Osisko Gold Royalties Ltd (the “Corporation” or “Osisko”) (OR: TSX
& NYSE) today announced its consolidated financial results for
the third quarter of 2022. Amounts presented are in Canadian
dollars, except where otherwise noted.
Q3 2022 Financial
Highlights
- Deconsolidation of Osisko
Development Corp. (“Osisko Development”) as of September 30, 2022
and presentation of its results as discontinued operations on the
statements of loss and the statements of cash flows;
- 23,850 GEOs1 earned (Q3 2021 –
20,032 GEOs);
- Revenues of $53.7 million (Q3 2021
– $50.0
million);
- Cash flows generated by operating
activities from continuing operations of $51.1 million
(Q3 2021 – $44.1 million);
- Cash margin2 of $49.3 million
or 92% (Q3 2021 – 93%);
- Net earnings from continuing
operations of $28.0 million, or $0.15 per share (Q3 2021 –
$25.6 million or $0.15 per basic share);
- Adjusted earnings2 of $25.8
million, or $0.14 per basic share (Q3 2021 – $23.3 million,
$0.14 per basic share).
Sandeep Singh, President and CEO of Osisko
commented: “The business case for Osisko has never been stronger.
As outlined in our Q3 preliminary deliveries release, we
experienced another quarter of record deliveries, revenues and cash
margin as we continue to anticipate further increases from our core
assets. We are also seeing an increasingly receptive market for
royalty and streaming transactions and are well positioned having
kept a strong balance sheet for this part of the cycle. We will,
however, remain disciplined in capital allocation, finding the
right balance between growth and returning capital to investors.
The deconsolidation of Osisko Development is a further meaningful
step in the strategic realignment of Osisko as a pure-play royalty
and streaming business.”
Other Highlights
- As at September 30, 2022, the
Company had a cash balance of $300.5 million, convertible
debentures maturing on December 31, 2022 with a nominal value of
$300.0 million and a $550.0 million completely undrawn
revolving credit facility;
- Increased the accordion feature of
the revolving credit facility from $100.0 million to
$200.0 million and extended the maturity date to September 29,
2026;
- Acquired a 1.0% net smelter return
(“NSR”) royalty covering the currently known mineralization and
prospective exploration areas that constitute the Marimaca copper
project located in Antofagasta, Chile, for US$15.5 million
($20.3 million);
- Osisko Bermuda Limited closed the
previously announced metals stream on the Trixie mine in Utah,
owned and operated by Osisko Development, as well as mineral claims
covering more than 17,000 acres in Central Utah’s historic Tintic
Mining District, for US$20.0 million ($27.1 million) in
exchange for 2.5% of all metals produced (until 27,150 ounces of
refined gold have been delivered, and thereafter 2.0%) and a
transfer price of 25% of the spot prices;
- Appointed Mr. Rob Krcmarov to the
Board of Directors. Mr. Krcmarov is a renowned international mining
executive with over 32 years of experience in the natural resources
sector. Mr. Krcmarov recently retired as Executive Vice President
of Exploration and Growth for Barrick Gold Corporation (“Barrick”).
During his tenure at Barrick, he progressed through several senior
positions from 1988 to 2021, and built an exceptional skillset in
global exploration spanning across five continents and more than 20
countries;
- Declared a quarterly dividend of
$0.055 per common share paid on October 14, 2022 to shareholders of
record as of the close of business on September 30, 2022.
Subsequent to September 30, 2022
- On November 7, 2022, Osisko
announced that it has entered into a binding agreement with SolGold
plc (“SolGold”) with respect to a US$50 million royalty financing
to support the advancement of SolGold’s Cascabel copper-gold
property in northeastern Ecuador. As part of the transaction,
Osisko Will acquire a 0.6% NSR royalty covering the entire Cascabel
property; and
- Declaration a quarterly dividend of
$0.055 per common share to be paid on January 16, 2023 to
shareholders of record as of the close of business on December 30,
2022.
Deconsolidation of Osisko Development and Discontinued
Operations
Effective on September 30, 2022, following
certain changes made to the Corporation’s investment agreement with
Osisko Development, the Corporation ceased to consolidate the
financials of Osisko Development as management determined that it
was no longer in a position of control over Osisko Development.
Immediately thereafter, management determined it was able to exert
significant influence on Osisko Development and subsequently
accounted for its investment as an associate under the equity
method.
On September 30, 2022, the Corporation
derecognized the assets and liabilities of Osisko Development from
its consolidated balance sheet, recorded its interest in Osisko
Development at fair value as an investment in an associate at
$207.0 million, recognized royalty and stream interests on
assets held by Osisko Development of $122.1 million (these assets
were previously eliminated on consolidation prior to the loss of
control) and recognized a net non-cash loss on deconsolidation of
$140.9 million. Osisko Development’s results of operations and
cash flows were consolidated into the Corporation’s financial
statements up to September 30, 2022 and are presented under
discontinued operations in the statements of loss and the
statements of cash flows.
The continuing operations presented in the
financial statements refer to the royalty, stream and other
interest business segment, which corresponds to the activities of
Osisko Gold Royalties Ltd and its subsidiaries.
The discontinued operations presented in the
financial statements refer to the deemed disposal of the mining
exploration, evaluation and development business segment, which
corresponds to the activities of Osisko Development Corp. and its
subsidiaries.
Q3 2022 Results Conference Call
Details
Conference Call: |
Thursday, November 10th, 2022 at 10:00 am ET |
Dial-in Numbers: |
North American Toll-Free: 1 (888) 886 7786Local and International:
1 (416) 764 8658Conference ID: 52047754 |
Replay (available until November 24th at 11:59 pm ET): |
North American Toll-Free: 1 (877) 674 7070Local and International:
1 (416) 764 8692Playback passcode: 047754# |
|
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 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 175 royalties, streams and precious metal
offtakes. Osisko’s portfolio is anchored by its cornerstone asset,
a 5% net smelter return royalty on the Canadian Malartic mine,
which is the largest gold mine in Canada.
Osisko’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:
Heather TaylorVice President, Investor RelationsTel. (514)
940-0670 x105htaylor@osiskogr.com
Notes:
(1) Gold Equivalent Ounces
GEOs are calculated on a quarterly basis and
include royalties, streams and offtakes. Silver earned from royalty
and stream agreements are converted to gold equivalent ounces by
multiplying the silver ounces earned by the average silver price
for the period and dividing by the average gold price for the
period. Diamonds, other metals and cash royalties are converted
into gold equivalent ounces by dividing the associated revenue
earned by the average gold price for the period. Offtake agreements
are converted using the financial settlement equivalent divided by
the average gold price for the period.
Average Metal Prices and Exchange Rate
|
Three months endedSeptember 30, |
|
Nine months endedSeptember 30, |
|
2022 |
2021 |
|
2022 |
2021 |
|
|
|
|
|
|
Gold(i) |
$1,729 |
$1,790 |
|
$1,824 |
$1,800 |
Silver(ii) |
$19.23 |
$24.36 |
|
$21.92 |
$25.75 |
|
|
|
|
|
|
Exchange rate
(US$/Can$)(iii) |
1.3056 |
1.2600 |
|
1.2829 |
1.2514 |
|
(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) Non-IFRS Measures
The Corporation has included certain performance
measures in this press release that do not have any standardized
meaning prescribed by International Financial Reporting Standards
(IFRS) including (i) cash margin (in dollars and in percentage),
(ii) adjusted earnings (loss) and (iii) adjusted earnings (loss)
per 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. These measures are not necessarily
indicative of operating profit or cash flow from operations as
determined under IFRS. As Osisko’s operations are primarily focused
on precious metals, the Corporation presents cash margins and
adjusted earnings as it believes that certain investors use this
information, together with measures determined in accordance with
IFRS, to evaluate the Corporation’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
from continuing operations less cost of sales (excluding
depletion). Cash margin (in percentage of revenues) represents the
cash margin (in dollars) divided by revenues from continuing
operations.
|
Three months endedSeptember
30, |
|
Nine months endedSeptember
30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|
|
Royalty interests |
|
|
|
|
|
|
|
Revenues |
34,456 |
|
34,429 |
|
104,028 |
|
105,777 |
Less: cost of sales (excluding depletion) |
(490) |
|
(25) |
|
(772) |
|
(318) |
Cash margin (in dollars) |
33,966 |
|
34,404 |
|
103,256 |
|
105,459 |
|
|
|
|
|
|
|
|
Depletion |
(7,312) |
|
(7,630) |
|
(20,369) |
|
(21,634) |
Gross profit |
26,654 |
|
26,774 |
|
82,887 |
|
83,825 |
|
|
|
|
|
|
|
|
Stream interests |
|
|
|
|
|
|
|
Revenues |
19,205 |
|
15,606 |
|
51,867 |
|
43,162 |
Less: cost of sales (excluding depletion) |
(3,917) |
|
(3,482) |
|
(10,572) |
|
(9,339) |
Cash margin (in dollars) |
15,288 |
|
12,124 |
|
41,295 |
|
33,823 |
|
|
|
|
|
|
|
|
Depletion |
(6,849) |
|
(5,103) |
|
(16,941) |
|
(14,195) |
Gross profit |
8,439 |
|
7,021 |
|
24,354 |
|
19,628 |
|
|
|
|
|
|
|
|
Royalty and stream interestsTotal cash margin (in
dollars) |
49,254 |
|
46,528 |
|
144,551 |
|
139,282 |
Divided by: total revenues |
53,661 |
|
50,035 |
|
155,895 |
|
148,939 |
Cash margin (in percentage of revenues) |
91.8% |
|
93.0% |
|
92.7% |
|
93.5% |
|
|
|
|
|
|
|
|
Offtake interests |
|
|
|
|
|
|
|
Revenues |
- |
|
- |
|
- |
|
25,265 |
Less: cost of sales (excluding depletion) |
- |
|
- |
|
- |
|
(24,343) |
Cash margin (in dollars) |
- |
|
- |
|
- |
|
922 |
Cash margin (in percentage of revenues) |
-% |
|
-% |
|
-% |
|
3.6% |
|
|
|
|
|
|
|
|
Depletion |
- |
|
- |
|
- |
|
(268) |
Gross profit |
- |
|
- |
|
- |
|
654 |
|
|
|
|
|
|
|
|
Total – Gross profit |
35,093 |
|
33,795 |
|
107,241 |
|
104,107 |
Adjusted earnings (loss) and adjusted earnings (loss) per basic
share
Adjusted earnings (loss) is defined as: net
earnings (loss) adjusted for certain items: foreign exchange gain
(loss), impairment of assets (including impairment on financial
assets and investments in associates), gains (losses) on disposal
of assets, unrealized gain (loss) on investments, share of income
(loss) of associates, deferred income tax expense (recovery),
transaction costs and other items such as non-cash gains
(losses).
Adjusted earnings (loss) per basic share is
obtained from the adjusted earnings (loss) divided by the weighted
average number of common shares outstanding for the period.
|
Three months ended September
30, |
Nine months ended September
30, |
|
2022 |
2021 |
2022 |
2021 |
(in thousands of dollars, except per share amounts) |
$ |
$ |
$ |
$ |
|
|
|
|
|
Net earnings from continuing operations |
28,014 |
25,593 |
62,877 |
55,397 |
|
|
|
|
|
Adjustments: |
|
|
|
|
Impairment of royalty, stream and other interests |
- |
- |
- |
2,288 |
Impairment of investments |
276 |
- |
1,180 |
2,112 |
Foreign exchange (gain) loss |
(14,260) |
322 |
(22,729) |
182 |
Unrealized net loss (gain) on investments |
758 |
(11,202) |
12,172 |
(8,260 ) |
Share of loss (income) of associates |
1,143 |
627 |
(383) |
1,363 |
Deferred income tax expense |
9,888 |
7,941 |
23,261 |
17,515 |
|
|
|
|
|
Adjusted earnings |
25,819 |
23,281 |
76,378 |
70,597 |
|
|
|
|
|
Weighted average number of common
shares outstanding (000’s) |
185,316 |
167,924 |
176,182 |
167,786 |
|
|
|
|
|
Adjusted earnings per basic
share |
0.14 |
0.14 |
0.43 |
0.42 |
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), 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", "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: fluctuations in the prices of the commodities that
drive royalties, streams, offtakes and investments held by Osisko;
fluctuations in the value of the Canadian dollar relative to the
U.S. dollar; 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; risks
related to the operators of the properties in which Osisko holds a
royalty, stream or other interests; timely development, permitting,
construction, commencement of production, ramp-up (including
operating and technical challenges) on any of the properties in
which Osisko holds a royalty, stream or other interest; rate and
timing of production differences from resource estimates or
production forecasts by operators of properties in which Osisko
holds a royalty, stream or other interest; the unfavorable outcome
of any challenges or litigation relating title, permit or license
with respect to any of the properties in which Osisko holds a
royalty, stream or other interests or to Osisko’s right thereon;
differences in rate and timing of production from resource
estimates or production forecasts by operators of properties in
which Osisko holds a royalty, stream or other interest, including
conversion from resources to reserves and ability to replace
resources; business opportunities that become available to, or are
pursued by Osisko; continued availability of capital and financing
and general economic, market or business conditions; risks and
hazards associated with the business of exploring, development and
mining on any of the properties in which Osisko holds a royalty,
stream or other interest, 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, the integration of acquired assets and
the responses of relevant governments to the COVID-19 outbreak and
the effectiveness of such response and the potential impact of
COVID-19 on Osisko’s business, operations and financial condition.
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 and with public disclosure (including
forecast of production); 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); no adverse
development in respect of any significant property in which Osisko
holds a royalty, stream or other interest; that statements and
estimates relating to mineral reserves and resources by owners and
operators of the properties in which Osisko holds a royalty, stream
or other interest are accurate; the Corporation’s ongoing income
and assets relating to determination of its PFIC status;
integration of acquired assets; and the absence of any other
factors that could cause actions, events or results to differ from
those anticipated, estimated or intended.
For additional information on risks,
uncertainties and assumptions, please refer to the most recent
Annual Information Form of Osisko filed on SEDAR at www.sedar.com
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.
Osisko
Gold Royalties Ltd |
Consolidated Balance Sheets |
(tabular
amounts expressed in thousands of Canadian dollars) |
|
|
September 30, |
December 31, |
|
2022 |
|
2021 |
|
$ |
|
$ |
|
|
|
|
Assets |
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
Cash |
300,542 |
|
115,698 |
Amounts receivable |
10,192 |
|
14,691 |
Inventories |
- |
|
18,596 |
Other assets |
1,128 |
|
3,941 |
|
311,862 |
|
152,926 |
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
Investments in associates |
322,009 |
|
125,354 |
Other investments |
72,751 |
|
169,010 |
Royalty, stream and other interests |
1,308,614 |
|
1,154,801 |
Mining interests and plant and equipment |
7,209 |
|
635,655 |
Exploration and evaluation |
- |
|
3,635 |
Goodwill |
111,204 |
|
111,204 |
Other assets |
1,958 |
|
18,037 |
|
2,135,607 |
|
2,370,622 |
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
8,306 |
|
30,049 |
Dividends payable |
10,109 |
|
9,157 |
Provisions and other liabilities |
906 |
|
12,179 |
Current portion of long-term debt |
298,232 |
|
294,891 |
|
317,553 |
|
346,276 |
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
|
Provisions and other liabilities |
6,939 |
|
60,334 |
Long-term debt |
- |
|
115,544 |
Deferred income taxes |
83,739 |
|
68,407 |
|
408,231 |
|
590,561 |
|
|
|
|
Equity |
|
|
|
|
|
|
|
Share capital |
2,071,700 |
|
1,783,689 |
Warrants |
- |
|
18,072 |
Contributed surplus |
61,697 |
|
42,525 |
Equity component of convertible debentures |
14,510 |
|
14,510 |
Accumulated other comprehensive income |
55,011 |
|
58,851 |
Deficit |
(475,542) |
|
(283,042) |
Equity attributable to
Osisko Gold Royalties Ltd’s shareholders |
1,727,376 |
|
1,634,605 |
Non-controlling interests |
- |
|
145,456 |
Total
equity |
1,727,376 |
|
1,780,061 |
|
2,135,607 |
|
2,370,622 |
Osisko Gold
Royalties Ltd |
Consolidated
Statements of Loss |
For the
three and nine months September 30, 2022 and 2021 |
(tabular amounts
expressed in thousands of Canadian dollars, except per share
amounts) |
|
|
Three months endedSeptember
30, |
|
Nine months endedSeptember
30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
53,661 |
|
50,035 |
|
155,895 |
|
174,204 |
|
|
|
|
|
|
|
|
Cost of sales |
(4,407) |
|
(3,507) |
|
(11,344) |
|
(34,000) |
Depletion |
(14,161) |
|
(12,733) |
|
(37,310 ) |
|
(36,097 ) |
Gross
profit |
35,093 |
|
33,795 |
|
107,241 |
|
104,107 |
|
|
|
|
|
|
|
|
Other operating
expenses |
|
|
|
|
|
|
|
General and administrative |
(5,186) |
|
(4,494) |
|
(14,962) |
|
(14,901 ) |
Business development |
(1,203) |
|
(934) |
|
(3,884) |
|
(3,038 ) |
Impairment of royalty interests |
- |
|
- |
|
- |
|
(2,288) |
Operating
income |
28,704 |
|
28,367 |
|
88,395 |
|
83,880 |
Interest income |
3,054 |
|
1,120 |
|
6,020 |
|
3,192 |
Finance costs |
(5,480) |
|
(5,956) |
|
(16,949) |
|
(17,849) |
Foreign exchange gain (loss) |
14,482 |
|
(240) |
|
23,011 |
|
(192) |
Share of (loss) income of associates |
(1,143) |
|
(627) |
|
383 |
|
(1,363) |
Other (losses) gains, net |
(1,034) |
|
11,202 |
|
(13,352) |
|
6,148 |
Earnings before income
taxes |
38,583 |
|
33,866 |
|
87,508 |
|
73,816 |
Income tax expense |
(10,569) |
|
(8,273) |
|
(24,631 ) |
|
(18,419 ) |
Net
earnings from continuing operations |
28,014 |
|
25,593 |
|
62,877 |
|
55,397 |
Net loss from discontinued
operations |
(244,655) |
|
(31,745) |
|
(268,475) |
|
(76,849) |
Net loss |
(216,641) |
|
(6,152) |
|
(205,598) |
|
(21,452) |
|
|
|
|
|
|
|
|
Net (loss) earnings attributable to: |
|
|
|
|
|
|
|
Osisko Gold Royalties Ltd’s shareholders |
(158,647) |
|
1,795 |
|
(141,162) |
|
(2,370) |
Non-controlling interests |
(57,994) |
|
(7,947) |
|
(64,436) |
|
(19,082) |
|
|
|
|
|
|
|
|
Net earnings per share
from continuing operations |
|
|
|
|
|
|
|
Basic and diluted |
0.15 |
|
0.15 |
|
0.35 |
|
0.33 |
|
|
|
|
|
|
|
|
Net (loss) earnings per share attributable to Osisko Gold
Royalties Ltd’s shareholders |
|
|
|
|
|
|
|
Basic and diluted |
(0.86) |
|
0.01 |
|
(0.79 ) |
|
(0.01) |
|
|
|
Osisko Gold
Royalties Ltd |
Consolidated
Statements of Cash Flows |
For the
three and nine months ended September 30, 2022 and 2021 |
(tabular amounts
expressed in thousands of Canadian dollars) |
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|
|
Operating
activities |
|
|
|
|
|
|
|
Net earnings from continuing
operations |
28,014 |
|
25,593 |
|
62,877 |
|
55,397 |
Adjustments for: |
|
|
|
|
|
|
|
Share-based compensation |
2,052 |
|
1,919 |
|
5,010 |
|
5,633 |
Depletion and amortization |
14,423 |
|
12,878 |
|
38,108 |
|
36,869 |
Impairment of assets |
276 |
|
- |
|
1,180 |
|
4,400 |
Finance costs |
1,831 |
|
1,746 |
|
5,333 |
|
5,166 |
Share of loss (income) of associates |
1,143 |
|
627 |
|
(383) |
|
1,363 |
Net gain on acquisition of investments |
- |
|
(6,978) |
|
(48) |
|
(7,416) |
Change in fair value of financial assets and liabilities at fair
value through profit and loss |
758 |
|
(4,224) |
|
15,824 |
|
(844) |
Net gain on dilution of investments |
- |
|
- |
|
(3,604) |
|
- |
Foreign exchange (gain) loss |
(14,260) |
|
322 |
|
(22,729) |
|
182 |
Deferred income tax expense |
9,888 |
|
7,941 |
|
23,261 |
|
17,515 |
Other |
26 |
|
25 |
|
84 |
|
90 |
Net cash flows
provided by operating activities before changes in non-cash working
capital items |
44,151 |
|
39,849 |
|
124,913 |
|
118,355 |
Changes in non-cash working
capital items |
6,916 |
|
4,231 |
|
1,626 |
|
(256) |
Net operating cash
flows provided by continuing operations |
51,067 |
|
44,080 |
|
126,539 |
|
118,099 |
Net operating cash flows used by
discontinued operations |
(13,030) |
|
(2,997) |
|
(65,116) |
|
(24,775) |
Net cash flows
provided by operating activities |
38,037 |
|
41,083 |
|
61,423 |
|
93,324 |
|
|
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
|
|
Net disposal of short-term
investments |
- |
|
3,408 |
|
2,960 |
|
3,408 |
Acquisition of investments |
(1,494) |
|
(18,387) |
|
(8,174) |
|
(30,809) |
Proceeds on disposal of
investments |
- |
|
- |
|
- |
|
4,875 |
Acquisition of royalty and stream
interests |
(23,073) |
|
(25,854) |
|
(32,363) |
|
(68,713) |
Cash outflow from deconsolidation
of Osisko Development |
(133,138) |
|
- |
|
(133,138) |
|
- |
Other |
(15) |
|
(4) |
|
(18) |
|
(27) |
Net investing cash
flows used by continuing operations |
(157,720) |
|
(40,837) |
|
(170,733) |
|
(91,266) |
Net investing cash flows used by
discontinued operations |
(20,539) |
|
(69,154) |
|
(114,984) |
|
(138,345) |
Net cash flows used
by investing activities |
(178,259) |
|
(109,991) |
|
(285,717) |
|
(229,611) |
|
|
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
|
|
Bought deal equity financing |
- |
|
- |
|
311,962 |
|
- |
Share issue costs |
- |
|
- |
|
(13,941) |
|
- |
Increase in long-term debt |
- |
|
- |
|
- |
|
50,000 |
Repayment of long-term debt |
- |
|
- |
|
(113,120) |
|
(50,000) |
Exercise of share options and
shares issued under the share purchase plan |
123 |
|
87 |
|
1,057 |
|
13,191 |
Normal course issuer
bid purchase of common shares |
(16,451) |
|
(26,037) |
|
(21,330) |
|
(30,501) |
Dividends paid |
(9,770) |
|
(8,049) |
|
(28,248) |
|
(23,745) |
Capital payments on lease
liabilities |
(221) |
|
(210) |
|
(652) |
|
(622) |
Withholding taxes on settlement
of restricted and deferred share units |
- |
|
- |
|
(2,224) |
|
(3,582) |
Other |
(555) |
|
(1,079) |
|
(555) |
|
(1,082) |
Net financing cash
flows (used) provided by continuing operations |
(26,874) |
|
(35,288) |
|
132,949 |
|
(46,341) |
Net financing cash flows used
(provided) by discontinued operations |
(1,529) |
|
(1,588) |
|
245,833 |
|
32,307 |
Net cash flows (used)
provided by financing activities |
(28,403) |
|
(36,876) |
|
378,782 |
|
(14,034) |
|
|
|
|
|
|
|
|
(Decrease) increase in cash
before effects of exchange rate changes on cash |
(168,625) |
|
(105,784) |
|
154,488 |
|
(150,321) |
Effects of exchange rate changes
on cash |
|
|
|
|
|
|
|
Continuing operations |
15,529 |
|
1,556 |
|
23,837 |
|
(67) |
Discontinued operations |
4,355 |
|
1,210 |
|
6,519 |
|
(191) |
(Decrease) increase in
cash |
(148,741) |
|
(103,018) |
|
184,844 |
|
(150,579) |
Cash –
beginning of period |
449,283 |
|
254,963 |
|
115,698 |
|
302,524 |
Cash – end of
period |
300,542 |
|
151,945 |
|
300,542 |
|
151,945 |
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