Osisko Provides Update ON Deliveries Received FOR the Third Quarter of 2020 Notice of the 2020 Third Quarter Results and Conference Call
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OSISKO PROVIDES UPDATE ON DELIVERIES RECEIVED FOR THE
THIRD QUARTER OF 2020
NOTICE OF THE 2020 THIRD QUARTER RESULTS AND CONFERENCE CALL
Montréal, October 20, 2020 – Osisko Gold Royalties Ltd (the “Corporation” or “Osisko”) (OR: TSX &
NYSE) is pleased to announce that it has received approximately 16,700 attributable gold equivalent
ounces1 (“GEOs”) and recorded preliminary revenues2 of C$55.7 million during the three months ended
September 30, 2020. Preliminary cost of sales, excluding depletion2, was C$15.2 million resulting in a
cash operating margin 3 of approximately C$40.5 million. Excluding offtakes, Osisko’s cash operating
margin on royalties and streams3 reached a record of 96.4% during the third quarter of 2020.
Sandeep Singh, President of Osisko commented: “Our Q3 results demonstrate again the strength and
quality of our portfolio of assets. We anticipate a continued upward trend in GEO deliveries in the fourth
quarter as some of our royalty and streaming assets have a lag between an operator’s production and
delivery to us. As such, the third quarter had remnant impacts of certain operators producing less ounces
in their Q2 period. That effect is now behind us and , with the strong third quarter, we are in excellent
position to meet our forecast for the second half of 2020.”
Q3 2020 Results and Conference Call Details
The Corporation also provides notice of the third quarter 2020 results and conference call details, which
will be released after market close on Monday, November 9, 2020 followed by a conference call on
Tuesday, November 10, 2020 at 10:00 am EST.
Those interested in participating in the conference call should dial in at 1-(877) 223-4471 (North
American toll free), or 1-(647) 788-4922 (international). An operator will direct participants to the call.
The conference call replay will be ava ilable from 1:00 pm ES T on November 10, 2020 until 11:59 pm
EST on November 24, 2020 with the following dial in numbers: 1-(800) 585-8367 (North American toll
free) or 1 -(416) 621-4642, access code 4896403. The replay will also be available on our website at
www.osiskogr.com.
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Notes:
Osisko has included certain performance measures in this press release that do not have any standardized meaning prescribed
by International Financial Reporting Standards (IFRS) including (i) attributable gold equivalent ounces and (ii) cash operat ing
margin. 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. As Osisko’s
operations are primarily focused on precious metals, the Corporation presents attributable GEOs and cash operating margins
as it believes that certain investors use this information to evaluate the Corporation’s performance in comparison to other
mining companies in the prec ious metals mining industry who present results on a similar basis. However, o ther companies
may calculate these non-IFRS measures differently. Note that these figures have not been audited and are subject to change.
1. GEOs are calculated on a quarterly basis and include royalties, streams and offtakes. Silver earned from royalty and
stream agreements are converted to gold equivalent ounces by multiplying the silver ounces by the average silver
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 by the average gold price for the period.
Offtake agreements are converted using the financial settlement equivalent divided by the average gold price for the
period.
2. These figures have not been audited and a re subject to change. As the Corporation has not yet finished its quarter -
end close procedures, the anticipated financial information presented in this press release is preliminary, subject to
final quarter-end closing adjustments, and may change materially.
3. Cash operating margin (in dollars) represents revenues less cost of sales , excluding depletion (C$ 55.7 million -
C$15.2 million = C$40.5 million). Cash operating margin on revenues and streams (in percentage) represents the
cash operating margin earned from revenues and streams (in dollars) divided by revenues earned from royalties and
streams ([C$41.2 million – C$1.5 million] / C$41.2 million = 96.4%).
About Osisko Gold Royalties Ltd
Osisko Gold Royalties Ltd is an intermediate precious metal royalty company focused on the Americas
that commenced activities in June 2014. Osisko holds a North Americ an focused portfolio of over 140
royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its cornerstone asset,
a 5% net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada.
Osisko also owns the Cariboo gold project in Canada as well as a portfolio of publicly held resource
companies, including a 14.6% interest in Osisko Mining Inc., 17.6% interest in Osisko Metals
Incorporated and an 18.3% interest in Falco Resources Ltd. On October 5, 2020, Osisko Gold Royalties
Ltd announced the spin-out of mining assets and the creation of Osisko Development Corp., a premier
North American gold development company. This transaction is expected to close in the second half of
the fourth quarter of 2020.
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:
Sandeep Singh
President
Tel. (514) 940-0670
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Forward-looking Statements
Certain statements contained in this press release may be deemed “forward ‐looking statements” within the meaning of
applicable Canadian and U.S. securities laws. These forward ‐looking statements, by their nature, require Osisko to make
certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in these forward ‐looking statements. Forward ‐looking statements are not
guarantees of performance. Words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”,
“estimate”, “continue”, or the negative or comparable terminology, as well as terms usually used in the future and the
conditional, are intended to identify forward ‐looking statements including management’s anticipation of GEO deliveries in the
fourth quarter and the achievement of the Corporation’s forecast for the second half of 2020. Information contained in forward‐
looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast
or projection, including management’s perceptions of historical trends, current conditions and expected future developm ents,
as well as other considerations that are believed to be appropriate in the circumstances. Osisko considers its assumptions to
be reasonable based on information currently available, but cautions the reader that their assumptions regarding future events,
many of which are beyond the control of Osisko, may ultimately prove to be incorrect since they are subject to risks and
uncertainties that affect Osisko and its business . Such risks and uncertainties include, among others, that the f inancial
information presented in this press release is preliminary and could be subject to adjustments, the successful continuation of
mining activities in Québec and more particularly of the operations underlying the Corporation’s assets, the performance of the
assets of Osisko, the growth and the benefits deriving from its portfolio of investments , and the responses of relevant
governments to the COVID-19 outbreak and the effectiveness of such responses.
For additional information with respect to these and other factors and assumptions underlying the forward‐looking statements
made in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form of Osisko which
is filed with the Canadian securities commissions an d available electronically under Osisko’s issuer profile on SEDAR at
www.sedar.com and with the U.S. Securities and Exchange Commission and available electronically under Osisko’s issuer
profile on EDGAR at www.sec.gov. The forward ‐ looking statements set forth herein reflect Osisko’s expectations as at the
date of this press release and are subject to change after such date. Osisko disclaims any intention or obligation to update or
revise any forward ‐looking statements, whether as a result of new informati on, future events or otherwise, other than as
required by law.