Osisko Gold Royalties Ltd (TSX:OR) (NYSE:OR) 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 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 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 from Tembo Capital Mining Fund II on Spartan Resources Limited’s Dalgaranga Gold project 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 under the CSA copper stream;
• First payment received from G Mining Ventures Corp.’s under the Tocantinzinho 0.75% net smelter return 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. 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

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 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.