MONTREAL, QUEBEC–(Marketwired – May 4, 2017) – Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (TSX:OR)(NYSE:OR) is pleased to report its results for the first quarter of 2017. Amounts are in Canadian dollars unless otherwise noted.
Highlights – Q1 2017
•Record quarterly gold equivalent ounces (“GEO”) earned of 10,4181(9% increase compared to Q1 20162);
•Quarterly revenues of $17.1 million (10% increase compared to Q1 2016);
•Net cash flows provided by operating activities of $12.0 million (compared to $9.8 million in Q1 2016);
•Net earnings attributable to Osisko shareholders of $4.1 million, $0.04 per basic share (compared to a net loss of $0.1 million, $0.00 per basic share in Q1 2016);
•Adjusted earnings3 of $6.6 million, $0.06 per basic share3(compared to 8.7 million, $0.09 per basic share in Q1 2016);
•Cash and cash equivalents of $423.6 million as at March 31, 2017;
•Closing of a US$33.0 million silver stream agreement with Taseko Mines Limited (“Taseko”); and
•Declaration of a tenth quarterly dividend of $0.04 per common share paid on April 17, 2017 to shareholders of record as of the close of business on March 31, 2017.
Highlights – April/May 2017
•Acquisition of additional common shares of Barkerville Gold Mines Ltd. (“Barkerville”), an associate of Osisko, for $28.1 million which increased Osisko’s holding to 35.2%;
•Acquisition of an additional 0.75% net smelter return (“NSR”) royalty on the Cariboo gold project from Barkerville for cash consideration of $12.5 million, which increased the NSR royalty held by Osisko on the Cariboo gold project to a total of 2.25% NSR; and
•On May 4, 2017, declaration of an eleventh quarterly dividend of $0.04 per common share payable on July 17, 2017 to shareholders of record as of the close of business on June 30, 2017.
1 Gold equivalent ounces earned includes NSR royalties in gold, silver and other cash royalties and the silver stream. Silver was converted to gold equivalent ounces by multiplying the silver ounces by the average silver price for the period and dividing by the average gold price for the period. Cash royalties were converted into gold equivalent ounces by dividing the associated revenue by the average gold price for the period. Refer to the portfolio of royalty and stream interests section of the Management and Discussion Analysis for the three months ended March 31, 2017 filed on http://www.sedar.com/ and http://www.sec.gov/ for average metal prices used.
2 Three months ended March 31, 2016 or first quarter of 2016 (“Q1 2016?).
3 “Adjusted earnings” and “Adjusted earnings per share” are non-IFRS financial performance measures which have no standard definition under IFRS. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of this press release.
Sean Roosen, Chair and Chief Executive Officer, commenting on the first quarter of 2017 performance noted: “During the first quarter, we continued to execute our strategy that was established at the commencement of our activities in June 2014. We continue to build a strong portfolio of royalties and streams to complement our Canadian Malartic and Éléonore cornerstone royalty assets. We are also very pleased with our portfolio of investments which is delivering superior returns from their successful drilling programs.”
Record Quarterly Gold Equivalent Ounces Earned in Q1 2017
The Company’s portfolio of royalty and stream interests delivered a quarterly record 10,418 GEO in the first quarter of 2017. Increased production at Canadian Malartic, Island Gold and Vezza as well as our first delivery of silver from the Taseko stream were the major contributors to the record quarterly GEO earned by the Company, while production at Éléonore decreased when compared to the first quarter of 2016.
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Osisko Announces the Election of Its Board of Directors
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MONTREAL, QUEBEC–(Marketwired – May 5, 2017) – Osisko Gold Royalties Ltd (the “Corporation” or “Osisko”) (TSX:OR)(NYSE:OR) announces that, at the annual and special meeting of shareholders held on May 4, 2017, each of the 10 nominees listed in the management information circular filed on April 10, 2017 (the “Circular”) with regulatory authorities were elected as directors of the Corporation.
Based on the proxies received and the votes on a show of hands, the following individuals were elected as directors of the Corporation until the next annual shareholders’ meeting. Accordingly, the results are set out below:
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