Highlights
- 19,014 gold equivalent ounces (“GEOs”1) earned (22,259 GEOs in Q1 20242);
- Revenues from royalties and streams of $54.9 million ($45.0 million in Q1 2024);
- Cash flows generated by operating activities of $46.1 million ($37.4 million in Q1 2024);
- Quarterly cash margin3 of $53.3 million or 97.1% ($43.7 million or 97.0% in Q1 2024);
- Net earnings of $25.6 million, $0.14 per basic share ($11.2 million, $0.06 per basic share in Q1 2024);
- Adjusted earnings3 of $29.5 million, $0.16 per basic share ($22.0 million, $0.12 per basic share in Q1 2024);
- Net repayment of $19.6 million under the revolving credit facility;
- Cash balance of $63.1 million and debt of $74.3 million as at March 31, 2025;
- Acquisition of a 1.5% net smelter return (“NSR”) royalty from Japan Gold Corp. (“Japan Gold”) on Japan Gold’s wholly-controlled properties in Japan for cash consideration of $5.0 million; and
- Declaration of a quarterly dividend of C$0.065 per common share paid on April 15, 2025 to shareholders of record as of the close of business on March 31, 2025.
Subsequent to March 31, 2025
- Additional repayments of $30.0 million under the Company’s revolving credit facility;
- First payment received from Talisker Resources Ltd. under the Bralorne 1.7% NSR royalty;
- Acquisition of a basket of royalties across various projects in British Columbia from Sable Resources Ltd. (“Sable Resources”) for consideration of C$3.8 million, as well as certain rights in relation to the future acquisition of similar interests from Sable Resources;
- Publication of the fifth edition of the Company’s sustainability report, Growing Responsibly; and
- Declaration of a quarterly dividend of US$0.055 per common share, a 20% increase over the previous quarterly dividend, based on the foreign exchange rate (C$/US$) on the declaration date of the first quarter dividend. The dividend will be paid on July 15, 2025 to shareholders of record as of the close of business on June 30, 2025.
Management Commentary
Jason Attew, President & CEO of Osisko commented: “Osisko’s first quarter represented a good start for the Company in 2025 and serves as a solid base for Osisko to achieve its 2025 guidance range of 80,000 to 88,000 GEOs earned, especially considering that the Company’s GEO deliveries are expected to sequentially improve quarter-by-quarter throughout the remainder of the year ahead.
Looking ahead over the next few months, there are several upcoming catalysts to watch out for, including, but not limited to, Osisko Development’s project financing initiatives on the back of last week’s Optimized Feasibility Study results for the fully-permitted Cariboo gold project; a new life-of-mine plan at Alamos Gold’s Island Gold District; and finally, the anticipated Implementation of the Scheme of Arrangement between Spartan Resources and Ramelius Resources, which, if implemented, could accelerate first production from Dalgaranga to late 2025, a full year ahead of Osisko’s expectations when we acquired the Dalgaranga 1.8% gross smelter return royalty in late September of 2024.”
Norman MacDonald, Board Chair of Osisko, also commented: “Tomorrow’s Annual and Special Meeting of Shareholders will mark the end of Joanne Ferstman’s tenure as an Independent Director on Osisko’s Board. Joanne has been on Osisko’s Board of Directors from the very beginning, and, as such, both Board and Management would like to wholeheartedly thank Joanne for her many years of leadership, guidance and service. Her attention to detail and dedication to realizing the Company’s strategic vision, amongst her many other skills, will be missed. We would also like to wish Joanne all the best in her future endeavours.”
Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (OR: TSX & NYSE) is pleased to announce that the Board of Directors has approved a second quarter 2025 dividend of US$0.055 per common share, a 20% increase over the previous quarterly dividend, based on the foreign exchange rate (C$/US$) on the declaration date of the first quarter dividend. The dividend will be paid on July 15, 2025 to shareholders of record as of the close of business on June 30, 2025. This dividend is an “eligible dividend” as defined in the Income Tax Act (Canada).
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