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Osisko boosts net earnings in first quarter, announces dividend

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(Kitco News) - Osisko Gold Royalties (OR: TSX & NYSE: OR) announced yesterday that the company earned 19,960 gold equivalent ounces (GEOs) in Q1 2021 (Q1 2020 –18,159 GEOs).

The company said that it generated a record revenue from royalties and streams of $49.0 million in first quarter (Q1 2020 – $37.8 million). Cash margin was 94% from royalty and stream interests (Q1 2020 – 91%).

Net earnings attributable to Osisko's shareholders were $10.6 million, or $0.06 per basic share (Q1 2020 – net loss of $13.3 million, or $0.09 per basic share) and adjusted earnings were $18.4 million, or $0.11 per basic share (Q1 2020 – $7.5 million, or $0.05 per basic share).

The company said that in Q1 2021, Osisko saw its royalty and streaming business continued to generate record cash margins and strong operating cash flows.

Osisko has also announced a second quarter 2021 dividend of C$0.05 per common share. The dividend will be paid on July 15, 2021 to shareholders of record as of the close of business on June 30, 2021.

President and CEO Sandeep Singh added, "Our operating assets continue to perform, ramp up and expand over the coming quarters. We were able to, relatively cheaply, acquire medium and longer-term royalty exposure to some highly promising exploration and development properties while maintaining a disciplined approach to growth."

Osisko Gold Royalties is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American focused portfolio of over 150 royalties, streams and precious metal offtakes. Osisko's portfolio is anchored by its cornerstone asset, a 5% net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada.

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