Osisko Gold Royalties Ltd (the “
Corporation” or
“
Osisko”) (OR: TSX & NYSE) is pleased to
provide an update on its second quarter 2022 deliveries, revenues,
cash margins and recent asset advancements for its royalty and
stream segment.
PRELIMINARY Q2 2022 RESULTS
Osisko earned approximately 22,240 attributable
gold equivalent ounces1 (“GEOs”) in the second quarter of 2022,
record deliveries for the Corporation since inception in 2014.
Osisko had record preliminary revenues from
royalties and streams of C$51.5 million during the second quarter
and preliminary cost of sales (excluding depletion) of C$3.7
million, resulting in a record quarterly cash margin2 of
approximately C$47.8 million or approximately 93%.
Osisko will provide full production and
financial details with the release of its second quarter 2022
results after market close on Tuesday, August 9th, 2022 followed by
a conference call on Wednesday, August 10th at 10am ET. More
details are provided at the end of this release.
Sandeep Singh, President and CEO of Osisko
commented: “Our royalty and streaming portfolio delivered records
on a number of fronts in Q2 including GEO deliveries and absolute
cash margins. We continue to expect further increases in deliveries
in the second half of the year as ramp-ups at Mantos and Eagle
progress towards nameplate capacity. In a period of heightened
volatility in the mining sector, and rising costs across all facets
of the economy, our inflation protected business model continues to
thrive.”
PORTFOLIO UPDATE
CSA Transaction Update
On June 1st, Metals Acquisition Corp. (“MAC”)
published a technical study for the CSA mine (“CSA”) in New South
Wales, Australia. This follows MAC’s announcement in March that it
had entered into a definitive agreement with a subsidiary of
Glencore plc for the acquisition of CSA (the “Acquisition
Transaction”). The study suggests the potential for a mine life in
excess of 15 years, as well as the significant exploration
potential on the large land package.
MAC is in the process of completing the
necessary regulatory reporting requirements and associated
financing arrangements to conclude the Acquisition Transaction.
Closing of the Acquisition Transaction is subject to, among other
things, the approval of MAC’s shareholders, and is expected to be
completed in Q4 2022.
Osisko Bermuda Limited (“OBL”), a wholly-owned
subsidiary of the Corporation, has entered into an agreement with
MAC with respect to a US$90 million silver stream to facilitate
MAC’s acquisition of the CSA mine. Closing of the silver stream is
subject to, among other things, closing of the Acquisition
Transaction.
OBL has also provided MAC with a mutual option
to draw up to an additional US$100 million in upfront proceeds
through the sale of a copper stream, subject to the parties
finalizing definitive terms and conditions. MAC has granted OBL a
right of first refusal to purchase any royalties or streams on any
asset owned by MAC for three years following the closing of the
Acquisition Transaction.
Canadian Malartic Update
On July 7th, Yamana Gold Inc. (“Yamana”)
reported that Canadian Malartic produced 174,372 ounces of gold
during the second quarter, ahead of plan. Permitting at the Odyssey
project remains on schedule while construction is on track and on
budget with first production from Odyssey South expected in the
first quarter of 2023. Fifteen drills are active on the property,
with three underground drills completing infill drilling on the
Odyssey South deposit and 12 surface drills focused on infilling
and expanding the East Gouldie mineralization. Shaft sinking is
expected to begin in the fourth quarter of 2022.
On April 28th, Yamana indicated that it firmly
believes that in its 10-year outlook period, exploration efforts
will lead to more mining areas that will allow it to take advantage
of available plant capacity, resulting in ore processing that will
exceed 20,000 tonnes per day, and sustainable production will then
significantly exceed the initial production plan of 500,000 to
600,000 gold ounces per year.
Agnico Eagle: Kirkland Lake
Updates
On April 28th, Agnico Eagle Mines Limited
(“Agnico Eagle”) confirmed it is evaluating the potential
integration of the AK deposit and the Upper Beaver project with the
existing regional infrastructure in Kirkland Lake. In the first
quarter of 2022, Agnico Eagle progressed the development of an
exploration decline from the existing Macassa infrastructure
towards the AK deposit. The decline is associated with an
exploration campaign planned to be completed in 2022 to better
delineate the deposit and understand how the AK mineral resources
could complement the feed at the Macassa mill, potentially starting
in 2024.
Infill drilling of the AK deposit from surface
was initiated in the first quarter of 2022, targeting one of the
higher grade mineral resource areas where historical hole
KLAKC15-87 intercepted 8.8 grams per tonne (“g/t”) gold over 14.0
meters (core length) at a depth of 104 meters. Exploration drilling
is also underway at Upper Beaver to investigate new mineralized
zones at depth along strike laterally. Recent drilling appears to
have encountered a new zone of mineralization 500 meters southeast
of the main mineralized zone.
Osisko Development Corp.
Updates
On May 24th, Osisko Development Corp. (“Osisko
Development”) announced the results of a preliminary economic
assessment (“PEA”) for the Cariboo Gold Project in central British
Columbia. The PEA illustrates the potential for a low cost, large
scale, underground gold mine, with average annual gold production
of approximately 236,000 ounces at an all-in sustaining cost
(“AISC”) per ounce of US$962 over an initial 12 year mine life.
On May 30th, Osisko Development closed its
previously announced acquisition of Tintic Consolidated Mines LLC
(“TCM”). TCM owns the producing Trixie test mine (“Trixie”), as
well as mineral claims covering more than 17,000 acres (including
14,200 acres of which are patented) in Central Utah’s historic
Tintic Mining District (together with Trixie, the “Tintic
Project”). Osisko Development is currently expanding underground
development and utilizing one underground diamond drill rig and one
surface reverse circulation rig to aid in the delineation of an
initial mineral resource estimate. Concurrently, Osisko Development
intends to complete advanced technical studies to generate
additional surface and underground targets, conduct metallurgical
testing, geotechnical work and environmental studies to justify
further development as well as increase production at Trixie
through a low-capital expenditure expansion.
Concurrently with the closing of the TCM
acquisition, Osisko Development announced that TCM had entered into
a binding term sheet with OBL for a stream on the metals produced
from the Tintic Project. Under the stream, OBL will make an upfront
cash payment to TCM totaling US$20 million in return for 2.5% of
all metals produced from the Tintic Project at a purchase price of
25% of the relevant spot metal price. Once 27,150 ounces of refined
gold have been delivered, the stream rate will decrease to 2.0% of
all metals produced. Closing of the stream is expected to take
place in Q3.
On June 30th, Osisko Development reported an
updated resource estimate on the San Antonio project. Indicated
Resources include 14.9 Mt grading 1.2 g/t gold for 576,000 oz and
Inferred Resources include 16.6 Mt grading 1.02 g/t gold for
544,000 oz. The resources are limited to a 2.8km long segment of
the prospective 10km long trend. Osisko Development has completed
construction of a leach pad and carbon in column plant to process
1.1 Mt of stockpiled material with an average grade of 0.57 g/t
gold. Osisko expects first gold deliveries from San Antonio in
early Q3.
During the second quarter, Osisko Development
closed its two previously announced private placements of
subscription receipts for aggregate proceeds of US$167.7 million
and announced that its common shares commenced trading on the New
York Stock Exchange under the symbol "ODV". As of June 30th, Osisko
owns approximately 44.1% of Osisko Development.
Island Gold Phase 3+ Expansion
Study
On June 29th, Alamos Gold Inc. (“Alamos”)
reported the results of the P3+ Expansion Study for the Island Gold
mine, outlining an increase in production to 2,400 tonnes per day
from the current 1,200 tonnes per day. This is an increase over the
2021 study which had planned a 2,000 tonne per day mill throughput,
and will be enabled by a new shaft with an initial depth of 1,373
meters. This new PEA estimates average gold production of 287,240
ounces per year for 13 years starting in 2026. The mineral
inventory considered in the study includes Probable Reserves of 4.1
Mt grading 10.1 g/t gold for 1.1 Moz and Inferred Resources of 8.3
Mt grading 11.3 g/t gold for 3.0 Moz. Earthworks and shaft surface
infrastructure construction have started, with shaft sinking
scheduled to commence in the second half of 2023. Alamos plans to
continue to aggressively explore at depth and along strike to
expand the resources, including 57.5km of drilling planned for
2022. Osisko will see its average royalty rate increase to a
blended 2.25% NSR royalty on Alamos’ Island Gold Phase 3+ mine
plan.
A graph accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c6e6e583-b987-4b15-95a3-36fb23b32e08
Source:
https://www.alamosgold.com/news-and-events/default.aspx#news--widget
Capstone Evaluating Mantos Blancos
Expansion
During the quarter, Capstone Copper Corp.
(“Capstone”) continued the ramp up of the Mantos Blancos expansion
from 4.2 Mt per year to 7.3 Mt per year. The focus remains on
optimization and achieving targets for sustained throughput and
recoveries in Q3 2022.
On May 12th, Capstone confirmed the ongoing
analysis of a potential further increase of throughput at the
Mantos Blancos sulphide concentrator plant from 7.3 Mt per year to
10.0 Mt per year using the existing (currently
unused/underutilized) ball mills and process equipment. A
feasibility study on the Mantos Blancos Phase II Project is
expected to be completed in 2022.Victoria Gold
Update
On July 12th, Victoria Gold Corp. (“Victoria”)
announced second quarter gold production from the Eagle mine
(“Eagle”) of 32,055 ounces. Ore mined and stacked, as well as gold
production, was in line with Q2 2021. Crushing and stacking
operations were affected for approximately 5 days due to the
disruption to the main Yukon power grid from wildfires in the
region. Once power service was restored, operations and production
rates returned to normal. Similar to previous years, Victoria
continues to expect significant growth in gold production in the
second half of this year. Guidance of between 165,000 to 190,000
ounces was reiterated.
Victoria continued detailed engineering and
procurement of equipment to enable construction of ‘Project 250’ to
start in the second half of 2022. ‘Project 250’ is aimed at
increasing the average annual gold production of Eagle toward
250,000 ounces of gold during 2023. Victoria’s May corporate
presentation also outlines ‘Project 2040’ that illustrates
potential Eagle Mine expansions at depth and along strike. Recent
drill highlights include 1.22g/t gold over 175 meters.
Record Gold Production at Seabee
Mine
On May 3rd, SSR Mining Inc. (“SSR”) announced
that the Seabee mine produced a record of 52,582 ounces of gold in
the first quarter of 2022. The increase in gold production was the
result of a mill feed grade of 17.8 g/t during the quarter, a 110%
increase compared to the same period in 2021, as mining accessed a
continuation of a very high grade zone outside of the Mineral
Reserve that was first mined in the second quarter of 2021. Seabee
also benefited from continued operational excellence initiatives
that drove improved mine performance in the first quarter,
including a quarterly record of 102,528 tonnes mined (approximately
1,150 tonnes per day). Grades are expected to return closer to plan
(approximately 9.2 g/t) through the remainder of 2022. Following
the record quarterly performance, Seabee is tracking to the top end
of the mine’s 115,000 to 125,000 gold production guidance.
Renard Stream Restart
Osisko has been receiving regularly-scheduled
payments from its Renard diamond stream following the stream’s
reactivation on April 30th of this year. Over the course of the
second quarter, Renard sold 459,848 carats at an average price of
US$124 per carat. Osisko’s attributable GEOs from Renard totaled
2,934 ounces for the quarter.
Ermitaño Production Ramps
Up
On April 18th, First Majestic Silver Corp.
(“First Majestic”) reported 114,190 tonnes of ore at 4.98 g/t gold
and 45 g/t silver processed from the Ermitaño mine at the
Santa Elena processing plant, representing a 10% increase compared
to the prior quarter. The higher volumes were the result of strong
underground development rates as the mine continues its planned
ramp up in 2022. First Majestic anticipates higher production rates
as new production stopes are prepared and brought into production
by year end. First Majestic continued to advance the dual-circuit
construction at the Santa Elena processing plant which is designed
to increase leaching performance and metallurgical recoveries of
ore from Ermitaño. A total of five drill rigs were active during
the quarter.
Santana Production Ramps Up
On May 31st, Minera Alamos Inc. (“Minera
Alamos”) announced the ongoing development of the Nicho Main Zone
with haulage and access roads largely completed along with the
removal of limited vegetation and surface cover. Following the
initiation of mining activities and as the pit working areas opens
up, the much larger scale of the Nicho Main Zone compared to the
current starter pit at Nicho Norte will help drive project mining
rates to planned levels for the overall commercial operation. First
mineralized material from the Nicho Main Zone should be stacked on
the Santana leach pad as operations move into the second half of
the year and will help drive gold production rates higher. Gold
mined and stacked on the leach pad to date totals approximately
18,000 oz with roughly 7,000 oz of gold recovered in
concentrate. Operations in May have been seasonally impacted from
the severe and ongoing drought that has affected Sonora for much of
the last two years. The upcoming rainy season (late June-September)
is expected to recharge water reservoirs and allow for an
acceleration of the recovery of gold stacked on the leach pads in
Q3.
Western Copper and Gold Reports Casino
Feasibility Study
Western Copper and Gold (“Western Copper”)
reported the results of a feasibility study on the Casino project
in the Yukon. The project has an estimated mine life of 27 years,
and will be developed by conventional open pit mining with both
heap leaching and flotation components. The feasibility study
outlines average annual revenues of C$951M in the first four years
and C$517M per year thereafter. Western Copper continues to
collaborate with their strategic investor, Rio Tinto, and its First
Nations partners to advance the project towards Environmental and
Socio-Economic Statement submission in mid-2023.Windfall
Drill Results
Throughout the second quarter, Osisko Mining
Inc. (“Osisko Mining”) released drill results for the Windfall
project in Québec, including 293 g/t gold over 11.0 meters, 26.3
g/t gold over 15.8 meters, and 243 g/t gold over 2.8 meters. These
intervals help refine the continuity of known mineralization and
expand the resources. On June 23rd, Osisko Mining announced
that it had closed its Windfall Project drillhole database in
preparation of an updated mineral resource estimate (“MRE”)
scheduled for Q4 2022. The updated MRE will form the basis of the
planned Windfall Project Feasibility Study, scheduled for delivery
by the end of 2022.
Lithium Pegmatite Discovery at
FCI
On April 28th, Patriot Battery Metals Inc.
(“Patriot”) confirmed wide zones of lithium pegmatite over a 1.4km
strike length on the Corvette Project. The pegmatite body remains
open to the southwest, the northeast, and at depth, with drilling
to date showing continuity between several outcropping pegmatites.
The majority of the drill holes completed by Patriot on the
Corvette project are within the FCI property, and results are
highlighted by 1.25% Li2O and 194ppm Ta2O5 over 58 meters and 1.25%
Li2O and 117ppm Ta2O5 over 155 meters. The mineralization is
located in the James Bay region of Québec and within 15km of all
season roads and power lines. Osisko holds a 2% NSR royalty (3.5%
for gold) on Patriot’s FCI property.
ADDITIONAL HIGHLIGHTS
- Calibre Mining (4% NSR royalty on the Pan Mine) intersected
1.29 g/t gold over 18.3 meters on the Dynamite Target and 1.01 g/t
gold over 9.1 meters at the Pegasus Target.
- Shanta Gold (2% NSR royalty on West Kenya) started the
feasibility work stream in May and intersected 46.7 g/t gold over
13.8 meters at Bushiangala.
- Westhaven Gold (2% NSR royalty on Shovelnose) intersected 37.2
g/t gold and 209.5 g/t silver over 23.03 meters at the FMN
Zone.
- Eagle Mountain Mining (3% NSR royalty on Oracle Ridge)
intersected 1.56% copper, 14.15 g/t silver and 0.32 g/t gold over
60.7 meters.
- Gold Bull Resources (0.45-5% NSR Royalty) intersected 1.12 g/t
gold over 51.8 meters at Silica Ridge.
- American West (1.5% NSR royalty on West Desert) intersected a
total of 105 meters of mineralization in a single drill hole;
including 8.46% zinc, 0.17% copper, 0.11 g/t gold, 10.6 g/t silver
and 55.6 g/t indium over 26.52 meters.
- Cornish Metals (0.5% NSR royalty on United Downs) intersected
2.42 meters of 2.88% tin and 1.43% zinc at the Trenares target in
the UK.
- Poseidon Nickel (0.76% NSR royalty on Silver Swan and Golden
Swan) reported an updated resource estimate including 250kt of 7.1%
nickel of Indicated Resources and 5kt of 2.73% Ni of Inferred
Resources; a feasibility study for the mine restart is expected in
September.
- O3 Mining (0.435%-2% NSR Royalty on Marban) provided an update
on the ongoing prefeasibility study for the Marban project
including recommendations for increased throughput and improved
metallurgical recoveries.
Q2 2022 RESULTS AND CONFERENCE CALL DETAILS
Osisko provides notice of the second quarter
2022 results and conference call details.
Q2 2022 Results Release: |
Tuesday, August 9th, 2022 after market close |
|
|
Conference Call: |
Wednesday, August 10th, 2022 at 10:00 am ET |
|
|
Dial-in Numbers: |
North American Toll-Free: 1 (888) 396 8049Local and International:
1 (416) 764 8646Conference ID: 28077702 |
|
|
Replay (available until August
17th at 11:59 pm ET): |
North American Toll-Free: 1 (877) 674 7070Local and International:
1 (416) 764 8692Playback passcode: 077702# |
|
|
|
Replay also available on our website at www.osiskogr.com |
Notes:
The figures presented in this press release,
including revenues and costs of sales, have not been audited and
are subject to change. As the Corporation has not yet finished its
quarter-end procedures, the anticipated financial information
presented in this press release is preliminary, subject to
quarter-end adjustments, and may change materially.
(1) Gold Equivalent OuncesGEOs
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 ended June 30, |
|
|
|
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
Gold(i) |
$ |
1,871 |
$ |
1,816 |
|
|
|
Silver(ii) |
$ |
22.60 |
$ |
26.69 |
|
|
|
|
|
|
|
|
|
Exchange rate
(US$/Can$)(iii) |
|
1.2768 |
|
1.2282 |
|
|
|
(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 MeasuresThe
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 cash
margin in dollars and in percentage. 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 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) represents revenues less cost of sales
(excluding depletion). Cash margin (in percentage) represents the
cash margin (in dollars) divided by revenues.
|
|
Three months endedJune 30, 2022 |
|
|
|
|
|
Revenues |
$ |
51,545 |
|
|
Less: Cost of sales |
$ |
(3,756 |
) |
|
Cash margin (in dollars) |
$ |
47,789 |
|
|
Cash margin (in percentage of revenues) |
|
93 |
% |
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”).
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.
About Osisko Gold Royalties
Ltd
Osisko is an intermediate precious metal royalty
company focused on the Americas that commenced activities in June
2014. Osisko holds a North American focused portfolio of over 165
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 #105Email:
htaylor@osiskogr.com |
|
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. These forward‐looking
statements, by their nature, require Osisko to make certain
assumptions and necessarily involve known and unknown risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in these forward‐looking
statements. Forward‐looking statements are not guarantees of
performance. These forward‐looking statements, may involve,
but are not limited to, statements with respect to future events or
future performance, the realization of the anticipated benefits
deriving from Osisko’s investments, the general performance of the
assets of Osisko, and the results of exploration, development and
production activities as well as expansions projects relating to
the properties in which Osisko holds a royalty, stream or other
interest. Words such as “may”, “will”, “would”, “could”, “expect”,
“suggest”, “appear”, “believe”, “plan”, “anticipate”, “intend”,
“target”, “estimate”, “continue”, or the negative or comparable
terminology, as well as terms usually used in the future and the
conditional, are intended to identify forward‐looking statements.
Information contained in forward‐looking statements is based upon
certain material assumptions that were applied in drawing a
conclusion or making a forecast or projection, including, without
limitation, management’s perceptions of historical trends; current
conditions; expected future developments; the ongoing operation of
the properties in which Osisko holds a royalty, stream or other
interest by the operators of such properties in a manner consistent
with past practice; the accuracy of public statements and
disclosures made by the operators of such underlying properties; no
material adverse change in the market price of the commodities that
underlie the asset portfolio; 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. Osisko considers its assumptions to be
reasonable based on information currently available, but cautions
the reader that their assumptions regarding future events, many of
which are beyond the control of Osisko, may ultimately prove to be
incorrect since they are subject to risks and uncertainties that
affect Osisko and its business. Such risks and uncertainties
include, among others, that the financial information presented in
this press release is preliminary and could be subject to
adjustments, the successful continuation of operations underlying
the Corporation’s assets, the performance of the assets of Osisko,
the growth and the benefits deriving from its portfolio of
investments, risks related to the operators of the properties in
which Osisko holds a royalty, stream or other interest, including
changes in the ownership and control of such operators; risks
related to development, permitting, infrastructure, operating or
technical difficulties on any of the properties in which Osisko
holds a royalty, stream or other interest, the influence of
macroeconomic developments as well as the impact of and the
responses of relevant governments to the COVID-19 outbreak and the
effectiveness of such responses. 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.
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
and available electronically under Osisko’s issuer profile on EDGAR
at www.sec.gov. The forward‐ looking statements set forth
herein reflect Osisko’s expectations as at the date of this press
release and are 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.
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