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Osisko Gold Royalties Reports Q1 2023 Results
Strong cash margin of $55.5 million and operating cash flows of $45.5 million 9% increase in quarterly dividend MONTREAL, May 10, 2023 (GLOBE NEWSWIRE) -- Osisk
About this update from Or Royalties Inc.
[{"type":"text","content":" Strong cash margin of $55.5 million and operating cash flows of $45.5 million 9% increase in quarterly dividend MONTREAL, May 10, 2023 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Corporation” or “Osisko”) (OR: TSX & NYSE) today announced its consolidated financial results for the first quarter of 2023. Amounts presented are in Canadian dollars, except where otherwise noted. Highlights – First Quarter of 2023 23,111 GEOs1 earned, an increase of 27% over the first quarter of 2022 (Q1 2022 - 18,251); Revenues from royalties and streams of $59.6 million (Q1 2022 - $50.7 million); Cash flows generated by operating activities2 of $45.5 million (Q1 2022 - $40.5 million); Cash margin3 of $55.5 million or 93% (Q1 2022 – $47.5 million or 94%) Net earnings2 of $20.8 million, $0.11 per basic share (Q1 2022 – $16.8 million, $0.10 per basic share); Adjusted earnings3 of $32.6 million, $0.18 per basic share (Q1 2022 – $24.8 million, $0.15 per basic share); Repayment of $15.0 million under the revolving credit facility; Increase in the cash balance to $119.1 million as at March 31, 2023; and Declaration of a quarterly dividend of $0.055 per common share paid on April 14, 2023 to shareholders of record as of the close of business on March 31, 2023. Sandeep Singh, President and CEO of Osisko commented: “We had a good start to 2023 and expect growth in deliveries over the year as we reap the benefits of ramp-ups at some of our core assets, in addition to the anticipated near-term closing of the CSA transaction, positioning Osisko for another record year. The catalysts in our portfolio continue to intensify. Agnico Eagle’s consolidation of the Canadian Malartic mine provides multiple avenues for further production upside as it studies ways to maximize mill throughput. Further, the partnership between Gold Fields and Osisko Mining on the Windfall project is a tremendous outcome that de-risks an important asset in our portfolio. We congratulate the Osisko Mining team on a great result. More globally, our partners continue to unlock significant value across our shared asset base with an average of over 1.1 million meters drilled per year over the past six years. This value is daylighting itself across the entire portfolio highlighting the free upside embedded within our asset base.” Subsequent to March 31, 2023 Declaration of a quarterly ...