Osisko Gold Royalties Ltd (the “
Company” or
“
Osisko”) (OR: TSX & NYSE) today announced its
consolidated financial results for the second quarter of 2024.
Amounts presented are in Canadian dollars, except where otherwise
noted.
Highlights
- 20,068 gold equivalent ounces1
(“GEOs”) earned (24,645 GEOs in Q2 2023);
- Revenues from royalties and streams
of $64.8 million ($60.5 million in Q2 2023);
- Record cash flows generated by
operating activities of $52.3 million ($47.4 million in Q2
2023);
- Net loss of $21.1 million, $0.11
per basic share (net earnings of $18.0 million, $0.10 per basic
share in Q2 2023), as a result of a non-cash impairment loss of
$67.8 million on the Eagle gold royalty, representing 100% of the
net book value on June 30, 2024 ($49.9 million, net of income
taxes);
- Record adjusted earnings2 of $33.2
million, $0.18 per basic share ($27.2 million, $0.15 per basic
share in Q2 2023);
- Repayment of $44.2 million under
the revolving credit facility and extension of the maturity date
from September 29, 2026 to April 30, 2028;
- Cash balance of $65.7 million and
debt outstanding of $109.0 million as at June 30, 2024;
- Publication of the fourth edition
of the Company’s sustainability report, Growing Responsibly and the
2024 Asset Handbook; and,
- Declaration of a quarterly dividend
of $0.065 per common share paid on July 15, 2024 to shareholders of
record as of the close of business on June 28, 2024, an increase of
8%.
Subsequent to June 30, 2024
- Acquisition by Osisko Bermuda
Limited of a new gold stream on SolGold plc’s Cascabel copper-gold
project in Ecuador;
- First delivery under the CSA copper
stream from Metals Acquisition Limited;
- First payment from Agnico Eagle
Mines Ltd. under the Akasaba West 2.5% NSR royalty;
- Additional repayments of $13.8
million (US$10.0 million) on the revolving credit facility;
and
- Declaration of a quarterly dividend
of $0.065 per common share payable on October 15, 2024 to
shareholders of record as of the close of business on September 30,
2024.
Appointment of Ms. Wendy Louie to
Osisko’s Board of Directors
Osisko is also pleased to announce the
appointment of Ms. Wendy Louie to its Board of Directors.
Ms. Louie is a Canadian Chartered Professional
Accountant with over 25 years of diverse finance and leadership
experience focused primarily on the mining industry. Ms. Louie was
the Vice President Finance and CFO of Sabina Gold and Silver Corp.
until its acquisition by B2Gold Corp in April 2023. Prior to
that, Ms. Louie also held several senior management roles at
Goldcorp Inc. from 2006 to 2016 serving as Vice President
Finance, Vice President Reporting and Assistant Controller.
From 2004 to 2006, Ms. Louie was also a Senior Tax Manager at Ernst
& Young and from 1995 to 2004, she held various finance
positions with Duke Energy Canada. Ms. Louie currently serves
as an Independent Director for Liberty Gold Corp.
Mr. Norman MacDonald, Chair of Osisko’s Board of
Directors commented: “We are very excited to have Wendy join
Osisko’s Board of Directors. Her wealth of experience at the
corporate level, with her having held various senior finance roles
at growth-oriented resource companies both big and small, made her
an ideal candidate to be appointed as Osisko’s newest Independent
Director. Her proven track record, attention to detail, and
dedication to the highest professional standards will no doubt
benefit Osisko and its shareholders going forward.”
Additional Commentary
Jason Attew, President & CEO of Osisko
commented: “Osisko’s second quarter of 2024 was a markedly busy
one, thanks to the Company’s robust corporate development pipeline
and its ever-evolving portfolio of assets. Increased commodity
prices resulted in strong revenues and record operating cash flows
that allowed Osisko to continue to rapidly pay down its revolving
credit facility. As such, Osisko’s balance sheet remains
well-positioned for the future deployment of capital towards new
accretive growth opportunities. A perfect example of this was the
recent announcement of the acquisition of the Cascabel gold stream
by Osisko Bermuda, a transaction that was completed subsequent to
quarter-end and one that provides the Company with an additional
long-term growth lever on a tier-1 copper-gold asset3.
Prior to the heap leach facility failure at
Victoria Gold’s Eagle mine, Osisko was tracking well with regard to
its previously published 2024 GEO delivery guidance range of 82,000
- 92,000 GEOs. However, under our assumption that production at
Eagle will remain suspended through to the end of 2024, the Company
has decided to adjust its 2024 GEO delivery guidance range to
77,000 – 83,000 GEOs. The revised guidance also factors in the
recently disclosed two-month delay in Capstone’s ramp-up to 20,000
tonnes per day at Mantos Blancos. Recall that we had previously
expected a marginally stronger second half to the year in 2024,
thanks mostly to the CSA copper stream, and to a lesser extent, our
NSR royalties at Akasaba West and Tocantinzinho; two out of three
of these assets, in fact, are already contributing to Osisko’s top
line, with first payments from Tocantinzinho expected in the fourth
quarter. Finally, at Namdini, the project is still on schedule to
pour first gold before end-of-year, thus providing Osisko with
additional growth heading into 2025.”
Q2 2024 RESULTS CONFERENCE AND WEBCAST CALL
DETAILS
Conference Call: |
Wednesday, August 7th, 2024 at 10:00 am ET |
Dial-in Numbers:(Option 1) |
North American Toll-Free: 1 (800) 717-1738Local – Montréal: 1 (514)
400-3792Local - Toronto: 1 (289) 514-5100Local - New York: 1 (646)
307-1865Conference ID: 66153 |
Webcast link:(Option
2) |
https://viavid.webcasts.com/starthere.jsp?ei=1679304&tp_key=1149f8ec91 |
Replay (available until Monday,
September 9th at 11:59 am ET): |
North American Toll-Free: 1 (888) 660-6264Local - Toronto: 1 (289)
819-1325Local - New York: 1 (646) 517-3975Playback Passcode:
66153# |
|
Replay 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 Mr. 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, 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 |
Heather
Taylor |
Vice President, Capital Markets |
Vice President, Sustainability and Communications |
Tel: (647) 477-2087 x116 |
Tel: (647) 477-2087 x105 |
Mobile: (365) 275-1954 |
|
Email: gmoenting@osiskogr.com |
Email: htaylor@osiskogr.com |
Notes:
(1) Gold Equivalent OuncesGEOs
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 June 30, |
|
|
2024 |
|
2023 |
|
|
|
Gold(i) |
$2,338 |
$1,976 |
Silver(ii) |
$28.84 |
$24.13 |
|
|
|
Exchange
rate (US$/Can$)(iii) |
|
1.3683 |
|
1.3428 |
(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) Bank of Canada daily
rate.(2) Non-IFRS Performance MeasuresThe Company
has included certain performance measures in this press release
that do not have any standardized meaning prescribed by IFRS
Accounting Standards including (i) cash margin (in dollars and in
percentage of revenues), (ii) adjusted earnings and (iii) adjusted
earnings per basic share. 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 Company presents cash margins and adjusted earnings as
it believes that certain investors use this information, together
with measures determined in accordance with IFRS Accounting
Standards, to evaluate the Company’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 and in percentage of
revenues)
Cash margin (in dollars) represents revenues
less cost of sales (excluding depletion). Cash margin (in
percentage of revenues) represents the cash margin (in dollars)
divided by revenues.
|
Three months endedJune 30, |
|
|
Six months ended June
30, |
|
(in thousands of dollars) |
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
Royalty
interests |
|
|
|
|
|
|
|
Revenues |
46,236 |
|
|
39,323 |
|
|
90,780 |
|
|
78,501 |
|
Less: cost of sales (excluding
depletion) |
(145 |
) |
|
(205 |
) |
|
(250 |
) |
|
(340 |
) |
Cash margin (in dollars) |
46,091 |
|
|
39,118 |
|
|
90,530 |
|
|
78,161 |
|
|
|
|
|
|
|
|
|
Depletion |
(5,361 |
) |
|
(5,610 |
) |
|
(10,895 |
) |
|
(12,458 |
) |
Gross
profit |
40,730 |
|
|
33,508 |
|
|
79,635 |
|
|
65,703 |
|
|
|
|
|
|
|
|
|
Stream
interests |
|
|
|
|
|
|
|
Revenues |
18,610 |
|
|
21,177 |
|
|
34,817 |
|
|
41,586 |
|
Less: cost of sales (excluding
depletion) |
(2,081 |
) |
|
(4,055 |
) |
|
(3,809 |
) |
|
(7,961 |
) |
Cash margin (in dollars) |
16,529 |
|
|
17,122 |
|
|
31,008 |
|
|
33,625 |
|
|
|
|
|
|
|
|
|
Depletion |
(5,052 |
) |
|
(7,357 |
) |
|
(11,042 |
) |
|
(14,004 |
) |
Gross
profit |
11,477 |
|
|
9,765 |
|
|
19,966 |
|
|
19,621 |
|
|
|
|
|
|
|
|
|
Royalty and stream
interestsTotal cash margin (in dollars) |
62,620 |
|
|
56,240 |
|
|
121,538 |
|
|
111,786 |
|
Divided by: total
revenues |
64,846 |
|
|
60,500 |
|
|
125,597 |
|
|
120,087 |
|
Cash margin (in percentage of
revenues) |
96.6 |
% |
|
93.0 |
% |
|
96.8 |
% |
|
93.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total – Gross
profit |
52,207 |
|
|
43,273 |
|
|
99,601 |
|
|
85,324 |
|
Adjusted earnings and adjusted earnings per
basic share
Adjusted earnings is defined as: net earnings
(loss), adjusted for certain items: 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.
|
Three months ended June
30, |
|
Six months ended June
30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
(in thousands of dollars, except per share amounts) |
$ |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
Net (loss) earnings |
(21,115 |
) |
17,961 |
|
(6,042 |
) |
38,809 |
|
|
|
|
|
|
Adjustments: |
|
|
|
|
Impairment of royalty interests |
67,832 |
|
6,629 |
|
67,832 |
|
6,629 |
|
Foreign exchange loss |
1,069 |
|
172 |
|
4,319 |
|
153 |
|
Share of loss (income) of associates |
3,117 |
|
(19,167 |
) |
16,675 |
|
(13,022 |
) |
Changes in allowance for expected credit losses and write-offs |
- |
|
19,860 |
|
(1,895 |
) |
20,131 |
|
Loss (gain) on investments |
355 |
|
4,066 |
|
(101 |
) |
1,969 |
|
Tax impact of adjustments |
(18,093 |
) |
(2,300 |
) |
(17,909 |
) |
(2,293 |
) |
|
|
|
|
|
Adjusted
earnings |
33,165 |
|
27,221 |
|
62,879 |
|
52,376 |
|
|
|
|
|
|
Weighted
average number of common shares outstanding (000’s) |
186,217 |
|
185,302 |
|
186,009 |
|
184,990 |
|
|
|
|
|
|
Adjusted
earnings per basic share |
0.18 |
|
0.15 |
|
0.34 |
|
0.28 |
|
(3) Please refer to SolGold plc’s press release
dated May 14, 2024 and entitled “SolGold plc Key Financial
Developments” available on SolGold’s SEDAR+ profile at
www.sedarplus.ca.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
be able to deploy capital toward accretive growth opportunities,
that Osisko will meet its revised guidance estimate, and that
results for the second half of the year will be, all things being
equal, stronger. 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, (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 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. In this press 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 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
LtdConsolidated Balance Sheets(Unaudited)
(tabular amounts expressed in thousands of Canadian dollars) |
|
June 30, |
|
|
December 31, |
|
|
2024 |
|
|
2023 |
|
|
$ |
|
|
$ |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
Cash |
65,724 |
|
|
67,721 |
|
Short-term investments |
14,466 |
|
|
8,200 |
|
Amounts receivable |
6,456 |
|
|
6,282 |
|
Other assets |
1,425 |
|
|
1,842 |
|
|
88,071 |
|
|
84,045 |
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
Investments in associates |
94,725 |
|
|
115,651 |
|
Other investments |
102,279 |
|
|
93,025 |
|
Royalty, stream and other interests |
1,486,501 |
|
|
1,553,111 |
|
Goodwill |
111,204 |
|
|
111,204 |
|
Other assets |
8,874 |
|
|
8,951 |
|
|
1,891,654 |
|
|
1,965,987 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
4,611 |
|
|
8,209 |
|
Dividends payable |
12,101 |
|
|
11,121 |
|
Lease liabilities |
1,182 |
|
|
1,122 |
|
|
17,894 |
|
|
20,452 |
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
|
Lease liabilities |
6,270 |
|
|
6,879 |
|
Long-term debt |
108,966 |
|
|
191,879 |
|
Deferred income taxes |
95,321 |
|
|
96,279 |
|
|
228,451 |
|
|
315,489 |
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Share capital |
2,111,336 |
|
|
2,097,691 |
|
Contributed surplus |
77,791 |
|
|
79,446 |
|
Accumulated other comprehensive income |
59,158 |
|
|
28,058 |
|
Deficit |
(585,082 |
) |
|
(554,697 |
) |
|
1,663,203 |
|
|
1,650,498 |
|
|
1,891,654 |
|
|
1,965,987 |
|
Osisko Gold Royalties
LtdConsolidated Statements of Income (Loss)For
the three and six months ended June 30, 2024 and
2023(Unaudited)(tabular amounts expressed in thousands of Canadian
dollars) |
|
Three months endedJune 30, |
|
|
Six months endedJune 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
Revenues |
64,846 |
|
|
60,500 |
|
|
125,597 |
|
|
120,087 |
|
|
|
|
|
|
|
|
|
Cost of sales |
(2,226 |
) |
|
(4,260 |
) |
|
(4,059 |
) |
|
(8,301 |
) |
Depletion |
(10,413 |
) |
|
(12,967 |
) |
|
(21,937 |
) |
|
(26,462 |
) |
Gross
profit |
52,207 |
|
|
43,273 |
|
|
99,601 |
|
|
85,324 |
|
|
|
|
|
|
|
|
|
Other operating
expenses |
|
|
|
|
|
|
|
General and administrative |
(6,367 |
) |
|
(7,308 |
) |
|
(12,497 |
) |
|
(13,517 |
) |
Business development |
(2,089 |
) |
|
(1,297 |
) |
|
(3,449 |
) |
|
(2,793 |
) |
Impairment of royalty interests |
(67,832 |
) |
|
(6,629 |
) |
|
(67,832 |
) |
|
(6,629 |
) |
Operating (loss)
income |
(24,081 |
) |
|
28,039 |
|
|
15,823 |
|
|
62,385 |
|
Interest income |
1,245 |
|
|
2,170 |
|
|
2,504 |
|
|
4,233 |
|
Finance costs |
(2,839 |
) |
|
(3,445 |
) |
|
(6,570 |
) |
|
(6,315 |
) |
Foreign exchange loss |
(1,069 |
) |
|
(172 |
) |
|
(4,319 |
) |
|
(153 |
) |
Share of (loss) income of associates |
(3,117 |
) |
|
19,167 |
|
|
(16,675 |
) |
|
13,022 |
|
Other (losses) gains, net |
(355 |
) |
|
(23,926 |
) |
|
1,996 |
|
|
(22,100 |
) |
(Loss) earnings before
income taxes |
(30,216 |
) |
|
21,833 |
|
|
(7,241 |
) |
|
51,072 |
|
Income tax recovery (expense) |
9,101 |
|
|
(3,872 |
) |
|
1,199 |
|
|
(12,263 |
) |
Net (loss)
earnings |
(21,115 |
) |
|
17,961 |
|
|
(6,042 |
) |
|
38,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) earnings per share |
|
|
|
|
|
|
|
Basic and diluted |
(0.11 |
) |
|
0.10 |
|
|
(0.03 |
) |
|
0.21 |
|
|
|
Osisko Gold Royalties
LtdConsolidated Statements of Cash FlowsFor the
three and six months ended June 30, 2024 and 2023(Unaudited)
(tabular amounts expressed in thousands of Canadian dollars) |
|
Three months endedJune 30, |
|
|
Six months endedJune 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
Operating
activities |
|
|
|
|
|
|
|
Net (loss) earnings |
(21,115 |
) |
|
17,961 |
|
|
(6,042 |
) |
|
38,809 |
|
Adjustments for: |
|
|
|
|
|
|
|
Share-based compensation |
2,261 |
|
|
2,868 |
|
|
4,374 |
|
|
5,157 |
|
Depletion and amortization |
10,742 |
|
|
13,271 |
|
|
22,595 |
|
|
27,025 |
|
Impairment of royalty interests |
67,832 |
|
|
6,629 |
|
|
67,832 |
|
|
6,629 |
|
Impairment of investments in associates |
- |
|
|
- |
|
|
- |
|
|
271 |
|
Changes in expected credit losses of other investments |
- |
|
|
19,860 |
|
|
(1,895 |
) |
|
19,860 |
|
Share of loss (income) of associates |
3,117 |
|
|
(19,167 |
) |
|
16,675 |
|
|
(13,022 |
) |
Change in fair value of financial assets at fair value through
profit and loss |
355 |
|
|
1,009 |
|
|
(101 |
) |
|
3,754 |
|
Net gain on dilution of investments |
- |
|
|
- |
|
|
- |
|
|
(4,842 |
) |
Loss on the deemed disposal of an associate |
- |
|
|
3,057 |
|
|
- |
|
|
3,057 |
|
Foreign exchange loss |
1,053 |
|
|
9 |
|
|
4,340 |
|
|
25 |
|
Deferred income tax (recovery) expense |
(9,534 |
) |
|
3,270 |
|
|
(2,166 |
) |
|
10,730 |
|
Other |
152 |
|
|
447 |
|
|
309 |
|
|
483 |
|
Net cash flows provided by
operating activities before changes in non-cash working
capital items |
54,863 |
|
|
49,214 |
|
|
105,921 |
|
|
97,936 |
|
Changes in non-cash working
capital items |
(2,545 |
) |
|
(1,822 |
) |
|
(3,226 |
) |
|
(5,094 |
) |
Net cash flows provided by
operating activities |
52,318 |
|
|
47,392 |
|
|
102,695 |
|
|
92,842 |
|
|
|
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
|
|
Acquisitions of short-term
investments |
(5,067 |
) |
|
(2,154 |
) |
|
(5,967 |
) |
|
(3,797 |
) |
Acquisitions of
investments |
- |
|
|
(53,008 |
) |
|
- |
|
|
(53,279 |
) |
Proceeds on disposal of
investments |
- |
|
|
6 |
|
|
5,177 |
|
|
6 |
|
Acquisitions of royalty and
stream interests |
- |
|
|
(212,762 |
) |
|
- |
|
|
(212,762 |
) |
Other |
(3 |
) |
|
(6 |
) |
|
(7 |
) |
|
(6 |
) |
Net cash flows used in
investing activities |
(5,070 |
) |
|
(267,924 |
) |
|
(797 |
) |
|
(269,838 |
) |
|
|
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
|
|
Increase in long-term
debt |
- |
|
|
186,909 |
|
|
- |
|
|
186,909 |
|
Repayment of long-term
debt |
(44,238 |
) |
|
- |
|
|
(87,855 |
) |
|
(13,463 |
) |
Exercise of share options and
shares issued under the share purchase plan |
2,737 |
|
|
1,662 |
|
|
7,604 |
|
|
10,562 |
|
Dividends paid |
(10,130 |
) |
|
(9,292 |
) |
|
(20,487 |
) |
|
(19,045 |
) |
Withholding taxes on
settlement of restricted and deferred share units |
- |
|
|
(3,893 |
) |
|
(2,987 |
) |
|
(4,349 |
) |
Other |
(977 |
) |
|
(234 |
) |
|
(1,365 |
) |
|
(446 |
) |
Net cash flows (used in)
provided by financing activities |
(52,608 |
) |
|
175,152 |
|
|
(105,090 |
) |
|
160,168 |
|
|
|
|
|
|
|
|
|
Decrease in cash before
effects of exchange rate changes on cash |
(5,360 |
) |
|
(45,380 |
) |
|
(3,192 |
) |
|
(16,828 |
|
Effects of exchange rate
changes on cash |
483 |
|
|
(3,671 |
) |
|
1,195 |
|
|
(3,687 |
) |
Decrease in
cash |
(4,877 |
) |
|
(49,051 |
) |
|
(1,997 |
) |
|
(20,515 |
) |
Cash – beginning of
period |
70,601 |
|
|
119,084 |
|
|
67,721 |
|
|
90,548 |
|
Cash – end of
period |
65,724 |
|
|
70,033 |
|
|
65,724 |
|
|
70,033 |
|
Osisko Gold Royalties (NYSE:OR)
Historical Stock Chart
From Sep 2024 to Oct 2024
Osisko Gold Royalties (NYSE:OR)
Historical Stock Chart
From Oct 2023 to Oct 2024