OSISKO REPORTS Q1 2025 RESULTS Strong Cash Flows of $46.1 Million from Operating Activities
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OSISKO REPORTS Q1 2025 RESULTS
Strong Cash Flows of $46.1 Million from Operating Activities
Montréal, May 7, 2025 – Osisko Gold Royalties Ltd (the “ Company” or “Osisko”) (OR: TSX & NYSE)
today announced its consolidated financial results for the first quarter of 2025. Amounts presented are in
United States dollars, except where otherwise noted.
Highlights
• 19,014 gold equivalent ounces (“GEOs”1) earned (22,259 GEOs in Q1 20242);
• Revenues from royalties and streams of $54.9 million ($45.0 million in Q1 2024);
• Cash flows generated by operating activities of $46.1 million ($37.4 million in Q1 2024);
• Quarterly cash margin3 of $53.3 million or 97.1% ($43.7 million or 97.0% in Q1 2024);
• Net earnings of $25.6 million, $0.14 per basic share ($11.2 million, $0.06 per basic share in Q1 2024);
• Adjusted earnings 3 of $29.5 million, $0.16 per basic share ($22.0 million, $0.12 per basic share in
Q1 2024);
• Net repayment of $19.6 million under the revolving credit facility;
• Cash balance of $63.1 million and debt of $74.3 million as at March 31, 2025 ;
• Acquisition of a 1.5% net smelter return (“NSR”) royalty from Japan Gold Corp. (“Japan Gold”) on Japan
Gold’s wholly-controlled properties in Japan for cash consideration of $5.0 million; and
• Declaration of a quarterly dividend of C$0.065 per common share paid on April 15, 2025 to
shareholders of record as of the close of business on March 31, 2025.
Subsequent to March 31, 2025
• Additional repayments of $30.0 million under the Company’s revolving credit facility;
• First payment received from Talisker Resources Ltd. under the Bralorne 1.7% NSR royalty;
• Acquisition of a basket of royalties across various projects in British Columbia from Sable Resources
Ltd. (“Sable Resources”) for consideration of C$3.8 million, as well as certain rights in relation to the
future acquisition of similar interests from Sable Resources;
• Publication of the fifth edition of the Company’s sustainability report, Growing Responsibly ; and
• Declaration of a quarterly dividend of US$0.055 per common share, a 20% increase over the previous
quarterly dividend, based on the foreign exchange rate ( C$/US$) on the declaration date of the first
quarter dividend. The dividend will be paid on July 15, 2025 to shareholders of record as of the close
of business on June 30, 2025.
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Management Commentary
Jason Attew, President & CEO of Osisko commented: “Osisko’s first quarter represented a good start for
the Company in 2025 and serves as a solid base for Osisko to achieve its 2025 guidance range of 80,000
to 88,000 GEOs earned, especially considering that the Company’s GEO deliveries are expected to
sequentially improve quarter-by-quarter throughout the remainder of the year ahead.
Looking ahead over the next few months, there are several upcoming catalysts to watch out for, including,
but not limited to, Osisko Development’s project financing initiatives on the back of last week’s Optimized
Feasibility Study results for the fully -permitted Cariboo gold project; a new life- of-mine plan at Alamos
Gold’s Island Gold District; and finally, the anti cipated Implementation of the Scheme of Arrangement
between Spartan Resources and Ramelius Resources, which, if implemented, could accelerate first
production from Dalgaranga to late 2025, a full year ahead of Osisko’s expectations when we acquired the
Dalgaranga 1.8% gross smelter return royalty in late September of 2024.”
Norman MacDonald, Board Chair of Osisko, also commented: “Tomorrow’s Annual and Special Meeting of
Shareholders will mark the end of Joanne Ferstman’s tenure as an Independent Director on Osisko’s Board.
Joanne has been on Osisko’s Board of Directors from the very beginning, and, as such, both Board and
Management would like to wholeheartedly thank Joanne for her many years of leadership, guidance and
service. Her attention to detail and dedication to realizing the Company’s strategic vision, amongst her
many other skills, will be missed. We would also like to wish Joanne all the best in her future endeavours.”
Q1 2025 RESULTS CONFERENCE AND WEBCAST CALL DETAILS
Conference Call: Thursday, May 8th, 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: 33088
Webcast link:
(Option 2)
https://viavid.webcasts.com/starthere.jsp?ei=1713958&tp_key=482b1aae4e
Replay (available until
Sunday, June 8th, 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: 33088#
Replay also available on our website at www.osiskogr.com
Annual and Special Meeting of Shareholders
The Company’s 2025 Annual and Special Meeting of shareholders will be held on May 8, 2025 in Montréal,
Québec.
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”).
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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 195 royalties, streams and precious metal offtakes, including 21 producing assets.
Osisko’s portfolio is anchored by its cornerstone asset, a 3- 5% net smelter return royalty on the Canadian
Malartic Complex, home to 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]
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
March 31,
2025 2024
Gold (i) $2,860 $2,070
Silver (ii) $31.88 $23.34
Copper (iii) $9,340 $8,438
Exchange rate (C$/US$) (iv) 0.6968 0.7415
(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) Three months ended March 31, 2024 (“Q1 2024”).
(3) Non-IFRS Measures
Cash margin
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.
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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
March 31,
2025 2024
$ $
Royalty interests
Revenues 36,790 33,029
Less: cost of sales (excluding depletion) (145) (78)
Cash margin (in dollars) 36,645 32,951
Depletion (2,710) (4,104)
Gross profit 33,935 28,847
Stream interests
Revenues 18,126 12,018
Less: cost of sales (excluding depletion) (1,474) (1,281)
Cash margin (in dollars) 16,652 10,737
Depletion (5,034) (4,442)
Gross profit 11,618 6,295
Royalty and stream interests
Total cash margin (in dollars) 53,297 43,688
Divided by: total revenues 54,916 45,047
Cash margin (in percentage of revenues) 97.1% 97.0%
Total – Gross profit 45,553 35,142
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 operati ng 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.
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A reconciliation of net earnings to adjusted net earnings is presented below:
Three months ended
March 31,
2025 2024
(in thousands of dollars,
except per share amounts)
$ $
Net earnings 25,640 11,169
Adjustments:
Foreign exchange (gain) loss (160) 2,411
Share of loss of associates 3,752 10,053
Changes in allowance for expected credit losses and write-offs - (1,399)
Loss (gain) on investments 286 (388)
Tax impact of adjustments (41) 136
Adjusted earnings 29,477 22,032
Weighted average number of common shares outstanding (000’s) 186,979 185,761
Adjusted earnings per basic share 0.16 0.12
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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 Osisko will meet its guidance estimate, that development and milestones to be achieved by operators of
the properties in which the Company holds interest will be achieved in a timely manner. Forward- looking statements are statements
that are not historical facts and are generally, but not alway s, 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 di ffer
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 l icense,
(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 co mmodities 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 O sisko
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 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 preliminary financial information may be
subject to quarter 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 wi th 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 relat ing
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 unc ertainties 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. In this pres s release, Osisko relies on information publicly disclosed by other issuers and third
parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. These statements speak only
as of the date of this press rel ease. 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 March 31, 2025 and December 31, 2024
(Unaudited)
(tabular amounts expressed in thousands of United States dollars)
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March 31, December 31,
2025 2024
$ $
Assets
Current assets
Cash 63,070
59,096
Amounts receivable 2,773
3,106
Other assets 1,511 1,612
67,354 63,814
Non-current assets
Investments in associates 40,086 43,262
Other investments 85,403 74,043
Royalty, stream and other interests 1,112,393 1,113,855
Goodwill 77,353 77,284
Other assets 6,140 5,376
1,388,729 1,377,634
Liabilities
Current liabilities
Accounts payable and accrued liabilities 3,923
5,331
Dividends payable 8,457
8,433
Lease liabilities 1,132 852
13,512 14,616
Non-current liabilities
Lease liabilities 4,539 3,931
Long-term debt 74,346 93,900
Deferred income taxes 82,438 76,234
174,835 188,681
Equity
Share capital 1,680,514
1,675,940
Contributed surplus 65,003
63,567
Accumulated other comprehensive loss (139,637)
(141,841)
Deficit (391,986)
(408,713)
1,213,894 1,188,953
1,388,729 1,377,634
Osisko Gold Royalties Ltd
Consolidated Statements of Income
For the three months ended March 31, 2025 and 2024
(Unaudited)
(tabular amounts expressed in thousands of United States dollars, except per share amounts)
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2025 2024
$ $
(restated)
Revenues 54,916 45,047
Cost of sales (1,619) (1,359)
Depletion (7,744) (8,546)
Gross profit 45,553 35,142
Other operating expenses
General and administrative (4,959) (4,544)
Business development (2,079) (1,011)
Operating income 38,515 29,587
Interest income 598 934
Finance costs (1,730) (2,767)
Foreign exchange gain (loss) 160 (2,411)
Share of loss of associates (3,752) (10,053)
Other (losses) gains, net (286) 1,737
Earnings before income taxes 33,505 17,027
Income tax expense (7,865) (5,858)
Net earnings 25,640 11,169
Net earnings per share
Basic and diluted 0.14 0.06