OSISKO REPORTS RECORD 2024 RESULTS AND PROVIDES 2025 GUIDANCE AND NEW 5-YEAR OUTLOOK Record annual revenues of US$191.2 million and record operating cash flows of US$159.9 million
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OSISKO REPORTS RECORD 2024 RESULTS AND PROVIDES
2025 GUIDANCE AND NEW 5-YEAR OUTLOOK
Record annual revenues of US$191.2 million
and record operating cash flows of US$159.9 million
Montréal, February 19, 2025 – 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:
o Execution of a definitive agreement by Osisko Bermuda Limited (“Osisko Bermuda”) for a 6%
gold stream (until 225,000 ounces are delivered, and then 3.6% thereafter) on SolGold plc’s
Cascabel copper-gold development project in Ecuador for a total of $225.0 million, payable
upon achieving certain milestones;
o 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 a 1.35% GRR on additional regional exploration licenses in proximity to
Dalgaranga from Tembo for combined consideration of $50.0 million;
o Amendment to the Gibraltar silver stream, increasing Osisko’s attributable silver percentage by
12.5% to 100% and extending the step-down delivery threshold to 6.8 million ounces delivered
for consideration of $12.7 million;
• 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;
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• Publication of the Fourth E dition of the C ompany’s sustainability report, Growing Responsibly and
Osisko’s 2024 Asset Handbook; and
• Declaration of quarterly dividends totaling C$0.255 per common share in 2024 (C$0.235 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$0.065 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 margin 2 of
approximately 97%. For the 2025 guidance, deliveries of silver, copper, and cash royalties have been
converted to GEOs using commodity prices based on consensus prices and a gold/silver price ratio of 83:1.
The 2025 guidance assumes Capstone Copper Corp.’s Mantos Blancos mine will continue to operate at its
Phase I nameplate throughput capacity of 20,000 tonnes per day, as well as the commencement of
payments associated with GEOs earned from Cardinal Namdini Mining Limited’s Namdini mine in the
second half of 2025. In addition, the guidance assumes a full year of GEOs earned from the copper stream
from MAC Copper’s CSA mine, and the NSR royalty on G Mining’s Tocantinzinho mine.
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 202 9. 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).
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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 $85 million in repayments against its revolving credit facility in 2024.
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 30%, as anticipated mine expansions, and the construction of new key
projects, are all expected to be completed by our operating partners between now and then.”
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
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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- 5% net smelter return royalty on the Canadian
Malartic Complex, one of Canada’s largest gold operations.
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: [email protected]
Heather Taylor
Vice President, Sustainability and Communications
Tel: (514) 940-0670 x105
Email: [email protected]
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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) $2,656 $2,663 $1,981 $1,971 $2,361 $2,386 $1,943 $1,941
Silver(ii) $30.66 $31.38 $23.74 $23.20 $28.28 $28.27 $23.27 $23.35
Copper(iii) $8,880 $9,193 n/a $8,159 $8,920 $9,147 n/a $8,478
Exchange Rate
(C$/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.
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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
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) 96.2% 93.8% 96.5% 93.3%
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 b e 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 (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.
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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. 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", "co uld" 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 dr ive
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) con tinued 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.