Osisko Provides Update on Deliveries Received for the Third Quarter of 2020
Notice of the 2020 Third Quarter Results and Conference Call
MONTREAL, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Corporation” or “Osisko”) (OR: TSX & NYSE) is pleased to announce that it has received approximately 16,700 attributable gold equivalent ounces1 (“GEOs”) and recorded preliminary revenues2 of C$55.7 million during the three months ended September 30, 2020. Preliminary cost of sales, excluding depletion2, was C$15.2 million resulting in a cash operating margin3 of approximately C$40.5 million. Excluding offtakes, Osisko’s cash operating margin on royalties and streams3 reached a record of 96.4% during the third quarter of 2020.
Sandeep Singh, President of Osisko commented: “Our Q3 results demonstrate again the strength and quality of our portfolio of assets. We anticipate a continued upward trend in GEO deliveries in the fourth quarter as some of our royalty and streaming assets have a lag between an operator’s production and delivery to us. As such, the third quarter had remnant impacts of certain operators producing less ounces in their Q2 period. That effect is now behind us and, with the strong third quarter, we are in excellent position to meet our forecast for the second half of 2020.”
Q3 2020 Results and Conference Call Details
The Corporation also provides notice of the third quarter 2020 results and conference call details, which will be released after market close on Monday, November 9, 2020 followed by a conference call on Tuesday, November 10, 2020 at 10:00 am EST.
Those interested in participating in the conference call should dial in at 1-(877) 223-4471 (North American toll free), or 1-(647) 788-4922 (international). An operator will direct participants to the call.
The conference call replay will be available from 1:00 pm EST on November 10, 2020 until 11:59 pm EST on November 24, 2020 with the following dial in numbers: 1-(800) 585-8367 (North American toll free) or 1-(416) 621-4642, access code 4896403. The replay will also be available on our website at www.osiskogr.com.
Osisko has included certain performance measures in this press release that do not have any standardized meaning prescribed by International Financial Reporting Standards (IFRS) including (i) attributable gold equivalent ounces and (ii) cash operating margin. 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. As Osisko’s operations are primarily focused on precious metals, the Corporation presents attributable GEOs and cash operating margins as it believes that certain investors use this information to evaluate the Corporation’s performance in comparison to other mining companies in the precious metals mining industry who present results on a similar basis. However, other companies may calculate these non-IFRS measures differently. Note that these figures have not been audited and are subject to change.