PRELIMINARY Q1 2024 RESULTS
Osisko earned 22,259 attributable gold equivalent ounces1 (“GEOs”) in the first quarter of 2024.
Osisko recorded preliminary revenues from royalties and streams of
As of
SELECT ASSET UPDATES
Agnico Eagle Mines Limited (“Agnico”) continues to advance studies on optimizing its Abitibi platform, where the Canadian Malartic mill is expected to play a central processing role. Macassa's AK deposit has now been incorporated into Agnico’s production guidance for 2024 to 2026. At Upper Beaver, Agnico is conducting a trade-off analysis comparing transporting and processing ore at its LaRonde mill to a standalone central mill for Upper Beaver and other satellite deposits. An exploration ramp and shaft are being considered at Upper Beaver in order to upgrade and further explore the deeper portions of the deposit. At Wasamac, Agnico is assessing hauling alternatives and the optimal mining rate for transporting and processing ore at the Canadian Malartic mill. Agnico expects to complete internal technical evaluations for both Upper Beaver and Wasamac, all as part of a group of studies on optimizing the company’s Abitibi platform, in the first half of 2024. In February, Agnico declared an initial Probable Mineral Reserves of 5.17 million ounces of gold (47.0 million tonnes grading 3.42 g/t gold) in the central portion of the East Gouldie deposit.
In addition to the 5% net smelter return (“NSR”) royalty on the
In late
Osisko owns a 100% silver stream on the CSA mine as well as a 3.0-4.875% copper stream having an economic effective date of
Island Gold / Magino (operated by Alamos Gold Inc.)
In late
Alamos’ expanded and accelerated mine plan at Island Gold is anticipated to transition a greater proportion of production towards Osisko’s 2% and 3% NSR royalty boundaries earlier in the mine plan, as opposed to the mineral inventory covered by Osisko’s 1.38% NSR royalty. A small fraction of the eastern limit of the Magino pit is covered by a 3% NSR royalty, with GEOs earned to Osisko expected from 2030 onwards. The underground exploration potential previously highlighted by Argonaut Gold on this claim is located less than 300 metres from the existing Island Gold underground infrastructure.
Tocantinzinho (operated by G Mining Ventures Corp.)
In early
Osisko owns a 0.75% NSR royalty on the Tocantinzinho project.
Namdini (operated by
Osisko owns a 1% NSR royalty covering the Namdini gold project.
Copperwood (operated by Highland Copper Company Inc.)
In
Osisko currently owns a 1.5% NSR royalty on copper production, and an 11.5% NSR royalty on silver production at Copperwood. At Osisko’s election, the silver royalty percentage may be increased to 100% on Copperwood (and on Highland’s White
Ermitaño (operated by First Majestic Silver Corp.)
In early
Osisko owns a 2% NSR royalty on the Ermitaño project and the Cumobabi property, including the Luna and Soledad Zones.
Q1 2024 RESULTS CONFERENCE AND WEBCAST CALL DETAILS
Osisko provides notice of the first quarter 2024 results and conference and webcast call details.
Results Release: | |
Conference Call: | |
Dial-in Numbers: (Option 1) | North American Toll-Free: 1 (800) 717-1738 Local – Local – Conference ID: 35205 |
Webcast link: (Option 2) | https://viavid.webcasts.com/starthere.jsp?ei=1664597&tp_key=79a3a8e207 |
Replay (available until | North American Toll-Free: 1 (888) 660-6264 Local – Local – Playback Passcode: 35205# |
Replay also available on our website at www.osiskogr.com |
Notes:
The figures presented in this press release, including revenues and costs of sales, have not been audited and are subject to change. As the Corporation has not yet finished its quarter-end procedures, the anticipated financial information presented in this press release is preliminary, subject to quarter-end adjustments, and may change materially.
(1) | Gold Equivalent Ounces |
GEOs are calculated on a quarterly basis and include royalties and streams. Silver earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces earned by the average silver price for the period and dividing by the average gold price for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue earned by the average gold price for the period. | |
Average Metal Prices and Exchange Rate |
Three months ended | ||||||
2024 | 2023 | |||||
Gold(i) | ||||||
Silver(ii) | ||||||
Exchange rate (US$/Can$)(iii) | 1.3486 | 1.3525 |
(i) | The London Bullion Market Association’s pm price in | |
(ii) | The London Bullion Market Association’s price in | |
(iii) |
(2) | Non-IFRS Measures |
The Corporation has included certain performance measures in this press release that do not have any standardized meaning prescribed by IFRS Accounting Standards including cash margin in dollars and in percentage. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS Accounting Standards. As Osisko’s operations are primarily focused on precious metals, the Corporation presents cash margins as it believes that certain investors use this information, together with measures determined in accordance with IFRS Accounting Standards, to evaluate the Corporation’s performance in comparison to other companies in the precious metals mining industry who present results on a similar basis. However, other companies may calculate these non-IFRS measures differently. Cash margin (in dollars) represents revenues less cost of sales (excluding depletion). Cash margin (in percentage) represents the cash margin (in dollars) divided by revenues. |
(In thousands of dollars) | Three months ended | |||
Revenues | ||||
Less: Cost of sales (excluding depletion) | __( | ) | ||
Cash margin (in dollars) | ||||
Cash margin (in percentage of revenues) | 97.0% |
Qualified Person
The scientific and technical content of this news release has been reviewed and approved by
About
Osisko is an intermediate precious metal royalty company focused on the
Osisko’s head office is located at 1100 Avenue des Canadiens-de-
For further information, please contact
Vice President, Capital Markets Tel: (514) 940-0670 x116 Cell: (365) 275-1954 Email: gmoenting@osiskogr.com | Vice President, Tel: (514) 940-0670 x105 Email: htaylor@osiskogr.com |
Forward-looking Statements
Certain statements contained in this press release may be deemed “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, that financial information may be subject to year-end adjustments, the availability of the uncommitted accordion of the credit facility. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of Osisko, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which Osisko holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from resource estimates or production forecasts by operators, (d) differences in conversion rate from resources to reserves and ability to replace resources, (e) the unfavorable outcome of any challenges or litigation relating title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks, (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by Osisko, (b) fluctuations in the value of the Canadian dollar relative to the
For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of Osisko filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward-looking statements and such forward-looking statements included in this press release are not guarantee of future performance and should not be unduly relied upon. In this press release, Osisko relies on information publicly disclosed by other issuers and third parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. These statements speak only as of the date of this press release. Osisko undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.
Source:
2024 GlobeNewswire, Inc., source