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Osisko Gold Royalties Reports Record 2023 Results and Provides 2024 Guidance and New 5-Year Outlook
MONTRÉAL, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Corporation” or “Osisko”) (OR: TSX & NYSE) is pleased to announce its consolidated f
About this update from Or Royalties Inc.
[{"type":"text","content":" MONTRÉAL, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Corporation” or “Osisko”) (OR: TSX & NYSE) is pleased to announce its consolidated financial results for the year-end 2023. Amounts presented are unaudited and in Canadian dollars, except where otherwise noted. 2023 Financial Highlights 94,323 gold equivalent ounces (“GEOs1”) earned (89,367 GEOs in 2022); Record revenues from royalties and streams of $247.3 million ($217.8 million in 2022); Record cash flows generated by operating activities2 of $187.0 million ($175.1 million in 2022); Net loss2 of $48.3 million, $0.26 per basic share2 (net earnings of $85.3 million, $0.47 per basic share in 2022), mostly due to non-cash impairment charges largely as a result of a fair value assessment of investments and royalty and stream interests of $149.6 million; and Adjusted earnings4 of $100.1 million, $0.54 per basic share ($87.3 million, $0.48 per basic share in 2022) Other Highlights Total capital deployed of over $290.0 million across 5 new transactions: Closing of the silver and copper streams on Metals Acquisitions Limited’s CSA mine in Australia by Osisko Bermuda Limited for US$150.0 million ($198.8 million); Amendment to increase its effective silver stream from 12.5% to 87.5% on Taseko Mines Ltd.’s Gibraltar mine in BC for US$10.3 million ($13.6 million); Acquisition of a 3% gold net smelter return (“NSR”) royalty and 1% copper NSR royalty on Hot Chili Ltd.’s Costa Fuego copper-gold project in Chile for US$15.0 million ($19.9 million); Acquisition of a 1% NSR royalty covering Cardinal Namdini Mining Ltd.’s Namdini gold project in Ghana for US$35.0 million ($48.4 million); and Acquisition of a 1% NSR royalty on Cabral Gold Inc.’s Cuiú Cuiú gold project in Brazil for US$5.0 million ($6.8 million); Publication of the 2023 Asset Handbook and third edition of the Corporation’s sustainability report, Growing Responsibly; Appointment of Mr. Jason Attew as President and Chief Executive Officer (“CEO”) of the Corporation and Mr. Norman MacDonald as Chair of the Board of Directors; Sale of the equity investment in Osisko Mining Inc. for gross proceeds of $131.6 million, which were used to reduce the revolving credit facility to a drawn balance of $191.9 million; and Declaration of quarterly dividends totaling $0.235 per common share in 2023 ($0....