Business
Osisko Gold Royalties Reports Q2 2023 Results; 24,645 GEOs Earned
MONTRÉAL, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Corporation” or “Osisko”) (OR: TSX & NYSE) today announced its consolidated financia
About this update from Or Royalties Inc.
[{"type":"text","content":" MONTRÉAL, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Corporation” or “Osisko”) (OR: TSX & NYSE) today announced its consolidated financial results for the second quarter of 2023. Amounts presented are in Canadian dollars, except where otherwise noted. Highlights – Second Quarter of 2023 24,645 GEOs1 earned, an increase of 11% over the second quarter of 2022 (Q2 2022 – 22,243); Revenues from royalties and streams of $60.5 million (Q2 2022 - $51.5 million); Cash flows generated by operating activities2 of $47.4 million (Q2 2022 - $35.0 million); Cash margin3 of $56.2 million or 93% (Q2 2022 – $47.8 million or 93%); Net earnings2 of $18.0 million, $0.10 per basic share (Q2 2022 – $18.1 million, $0.10 per basic share); Adjusted earnings3 of $32.6 million, $0.18 per basic share (Q2 2022 – $25.7 million, $0.14 per basic share); Publication of the 2023 Asset Handbook and third edition of the Company’s sustainability report, Growing Responsibly; Closing of the CSA silver and copper streams by Osisko Bermuda Limited for US$150.0 million; Amendment of the Gibraltar silver stream for US$10.25 million; and Declaration of a quarterly dividend of $0.06 per common share, an increase of 9% over the previous quarter, paid on July 14, 2023 to shareholders of record as of the close of business on June 30, 2023. Paul Martin, Interim CEO of Osisko commented: “Despite challenges faced by our operating partners who were temporarily impacted by the wildfires in northern Ontario and Québec, Osisko delivered a solid second quarter. As we head into the second half of the year, we are well positioned to meet our 2023 guidance. Osisko remained very active on the corporate development front in the second quarter, having closed the CSA transaction, including the full copper stream which comes into effect in June 2024, and the announced increase to our silver stream at Taseko’s Gibraltar mine. Following the quarter, the Company announced the acquisition of copper and gold royalties at Hot Chili’s Costa Fuego project”. Subsequent to June 30, 2023 Closing of the gold and copper royalty investment in relation to the Costa Fuego Project; and Declaration of a quarterly dividend of $0.06 per common share payable on October 16, 2023 to shareholders of record as of the close of business on September 29, 2023. Q2 2023 RESULTS CONFERENCE CALL...