silver⁽ⁱⁱ⁾	$	23	$	27	$	23	$	26

Exchange rate (US$/Can$)⁽ⁱⁱⁱ⁾		1.2768		1.2282		1.2715		1.2471

	(i)	The London Bullion Market Association’s pm price in U.S. dollars.
	(ii)	The London Bullion Market Association’s price in U.S. dollars.
	(iii)	Bank of Canada daily rate.

(2) The royalties and streams segment refers to the royalty, stream and other interests segment, which corresponds to the activities of Osisko Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries.

(3) The mining exploration and development segment refers to the mining exploration, evaluation and development segment, which corresponds to the activities of Osisko Development Corp. and its subsidiaries.

(4) Non-IFRS Measures

The Corporation has included certain performance measures in this press release that do not have any standardized meaning prescribed by International Financial Reporting Standards (IFRS) including (i) cash margin (in dollars and in percentage) for the royalties and streams segment, (ii) adjusted earnings (loss) and (iii) adjusted earnings (loss) per share. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. As Osisko’s operations are primarily focused on precious metals, the Corporation presents cash margins and adjusted earnings as it believes that certain investors use this information, together with measures determined in accordance with IFRS, to evaluate the Corporation’s performance in comparison to other companies in the precious metals mining industry who present results on a similar basis. However, other companies may calculate these non-IFRS measures differently.

Cash Margin (in dollars and in percentage of revenues)

Cash margin (in dollars) represents revenues from the royalties and streams segment less cost of sales (excluding depletion). Cash margin (in percentage of revenues) represents the cash margin (in dollars) divided by revenues from the royalties and streams segment.

	Three months ended June 30,				Six months ended June,
	2022		2021		2022		2021
	$		$		$		$

Royalty and stream interests
Total Revenues	63,959		57,941		123,357		124,864
Less: Revenues from mining activities (Osisko Development)	(12,414	)	(695	)	(21,123	)	(695	)
Less: Revenues from offtake interests	–		(7,339	)	–		(25,265	)
Revenues from royalty and stream interests	51,545		49,907		102,234		98,904

Total Cost of sales	(15,318	)	(10,791	)	(26,480	)	(31,188	)
Less: Cost of sales from mining activities (Osisko Development)	11,562		695		19,543		695
Less: Cost of sales from offtake interests	–		7,104		–		24,343
Cost of sales of royalty and stream interests	(3,756	)	(2,992	)	(6,937	)	(6,150	)


Revenues from royalty and stream interests	51,545		49,907		102,234		98,904
Less: Cost of sales of royalty and stream interests	(3,756	)	(2,992	)	(6,937	)	(6,150	)
Cash margin (in dollars) – royalty and stream interests	47,789		46,915		95,297		92,754

Cash margin (in percentage of revenues) – royalty and stream interests	93	%	94	%	93	%	94	%

Offtake interests
Revenues from offtake interests	–		7,339		–		25,265
Less: Cost of sales of offtake interests	–		(7,104	)	–		(24,343	)
Cash margin (in dollars)	–		235		–		922

Cash margin (in percentage of revenues)	–		3	%	–		4	%

Adjusted earnings (loss) and adjusted earnings (loss) per basic share

Adjusted earnings (loss) is defined as: net earnings (loss) adjusted for certain items: foreign exchange gain (loss), impairment of assets (including impairment on financial assets and investments in associates), gains (losses) on disposal of exploration and evaluation assets, unrealized gain (loss) on investments, share of loss of associates, deferred premium income on flow-through shares, deferred income tax expense (recovery), transaction costs and other items such as non-cash gains (losses).

Adjusted earnings (loss) per basic share is obtained from the adjusted earnings (loss) divided by the weighted average number of common shares outstanding for the period.

	For the three months ended June 30,
	2022						2021
	Osisko Gold Royalties ⁽ⁱ⁾		Osisko Development ⁽ⁱⁱ⁾		Consolidated		Osisko Gold Royalties ⁽ⁱ⁾		Osisko Development ⁽ⁱⁱ⁾		Consolidated
(in thousands of dollars, except per share amounts)	$		$		$		$		$		$

Net earnings (loss)	18,059		(1,487	)	16,572		16,341		(41,404	)	(25,063	)

Adjustments:
Impairment of assets	384		–		384		–		40,479		40,479
Foreign exchange (gain) loss	(7,593	)	(1,563	)	(9,156	)	(169	)	791		622
Unrealized loss (gain) on investments	5,574		(11,697	)	(6,123	)	1,553		13		1,566
Variation of fair value of derivative instruments	–		(19,381	)	(19,381	)	–		–		–
Share of loss of associates	1,078		141		1,219		1,111		750		1,861
Deferred premium income on flow-through shares	–		(573	)	(573	)	–		(2,798	)	(2,798	)
Transaction cost – Tintic	–		2,664		2,664
Deferred income tax expense (recovery)	8,214		1,521		9,735		5,041		(1,558	)	3,483

Adjusted earnings (loss)	25,716		(30,375	)	(4,659	)	23,877		(3,727	)	20,150

Weighted average number of common shares outstanding (000’s)	185,316		185,316		185,316		167,895		167,895		167,895

Adjusted earnings (loss) per basic share	0.14		(0.16	)	(0.03	)	0.14		(0.02	)	0.12

	For the six months ended June 30,
	2022						2021
	Osisko Gold Royalties ⁽ⁱ⁾		Osisko Development ⁽ⁱⁱ⁾		Consolidated		Osisko Gold Royalties ⁽ⁱ⁾		Osisko Development ⁽ⁱⁱ⁾		Consolidated
(in thousands of dollars, except per share amounts)	$		$		$		$		$		$

Net earnings (loss)	34,863		(23,820	)	11,043		29,805		(45,105	)	(15,300	)

Adjustments:
Impairment of assets	904		–		904		4,400		40,479		44,879
Foreign exchange loss (gain)	(8,469	)	(2,087	)	(10,556	)	(140	)	1,535		1,395
Unrealized (gain) loss on investments	11,414		(11,469	)	(55	)	2,942		(1,297	)	1,645
Variation of fair value of derivative instruments	–		(19,381	)	(19,381	)	–		–		–
Share of (earnings) loss of associates	(1,526	)	472		(1,054	)	736		1,157		1,893
Deferred premium income on flow-through shares	–		(914	)	(914	)	–		(3,267	)	(3,267	)
Transaction cost – Tintic	–		4,727		4,727
Deferred income tax expense (recovery)	13,373		1,490		14,863		9,573		(2,740	)	6,833

Adjusted earnings (loss)	50,559		(50,982	)	(423	)	47,316		(9,238	)	38,078

Weighted average number of common shares outstanding (000’s)	176,182		176,182		176,182		167,696		167,696		167,696

Adjusted earnings (loss) per basic share	0.29		(0.29	)	0.00		0.28		(0.06	)	0.23

(i) Osisko Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries. Represents the royalty, stream and other interests segment.
(ii) Osisko Development Corp. and its subsidiaries. Represents the mining exploration, evaluation and development segment.

Osisko Gold Royalties Ltd
Consolidated Balance Sheets
(tabular amounts expressed in thousands of Canadian dollars)

	June 30,		December 31,
	2022		2021
	$		$

Assets

Current assets

Cash	449,283		115,698
Amounts receivable	27,736		14,691
Inventories	26,361		18,596
Other assets	6,698		3,941
	510,078		152,926

Non-current assets

Investments in associates	126,523		125,354
Other investments	113,302		169,010
Royalty, stream and other interests	1,148,482		1,154,801
Mining interests and plant and equipment	836,706		635,655
Exploration and evaluation	42,758		3,635
Goodwill	111,204		111,204
Other assets	34,381		18,037
	2,923,434		2,370,622

Liabilities

Current liabilities

Accounts payable and accrued liabilities	33,341		30,049
Dividends payable	10,177		9,157
Provisions and other liabilities	12,663		12,179
Current portion of long-term debt	300,600		294,891
	356,781		346,276

Non-current liabilities

Provisions and other liabilities	89,855		60,334
Long-term debt	4,636		115,544
Deferred income taxes	96,417		68,407
	547,689		590,561

Equity

Share capital	2,085,642		1,783,689
Warrants	–		18,072
Contributed surplus	59,383		42,525
Equity component of convertible debentures	14,510		14,510
Accumulated other comprehensive income	28,010		58,851
Deficit	(305,499	)	(283,042	)
Equity attributable to Osisko Gold Royalties Ltd’s shareholders	1,882,046		1,634,605
Non-controlling interests	493,699		145,456
Total equity	2,375,745		1,780,061
	2,923,434		2,370,622

Osisko Gold Royalties Ltd
Consolidated Statements of Income (Loss)
For the three and six months June 30, 2022 and 2021
(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
	$		$		$		$

Revenues	63,959		57,941		123,357		124,864

Cost of sales	(15,318	)	(10,791	)	(26,480	)	(31,188	)
Depletion and amortization	(12,050	)	(11,437	)	(24,076	)	(23,364	)
Gross profit	36,591		35,713		72,801		70,312

Other operating expenses
General and administrative	(14,875	)	(9,171	)	(27,519	)	(19,077	)
Business development	(1,260	)	(1,118	)	(2,681	)	(2,105	)
Exploration and evaluation	(144	)	(843	)	(264	)	(1,180	)
Mining operating expenses	(20,602	)	–		(35,848	)	–
Impairments – royalty, stream and other interests	–		–		–		(2,288	)
Impairments – mining exploration, evaluation and development	–		(40,479	)	–		(40,479	)
Operating (loss) income	(290	)	(15,898	)	6,489		5,183
Interest income	2,292		1,348		3,483		2,658
Finance costs	(7,310	)	(5,884	)	(13,683	)	(12,027	)
Foreign exchange gain (loss)	9,405		(406	)	10,592		(1,535	)
Share of (loss) income of associates	(1,219	)	(1,861	)	1,054		(1,893	)
Other gains (losses), net	23,884		1,629		18,660		(281	)
Earnings (loss) before income taxes	26,762		(21,072	)	26,595		(7,895	)
Income tax expense	(10,190	)	(3,991	)	(15,552	)	(7,405	)
Net earnings (loss)	16,572		(25,063	)	11,043		(15,300	)

Net earnings (loss) attributable to:
Osisko Gold Royalties Ltd’s shareholders	17,159		(14,759	)	17,485		(4,165	)
Non-controlling interests	(587	)	(10,304	)	(6,442	)	(11,135	)

Net earnings (loss) per share
Basic and diluted	0.09		(0.09	)	0.10		(0.02	)

Osisko Gold Royalties Ltd
Consolidated Statements of Cash Flows
For the three and six months ended June 30, 2022 and 2021
(tabular amounts expressed in thousands of Canadian dollars)

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
	$		$		$		$

Operating activities
Net earnings (loss)	16,572		(25,063	)	11,043		(15,300	)
Adjustments for:
Share-based compensation	2,525		2,090		6,156		5,390
Depletion and amortization	15,983		11,794		31,000		24,055
Impairment of assets	384		40,479		904		44,879
Finance costs	2,570		1,716		4,715		3,555
Share of loss of associates	1,219		1,861		(1,054	)	1,893
Net gain on acquisition of investments	–		(211	)	(48	)	(649	)
Change in fair value of financial assets and liabilities at fair value through profit and loss	(12,106	)	1,777		(3,930	)	3,685
Net gain on dilution of investments	(1,544	)	–		(3,604	)	(1,391	)
Gain in deemed disposal of associate	(11,854	)	–		(11,854	)	–
Foreign exchange (gain) loss	(9,156	)	622		(10,556	)	1,395
Flow-through shares premium income	(573	)	(2,798	)	(914	)	(3,268	)
Deferred income tax expense	9,735		3,483		14,863		6,833
Other	2,202		(432	)	1,859		493
Net cash flows provided by operating activities before changes in non-cash working capital items	15,957		35,318		38,580		71,570
Changes in non-cash working capital items	(16,181	)	(4,401	)	(15,194	)	(19,329	)
Net cash flows (used in) provided by operating activities	(224	)	30,917		23,386		52,241

Investing activities
Acquisition of Tintic, net of cash acquired	(62,189	)	–		(62,189	)	–
Acquisition of investments	(384	)	(4,026	)	(11,118	)	(13,837	)
Proceeds on disposal of investments	3,186		8,338		24,241		28,109
Acquisition of royalty and stream interests	–		(39,085	)	(9,290	)	(42,877	)
Mining assets and plant and equipment	(20,973	)	(53,839	)	(34,007	)	(89,651	)
Exploration and evaluation expenses, net	(681	)	(1,028	)	(686	)	(1,163	)
Reclamation deposits, net	(13,371	)	–		(13,371	)	–
Other	(774	)	(201	)	(1,038	)	(201	)
Net cash flows used in investing activities	(95,186	)	(89,841	)	(107,458	)	(119,620	)

Financing activities
Bought deal equity financing	–		–		311,962		–
Share issue costs	(1,125	)	–		(13,941	)	–
Increase in long-term debt	3,666		–		7,536		50,000
Repayment of long-term debt	(115,095	)	–		(115,700	)	(50,000	)
Investments from minority shareholders	213,153		–		255,543		38,841
Share issue expenses from investments from minority shareholders	(5,108	)	–		(7,238	)	(2,581	)
Exercise of share options and shares issued under the share purchase plan	312		8,129		934		13,107
Normal course issuer bid purchase of common shares	–		–		(4,879	)	(4,464	)
Dividends paid	(9,755	)	(7,914	)	(18,478	)	(15,696	)
Capital payments on lease liabilities	(1,060	)	(1,928	)	(6,332	)	(2,780	)
Withholding taxes on settlement of restricted and deferred share units	(1,800	)	(3,544	)	(2,224	)	(3,582	)
Other	1,332		(3	)	2		(3	)
Net cash flows provided by (used in) financing activities	84,520		(5,260	)	407,185		22,842

(Decrease) increase in cash before effects of exchange rate changes on cash	(10,890	)	(64,184	)	323,113		(44,537	)
Effects of exchange rate changes on cash	10,723		(1,483	)	10,472		(3,024	)
(Decrease) increase in cash	(167	)	(65,667	)	333,585		(47,561	)
Cash – beginning of period	449,450		320,630		115,698		302,524
Cash – end of period	449,283		254,963		449,283		254,963

Posted August 11, 2022

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