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Osisko Gold Royalties logs net earnings of C$18M in Q2, declares dividend

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(Kitco News) - Osisko Gold Royalties (TSX: OR) (NYSE: OR) yesterday reported that the company earned 24,645 gold equivalent ounces in Q2 2023, an increase of 11% over Q2 2022 (22,243 ounces).

The company’s revenues from royalties and streams were C$60.5 million (Q2 2022: C$51.5 million) and cash flows generated by operating activities amounted to C$47.4 million (Q2 2022: C$35.0 million).

The company also posted cash margin of C$56.2 million or 93% (Q2 2022: C$47.8 million or 93%), net earnings of C$18.0 million or C$0.10 per basic share (Q2 2022: C$18.1 million, C$0.10 per basic share), and adjusted earnings of C$32.6 million or C$0.18 per basic share (Q2 2022: C$25.7 million, C$0.14 per basic share).

Importantly, Osisko declared a quarterly dividend of C$0.06 per common share, an increase of 9% over the previous quarter.

Interim CEO Paul Martin commented, “Despite challenges faced by our operating partners who were temporarily impacted by the wildfires in northern Ontario and Québec, Osisko delivered a solid second quarter. As we head into the second half of the year, we are well positioned to meet our 2023 guidance.

“Osisko remained very active on the corporate development front in the second quarter, having closed the CSA transaction, including the full copper stream which comes into effect in June 2024, and the announced increase to our silver stream at Taseko’s Gibraltar mine. Following the quarter, the company announced the acquisition of copper and gold royalties at Hot Chili’s Costa Fuego project”.

Osisko Gold Royalties is an intermediate precious metal royalty company which holds a North American focused portfolio of over 180 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, one of Canada’s largest gold mines.

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