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(Kitco News) - Osisko Gold Royalties (TSX & NYSE: OR) yesterday announced that the company earned 23,111 gold equivalent ounces (GEOs) in Q1 2023, an increase of 27% over the first quarter of 2022 (18,251 GEOs).
The company reported revenues from royalties and streams of C$59.6 million (Q1 2022: C$50.7 million); cash flows generated by operating activities of C$45.5 million (Q1 2022: C$40.5 million); and cash margin of C$55.5 million or 93% (Q1 2022: C$47.5 million or 94%).
According to a press release, the company’s Q1 2023 net earnings were C$20.8 million or C$0.11 per basic share (Q1 2022: C$16.8 million or C$0.10 per basic share), and adjusted earnings were C$32.6 million or C$0.18 per basic share (Q1 2022: C$24.8 million or C$0.15 per basic share).
Osisko also announced a second quarter 2023 dividend of C$0.060 per common share, a 9.1% increase over the first quarter of 2023, for an annualized dividend of $0.24 per share.
President and CEO Sandeep Singh commented, “We had a good start to 2023 and expect growth in deliveries over the year as we reap the benefits of ramp-ups at some of our core assets, in addition to the anticipated near-term closing of the CSA transaction, positioning Osisko for another record year.”
“The catalysts in our portfolio continue to intensify. Agnico Eagle’s consolidation of the Canadian Malartic mine provides multiple avenues for further production upside as it studies ways to maximize mill throughput. Further, the partnership between Gold Fields and Osisko Mining on the Windfall project is a tremendous outcome that de-risks an important asset in our portfolio.”
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.
