Business
Osisko Gold Royalties Reports Strong Second Quarter 2021 Results; Increases Quarterly Dividend by 10%
Record operating cash flows from the royalties and streams segment of $37.3 million Record cash margin of $47.2 million MONTRÉAL, Aug. 09, 2021 (GLOBE NEWSWIRE)
About this update from Or Royalties Inc.
[{"type":"text","content":" Record operating cash flows from the royalties and streams segment of $37.3 million Record cash margin of $47.2 million MONTRÉAL, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (OR: TSX & NYSE) today announced its consolidated financial results for the second quarter of 2021. Amounts presented are in Canadian dollars, except where otherwise noted. Financial Highlights Earned 20,178 GEOs1 (Q2 2020 –12,245 GEOs) Record revenues from royalties and streams of $49.9 million (Q2 2020 – $28.7 million) Cash margin4 of 94% from royalty and stream interests (Q2 2020 – 95%) Consolidated cash flows from operating activities of $30.9 million (Q2 2020 – $15.4 million) Record operating cash flows from the royalties and streams segment2 of $37.3 million Operating cash flows from the mining exploration and development segment3 (i.e. Osisko Development Corp. – TSX-V:ODV) of ($6.4) million Net loss attributable to Osisko’s shareholders of $14.8 million, or $0.09 per basic share (Q2 2020 – net earnings of $13.0 million, or $0.08 per basic share), as a result of an impairment charge of $36.1 million on the Bonanza Ledge Phase 2 project, operated by Osisko Development Adjusted earnings5 of $20.2 million, or $0.12 per basic share3 (Q2 2020 – $5.7 million, or $0.03 per basic share) Adjusted earnings5 from the royalties and streams segment2 of $23.9 million, or $0.14 per basic share5 Adjusted loss5 from the mining exploration and development segment3 of $3.7 million, or $0.02 per basic share5 Quarterly dividend increased by 10% to $0.055 per share (annualized dividend of $0.22 per share), payable on October 15, 2021 to shareholders of record as of the close of business on September 30, 2021 Osisko amended its revolving credit facility and increased the amount available by $150.0 million to $550.0 million, with an additional uncommitted accordion of up to $100.0 million (for a total availability of up to $650.0 million). The maturity date of the facility was extended to July 30, 2025, which can be further extended annually. The applicable margins have also been reduced, therefore reducing the fees on the undrawn and drawn portions of the facility. The drawn portion of the facility remains unchanged. Sandeep Singh, President and CEO of Osisko commented on the activities of the second q...