Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (OR: TSX
& NYSE) today announced its consolidated financial results for
the fourth quarter and full year ended December 31, 2018 and
provides guidance for 2019.
Highlights
- Earned 20,005 gold equivalent ounces1 (“GEOs”) in the fourth
quarter, for record annual GEOs of 80,553 in 2018, an increase of
37% compared to 2017;
- Generated cash flows from operating
activities of $18.6 million for the quarter and $82.2 million for
the year 2018, an increase of 69% compared to 2017;
- Recorded adjusted earnings2 of
$13.0 million, $0.08 per basic share2 ($31.4 million for the year
2018, $0.20 per basic share), compared to $1.0 million, $0.01 per
basic share in the fourth quarter of 2017 ($22.7 million for the
year 2017, $0.18 per basic share);
- Recorded cash operating margins3 of 90% from royalty and stream
interests in the fourth quarter and for the full year 2018,
maintaining the highest margin in the metals and mining sector,
generating $27.8 million in operating cash flow in the fourth
quarter ($114.1 million for the year 2018), in addition to a
quarterly cash operating margin of $0.9 million from offtake
interests in the fourth quarter ($5.0 million for the year
2018);
- Fully repaid its credit facility in January 2019 ($71.7 million
in the fourth quarter 2018 for a total of $123.5 million for the
year 2018, in addition to a payment of $30.0 million in January
2019), and extended the maturity date by one year to November 14,
2022; Osisko now has up to $450.0 million available under the
credit facility;
- Incurred impairment charges of
$166.3 million ($123.7 million, net of income taxes), including
$148.5 million on the Éléonore NSR royalty interest ($109.1
million, net of income taxes), compared to $89.0 million in 2017 on
the Éléonore NSR royalty interest ($65.4 million, net of income
taxes). On February 13, 2019, Goldcorp Inc. announced an impairment
expense of US$1.4 billion, net of income taxes, against the
carrying value of the Éléonore mine, as a result of the previously
announced acquisition of the company by Newmont Mining Corporation
and due to the decrease in mineral reserves and resources and the
reduction in the estimated fair value of Éléonore’s exploration
potential;
- Received payment from Pretium Exploration Inc. for the
repurchase of Osisko Bermuda’s interest in the Brucejack gold and
silver stream for US$118.5 million ($159.4 million), generating a
gain of $9.1 million;
- Maintained ownership and financing rights in respect to the
Curraghinalt Gold project through the take-private acquisition of
Dalradian Resources Inc. by Orion Mine Finance. Osisko holds a put
option, subject to certain restrictions, to sell its shares for a
period of 180 days at $1.47 per share;
- Amended the Renard diamond stream, thereby investing an
additional $21.6 million and improving the cash margin on this
stream;
- Acquired for cancellation 2,709,779
of our common shares for $32.9 million in the year 2018, in
addition to 852,500 common shares acquired in 2019 for $10.2
million (total of $20.0 million under the $100.0 million buyback
program announced in December 2018);
- Held $174.3 million in cash and cash equivalents and $397.1
million in equity investments4 as at December 31, 2018;
- Declared a quarterly dividend of $0.05 per common share payable
on January 15, 2019 to shareholders of record as at December 31,
2018; and
- Declared quarterly dividends
totaling $0.20 per common share for the year 2018 for
$31.2 million, bringing the total to $86.3 million since
inception in 2014.
For more details, please refer to the
Management’s Discussion and Analysis for the year ended December
31, 2018.
Recent Performance
Sean Roosen, Chair and Chief Executive Officer
commented on the 2018 activities: “We achieved record revenues and
cash flow with the full year production from our portfolio of
assets acquired from Orion in 2017. During the year, we
continued to build on our asset base to position our shareholders
to benefit from increasing production and favorable precious metal
prices. In less than 5 years we have invested over $2.5
billion in royalty, streaming and offtake assets, as well as in our
mining equity portfolio of emerging producers.
We would also like to thank all our operating
partners for their contribution to our success. We would
particularly highlight the strong performance of Canadian Malartic,
our flagship 5% NSR royalty asset, which achieved record gold
production of 698,000 ounces in 2018.”
Outlook
Osisko’s 2019 outlook on royalty, stream and
offtake interests is based on publicly available forecasts, in
particular the forecasts for the Canadian Malartic mine published
by Yamana and Agnico Eagle, for the Éléonore mine published by
Goldcorp, for the Renard mine published by Stornoway, and for the
Island Gold mine published by Alamos. When publicly available
forecasts on properties are not available, Osisko obtains internal
forecasts from the producers, which is the case for the Sasa mine
and the Mantos Blancos mine, or uses management’s best
estimate.
Attributable GEOs for 2019, estimated between
85,000 and 95,000, and cash margin by interest are as follows:
|
|
|
|
|
|
|
|
|
|
Low |
|
High |
|
Cash
margin |
|
|
|
(GEOs) |
|
(GEOs) |
|
(%) |
|
|
|
|
|
|
|
|
|
Royalty
interests |
|
54,700 |
|
61,100 |
|
99.9 |
|
Stream
interests |
|
28,000 |
|
31,300 |
|
65.5 |
|
Offtake
interests |
|
2,300 |
|
2,600 |
|
1.2 |
|
|
|
85,000 |
|
95,000 |
|
|
|
|
|
|
|
|
|
|
|
For the 2019 guidance, silver, diamonds and cash
royalties have been converted to GEOs using commodity prices of
US$1,300 per ounce of gold, US$15.50 per ounce of silver and
US$95 per carat for diamonds from the Renard mine (blended sales
price) and an exchange rate (US$/C$) of 1.30.
Board of Directors
Messrs. Pierre Chenard and André Gaumond have
advised the Company that they will not be standing for re-election
at the next Annual General Meeting of Osisko to be held on May 1,
2019.
Sean Roosen, Chair and CEO noted: “André has
been a leading explorationist in Québec and a visionary in seeing
the potential of mine development in the Northern region of Québec.
He has also been a key industry member that worked on a
collaborative effort with all stakeholders, especially in the James
Bay region, to ensure the sustainable development of the region
under Québec’s Plan Nord. André will continue to be a friend to the
Osisko Board and we will take advantage of his experience and
knowledge when we can. André led the team and investment required
for the discovery of Éléonore, which is a great example of
development in the north, providing high quality jobs in an area
that will continue for many years to come”.
Mr. Roosen also noted: “Pierre provided great
insights to our Board and Management over his tenure on the Board
and we look forward to working with him in his new functions with a
major gold producer and wish him best success in his new
functions”.
Q4 and Full Year 2018 Results Conference
Call
Osisko will host a conference call on Thursday,
February 21, 2019 at 10:00 am EST to review and discuss its Q4 2018
and full year results.
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 available
from 1:00 pm EST on February 21, 2019 until 11:59 pm EST on
February 29, 2019 with the following dial in numbers: 1-(800)
585-8367 (North American toll free) or 1 (416) 621-4642,
access code 3138878.
About Osisko Gold Royalties Ltd
Osisko Gold Royalties Ltd is an intermediate precious metal royalty
company that holds a North American focused portfolio of over 130
royalties, streams and precious metal offtakes. Osisko’s portfolio
is anchored by its 5% NSR royalty on the Canadian Malartic Mine,
which is the largest gold mine in Canada. Osisko also owns a
portfolio of publicly held resource companies, including a 32.2%
interest in Barkerville Gold Mines Ltd., a 16.7% interest in Osisko
Mining Inc., a 15.4% interest in Victoria Gold Corp., a 17.8%
interest in Falco Resources Ltd and a 10.6% interest in Osisko
Metals Incorporated.
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: |
Joseph de la PlanteVice
President, Corporate DevelopmentTel. (514)
940-0670jdelaplante@osiskogr.com |
Notes:(1) GEOs are calculated on a quarterly
basis and include royalties, streams and offtakes. Silver earned
from royalty and stream agreements was 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 were converted
into gold equivalent ounces by dividing the associated revenue by
the average gold price for the period. Offtake agreements were
converted using the financial settlement equivalent divided by the
average gold price for the period.
Average Metal Prices and Exchange Rate
|
Three months ended December 31, |
|
Years endedDecember 31, |
|
2018 |
2017 |
|
2018 |
2017 |
|
|
|
|
|
|
Gold(i) |
$1,226 |
$1,275 |
|
$1,268 |
$1,257 |
Silver(ii) |
$14.54 |
$16.73 |
|
$15.70 |
$17.05 |
|
|
|
|
|
|
Exchange rate (US$/Can$)(iii) |
1.3204 |
1.2713 |
|
1.2957 |
1.2986 |
(i) The
London Bullion Market Association’s pm price in U.S.
dollars(ii) The
London Bullion Market Association’s price in U.S.
dollars(iii) Bank of
Canada daily rate
(2) “Adjusted earnings” and “Adjusted earnings per basic share”
are not recognized measures under the International Financial
Reporting Standards (“IFRS”). Refer to the non-IFRS measures
provided under the Non-IFRS Financial Performance Measures section
of the Management’s Discussion and Analysis for the year ended
December 31, 2018.
(3) Cash operating margin, which represents revenues less cost
of sales, is a non-IFRS measure. The Company believes that this
non-IFRS generally accepted industry measure provides a realistic
indication of operating performance and provides a useful
comparison with its peers. The following table reconciles the cash
margin to the revenues and cost of sales presented in the
consolidated statements of income and related notes:
|
|
|
|
|
|
|
|
(In thousands of
dollars) |
Three months
ended December 31, |
|
|
Years endedDecember
31, |
|
|
2018 |
|
2017 |
|
|
2018 |
|
2017 |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
115,337 |
|
109,552 |
|
|
490,472 |
|
213,216 |
|
Less: Revenues from
offtake interests |
(84,599 |
) |
(77,338 |
) |
|
(362,905 |
) |
(119,424 |
) |
Revenues from royalty
and stream interests |
30,738 |
|
32,214 |
|
|
127,567 |
|
93,792 |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
(86,600 |
) |
(81,058 |
) |
|
(371,305 |
) |
(125,645 |
) |
Less: Cost of sales of
offtake interests |
83,659 |
|
76,550 |
|
|
357,879 |
|
117,974 |
|
Cost of sales of
royalty and stream interests |
(2,941 |
) |
(4,508 |
) |
|
(13,426 |
) |
(7,671 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from royalty
and stream interests |
30,738 |
|
32,214 |
|
|
127,567 |
|
93,792 |
|
Less: Cost of sales of
royalty and stream interests |
(2,941 |
) |
(4,508 |
) |
|
(13,426 |
) |
(7,671 |
) |
Cash margin
from royalty and stream interests |
27,797 |
|
27,706 |
|
|
114,141 |
|
86,121 |
|
|
|
|
|
|
|
|
|
|
|
|
90.4% |
|
86.0% |
|
|
89.5% |
|
91.8% |
|
|
|
|
|
|
|
|
|
|
|
Revenues from offtake
interests |
84,599 |
|
77,338 |
|
|
362,905 |
|
119,424 |
|
Less: Cost of sales of
offtake interests |
(83,659 |
) |
(76,550 |
) |
|
(357,879 |
) |
(117,974 |
) |
Cash margin
from offtake interests |
940 |
|
788 |
|
|
5,026 |
|
1,450 |
|
|
|
|
|
|
|
|
|
|
|
|
1.1% |
|
1.0% |
|
|
1.4% |
|
1.2% |
|
|
|
|
|
|
|
|
|
|
|
(4) Represents the estimated fair value based on the quoted
prices of the investments in a recognized stock exchange as at
December 31, 2018. For private investments, an internal or external
evaluation is prepared.
Forward-looking Statements
This news release contains forward-looking
information and forward-looking statements (together,
"forward‑looking statements") within the meaning of applicable
Canadian securities laws and the United States Private Securities
Litigation Reform Act of 1995. All statements in this release,
other than statements of historical fact, that address future
events, developments or performance that Osisko expects to occur
including management’s expectations regarding Osisko’s growth,
results of operations, estimated future revenue, requirements for
additional capital, production estimates, production costs and
revenue, business prospects and opportunities are forward-looking
statements. In addition, statements relating to gold equivalent
ounces ("GEOs") are forward‑looking statements, as they involve
implied assessment, based on certain estimates and assumptions, and
no assurance can be given that the GEOs will be realized.
Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
"expects", "is expected" "plans", "anticipates", "believes",
"intends", "estimates", "projects", "potential", "scheduled" and
similar expressions or variations (including negative variations of
such words and phrases), or may be identified by statements to the
effect that certain actions, events or conditions "will", "would",
"may", "could" or "should" occur including, without limitation, the
performance of the assets of Osisko, the realization of the
anticipated benefits deriving from Osisko’s investments and
transactions, including the realization of all conditions precedent
to the closing of the investment in Falco Resources Ltd.’s Horne 5
Gold project, the estimate of GEOs to be received in 2019, and
Osisko’s ability to seize future opportunities. Although Osisko
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements
involve known and unknown risks, uncertainties and other factors
and are not guarantees of future performance and actual results may
accordingly differ materially from those in forward-looking
statements. Factors that could cause the actual results deriving
from Osisko’s royalties, streams and other interests to differ
materially from those in forward-looking statements include,
without limitation: influence of political or economic factors
including fluctuations in the prices of the commodities and in
value of the Canadian dollar relative to the U.S. dollar, continued
availability of capital and financing and general economic, market
or business conditions; regulations and regulatory changes in
national and local government, including permitting and licensing
regimes and taxation policies; whether or not Osisko is determined
to have “passive foreign investment company” (“PFIC”) status as
defined in Section 1297 of the United States Internal Revenue Code
of 1986, as amended; potential changes in Canadian tax treatments
of offshore streams or other interests, litigation, title, permit
or license disputes; risks and hazards associated with the business
of exploring, development and mining on the properties in which
Osisko holds a royalty, stream or other interest including, but not
limited to development, permitting, infrastructure, operating or
technical difficulties, unusual or unexpected geological and
metallurgical conditions, slope failures or cave-ins, flooding and
other natural disasters or civil unrest, rate, grade and timing of
production differences from mineral resource estimates or
production forecasts or other uninsured risks; risk related to
business opportunities that become available to, or are pursued by
Osisko and exercise of third party rights affecting proposed
investments. The forward-looking statements contained in this press
release are based upon assumptions management believes to be
reasonable, including, without limitation: the ongoing operation of
the properties in which Osisko holds a royalty, stream or other
interest by the owners or operators of such properties in a manner
consistent with past practice; the accuracy of public statements
and disclosures made by the owners or operators of such underlying
properties; no material adverse change in the market price of the
commodities that underlie the asset portfolio; Osisko’s ongoing
income and assets relating to the determination of its PFIC status,
no material changes to existing tax treatments; no adverse
development in respect of any significant property in which Osisko
holds a royalty, stream or other interest; the accuracy of publicly
disclosed expectations for the development of underlying properties
that are not yet in production; and the absence of any other
factors that could cause actions, events or results to differ from
those anticipated, estimated or intended. However, there can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Investors are
cautioned that forward-looking statements are not guarantees of
future performance. Osisko cannot assure investors that actual
results will be consistent with these forward-looking statements
and investors should not place undue reliance on forward-looking
statements due to the inherent uncertainty therein.
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 and
available electronically under Osisko's issuer profile on SEDAR at
www.sedar.com and with the U.S. Securities and Exchange Commission
on EDGAR at www.sec.gov. The forward-looking information set forth
herein reflects Osisko’s expectations as at the date of this press
release and is 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 information, future events
or otherwise, other than as required by law.
Osisko Gold Royalties LtdConsolidated Balance
SheetsAs at December 31, 2018 and
2017____________________________
(tabular amounts expressed in thousands of
Canadian dollars)
|
December
31, |
December
31, |
|
|
2018 |
|
2017 |
|
|
$ |
|
$ |
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
174,265 |
|
333,705 |
|
Short-term investment |
10,000 |
|
- |
|
Amounts receivable |
12,321 |
|
8,385 |
|
Inventories |
- |
|
9,859 |
|
Other assets |
1,015 |
|
984 |
|
|
197,601 |
|
352,933 |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
|
Investments in associates |
304,911 |
|
257,433 |
|
Other investments |
109,603 |
|
115,133 |
|
Royalty, stream and other
interests |
1,414,668 |
|
1,575,772 |
|
Exploration and evaluation |
95,002 |
|
102,182 |
|
Goodwill |
111,204 |
|
111,204 |
|
Other assets |
1,657 |
|
1,686 |
|
|
2,234,646 |
|
2,516,343 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued
liabilities |
11,732 |
|
15,310 |
|
Dividends payable |
7,779 |
|
7,890 |
|
Provisions and other
liabilities |
3,494 |
|
5,632 |
|
|
23,005 |
|
28,832 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
Long-term debt |
352,769 |
|
464,308 |
|
Provisions and other
liabilities |
- |
|
2,036 |
|
Deferred income taxes |
87,277 |
|
126,762 |
|
|
463,051 |
|
621,938 |
|
|
|
|
|
|
Equity attributable to Osisko Gold
Royalties Ltd’s shareholders |
|
|
|
|
|
|
|
|
|
Share capital |
1,609,162 |
|
1,633,013 |
|
Warrants |
30,901 |
|
30,901 |
|
Contributed surplus |
21,230 |
|
13,265 |
|
Equity component of convertible
debentures |
17,601 |
|
17,601 |
|
Accumulated other comprehensive
income (loss) |
23,499 |
|
(2,878 |
) |
Retained earnings |
69,202 |
|
202,503 |
|
|
1,771,595 |
|
1,894,405 |
|
|
2,234,646 |
|
2,516,343 |
|
|
|
|
|
|
Osisko Gold Royalties LtdConsolidated
Statements of LossFor the three months and the years ended December
31, 2018 and
2017__________________________________________________________
(tabular amounts expressed in thousands of
Canadian dollars, except per share amounts)
|
Three months ended December,
31(unaudited) |
|
|
Years endedDecember
31, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
115,337 |
|
|
109,552 |
|
|
490,472 |
|
|
213,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
(86,600 |
) |
|
(81,058 |
) |
|
(371,305 |
) |
|
(125,645 |
) |
Depletion of royalty,
stream and other interests |
(12,975 |
) |
|
(12,747 |
) |
|
(52,612 |
) |
|
(28,065 |
) |
Gross
profit |
15,762 |
|
|
15,747 |
|
|
66,555 |
|
|
59,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
General
and administrative |
(4,912 |
) |
|
(7,010 |
) |
|
(18,156 |
) |
|
(24,558 |
) |
Business
development |
(805 |
) |
|
(3,126 |
) |
|
(4,525 |
) |
|
(16,199 |
) |
Gain on
disposal of a stream interest |
9,094 |
|
|
- |
|
|
9,094 |
|
|
- |
|
Impairment of assets |
(166,316 |
) |
|
(89,000 |
) |
|
(166,316 |
) |
|
(89,000 |
) |
Exploration and evaluation, net of tax credits |
(55 |
) |
|
(63 |
) |
|
(183 |
) |
|
(184 |
) |
Operating
loss |
(147,232 |
) |
|
(83,452 |
) |
|
(113,531 |
) |
|
(70,435 |
) |
Interest
income |
847 |
|
|
1,098 |
|
|
4,428 |
|
|
4,255 |
|
Dividend
income |
50 |
|
|
- |
|
|
328 |
|
|
- |
|
Finance
costs |
(6,708 |
) |
|
(4,825 |
) |
|
(25,999 |
) |
|
(8,384 |
) |
Foreign
exchange gain (loss) |
362 |
|
|
(635 |
) |
|
454 |
|
|
(16,086 |
) |
Share of
loss of associates |
(2,455 |
) |
|
(3,482 |
) |
|
(9,013 |
) |
|
(6,114 |
) |
Other
gains (losses), net |
1,018 |
|
|
(507 |
) |
|
2,598 |
|
|
30,829 |
|
Loss before
income taxes |
(154,118 |
) |
|
(91,803 |
) |
|
(140,735 |
) |
|
(65,935 |
) |
Income
tax recovery |
40,236 |
|
|
27,450 |
|
|
35,148 |
|
|
23,147 |
|
Net
loss |
(113,882 |
) |
|
(64,353 |
) |
|
(105,587 |
) |
|
(42,788 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to: |
|
|
|
|
|
|
|
|
|
|
|
Osisko
Gold Royalties Ltd’s shareholders |
(113,882 |
) |
|
(64,348 |
) |
|
(105,587 |
) |
|
(42,501 |
) |
Non-controlling interests |
- |
|
|
(5 |
) |
|
- |
|
|
(287 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share attributable to Osisko Gold Royalties
Ltd’s shareholders |
|
|
|
|
|
|
|
|
|
|
|
Basic |
(0.73 |
) |
|
(0.41 |
) |
|
(0.67 |
) |
|
(0.33 |
) |
Diluted |
(0.73 |
) |
|
(0.41 |
) |
|
(0.67 |
) |
|
(0.33 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Osisko Gold Royalties LtdConsolidated
Statements of Cash FlowsFor the three months and the years ended
December 31, 2018 and
2017__________________________________________________________
(tabular amounts expressed in thousands of
Canadian dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December
31,(unaudited) |
|
|
Years endedDecember
31, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(113,882 |
) |
|
(64,353 |
) |
|
(105,587 |
) |
|
(42,788 |
) |
|
Adjustments for: |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
2,241 |
|
|
1,267 |
|
|
5,791 |
|
|
10,524 |
|
|
Depletion
and amortization |
13,020 |
|
|
12,787 |
|
|
52,786 |
|
|
28,210 |
|
|
Finance
costs |
1,793 |
|
|
1,183 |
|
|
6,864 |
|
|
2,281 |
|
|
Gain on
disposal of a stream interest |
(9,094 |
) |
|
- |
|
|
(9,094 |
) |
|
- |
|
|
Impairment of assets |
166,316 |
|
|
89,000 |
|
|
166,316 |
|
|
89,000 |
|
|
Share of
loss of associates |
2,455 |
|
|
3,482 |
|
|
9,013 |
|
|
6,114 |
|
|
Net
(gain) loss on acquisition of investments |
(26 |
) |
|
(36 |
) |
|
(1,934 |
) |
|
2,099 |
|
|
Net gain
on disposal of investments |
- |
|
|
- |
|
|
(6,956 |
) |
|
(703 |
) |
|
Net gain
on dilution of investments in associates |
(1,798 |
) |
|
(241 |
) |
|
(1,545 |
) |
|
(30,560 |
) |
|
Change in
fair value of financial assets at fair value through profit and
loss |
806 |
|
|
784 |
|
|
7,837 |
|
|
(1,665 |
) |
|
Deferred
income tax recovery |
(40,454 |
) |
|
(28,453 |
) |
|
(35,970 |
) |
|
(24,150 |
) |
|
Unrealized foreign exchange (gain) loss |
(385 |
) |
|
763 |
|
|
179 |
|
|
16,211 |
|
|
Settlement of deferred and restricted share units |
(30 |
) |
|
- |
|
|
(3,117 |
) |
|
(5,539 |
) |
|
Other |
52 |
|
|
42 |
|
|
194 |
|
|
122 |
|
|
Net cash flows provided
by operating activities before changes in non-cash working
capital items |
21,014 |
|
|
16,225 |
|
|
84,777 |
|
|
49,156 |
|
|
Changes in non-cash
working capital items |
(2,455 |
) |
|
5,298 |
|
|
(2,619 |
) |
|
(440 |
) |
|
Net cash flows provided
by operating activities |
18,559 |
|
|
21,523 |
|
|
82,158 |
|
|
48,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net (increase) decrease
in short-term investments |
- |
|
|
1,447 |
|
|
(10,000 |
) |
|
2,047 |
|
|
Business combination,
net of cash acquired |
- |
|
|
990 |
|
|
- |
|
|
(621,430 |
) |
|
Settlement of
derivative financial instruments |
- |
|
|
- |
|
|
- |
|
|
(21,072 |
) |
|
Acquisition of
investments |
(9,989 |
) |
|
(76,678 |
) |
|
(104,746 |
) |
|
(226,766 |
) |
|
Proceeds on disposal of
investments |
- |
|
|
21,613 |
|
|
27,043 |
|
|
71,090 |
|
|
Acquisition of royalty
and stream interests |
(48,131 |
) |
|
(23,455 |
) |
|
(141,101 |
) |
|
(80,119 |
) |
|
Proceeds on sale of a
stream interest |
159,383 |
|
|
- |
|
|
159,383 |
|
|
- |
|
|
Property and
equipment |
(13 |
) |
|
(48 |
) |
|
(105 |
) |
|
(137 |
) |
|
Exploration and
evaluation tax credits (expenses), net |
688 |
|
|
(247 |
) |
|
3,891 |
|
|
(1,128 |
) |
|
Net cash flows provided
by (used in) investing activities |
101,938 |
|
|
(76,378 |
) |
|
(65,635 |
) |
|
(877,515 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of long-term
debt |
- |
|
|
300,000 |
|
|
- |
|
|
447,323 |
|
|
Issuance of common
shares |
86 |
|
|
77 |
|
|
358 |
|
|
264,278 |
|
|
Issue expenses |
- |
|
|
- |
|
|
(186 |
) |
|
(190 |
) |
|
Financing fees |
(412 |
) |
|
(12,619 |
) |
|
(791 |
) |
|
(12,619 |
) |
|
Investment from
non-controlling interests |
- |
|
|
- |
|
|
- |
|
|
1,292 |
|
|
Repayment of long-term
debt |
(71,655 |
) |
|
- |
|
|
(123,475 |
) |
|
- |
|
|
Normal course issuer
bid purchase of common shares |
(9,257 |
) |
|
- |
|
|
(31,243 |
) |
|
(1,822 |
) |
|
Dividends paid |
(6,410 |
) |
|
(7,566 |
) |
|
(27,809 |
) |
|
(19,325 |
) |
|
Net cash flows used in
by financing activities |
(87,648 |
) |
|
279,892 |
|
|
(183,146 |
) |
|
678,937 |
|
|
Increases (decrease) in
cash and cash equivalents before effects of exchange rate changes
on cash and cash equivalents |
32,849 |
|
|
225,037 |
|
|
(166,623 |
) |
|
(149,862 |
) |
|
Effects of exchange
rate changes on cash and cash equivalents |
4,228 |
|
|
(234 |
) |
|
7,183 |
|
|
(15,682 |
) |
|
Increase
(decrease) in cash and cash equivalents |
37,077 |
|
|
224,803 |
|
|
(159,440 |
) |
|
(165,544 |
) |
|
Cash and cash
equivalents – beginning of period |
137,188 |
|
|
108,802 |
|
|
333,705 |
|
|
499,249 |
|
|
Cash and cash
equivalents – end of period |
174,265 |
|
|
333,705 |
|
|
174,265 |
|
|
333,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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