Osisko Reports Record 2024 Results and Provides 2025 Guidance and New 5-Year Outlook
Osisko Gold Royalties reported record financial results for 2024, with revenues reaching US$191.2 million and operating cash flows of US$159.9 million. The company earned 80,740 gold equivalent ounces (GEOs), achieved net earnings of $16.3 million ($0.09 per basic share), and adjusted earnings of $97.3 million ($0.52 per basic share).
The company deployed over $287.7 million across three major transactions in 2024, including a 6% gold stream agreement on SolGold's Cascabel project, acquisition of royalties on Dalgaranga Gold project, and amendments to the Gibraltar silver stream. For 2025, Osisko expects GEOs to range between 80,000-88,000 with a 97% cash margin. The company's 5-year outlook projects 110,000-125,000 GEOs by 2029, representing over 30% growth.
Osisko Gold Royalties ha riportato risultati finanziari record per il 2024, con ricavi che hanno raggiunto 191,2 milioni di dollari USA e flussi di cassa operativi di 159,9 milioni di dollari USA. L'azienda ha guadagnato 80.740 once equivalenti d'oro (GEO), raggiungendo un utile netto di 16,3 milioni di dollari (0,09 dollari per azione ordinaria) e un utile rettificato di 97,3 milioni di dollari (0,52 dollari per azione ordinaria).
L'azienda ha investito oltre 287,7 milioni di dollari in tre transazioni principali nel 2024, tra cui un accordo di flusso d'oro del 6% sul progetto Cascabel di SolGold, l'acquisizione di royalties sul progetto Dalgaranga Gold e modifiche al flusso d'argento di Gibilterra. Per il 2025, Osisko prevede che le GEO si attestino tra 80.000-88.000 con un margine di cassa del 97%. Le previsioni dell'azienda per i prossimi 5 anni indicano 110.000-125.000 GEO entro il 2029, rappresentando oltre il 30% di crescita.
Osisko Gold Royalties reportó resultados financieros récord para 2024, con ingresos que alcanzaron 191,2 millones de dólares estadounidenses y flujos de efectivo operativos de 159,9 millones de dólares estadounidenses. La empresa ganó 80,740 onzas equivalentes de oro (GEO), logró ganancias netas de 16,3 millones de dólares (0,09 dólares por acción básica) y ganancias ajustadas de 97,3 millones de dólares (0,52 dólares por acción básica).
La compañía desplegó más de 287,7 millones de dólares en tres transacciones principales en 2024, incluyendo un acuerdo de flujo de oro del 6% en el proyecto Cascabel de SolGold, la adquisición de regalías en el proyecto Dalgaranga Gold y enmiendas al flujo de plata de Gibraltar. Para 2025, Osisko espera que las GEO oscilen entre 80,000-88,000 con un margen de efectivo del 97%. Las proyecciones de la compañía para los próximos 5 años indican 110,000-125,000 GEO para 2029, lo que representa más del 30% de crecimiento.
Osisko Gold Royalties는 2024년 기록적인 재무 결과를 보고했으며, 수익은 1억 9120만 달러에 달하고 운영 현금 흐름은 1억 5990만 달러에 이릅니다. 회사는 80,740 금 동등 온스(GEO)를 벌었으며, 순이익은 1630만 달러(주당 0.09달러)였고, 조정된 수익은 9730만 달러(주당 0.52달러)였습니다.
회사는 2024년 동안 2억 8770만 달러 이상을 세 가지 주요 거래에 배치했으며, 여기에는 SolGold의 Cascabel 프로젝트에 대한 6% 금 스트림 계약, Dalgaranga Gold 프로젝트의 로열티 인수, 그리고 지브롤터 은 스트림에 대한 수정이 포함됩니다. 2025년을 위해 Osisko는 GEO가 80,000-88,000 사이일 것으로 예상하며, 현금 마진은 97%입니다. 회사의 5년 전망은 2029년까지 110,000-125,000 GEO를 예상하며, 이는 30% 이상의 성장을 나타냅니다.
Osisko Gold Royalties a annoncé des résultats financiers records pour 2024, avec des revenus atteignant 191,2 millions de dollars US et des flux de trésorerie d'exploitation de 159,9 millions de dollars US. L'entreprise a gagné 80 740 onces équivalentes d'or (GEO), a enregistré un bénéfice net de 16,3 millions de dollars (0,09 dollar par action ordinaire) et un bénéfice ajusté de 97,3 millions de dollars (0,52 dollar par action ordinaire).
L'entreprise a déployé plus de 287,7 millions de dollars dans trois transactions majeures en 2024, y compris un accord de flux d'or de 6% sur le projet Cascabel de SolGold, l'acquisition de redevances sur le projet Dalgaranga Gold, et des modifications au flux d'argent de Gibraltar. Pour 2025, Osisko s'attend à ce que les GEO se situent entre 80 000-88 000 avec une marge de trésorerie de 97%. Les prévisions de l'entreprise sur 5 ans projettent 110 000-125 000 GEO d'ici 2029, représentant plus de 30% de croissance.
Osisko Gold Royalties berichtete über rekordverdächtige Finanzergebnisse für 2024, mit Einnahmen von 191,2 Millionen US-Dollar und operativen Cashflows von 159,9 Millionen US-Dollar. Das Unternehmen verdiente 80.740 Goldäquivalent-Unzen (GEO), erzielte einen Nettogewinn von 16,3 Millionen US-Dollar (0,09 US-Dollar pro Stammaktie) und einen bereinigten Gewinn von 97,3 Millionen US-Dollar (0,52 US-Dollar pro Stammaktie).
Das Unternehmen investierte über 287,7 Millionen US-Dollar in drei große Transaktionen im Jahr 2024, darunter einen 6%-Goldstream-Vertrag für das Projekt Cascabel von SolGold, den Erwerb von Royalties für das Dalgaranga Goldprojekt und Änderungen am Silberstream von Gibraltar. Für 2025 erwartet Osisko GEOs im Bereich von 80.000-88.000 mit einer Cash-Marge von 97%. Der 5-Jahres-Ausblick des Unternehmens prognostiziert 110.000-125.000 GEOs bis 2029, was über 30% Wachstum entspricht.
- Record annual revenues of US$191.2 million (up from $183.2M in 2023)
- Record operating cash flows of US$159.9 million (up from $138.4M in 2023)
- Net earnings turnaround to $16.3M from previous year's loss of $37.4M
- Adjusted earnings increased to $97.3M from $74.1M in 2023
- Net debt reduction with $49.7M repayment of revolving credit facility
- Strategic expansion through $287.7M deployment in new transactions
- GEO production decreased to 80,740 from 94,323 in 2023
- Slower than anticipated ramp-ups in development projects affecting 2025 delivery profile
Insights
The 2024 financial results demonstrate Osisko's robust execution of its growth strategy, with record revenues of
Three strategic transactions totaling
The balance sheet has been substantially strengthened, with net debt reduction and a comfortable leverage position. The
The 2025 guidance of 80,000-88,000 GEOs reflects a measured approach, incorporating the ramp-up of new assets and conservative commodity price assumptions. The five-year outlook projecting 110,000-125,000 GEOs by 2029 indicates a compelling
The company's strategic positioning in both precious and base metals, combined with its improved financial flexibility, creates a robust platform for continued growth through accretive acquisitions while maintaining its high-margin business model with a projected
Record annual revenues of US
MONTRÉAL, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (OR: TSX & NYSE) 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 (“GEOs1”) 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 (“Osisko Bermuda”) for a
6% gold stream (until 225,000 ounces are delivered, and then3.6% 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 (“GRR”) from Tembo Capital Mining Fund II (“Tembo”) on Spartan Resources Limited’s Dalgaranga Gold project (“Dalgaranga”) in Western Australia and a1.35% 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% to100% and extending the step-down delivery threshold to 6.8 million ounces delivered for consideration of$12.7 million ;
- Execution of a definitive agreement by Osisko Bermuda Limited (“Osisko Bermuda”) for a
- First delivery of copper received by Osisko Bermuda from MAC Copper Limited (“MAC Copper”) under the CSA copper stream;
- First payment received from G Mining Ventures Corp.’s (“G Mining”) under the Tocantinzinho
0.75% net smelter return (“NSR”) 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
$0.25 5 per common share in 2024 (C$0.23 5 per common share in 2023).
Subsequent to December 31, 2024
- Acquisition of a
1.5% NSR royalty from Japan Gold Corp. (“Japan Gold”) 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
$0.06 5 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
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
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
Q4 AND YEAR-END 2024 RESULTS CONFERENCE CALL AND WEBCAST DETAILS
| 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 is 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
Osisko’s head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montreal, Québec, H3B 2S2.
For further information, please contact Osisko Gold Royalties Ltd:
| Grant Moenting Vice President, Capital Markets Tel : (514) 940-0670 x116 Mobile : (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 December 31, | Years ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Realized | Average | Realized | Average | Realized | Average | Realized | Average | ||||||
| Gold(i) | |||||||||||||
| Silver(ii) | |||||||||||||
| Copper(iii) | n/a | n/a | |||||||||||
| Exchange Rate (C$/US$)(iv) | n/a | 1.3982 | n/a | 1.3624 | n/a | 1.3698 | n/a | 1.3497 | |||||
| (i) | The average price represents the London Bullion Market Association’s PM price in U.S. dollars per ounce. |
| (ii) | The average price represents the London Bullion Market Association’s price in U.S. dollars per ounce. |
| (iii) | The average price represents the London Metal Exchange’s price in U.S. dollars per tonne. |
| (iv) | Bank of Canada daily rate. |
(2) Non-IFRS Measures
Cash margin (in dollars and in percentage of revenues)
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 such as gross margin and operating cash flows, 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 per type of interests (in thousands of dollars and in percentage of revenues) is presented below:
| Three months ended December 31, | Years ended December 31, | ||||||
| 2024 | 2023 | 2024 | 2023 | ||||
| $ | $ | $ | $ | ||||
| Royalty interests | |||||||
| Revenues | 35,349 | 32,681 | 130,375 | 118,829 | |||
| Less: cost of sales (excluding depletion) | (180) | 17 | (413) | (379) | |||
| Cash margin (in dollars) | 35,169 | 32,698 | 129,962 | 118,450 | |||
| Depletion | (2,160) | (4,101) | (12,208) | (17,796) | |||
| Gross profit | 33,009 | 28,597 | 117,754 | 100,654 | |||
| Stream interests | |||||||
| Revenues | 21,393 | 15,154 | 60,782 | 64,399 | |||
| Less: cost of sales (excluding depletion) | (2,001) | (2,959) | (6,325) | (11,956) | |||
| Cash margin (in dollars) | 19,392 | 12,195 | 54,457 | 52,443 | |||
| Depletion | (7,315) | (5,469) | (20,399) | (24,005) | |||
| Gross profit | 12,077 | 6,726 | 34,058 | 28,438 | |||
| Royalty and stream interests Total cash margin (in dollars) | 54,561 | 44,893 | 184,419 | 170,893 | |||
| Divided by: total revenues | 56,742 | 47,835 | 191,157 | 183,228 | |||
| Cash margin (in percentage of revenues) | |||||||
| Total – Gross profit | 45,086 | 35,323 | 151,812 | 129,092 | |||
Adjusted earnings and adjusted earnings per basic share
Adjusted earnings and adjusted earnings per basic share are non-IFRS financial measures and are defined by Osisko by excluding the following items from net earnings (loss) and earnings (loss) per share: 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.
Management uses adjusted earnings and adjusted earnings per basic share to evaluate the underlying operating performance of Osisko as a whole for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its consolidated financial statements. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards such as net earnings (loss) and net earnings (loss) per basic share, investors and analysts use adjusted earnings and adjusted earnings per basic share to evaluate the results of the underlying business of Osisko, particularly since the excluded items are typically not included in Osisko’s annual guidance. While the adjustments to net earnings (loss) and net earnings (loss) per basic share in these measures include items that are both recurring and non-recurring, management believes that adjusted earnings and adjusted net earnings per basic share are useful measures of Osisko’s performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of the core operating results from period to period, are not always reflective of the underlying operating performance of the business and/or are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per basic share are 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 net earnings (loss) to adjusted net earnings is presented below:
| Three months ended December 31, | Years ended December 31, | |||
| 2024 | 2023 | 2024 | 2023 | |
| (in thousands of dollars, except per share amounts) | $ | $ | $ | $ |
| Net earnings (loss) | 7,105 | (51,234) | 16,267 | (37,426) |
| Adjustments: | ||||
| Impairment of royalty and stream interests | - | 17,768 | 49,558 | 35,711 |
| Foreign exchange loss (gain) | 1,771 | (3,777) | 4,424 | (1,134) |
| Share of loss (income) of associates | 9,491 | 252 | 30,025 | (5,937) |
| Changes in allowance for expected credit losses and write-offs | - | 48,968 | (1,399) | 76,799 |
| Loss on investments | 8,960 | 10,316 | 8,957 | 13,868 |
| Other non-cash losses (gains), net | 2,362 | (466) | 2,362 | (466) |
| Tax impact of adjustments | 164 | (255) | (12,920) | (7,336) |
| Adjusted earnings | 29,853 | 21,572 | 97,274 | 74,079 |
| Weighted average number of common shares outstanding (000’s) | 186,747 | 185,353 | 186,290 | 185,036 |
| Adjusted earnings per basic share | 0.16 | 0.12 | 0.52 | 0.40 |
During the fourth quarter of 2023, the following changes were made to the composition of adjusted earnings:
| (i) | total gains and losses on investments on the statement of income (loss) are now excluded from net earnings (loss); prior to this change, only the unrealized gains and losses on investments were excluded from net earnings (loss); | |
| (ii) | total foreign exchange gains and losses on the statement of income (loss) are now excluded from net earnings (loss); prior to this change, only the foreign exchange gains and losses adjustments from operation activities on the statement of cash flows were excluded from net earnings (loss); | |
| (iii) | the tax impact of all adjustments in the calculation of adjusted earnings is now considered; prior to this change, the total deferred income taxes on the statement of earnings (loss) was excluded from net earnings (loss). | |
These changes in the manner in which Osisko calculates adjusted earnings were made to align more closely the calculations with its peers and facilitate the comparison with these companies. These changes also affected adjusted earnings per basic share because they are calculated from adjusted earnings. Quarterly comparative figures have been restated to reflect the current composition of adjusted earnings and adjusted net earnings per basic share.
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. All statements in this press release, forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, production estimates of Osisko’s assets (including increase of production), the 2025 guidance and the 5-year outlook, timely developments of mining properties over which Osisko has royalties, streams, offtakes and investments, management’s expectations regarding Osisko’s growth, results of operations, estimated future revenues, production costs, carrying value of assets, ability to continue to pay dividend, requirements for additional capital, business prospects and opportunities future demand for and fluctuation of prices of commodities (including outlook on gold, silver, diamonds, other commodities) currency markets and general market conditions. In addition, statements and estimates (including data in tables) relating to mineral reserves and resources and gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates will be realized. 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; with respect to external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by Osisko, (b) a trade war or new tariff barriers, (c) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (d) 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, (e) continued availability of capital and financing and general economic, market or business conditions, and (f) responses of relevant governments to the infectious diseases outbreaks and the effectiveness of such response and the potential impact of infectious diseases outbreaks on Osisko’s business, operations and financial condition; with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by Osisko or (b) the integration of acquired assets. 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 the Corporation’s ongoing income and assets relating to determination of its Passive Foreign Investment Company ("PFIC”) status; 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.
| Osisko Gold Royalties Ltd | |||||
| Consolidated Balance Sheets | |||||
| As at December 31, 2024 and 2023 | |||||
| (tabular amounts expressed in thousands of United States dollars) | |||||
| December 31, | December 31, | January 1, | |||
| 2024 | 2023 | 2023 | |||
| $ | $ | $ | |||
| (restated) | (restated) | ||||
| Assets | |||||
| Current assets | |||||
| Cash | 59,096 | 51,204 | 66,853 | ||
| Short-term investments | - | 6,200 | - | ||
| Amounts receivable | 3,106 | 4,750 | 8,640 | ||
| Other assets | 1,612 | 1,392 | 1,880 | ||
| 63,814 | 63,546 | 77,373 | |||
| Non-current assets | |||||
| Investments in associates | 43,262 | 87,444 | 236,081 | ||
| Other investments | 74,043 | 70,335 | 54,268 | ||
| Royalty, stream and other interests | 1,113,855 | 1,174,298 | 1,017,582 | ||
| Goodwill | 77,284 | 84,081 | 82,102 | ||
| Other assets | 5,376 | 6,768 | 6,484 | ||
| 1,377,634 | 1,486,472 | 1,473,890 | |||
| Liabilities | |||||
| Current liabilities | |||||
| Accounts payable and accrued liabilities | 5,331 | 6,205 | 5,041 | ||
| Dividends payable | 8,433 | 8,409 | 7,472 | ||
| Lease liabilities | 852 | 849 | 680 | ||
| 14,616 | 15,463 | 13,193 | |||
| Non-current liabilities | |||||
| Lease liabilities | 3,931 | 5,201 | 4,948 | ||
| Long-term debt | 93,900 | 145,080 | 109,231 | ||
| Deferred income taxes | 76,234 | 72,797 | 63,917 | ||
| 188,681 | 238,541 | 191,289 | |||
| Equity | |||||
| Share capital | 1,675,940 | 1,658,908 | 1,642,855 | ||
| Contributed surplus | 63,567 | 62,331 | 60,764 | ||
| Accumulated other comprehensive loss | (141,841) | (84,816) | (101,659) | ||
| Deficit | (408,713) | (388,492) | (319,359) | ||
| 1,188,953 | 1,247,931 | 1,282,601 | |||
| 1,377,634 | 1,486,472 | 1,473,890 | |||
| Osisko Gold Royalties Ltd | |||||||
| Consolidated Statements of Income (Loss) | |||||||
| For the three months and the years ended December 31, 2024 and 2023 | |||||||
| (tabular amounts expressed in thousands of United States dollars, except per share amounts) | |||||||
| Three months ended December 31, | Years ended December 31, | ||||||
| 2024 | 2023 | 2024 | 2023 | ||||
| $ | $ | $ | $ | ||||
| (restated) | (restated) | ||||||
| Revenues | 56,742 | 47,835 | 191,157 | 183,228 | |||
| Cost of sales | (2,181) | (2,942) | (6,738) | (12,335) | |||
| Depletion | (9,475) | (9,570) | (32,607) | (41,801) | |||
| Gross profit | 45,086 | 35,323 | 151,812 | 129,092 | |||
| Other operating expenses | |||||||
| General and administrative | (4,209) | (5,587) | (18,298) | (24,344) | |||
| Business development | (1,987) | (1,505) | (5,632) | (4,574) | |||
| Impairment of royalty interests | - | (17,768) | (49,558) | (35,711) | |||
| Operating income | 38,890 | 10,463 | 78,324 | 64,463 | |||
| Interest income | 1,144 | 1,088 | 4,153 | 5,061 | |||
| Finance costs | (1,466) | (4,805) | (7,966) | (14,031) | |||
| Foreign exchange (loss) gain | (1,771) | 3,777 | (4,424 ) | 1,134 | |||
| Share of (loss) gain of associates | (9,491) | (252) | (30,025) | 5,937 | |||
| Other losses, net | (11,322) | (58,818) | (9,920) | (90,201) | |||
| Earnings (loss) before income taxes | 15,984 | (48,547) | 30,142 | (27,637) | |||
| Income tax expense | (8,879) | (2,687) | (13,875) | (9,789) | |||
| Net earnings (loss) | 7,105 | (51,234) | 16,267 | (37,426) | |||
| Net earnings (loss) per share | |||||||
| Basic and diluted | 0.04 | (0.28) | 0.09 | (0.20) | |||
| Osisko Gold Royalties Ltd | |||||||
| Consolidated Statements of Cash Flows | |||||||
| For the three months and the years ended December 31, 2024 and 2023 | |||||||
| (tabular amounts expressed in thousands of United States dollars) | |||||||
| Three months ended December 31, | Years ended December 31, | ||||||
| 2024 | 2023 | 2024 | 2023 | ||||
| $ | $ | $ | $ | ||||
| (restated) | (restated) | ||||||
| Operating activities | |||||||
| Net earnings (loss) | 7,105 | (51,234) | 16,267 | (37,426) | |||
| Adjustments for: | |||||||
| Share-based compensation | 1,438 | 932 | 6,238 | 7,718 | |||
| Depletion and amortization | 9,713 | 9,812 | 33,572 | 42,707 | |||
| Impairment of royalty and stream interests | - | 17,768 | 49,558 | 35,711 | |||
| Change in allowance for expected credit loss and write-off of other investments and interest receivable | - | - | (1,399) | 27,831 | |||
| Impairment of investments in associates | - | 48,768 | - | 48,968 | |||
| Share of loss (income) of associates | 9,491 | 252 | 30,025 | (5,937) | |||
| Change in fair value of financial assets at fair value through profit and loss | (340) | 5,057 | (343) | 9,748 | |||
| Net loss (gain) on dilution of investments in associates | 9,300 | - | 9,300 | (3,580) | |||
| Loss on disposal and deemed disposal of associates | - | 5,459 | - | 7,736 | |||
| Foreign exchange loss (gain) | 1,776 | (3,821) | 4,428 | (1,268) | |||
| Deferred income tax expense | 7,537 | 2,268 | 11,183 | 7,874 | |||
| Other | 2,635 | (629) | 2,973 | (133) | |||
| Net cash flows provided by operating activities before changes in non-cash working capital items | 48,655 | 34,632 | 161,802 | 139,949 | |||
| Changes in non-cash working capital items | 1,110 | 2,516 | (1,877) | (1,512) | |||
| Net cash flows provided by operating activities | 49,765 | 37,148 | 159,925 | 138,437 | |||
| Investing activities | |||||||
| Acquisitions of short-term investments | (650) | (1,386) | (5,983) | (6,200) | |||
| Acquisitions of investments | - | - | - | (40,200) | |||
| Proceeds from disposal of investments | - | 94,334 | 3,847 | 98,053 | |||
| Acquisitions of royalty and stream interests | (62,927) | (37,260) | (73,449) | (217,745) | |||
| Other | (26) | (2) | (57) | (34) | |||
| Net cash flows (used in) provided by investing activities | (63,603) | 55,686 | (75,642) | (166,126) | |||
| Financing activities | |||||||
| Increase in long-term debt | 35,000 | 35,000 | 35,000 | 190,000 | |||
| Repayment of long-term debt | - | (124,806) | (84,721) | (155,787) | |||
| Exercise of share options and shares issued under the share purchase plan | 3,335 | 1,678 | 9,558 | 9,486 | |||
| Normal course issuer bid purchase of common shares | - | - | (428) | - | |||
| Dividends paid | (7,687) | (7,792) | (30,650) | (29,655) | |||
| Withholding taxes on settlement of restricted and deferred share units | - | (379) | (2,442) | (3,592) | |||
| Other | (207) | (553) | (1,185) | (1,082) | |||
| Net cash flows provided by (used in) financing activities | 30,441 | (96,852) | (74,868) | 9,370 | |||
| Increase (decrease) in cash before effects of exchange rate changes | 16,603 | (4,018) | 9,415 | (18,319) | |||
| Effects of exchange rate changes on cash | (873) | 2,892 | (1,523) | 2,670 | |||
| Net increase (decrease) in cash | 15,730 | (1,126) | 7,892 | (15,649) | |||
| Cash – beginning of period | 43,366 | 52,330 | 51,204 | 66,853 | |||
| Cash – end of period | 59,096 | 51,204 | 59,096 | 51,204 | |||
FAQ
What were Osisko's (OR) revenue and earnings for 2024?
How many GEOs did Osisko (OR) produce in 2024 compared to 2023?
What is Osisko's (OR) GEO production guidance for 2025?
What is Osisko's (OR) 5-year production outlook for 2029?
How much capital did Osisko (OR) deploy in new transactions during 2024?
