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Osisko Gold Royalties Reports Strong Third Quarter 2020 Results
MONTRÉAL, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (OR: TSX & NYSE) today announced its consolidated financial re
About this update from Or Royalties Inc.
[{"type":"text","content":" MONTRÉAL, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (OR: TSX & NYSE) today announced its consolidated financial results for the third quarter of 2020. Highlights (amounts in Canadian dollars, except otherwise noted) Record revenues from royalties and streams of $41.2 million (Q3 2019 – $33.9 million); Record cash flows from operating activities of $36.1 million (Q3 2019 – $28.3 million); $31.7 million before changes in non-cash working capital items (Q3 2019 – $25.1 million); Record cash operating margin1 of 96.4% from royalty and stream interests, generating $39.7 million in operating cash flow, in addition to a cash operating margin of $0.7 million from offtake interests; Earned 16,739 GEOs2 (Q3 2019 – 18,123 GEOs); Net earnings of $12.5 million, $0.08 per basic share (Q3 2019 – net loss of $45.9 million, $0.32 per basic share); Adjusted earnings3 of $17.5 million or $0.11 per basic share (Q3 2019 – $17.5 million, $0.12 per basic share); Cash on hand of $160.7 million and over $400.0 million further available under the credit facility as at September 30, 2020; Announced the spin-out of mining assets and certain equity positions through a reverse take-over transaction and the creation of a North American gold development company, Osisko Development Corp. (“Osisko Development”), which in conjunction completed a $100 million bought deal financing; The Canadian Malartic mine operators announced strong results from the drilling program at East Gouldie, which are expected to lead to a significant increase in the mineral resources estimate at year-end 2020. A preliminary economic assessment is also expected to be completed in early 2021, which may result in the start of mine shaft construction; Acquired the San Antonio gold project in Mexico for US$42 million, which will be spin-out to Osisko Development; Acquired an additional 15% ownership in a Canadian precious metal royalty portfolio, including royalties on the Island Gold and Lamaque mines; Announced that the Renard diamond mine, operated by Stornoway Diamonds Canada Inc., restarted operations in September 2020; Announced a strategic partnership with Regulus Resources Inc. (“Regulus”) whereby Regulus has agreed to grant Osisko an initial royalty and certain future royalty rights in exchange for an upfront cash pay...