Osisko Reports Q2 2024 Results

Core Insights - Osisko Gold Royalties Ltd reported consolidated financial results for Q2 2024, highlighting record operating cash flows of $52.3 million and a cash margin of 97% [1][2] - The company appointed Ms. Wendy Louie to its Board of Directors, bringing over 25 years of finance and leadership experience in the mining industry [4][5] Financial Performance - The company earned 20,068 gold equivalent ounces (GEOs) in Q2 2024, a decrease from 24,645 GEOs in Q2 2023 [2] - Revenues from royalties and streams increased to $64.8 million, compared to $60.5 million in Q2 2023 [2] - A net loss of $21.1 million was reported, equating to $0.11 per basic share, primarily due to a non-cash impairment loss of $67.8 million on the Eagle gold royalty [2] - Adjusted earnings reached a record of $33.2 million, or $0.18 per basic share, up from $27.2 million or $0.15 per basic share in Q2 2023 [2][22] - The company repaid $44.2 million under its revolving credit facility and extended the maturity date to April 30, 2028 [2] Cash Flow and Balance Sheet - Operating cash flows were recorded at $52.3 million, an increase from $47.4 million in Q2 2023 [2] - As of June 30, 2024, the cash balance stood at $65.7 million, with outstanding debt of $109.0 million [2] - The company declared a quarterly dividend of $0.065 per common share, marking an 8% increase [2] Strategic Developments - Subsequent to June 30, 2024, Osisko Bermuda Limited acquired a new gold stream on SolGold plc's Cascabel copper-gold project in Ecuador [3] - The company also received its first payment under the CSA copper stream from Metals Acquisition Limited and from Agnico Eagle Mines Ltd. under the Akasaba West royalty [3] - The company adjusted its 2024 GEO delivery guidance range to 77,000 – 83,000 GEOs due to production suspensions at the Eagle mine [8] Leadership Changes - Ms. Wendy Louie's appointment to the Board is expected to enhance the company's governance and strategic direction, given her extensive experience in the mining sector [5][6]