Osisko Development (US:ODV)2025-05-06 22:58Revenue Performance - For Q1 2025, Osisko Development Corp. reported no revenues compared to CAD 1,767,000 in Q1 2024, indicating a 100% decrease in revenue year-over-year[5] - The company reported revenues of CAD 1,767,000 for the three months ended March 31, 2024, with no revenues reported for the same period in 2025[46] Net Loss and Operating Loss - The net loss for Q1 2025 was CAD 37,330,000, significantly higher than the net loss of CAD 7,988,000 in Q1 2024, representing a 367% increase in losses[5] - Operating loss for Q1 2025 was CAD 42,725,000, compared to CAD 20,508,000 in Q1 2024, reflecting a 108% increase in operating losses[5] - For the three months ended March 31, 2025, the total operating loss was CAD 42,725,000, compared to CAD 20,508,000 for the same period in 2024, indicating an increase of 108% in operating losses[46] Cash and Cash Equivalents - Cash and cash equivalents decreased to CAD 77,597,000 as of March 31, 2025, down from CAD 106,653,000 at the end of 2024, a decline of 27.3%[4] - Cash and cash equivalents decreased to CAD 77.6 million as of March 31, 2025, down from CAD 106.7 million as of December 31, 2024[19] - As of March 31, 2025, cash and cash equivalents include CAD 67.6 million held in guaranteed investment certificates with an interest rate of 4.75%[19] Asset and Liability Changes - Total assets decreased from CAD 856,902,000 as of December 31, 2024, to CAD 816,756,000 as of March 31, 2025, a reduction of 4.7%[4] - Total liabilities decreased slightly from CAD 430,774,000 as of December 31, 2024, to CAD 420,885,000 as of March 31, 2025, a reduction of 2.2%[4] - The net book value of mining interests decreased to CAD 492.6 million as of March 31, 2025, from CAD 506.7 million in the previous year[20] - Total non-current assets as of March 31, 2025, amounted to CAD 700,617,000, a decrease of 1.5% from CAD 711,136,000 as of December 31, 2024[45] - The company's mining interests in Canada were valued at CAD 426,379,000 as of March 31, 2025, a decrease from CAD 440,458,000 in 2024, representing a decline of 3.5%[45] Impairment and Other Losses - The company incurred impairment of assets amounting to CAD 25,793,000 in Q1 2025, compared to CAD 5,415,000 in Q1 2024, marking a 376% increase in impairment losses[5] - An impairment charge of CAD 25.3 million was recorded for the three months ended March 31, 2025, related to the QR Mill[24] - The company reported impairment of assets totaling CAD 25,793,000 for the three months ended March 31, 2025, compared to CAD 5,415,000 in the same period of 2024, reflecting a significant increase in asset impairment[46] Shareholder Information - The weighted average number of shares outstanding increased to 136,605,758 in Q1 2025 from 84,211,239 in Q1 2024, representing a 62.2% increase in shares[5] - The total outstanding share options decreased to 4,440,691 in 2025 from 5,229,369 in 2024, a decline of 15.1%[36] Future Plans and Financing - Management is assessing future financing options to address the negative working capital and fund planned activities[16] - The company completed the acquisition of Tintic, which includes the Trixie Test Mine, and issued 2% NSR royalties as part of the transaction[22] - The company is focused on the Cariboo Gold Project, San Antonio Gold Project, and Trixie Test Mine for future exploration and development[12] - The company entered into a $50 million Credit Facility in 2024, exclusively for funding ongoing engineering and pre-construction activities at the Cariboo gold project[28] Operating Costs and Expenses - Other operating costs for the three months ended March 31, 2025, totaled CAD 10,158,000, compared to CAD 8,801,000 in the same period of 2024, indicating an increase of 15.4%[46] - Salaries and benefits decreased to $1,292 thousand in Q1 2025 from $1,780 thousand in Q1 2024, a reduction of 27.4%[40] - Share-based compensation expense related to share options granted was $0.4 million in Q1 2025, compared to $(0.1) million in Q1 2024[36] Environmental Provisions - The estimated inflation-adjusted undiscounted cash flows required for environmental rehabilitation is $124.9 million as of March 31, 2025[32] - The environmental rehabilitation provision increased to $92,920 thousand in 2025 from $90,803 thousand in 2024, representing a rise of 2.3%[32]