Osisko Gold Royalties Ltd (TSX: OR) (NYSE: OR) today announced its consolidated financial results for the third quarter of 2024. Amounts presented are in Canadian dollars, except where otherwise noted.

Highlights

• 18,408 gold equivalent ounces earned (23,292 GEOs in Q3 2023²);
• Revenues from royalties and streams of $57.3 million ($62.1 million in Q3 2023), exclusive of 1,595 GEOs¹ earned but not sold due to quarter-end timing;
• Cash flows generated by operating activities of $47.2 million ($43.5 million in Q3 2023);
• Quarterly cash margin³ of 55.1 million or 96.3%;
• Net earnings of $18.3 million, $0.10 per basic share (net loss of $20.0 million, $0.11 per basic share in Q3 2023);
• Adjusted earnings⁴ of $28.8 million, $0.15 per basic share ($18.3 million, $0.10 per basic share in Q3 2023);
• Repayment of $27.3 million under the revolving credit facility (and repayment of $115.2 million year-to-date in 2024);
• Cash balance of $58.5 million and debt of $80.7 million as at September 30, 2024;
• Acquisition of a 6% gold stream (until 225,000 ounces are delivered, and then 3.6% thereafter) by Osisko Bermuda Limited on SolGold plc’s Cascabel copper-gold development project in Ecuador for a total of US$225.0 million, payable upon achieving certain milestones;
• Entered into a binding agreement to acquire a 1.8% gross revenue royalty from Tembo Capital Mining Fund II on Spartan Resources Limited’s Dalgaranga Gold Project in Western Australia for US$44 million, and a 1.35% GRR on additional regional exploration licenses in proximity to Dalgaranga from Tembo for US$6 million;
• First delivery of copper received by Osisko Bermuda from Metals Acquisition Limited under the CSA copper stream;
• First payment received from Agnico Eagle Mines Ltd. under the Akasaba West 2.5% NSR royalty (partial coverage);
• Appointment of Ms. Wendy Louie to the Company’s Board of Directors as an Independent Director; and
• Declaration of a quarterly dividend of $0.065 per common share paid on October 15, 2024 to shareholders of record as of the close of business on September 30, 2024.

Subsequent to September 30, 2024

• Declaration of a quarterly dividend of $0.065 per common share payable on January 15, 2025 to shareholders of record as of the close of business on December 31, 2024;
• Osisko added to the Solactive Global Silver Miners Total Return Index; the underlying index that is tracked by the Global X Silver Miners ETF, pursuant to the index’s semi-annual ordinary adjustment, effective November 1, 2024; and,
• The resignation of Mr. Robert Krcmarov from the Board of Directors in order to assume the role of President & CEO of Hecla Mining Company.

Jason Attew, President & CEO of Osisko commented: “Osisko had a solid third quarter and remains on track to achieve its 2024 revised guidance range of 77,000 to 83,000 GEOs delivered. On the last day of the quarter, Osisko also announced an agreement to purchase a royalty on Spartan’s Dalgaranga Gold Project in Western Australia, an asset that checks all of our boxes in terms of near-term production and cash flow, top-tier mining jurisdiction, management quality and significant exploration upside. This accretive transaction is expected to close shortly upon customary approval from Australia’s Foreign Investment Review Board, and will provide incremental growth to Osisko’s peer-leading GEO delivery growth profile within the next two-to-three years.

Catalysts continued to crystallize for Osisko during the third quarter, most notably first deliveries under the CSA copper stream, first production at G Mining Ventures’ Tocantinzinho gold mine, and finally Gold Fields closing its acquisition of Osisko Mining to consolidate 100% of the Windfall gold project. Looking ahead into the next several months, we’re still expecting to see improved production at Capstone’s Mantos Blancos mine, as well as commissioning and first gold production from the Namdini gold project, both of which will serve as key incremental GEO delivery growth drivers for 2025 and beyond.”

Mr. Norman MacDonald, Chair of Osisko’s Board of Directors commented: “Rob has been an active and engaged independent member of Osisko’s Board for 2 years, and over this period, the Company has benefitted significantly from his dedicated leadership combined with his technical experience. On behalf of the Board, management and the Company’s shareholders, I would like to congratulate Rob on his new role as President and CEO of Hecla and wish him all the best in his future endeavors.”

Q3 2024 RESULTS CONFERENCE AND WEBCAST CALL DETAILS

Notes:

Cash Margin (in thousands of dollars and in percentage of revenues)

Cash margin (in thousands of dollars) represents revenues less cost of sales (excluding depletion). Cash margin (in percentage of revenues) represents the cash margin (in thousands of dollars) divided by revenues.

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 (“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, 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.