Business
Osisko Gold Royalties Announces Preliminary Q1 2022 Deliveries, Record Cash Margin and Provides Portfolio Update
MONTREAL, April 12, 2022 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Corporation” or “Osisko”) (OR: TSX & NYSE) is pleased to provide an update on its f
About this update from Or Royalties Inc.
[{"type":"text","content":" MONTREAL, April 12, 2022 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Corporation” or “Osisko”) (OR: TSX & NYSE) is pleased to provide an update on its first quarter 2022 deliveries, sales, cash margins and recent asset advancements. PRELIMINARY Q1 2022 RESULTS Osisko earned approximately 18,251 attributable gold equivalent ounces1 (“GEOs”) in the first quarter of 2022. This figure excludes 3,025 GEOs earned from the Renard diamond stream. As expected, production in the first quarter was impacted by the coldest months of the year, which reduced production at the Eagle mine. Production is expected to increase in the coming quarters as that seasonal effect dissipates and as ramp up of the Mantos expansion progresses. In addition, proceeds from the Renard diamond stream are not expected to be reinvested into the bridge loan starting in early May and, as such, revenues will be recognized again as attributable GEOs. Osisko recorded preliminary revenues from royalties and streams of C$50.7 million during the first quarter and preliminary cost of sales (excluding depletion) of C$3.2 million, resulting in a record quarterly cash margin2 of C$47.5 million, or approximately 94% (97% excluding the Renard diamond stream). Osisko will provide full production and financial details with the release of its first quarter 2022 results after market close on Wednesday, May 11th, 2022, followed by a conference call on Thursday, May 12th at 8am ET. More details are provided at the end of the release. Sandeep Singh, President and CEO of Osisko commented: “Osisko had a very productive start to the year. We provided our inaugural 5-year growth outlook which highlights excellent organic growth, announced an agreement to acquire a metals stream on the high-grade Trixie Gold Mine in Utah, entered into a binding agreement with Metals Acquisition Corp. on a silver stream on the high-grade CSA mine in Australia, and closed a US$250 million equity financing. We look forward to the Trixie and CSA transactions closing in 2022. We have previously guided that Q1 GEOs would be lower relative to the remainder of the year as the Eagle operation does not stack ore in the coldest 90 days of the year (January to March) and as other assets ramp up during the year, namely the Mantos expansion, the Ermitaño and Santana start-ups, and the reactivation of the Ren...