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Osisko Reports Q3 2024 Results

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Osisko Gold Royalties reported Q3 2024 financial results with operating cash flows of $47.2 million, up from $43.5 million in Q3 2023. The company earned 18,408 gold equivalent ounces (GEOs) and generated revenues of $57.3 million from royalties and streams. Net earnings were $18.3 million ($0.10 per share), compared to a net loss of $20.0 million in Q3 2023. The company maintained a strong cash margin of 96.3% and ended the quarter with a cash balance of $58.5 million and debt of $80.7 million. Notable developments include the acquisition of a 6% gold stream on SolGold's Cascabel project for US$225.0 million and a binding agreement to acquire royalties on the Dalgaranga Gold Project.

Osisko Gold Royalties ha riportato i risultati finanziari del terzo trimestre 2024, con flussi di cassa operativi di 47,2 milioni di dollari, in aumento rispetto ai 43,5 milioni di dollari del terzo trimestre 2023. L'azienda ha guadagnato 18.408 once d'oro equivalente (GEO) e generato ricavi di 57,3 milioni di dollari da royalties e flussi. Gli utili netti sono stati di 18,3 milioni di dollari (0,10 dollari per azione), rispetto a una perdita netta di 20,0 milioni di dollari nel terzo trimestre 2023. L'azienda ha mantenuto un forte margine di cassa del 96,3% e ha chiuso il trimestre con un saldo di cassa di 58,5 milioni di dollari e debiti di 80,7 milioni di dollari. Sviluppi notevoli includono l'acquisizione di un flusso d'oro del 6% sul progetto Cascabel di SolGold per 225,0 milioni di dollari e un accordo vincolante per acquisire royalties sul progetto di oro Dalgaranga.

Osisko Gold Royalties informó los resultados financieros del tercer trimestre de 2024, con flujos de caja operativos de 47,2 millones de dólares, en comparación con 43,5 millones de dólares en el tercer trimestre de 2023. La compañía ganó 18,408 onzas equivalentes de oro (GEO) y generó ingresos de 57,3 millones de dólares a partir de regalías y flujos. Las ganancias netas fueron de 18,3 millones de dólares (0,10 dólares por acción), en comparación con una pérdida neta de 20,0 millones de dólares en el tercer trimestre de 2023. La compañía mantuvo un fuerte margen de efectivo del 96,3% y finalizó el trimestre con un saldo de caja de 58,5 millones de dólares y una deuda de 80,7 millones de dólares. Los desarrollos notables incluyen la adquisición de un flujo de oro del 6% en el proyecto Cascabel de SolGold por 225,0 millones de dólares y un acuerdo vinculante para adquirir regalías sobre el Proyecto de Oro Dalgaranga.

Osisko Gold Royalties는 2024년 3분기 재무 결과를 보고했습니다. 운영 현금 흐름은 4,720만 달러로, 2023년 3분기 4,350만 달러에서 증가했습니다. 이 회사는 18,408 금 동등 온스(GEO)를 벌었고, 로열티 및 스트림에서 5,730만 달러의 수익을 올렸습니다. 순이익은 1,830만 달러(주당 0.10 달러)였으며, 2023년 3분기의 순손실 2,000만 달러에 비해 증가했습니다. 회사는 96.3%의 강력한 현금 마진을 유지했으며, 분기를 5,850만 달러의 현금 잔액과 8,070만 달러의 부채로 마감했습니다. 주목할 만한 발전으로는 SolGold의 Cascabel 프로젝트에서 금 스트림의 6%를 2억 2,500만 달러에 인수한 것과 Dalgaranga Gold Project의 로열티를 인수하는 구속력 있는 계약이 포함됩니다.

Osisko Gold Royalties a rapporté les résultats financiers du troisième trimestre 2024, avec des flux de trésorerie opérationnels de 47,2 millions de dollars, en hausse par rapport à 43,5 millions de dollars au troisième trimestre 2023. L'entreprise a gagné 18 408 onces équivalentes en or (GEO) et a généré des revenus de 57,3 millions de dollars grâce aux redevances et aux flux financiers. Les bénéfices nets ont été de 18,3 millions de dollars (0,10 dollar par action), contre une perte nette de 20,0 millions de dollars au troisième trimestre 2023. L'entreprise a maintenu une forte marge de trésorerie de 96,3% et a terminé le trimestre avec un solde de trésorerie de 58,5 millions de dollars et des dettes de 80,7 millions de dollars. Parmi les développements notables figure l'acquisition d'un flux d'or de 6% sur le projet Cascabel de SolGold pour 225,0 millions de dollars, ainsi qu'un accord contraignant pour acquérir des redevances sur le projet de gold Dalgaranga.

Osisko Gold Royalties hat die Finanzberichte für das dritte Quartal 2024 veröffentlicht, mit operativen Cashflows von 47,2 Millionen Dollar, ein Anstieg von 43,5 Millionen Dollar im dritten Quartal 2023. Das Unternehmen erwirtschaftete 18.408 Goldäquivalent-Unzen (GEO) und erzielte Einnahmen von 57,3 Millionen Dollar aus Royalties und Streams. Der Nettogewinn betrug 18,3 Millionen Dollar (0,10 Dollar pro Aktie), im Vergleich zu einem Nettoverlust von 20,0 Millionen Dollar im dritten Quartal 2023. Das Unternehmen hielt eine starke Cash-Marge von 96,3% und beendete das Quartal mit einem Barguthaben von 58,5 Millionen Dollar und Schulden in Höhe von 80,7 Millionen Dollar. Zu den bemerkenswerten Entwicklungen gehört der Erwerb eines 6%-Goldstreams im Cascabel-Projekt von SolGold für 225,0 Millionen Dollar sowie eine verbindliche Vereinbarung zum Erwerb von Royalties auf dem Dalgaranga Goldprojekt.

Positive
  • Operating cash flows increased to $47.2 million from $43.5 million YoY
  • Strong cash margin of 96.3%
  • Net earnings of $18.3 million vs net loss of $20.0 million in Q3 2023
  • Debt reduction of $27.3 million in Q3 and $115.2 million YTD
  • Strategic acquisition of 6% gold stream on Cascabel project
Negative
  • GEOs decreased to 18,408 from 23,292 in Q3 2023
  • Revenue declined to $57.3 million from $62.1 million YoY

Insights

The Q3 2024 results demonstrate solid financial performance with notable improvements in key metrics. Operating cash flows increased to $47.2 million from $43.5 million in Q3 2023, while maintaining an impressive cash margin of 96.3%. The company's transition from a net loss to net earnings of $18.3 million is particularly significant.

Strategic acquisitions, including the US$225 million Cascabel gold stream and the Dalgaranga royalty deal, position Osisko for growth. The company's debt reduction of $115.2 million year-to-date demonstrates strong balance sheet management, with cash balance at $58.5 million and reduced debt of $80.7 million.

While GEOs decreased to 18,408 from 23,292 year-over-year, the company remains on track to meet its revised guidance. The diversification of revenue streams through new projects and first deliveries from various streams indicates a robust growth trajectory.

The operational developments reveal strategic positioning in premier mining jurisdictions. The acquisition of royalties in Western Australia's Dalgaranga project and the Cascabel copper-gold project in Ecuador diversifies the portfolio while maintaining focus on high-quality assets. The commencement of deliveries from the CSA copper stream and Akasaba West royalty marks important milestones in revenue diversification.

The upcoming catalysts, including improved production at Mantos Blancos and the Namdini gold project commissioning, suggest strong growth potential for 2025. Gold Fields' acquisition of Osisko Mining to consolidate the Windfall gold project could accelerate development and potentially increase future royalty revenues.

Strong Operating Cash Flows of $47.2 Million

MONTRÉAL, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (OR: TSX & NYSE) 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 (“GEOs1”) 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 GEOs 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 (“Osisko Bermuda”) on SolGold plc's (“SolGold”) 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 (“GRR”) from Tembo Capital Mining Fund II (“Tembo”) on Spartan Resources Limited’s Dalgaranga Gold Project (“Dalgaranga”) 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 (“SIL”), 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

Conference Call:Wednesday, November 6th, 2024 at 5:00 pm 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: 83490
  
Webcast link:
(Option 2)
https://viavid.webcasts.com/starthere.jsp?ei=1691902&tp_key=a7c42fad9d
  
Replay (available until Friday,
December 6th 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: 83490#
  
 Replay also available on our website at www.osiskogr.com
  

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.

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@osiskogr.com
Heather Taylor
Vice President, Sustainability and Communications
Tel: (514) 940-0670 x105

Email: htaylor@osiskogr.com
  

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
September 30,
 
  2024  2023 
       
 Gold (i)$2,474  $1,928 
 Silver (ii)$29  $24 
 Copper (iii)$9,210  $8,356 
       
 Exchange rate (US$/Can$) (iv)1.3641  1.3414 

 

 (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.
 (iv)Bank of Canada daily rate.

 

(2)Three months ended September 30, 2023 (“Q3 2023”).
  
(3)Non-IFRS Measures

The Corporation has included certain performance measures in this press release that do not have any standardized meaning prescribed by IFRS Accounting Standards including cash margin in dollars and in percentage. 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 Accounting Standards. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS Accounting Standards. As Osisko’s operations are primarily focused on precious metals, the Corporation presents cash margins as it believes that certain investors use this information, together with measures determined in accordance with IFRS Accounting Standards, 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 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.

  Three months ended
September 30,

  Nine months ended 
September 30,

 
  2024  2023  2024  2023 
  $  $  $  $ 
             
 Royalty interests       
 Revenues38,472  37,410  129,252  115,911 
 Less: cost of sales (excluding depletion)(66) (193) (316) (533)
 Cash margin (in dollars)38,406  37,217  128,936  115,378 
         
 Depletion(2,763) (5,972) (13,658) (18,430)
 Gross profit35,643  31,245  115,278  96,948 
         
 Stream interests       
 Revenues18,783  24,659  53,600  66,245 
 Less: cost of sales (excluding depletion)(2,075) (4,144) (5,884) (12,105)
 Cash margin (in dollars)16,708  20,515  47,716  54,140 
         
 Depletion(6,753) (10,922) (17,795) (24,926)
 Gross profit9,955  9,593  29,921  29,214 
         
 Royalty and stream interests           
 Total cash margin (in dollars)55,114  57,732  176,652  169,518 
 Divided by: total revenues57,255  62,069  182,852  182,156 
 Cash margin (in percentage of revenues)96.3% 93.0% 96.6% 93.1%
         
 Total – Gross profit45,598  40,838  145,199  126,162 

 

(4)Adjusted earnings and adjusted earnings per basic share

Adjusted earnings is defined as: net earnings (loss), adjusted for certain items: 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.

 

  Three months ended 
September 30,
 Nine months ended 
September 30,
 
  2024 2023 2024 2023 
 (in thousands of dollars,
except per share amounts)
$ $ $ $ 
      
 Net earnings (loss)18,288 (19,999)12,246 18,810 
      
 Adjustments:    
 Impairment of royalty and streams interests- 17,490 67,832 24,119 
 Foreign exchange (gain) loss(737)3,390 3,582 3,543 
 Share of loss (income) of associates11,188 4,754 27,863 (8,268)
 Changes in allowance for expected credit losses and write-offs- 17,349 (1,895)37,480 
 Loss on investments104 2,513 3 4,482 
 Tax impact of adjustments5 (7,197)(17,904)(9,482)
      
 Adjusted earnings28,848 18,300 91,727 70,684 
      
 Weighted average number of common shares outstanding (000’s)186,408 185,304 186,145 184,947 
      
 Adjusted earnings per basic share0.15 0.10 0.49 0.38 
          

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 revised guidance estimate, that conditions precedent to the closing of the purchase of the royalty on the Dalgaranga Gold Project will be met and that such transaction will provide incremental growth to Osisko GEOs, that production will improve at Mantos Blancos, and that the commissioning and first gold production from the Namdini project 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) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (c) 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, (d) continued availability of capital and financing and general economic, market or business conditions, and (e) 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. 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 www.sedarplus.ca and EDGAR at www.sec.gov 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 September 30, 2024 and December 31, 2023
(Unaudited)
(tabular amounts expressed in thousands of Canadian dollars)
   
 September 30,  December 31, 
 2024  2023 
 $  $ 
     
Assets   
    
Current assets   
    
Cash58,540  67,721 
Short-term investments15,567  8,200 
Amounts receivable8,703  6,282 
Other assets1,147  1,842 
 83,957  84,045 
    
Non-current assets   
    
Investments in associates85,620  115,651 
Other investments99,457  93,025 
Royalty, stream and other interests1,482,179  1,553,111 
Goodwill111,204  111,204 
Other assets8,153  8,951 
 1,870,570  1,965,987 
    
Liabilities   
    
Current liabilities   
    
Accounts payable and accrued liabilities5,779  8,209 
Dividends payable12,108  11,121 
Lease liabilities1,214  1,122 
 19,101  20,452 
    
Non-current liabilities   
    
Lease liabilities5,957  6,879 
Long-term debt80,746  191,879 
Deferred income taxes101,364  96,279 
 207,168  315,489 
    
Equity    
    
Share capital2,113,691  2,097,691 
Contributed surplus80,081  79,446 
Accumulated other comprehensive income48,882  28,058 
Deficit(579,252) (554,697)
 1,663,402  1,650,498 
 1,870,570  1,965,987 
      

 

Osisko Gold Royalties Ltd
Consolidated Balance Sheets
As at September 30, 2024 and December 31, 2023
(Unaudited)
(tabular amounts expressed in thousands of Canadian dollars)
            
 Three months ended
September 30,

  Nine months ended
September 30,

 
 2024  2023  2024  2023 
 $  $  $  $ 
        
Revenues57,255  62,069  182,852  182,156 
        
Cost of sales(2,141) (4,337) (6,200) (12,638)
Depletion(9,516) (16,894) (31,453) (43,356)
Gross profit45,598  40,838  145,199  126,162 
        
Other operating expenses       
General and administrative(6,684) (11,697) (19,177) (25,214)
Business development(1,506) (1,337) (4,959) (4,130)
Impairment of royalty and stream interests-  (17,490) (67,832) (24,119)
Operating income37,408  10,314  53,231  72,699 
Interest income1,591  1,115  4,095  5,348 
Finance costs(2,262) (6,086) (8,832) (12,401)
Foreign exchange gain (loss)737  (3,390) (3,582) (3,543)
Share of (loss) income of associates(11,188) (4,754) (27,863) 8,268 
Other (losses) gains, net(104) (19,862) 1,892  (41,962)
Earnings (loss) before income taxes26,182  (22,663) 18,941  28,409 
Income tax (expense) recovery(7,894) 2,664  (6,695) (9,599)
Net earnings (loss)18,288  (19,999) 12,246  18,810 
        
        
Net earnings (loss) per share       
Basic and diluted0.10  (0.11) 0.07  0.10 
            

 

Osisko Gold Royalties Ltd
Consolidated Statements of Income (Loss)
For the three and nine months ended September 30, 2024 and 2023
(Unaudited)
(tabular amounts expressed in thousands of Canadian dollars, except per share amounts)
            
 Three months ended
September 30,
  Nine months ended
September 30,
 
 2024  2023  2024  2023 
 $  $  $  $ 
Operating activities       
Net earnings (loss)18,288  (19,999) 12,246  18,810 
Adjustments for:       
Share-based compensation2,158  3,967  6,532  9,124 
Depletion and amortization9,846  17,223  32,441  44,248 
Impairment of royalty and stream interests-  17,490  67,832  24,119 
Impairment of investments in associates-  -  -  271 
Changes in expected credit losses of other investments-  17,349  (1,895) 37,209 
Share of loss (income) of associates11,188  4,754  27,863  (8,268)
Change in fair value of financial assets at fair value through profit and loss104  2,513  3  6,267 
Net gain on dilution of investments-  -  -  (4,842)
Loss on the deemed disposal of an associate-  -  -  3,057 
Foreign exchange (gain) loss(757) 3,399  3,583  3,424 
Deferred income tax expense (recovery)7,024  (3,146) 4,858  7,584 
Other151  230  460  713 
Net cash flows provided by operating activities before changes in non-cash working capital items48,002  43,780  153,923  141,716 
Changes in non-cash working capital items(801) (316) (4,027) (5,410)
Net cash flows provided by operating activities47,201  43,464  149,896  136,306 
        
Investing activities       
Acquisitions of short-term investments(1,314) (2,676) (7,281) (6,473)
Acquisitions of investments-  -  -  (53,279)
Proceeds on disposal of investments-  5,022  5,177  5,028 
Acquisitions of royalty and stream interests(14,377) (26,768) (14,377) (239,530)
Other(36) (37) (43) (43)
Net cash flows used in investing activities(15,727) (24,459) (16,524) (294,297)
        
Financing activities       
Increase in long-term debt-  19,802  -  206,711 
Repayment of long-term debt(27,339) (28,151) (115,194) (41,614)
Exercise of share options and shares issued under the share purchase plan837  57  8,441  10,619 
Normal course issuer bid purchase of common shares(585) -  (585) - 
Dividends paid(10,747) (10,321) (31,234) (29,366)
Withholding taxes on settlement of restricted and deferred share units(310) -  (3,297) (4,349)
Other32  (265) (1,333) (711)
Net cash flows (used in) provided by financing activities(38,112) (18,878) (143,202) 141,290 
        
(Decrease) increase in cash before effects of exchange rate changes on cash
(6,638
) 127   (9,830) (16,701)
Effects of exchange rate changes on cash(546) 594  649  (3,093)
(Decrease) increase in cash(7,184) 721  (9,181) (19,794)
Cash – beginning of period65,724  70,033  67,721  90,548 
Cash – end of period58,540  70,754  58,540  70,754 
            

FAQ

What were Osisko's (OR) Q3 2024 earnings per share?

Osisko reported net earnings of $0.10 per basic share and adjusted earnings of $0.15 per basic share in Q3 2024.

How many GEOs did Osisko (OR) produce in Q3 2024?

Osisko earned 18,408 gold equivalent ounces (GEOs) in Q3 2024, compared to 23,292 GEOs in Q3 2023.

What was Osisko's (OR) cash position at the end of Q3 2024?

Osisko had a cash balance of $58.5 million and debt of $80.7 million as of September 30, 2024.

What major acquisitions did Osisko (OR) announce in Q3 2024?

Osisko announced the acquisition of a 6% gold stream on SolGold's Cascabel project for US$225.0 million and agreed to acquire royalties on the Dalgaranga Gold Project for US$50 million.

Osisko Gold Royalties Ltd

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3.61B
185.73M
0.38%
81.29%
2%
Gold
Basic Materials
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United States of America
Montreal