Osisko Announces Preliminary Q3 2024 Geo Deliveries, Cash Margin and Reduced Debt Balance
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OSISKO ANNOUNCES PRELIMINARY Q3 2024 GEO DELIVERIES,
CASH MARGIN AND REDUCED DEBT BALANCE
Montréal, October 8th, 2024 – 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
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, 2024 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
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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
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.
Average Metal Prices and Exchange Rate
Three months ended
September 30,
2024 2023
Gold (i) $2,474 $1,928
Silver (ii) $29.43 $23.57
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) 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 dollars) represents revenues less cost of sales (excluding depletion). Cash margin (in percentage) represents the cash
margin (in dollars) divided by revenues.
(In thousands of dollars)
Three months ended
September 30, 2024
Revenues $57,255
Less: Cost of sales (excluding depletion) ($2,141)
Cash margin (in dollars) $55,114
Cash margin (in percentage of revenues) 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:
Grant Moenting
Vice President, Capital Markets
Tel: (514) 940-0670 x116
Cell: (365) 275-1954
Email: [email protected]
Heather Taylor
Vice President, Sustainability and Communications
Tel: (514) 940-0670 x105
Email: [email protected]
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 Canadi an 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, per mitting, 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 met allurgical
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 foreca st 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 re spect 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.