Osisko Gold Royalties Ltd (the “
Company” or
“
Osisko”) (OR: TSX & NYSE) is pleased to
provide an update on its third quarter 2024 preliminary deliveries,
revenues and cash margin, as well as on its cash and debt positions
as of September 30th, 2024. All monetary amounts included in this
report are expressed in Canadian dollars, unless otherwise noted.
PRELIMINARY Q3 2024 RESULTS
Osisko earned 18,408 attributable gold
equivalent ounces1 (“GEOs”) in the third quarter of 2024.
Osisko recorded preliminary revenues from
royalties and streams of $57.3 million during the third quarter and
preliminary cost of sales (excluding depletion) of $2.2 million,
resulting in a quarterly cash margin2 of approximately $55.1
million (or 96.3%).
As at September 30th, 2024, Osisko’s cash
position was $58.5 million. The Company’s revolving credit facility
was drawn by $80.7 million at the end of September 2024, with an
additional amount of $469.3 million available to be drawn plus the
uncommitted accordion of up to $200.0 million. The net debt
position as of September 30, 2024 was reduced to $22.2 million
during the third quarter following debt repayments of
$27.3 million.
Q3 2024 RESULTS CONFERENCE CALL AND WEBCAST
DETAILS
Osisko provides notice of its third quarter 2024
results conference call and webcast.
Results Release: |
Wednesday, November 6th, 2024 after market close |
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Conference Call: |
Wednesday, November 6th, 2024 at 5:00 pm ET |
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Dial-in Numbers:(Option 1) |
North American Toll-Free: 1 (800) 717-1738Local – Montreal: 1
(514) 400-3792Local – Toronto: 1 (289) 514-5100Local – New York: 1
(646) 307-1865Conference ID: 83490 |
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Webcast link:(Option 2) |
https://viavid.webcasts.com/starthere.jsp?ei=1691902&tp_key=a7c42fad9d |
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Replay (available until Friday, December 6th, 2024 at 11:59 PM
ET): |
North American Toll-Free: 1 (888) 660-6264Local – Toronto: 1 (289)
819-1325Local – New York: 1 (646) 517-3975Playback Passcode:
83490# |
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Replay also available on our website at www.osiskogr.com |
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Notes:
The figures presented in this press release,
including the cash balance, debt position, revenues and costs of
sales, have not been audited and are subject to change. As the
Corporation 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 |
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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 or
copper 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. |
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Average Metal Prices and Exchange Rate |
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Three months ended September 30, |
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2024 |
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2023 |
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Gold (i) |
$2,474 |
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$1,928 |
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Silver (ii) |
$29.43 |
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$23.57 |
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Copper (iii) |
$9,210 |
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$8,356 |
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Exchange rate (US$/Can$)
(iv) |
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1.3641 |
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1.3414 |
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(i) |
The London Bullion Market Association’s pm price in U.S. dollars
per ounce. |
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(ii) |
The London Bullion Market Association’s price in U.S. dollars per
ounce. |
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(iii) |
The London Metal Exchange’s price in U.S. dollars per tonne. |
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(iv) |
Bank of Canada daily rate. |
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(2) |
Non-IFRS Measures |
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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 dollars)
represents revenues less cost of sales (excluding depletion). Cash
margin (in percentage) represents the cash margin (in dollars)
divided by revenues. |
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(In thousands of dollars) |
Three months endedSeptember 30, 2024 |
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Revenues |
$57,255 |
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Less: Cost of sales (excluding
depletion) |
($2,141 |
) |
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Cash margin (in dollars) |
$55,114 |
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Cash margin (in percentage of
revenues) |
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96.3% |
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About Osisko Gold Royalties
Ltd
Osisko is an intermediate precious metal royalty
company focused on the Americas that commenced activities in June
2014. Osisko holds a North American 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.
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: |
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Grant MoentingVice President, Capital MarketsTel: (514) 940-0670
x116Cell: (365) 275-1954Email: gmoenting@osiskogr.com |
Heather TaylorVice President, Sustainability and CommunicationsTel:
(514) 940-0670 x105Email: htaylor@osiskogr.com |
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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 financial
information may be subject to year-end adjustments, the
availability of the uncommitted accordion of the credit facility.
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 (d) that financial
information may be subject to year-end adjustments. 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. 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.
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