Osisko Reports Q1 2025 Results

Core Viewpoint - Osisko Gold Royalties Ltd reported strong financial results for Q1 2025, with significant improvements in revenues, cash flows, and net earnings compared to the same period in 2024, indicating a solid start to the year and a positive outlook for achieving its annual guidance [1][4][7]. Financial Performance - The company earned 19,014 gold equivalent ounces (GEOs) in Q1 2025, a decrease from 22,259 GEOs in Q1 2024 [7]. - Revenues from royalties and streams increased to $54.9 million in Q1 2025, up from $45.0 million in Q1 2024 [7]. - Cash flows generated by operating activities were $46.1 million, compared to $37.4 million in Q1 2024 [7]. - The quarterly cash margin was $53.3 million or 97.1%, slightly up from $43.7 million or 97.0% in Q1 2024 [7]. - Net earnings reached $25.6 million, or $0.14 per basic share, compared to $11.2 million, or $0.06 per basic share in Q1 2024 [7]. - Adjusted earnings were $29.5 million, or $0.16 per basic share, compared to $22.0 million, or $0.12 per basic share in Q1 2024 [7]. Cash Management - The company reported a cash balance of $63.1 million and total debt of $74.3 million as of March 31, 2025 [7]. - A net repayment of $19.6 million was made under the revolving credit facility [7]. - The company declared a quarterly dividend of C$0.065 per common share, paid on April 15, 2025, to shareholders of record as of March 31, 2025 [7]. Strategic Initiatives - Upcoming catalysts include project financing initiatives for the Cariboo gold project and a new life-of-mine plan at Alamos Gold's Island Gold District [5]. - The anticipated implementation of the Scheme of Arrangement between Spartan Resources and Ramelius Resources could accelerate production from Dalgaranga to late 2025 [5]. Management Commentary - The President & CEO of Osisko expressed confidence in the company's ability to meet its 2025 guidance range of 80,000 to 88,000 GEOs earned, with expectations for sequential improvement in GEO deliveries throughout the year [4]. - The Board Chair acknowledged the contributions of departing Independent Director Joanne Ferstman, highlighting her leadership and dedication [5]. Company Overview - Osisko Gold Royalties Ltd is an intermediate precious metal royalty company with a portfolio of over 195 royalties, streams, and precious metal offtakes, including 21 producing assets [11]. - The cornerstone asset is a 3-5% net smelter return royalty on the Canadian Malartic Complex, one of Canada's largest gold mines [11].