Osisko Announces Preliminary Q4 2024 Geo Deliveries with Record Annual Cash Margin
Osisko Gold Royalties reported preliminary Q4 2024 results with 20,005 attributable gold equivalent ounces (GEOs), bringing the annual total to 80,740 GEOs, meeting their revised guidance of 77,000-83,000 GEOs. Despite a 14% year-over-year decrease due to operational stoppages at Renard diamond mine and Eagle mine, the company achieved record financial performance.
Q4 2024 saw record preliminary revenues of $79.3 million with a cash margin of 96.2%. Full-year 2024 preliminary revenues reached a record $262.2 million with a 96.5% cash margin. The company ended 2024 with approximately $85.0 million in cash and $135.1 million drawn from their revolving credit facility, with an additional $414.9 million available plus an uncommitted accordion of up to $200 million.
Osisko Gold Royalties ha riportato i risultati preliminari per il quarto trimestre 2024 con 20.005 once d'oro equivalenti attribuibili (GEO), portando il totale annuale a 80.740 GEO, rispettando le loro indicazioni riviste di 77.000-83.000 GEO. Nonostante un calo del 14% rispetto all'anno precedente a causa delle fermate operative presso la miniera di diamanti Renard e la miniera Eagle, l'azienda ha raggiunto performance finanziarie da record.
Il quarto trimestre 2024 ha visto ricavi preliminari record di 79,3 milioni di dollari con un margine di cassa del 96,2%. I ricavi preliminari per l'intero anno 2024 hanno raggiunto un record di 262,2 milioni di dollari con un margine di cassa del 96,5%. L'azienda ha chiuso il 2024 con circa 85,0 milioni di dollari in contanti e 135,1 milioni di dollari prelevati dalla loro linea di credito revolving, con un ulteriore 414,9 milioni di dollari disponibili, più un'accordion non impegnata fino a 200 milioni di dollari.
Osisko Gold Royalties informó resultados preliminares del cuarto trimestre de 2024 con 20.005 onzas equivalentes de oro atribuibles (GEO), llevando el total anual a 80.740 GEO, cumpliendo con su orientación revisada de 77.000-83.000 GEO. A pesar de una disminución del 14% interanual debido a las paradas operativas en la mina de diamantes Renard y la mina Eagle, la empresa logró un rendimiento financiero récord.
El cuarto trimestre de 2024 vio ingresos preliminares récord de $79.3 millones con un margen de efectivo del 96.2%. Los ingresos preliminares del año completo 2024 alcanzaron un récord de $262.2 millones con un margen de efectivo del 96.5%. La empresa terminó 2024 con aproximadamente $85.0 millones en efectivo y $135.1 millones extraídos de su línea de crédito rotativo, con un adicional de $414.9 millones disponible más un accordion no comprometido de hasta $200 millones.
Osisko Gold Royalties는 2024년 4분기의 초기 결과를 보고하였으며, 20,005 온스 상당의 귀속 금 등가물(GEO)을 기록하여 연간 총액을 80,740 GEO로 증가시켰습니다. 이는 수정된 가이던스인 77,000-83,000 GEO를 충족했습니다. Renard 다이아몬드 광산과 Eagle 광산에서의 운영 중단으로 인해 전년 대비 14% 감소했음에도 불구하고, 회사는 기록적인 재무 성과를 달성했습니다.
2024년 4분기의 초기 수익은 $79.3 백만으로 기록되었고, 현금 마진은 96.2%에 달했습니다. 2024년 전체 연도의 초기 수익은 기록적인 $262.2 백만에 도달하였고, 96.5%의 현금 마진을 기록했습니다. 회사는 2024년을 약 $85.0 백만의 현금과 $135.1 백만이 회전 신용 시설에서 인출된 상태로 마감했으며, 추가로 $414.9 백만이 가용하고 비공식적 accordion이 최대 $200 백만까지 가능합니다.
Osisko Gold Royalties a rapporté des résultats préliminaires pour le quatrième trimestre 2024 avec 20 005 onces d’or équivalentes attribuables (GEO), portant le total annuel à 80 740 GEO, respectant ainsi leurs prévisions révisées de 77 000 à 83 000 GEO. Malgré une baisse de 14 % par rapport à l’année précédente en raison d'arrêts opérationnels à la mine de diamants Renard et à la mine Eagle, l'entreprise a réalisé des performances financières record.
Le quatrième trimestre 2024 a enregistré des revenus préliminaires record de 79,3 millions de dollars avec une marge de trésorerie de 96,2%. Les revenus préliminaires de l'année entière 2024 ont atteint un record de 262,2 millions de dollars avec une marge de trésorerie de 96,5%. L'entreprise a terminé 2024 avec environ 85,0 millions de dollars en espèces et 135,1 millions de dollars tirés de leur facilités de crédit renouvelable, avec un montant supplémentaire de 414,9 millions de dollars disponible plus un accordion non engagé jusqu'à 200 millions de dollars.
Osisko Gold Royalties berichtete vorläufige Ergebnisse für das vierte Quartal 2024 mit 20.005 anrechenbaren Goldäquivalent-Unzen (GEO), was den Jahresgesamtbetrag auf 80.740 GEO erhöht und die revidierte Prognose von 77.000-83.000 GEO erfüllt. Trotz eines Rückgangs von 14 % im Jahresvergleich aufgrund von Betriebsstillständen in der Renard-Diamantmine und der Eagle-Mine erzielte das Unternehmen eine rekordverdächtige finanzielle Leistung.
Im vierten Quartal 2024 gab es vorläufige Rekordumsätze von 79,3 Millionen USD mit einer Cash-Marge von 96,2%. Die vorläufigen Jahresumsätze für 2024 erreichten einen Rekord von 262,2 Millionen USD mit einer 96,5% Cash-Marge. Das Unternehmen schloss 2024 mit etwa 85,0 Millionen USD in bar und 135,1 Millionen USD abgerufen aus seiner revolvierenden Kreditfazilität, mit zusätzlichen 414,9 Millionen USD verfügbar sowie einem unbeaufsichtigten Accordion von bis zu 200 Millionen USD.
- Record quarterly revenues of $79.3M with 96.2% cash margin
- Record annual revenues of $262.2M with 96.5% cash margin
- Met mid-point of revised GEO delivery guidance
- Strong liquidity position with $414.9M available credit facility
- 14% year-over-year decrease in GEOs earned
- Operational stoppage at Renard diamond mine and Eagle mine
- Credit facility drawn by $135.1M
Insights
Osisko's Q4 2024 results demonstrate mixed performance with notable achievements in cash margins despite operational challenges. The company achieved 80,740 GEOs for 2024, hitting the mid-point of guidance but showing a
The balance sheet position remains solid with
Most notably, the record annual cash margin of
The precious metals market context enhances the significance of these results, with average gold prices reaching
The strategic diversification across 185+ royalties and streams provides resilience against single-asset disruptions, though the Renard and Eagle incidents highlight concentration risk impacts. The cornerstone Canadian Malartic Complex royalty (3-5% NSR) continues to provide stable backing for the portfolio.
The North American focus positions Osisko favorably in a geopolitically stable jurisdiction, while maintaining exposure to precious metals as a hedge against economic uncertainty. The company's ability to maintain high margins despite production challenges indicates strong underlying business model resilience.
MONTRÉAL, Jan. 07, 2025 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (OR: TSX & NYSE) is pleased to provide an update on its fourth quarter 2024 preliminary deliveries, revenues and cash margin, as well as on its cash and debt positions as of December 31st, 2024. All monetary amounts included in this report are expressed in Canadian dollars1, unless otherwise noted.
PRELIMINARY Q4 2024 RESULTS
Osisko earned 20,005 attributable gold equivalent ounces2 (“GEOs”) in the fourth quarter of 2024, for a total of 80,740 GEOs in 2024, thereby achieving the mid-point of the Company’s revised GEO delivery guidance range of 77,000-83,000 GEOs. Osisko’s year-over-year GEOs earned decreased by
Osisko recorded record preliminary revenues from royalties and streams of
For the full year 2024, preliminary revenues from royalties and streams reached a record
As at December 31st, 2024, Osisko’s cash position was approximately
Q4 AND YEAR-END 2024 RESULTS CONFERENCE AND WEBCAST CALL DETAILS
Osisko provides notice of the fourth quarter and annual 2024 results and conference and webcast call details.
| Results Release: | Wednesday, February 19th, 2025 after market close |
| Conference Call: | Thursday, February 20th, 2025 at 10:00 am 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: 82566 |
| Webcast link: (Option 2) | https://viavid.webcasts.com/starthere.jsp?ei=1703726&tp_key=e17fd450c0 |
| Replay (available until Thursday, March 20th, 2025 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: 82566# |
| Replay also available on our website at www.osiskogr.com |
The figures presented in this press release, including revenues and costs of sales, have not been audited and are subject to change. As the Company has not yet finished its year-end procedures, the anticipated financial information presented in this press release is preliminary, subject to year-end adjustments, and may change materially.
| (1) | The Company intends to change its presentation currency from the Canadian dollar to the U.S. dollar when it publishes its consolidated financial statements for the year ended December 31, 2024. Consequently, the figures presented in this press release include the U.S. dollar equivalent for ease of reference and comparison with the annual consolidated financial statements to be published after market close on February 19, 2025. The cash and debt balances as at December 31, 2024 have been converted at the December 31, 2024 closing exchange rate, and revenues and costs of sales have been converted using quarterly average exchange rates. |
| (2) | Gold Equivalent Ounces 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 price 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. |
Average Metal Prices and Exchange Rate
| Three months ended December 31 | Years ended December 31 | ||||
| 2024 | 2023 | 2024 | 2023 | ||
| Gold(i) | |||||
| Silver(ii) | |||||
| Copper (iii) | |||||
| Exchange rate (US$/Can$)(iv) | 1.3982 | 1.3624 | 1.3698 | 1.3497 | |
| (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. |
| (3) | Non-IFRS Measures |
Cash margin in dollars and in percentage of revenues are non-IFRS financial measures. Cash margin (in dollars) is defined by Osisko as revenues less cost of sales (excluding depletion). Cash margin (in percentage of revenues) is obtained from the cash margin (in dollars) divided by revenues. Management uses cash margin in dollars and in percentage of revenues to evaluate Osisko’s ability to generate positive cash flow from its royalty, stream and other interests. Management and certain investors also use this information, together with measures determined in accordance with IFRS Accounting Standards to evaluate Osisko’s performance relative to peers in the mining industry who present these measures on a similar basis. Cash margin in dollars and in percentage of revenues are only intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers. A reconciliation of the cash margin (in thousands of dollars and in percentage of revenues) is presented below: |
| Three months ended December 31, 2024 | Year ended December 31, 2024 | |||||||||
| CAD | USD | CAD | USD | |||||||
| Revenues | ||||||||||
| Less: Cost of sales (excluding depletion) | ($3,050 | ) | ($2,181 | ) | ($9,250 | ) | ($6,738 | ) | ||
| Cash margin (in dollars) | ||||||||||
| Cash margin (in percentage of revenues) | 96.2 | % | 96.2 | % | 96.5 | % | 96.5 | % | ||
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
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 |
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.
FAQ
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