MONTRÉAL, Aug. 05, 2020 (GLOBE NEWSWIRE) — Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (OR: TSX & NYSE) today announced its consolidated financial results for the second quarter of 2020.

Highlights
•Updated guidance for the second half of the year of 33,000 to 35,000 gold equivalent ounces1 (“GEOs”);
•Revenues from royalties and streams of $28.7 million (Q2 2019 – $33.8 million);
•Cash flows from operating activities of $15.4 million (Q2 2019 – $21.4 million); $18.6 million before changes in non-cash working capital items (Q2 2019 – $23.5 million);
•Earned 12,386 GEOs (Q2 2019 – 19,651 GEOs);
•Net earnings of $13.0 million, $0.08 per basic share (Q2 2019 – net loss of $6.5 million, $0.04 per basic share);
•Adjusted earnings2 of $5.7 million or $0.03 per basic share (Q2 2019 – $8.2 million, $0.05 per basic share);
•Cash operating margin3 of 95% from royalty and stream interests, generating $27.2 million in operating cash flow, in addition to a cash operating margin of $0.6 million from offtake interests;
•Cash on hand of $202.0 million and up to $400.0 million further available under the credit facility as at June 30, 2020;
•Closed a non-brokered private placement of $85.0 million with Investissement Québec on April 1, 2020;
•Improved the silver stream on the Gibraltar mine by investing $8.5 million to reduce the transfer price from US$2.75 per ounce of silver to nil in April 2020;
•Commercial production was declared by the operator of the Eagle Gold mine on July 1, 2020, on which the Company holds a 5% NSR royalty;
•As a result of the COVID-19 pandemic, several of Osisko’s assets were temporarily placed on care and maintenance by our operating partners during the second quarter, but the affected assets have now largely resumed operations; and
•Declared a quarterly dividend of $0.05 per common share paid on July 15, 2020 to shareholders of record as of the close of business on June 30, 2020.

Performance

Sean Roosen, Chair and Chief Executive Officer, commented on the activities of the second quarter of 2020: “Even though our results for the second quarter have been affected by the impacts of the COVID?19 pandemic, our business model remains extremely strong and the rising gold price helped to partially offset the closures. We look forward to benefiting from the gold price environment and our assets being at full capacity for the rest of the year.”

Outlook

On March 23, 2020, given the uncertainties with respect to future developments related to the COVID-19 pandemic, including the duration, severity and scope of the outbreak, the actions taken to contain or treat the COVID?19 outbreak, and impacts on mining operations, Osisko announced the withdrawal of its 2020 production guidance until further notice.

As the main mining assets on which Osisko holds a royalty, stream or other interest have mostly returned to operations, Osisko has updated its guidance for the six months and the year ending December 31, 2020. This guidance excludes any potential impact on GEOs and cash margins if the Renard diamond mine would restart its operations in 2020 or if additional periods of care and maintenance were announced in light of the development of the COVID-19 pandemic.


Six months ending December 31, 2020 (i) Year ending December 31, 2020 (i)
Low High Cash margin Low High Cash margin
(GEOs) (GEOs) (%) (GEOs) (GEOs) (%)

Royalty interests 24,800 26,250 100 45,500 46,950 100
Stream interests 8,000 8,450 87 17,150 17,650 81
Offtake interests 200 300 2 850 900 3
33,000 35,000 63,500 65,500


(i) Excluding any potential revenues from the Renard diamond mine for the six months ending December 31, 2020.

For the full year 2020 guidance, actual results were used for the first semester and added to the forecast for the second semester of the year. For the outlook of the last 6 months of 2020, silver and cash royalties have been converted to GEOs using commodity prices of US$1,900 per ounce of gold, US$22 per ounce of silver and an exchange rate (US$/C$) of 1.33.

Q2 2020 Results Conference Call

Osisko will host a conference call on Thursday, August 6, 2020 at 10:00 am EDT to review and discuss its second quarter 2020 results. Participants to the call must register using one of the methods below:
•Online pre-registration: http://www.directeventreg.com/registration/event/7026109
Once you register, you will receive a confirmation which will have the dial in number and both the Direct Event Passcode and your unique Registrant ID to join this call. For security reasons, please do NOT share this information with anyone else.


•You can alternatively, pre-register by phone:
Pre-phone registration: 1-(888) 869-1189 and provide the Conference ID which is 7026109 to the Live Agent who will take the details from you live. Please pre-register in advance of the call.


The conference call replay will be available from 1:00 pm EDT on August 6, 2020 until 11:59 pm EDT on August 13, 2020 with the following dial in numbers: 1-(800) 585-8367 (North American toll free) or 1-(416) 621-4642, access code 7026109. The replay will also be available on our website at www.osiskogr.com

Dividend
MONTREAL, Aug. 05, 2020 (GLOBE NEWSWIRE) — Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (OR: TSX & NYSE) is pleased to announce a third quarter 2020 dividend of C$0.05 per common share. The dividend will be paid on October 15, 2020 to shareholders of record as of the close of business on September 30, 2020.

For shareholders residing in the United States, the U.S. dollar equivalent will be determined based on the daily rate published by the Bank of Canada on September 30, 2020. This dividend is an “eligible dividend” as defined in the Income Tax Act (Canada).

The Company also wishes to remind its shareholders that it has implemented a dividend reinvestment plan (the “Plan”). Shareholders who are residents of Canada and the United States may elect to participate in the Plan in connection with the dividend to be paid on October 15, 2020 to shareholders on record as of September 30, 2020. If a shareholder elects to participate in the Plan, the Company will issue to the shareholder, in lieu of a cash dividend, common shares from treasury at a 3% discount to the weighted average price of the common shares during the five (5) trading days immediately preceding the dividend payment date. Participation in the Plan is optional and will not affect a shareholders’ cash dividends if the shareholder elects not to participate in the Plan. Quarterly dividends are only payable as and when declared by Osisko’s Board of Directors.

A complete copy of the Plan and the enrolment form are available on Osisko’s website at http://osiskogr.com/en/dividends/drip/. Shareholders should carefully read the complete text of the Plan before making any decisions regarding their participation in the Plan.

Non-registered beneficial shareholders who wish to participate in the Plan should contact their financial advisor, broker, investment dealer, bank or other financial institution that holds their common shares to inquire about the applicable enrolment deadline and to request enrolment in the Plan. For more information on how to enroll or any other inquiries, contact the Agent at 1-800-387-0825 (toll-free in Canada) or inquiries@canstockta.com.

Participation in the Plan does not relieve shareholders of any liability for taxes that may be payable in respect of dividends that are reinvested in common shares under the Plan. Shareholders should consult their tax advisors concerning the tax implications of their participation in the Plan having regard to their particular circumstances.

This press release is not an offer or a solicitation of an offer of securities.