Record operating cash flows of $52.3 million with quarterly cash margin of 97% Appointment of Ms. Wendy Louie to the Board of Directors MONTREAL, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the "Company" or "Osisko") (OR: TSX & NYSE) today announced its consolidated financial results for the second quarter of 2024. Amounts presented are in Canadian dollars, except where otherwise noted. Highlights 20,068 gold equivalent ounces1 ("GEOs") earned (24,645 GEOs in Q2 2023); Revenues from royalties and streams of $64.8 million ($60.5 million in Q2 2023); Record cash flows generated by operating activities of $52.3 million ($47.4 million in Q2 2023); Net loss of $21.1 million, $0.11 per basic share (net earnings of $18.0 million, $0.10 per basic share in Q2 2023), as a result of a non-cash impairment loss of $67.8 million on the Eagle gold royalty, representing 100% of the net book value on June 30, 2024 ($49.9 million, net of income taxes); Record adjusted earnings2 of $33.2 million, $0.18 per basic share ($27.2 million, $0.15 per basic share in Q2 2023); Repayment of $44.2 million under the revolving credit facility and extension of the maturity date from September 29, 2026 to April 30, 2028; Cash balance of $65.7 million and debt outstanding of $109.0 million as at June 30, 2024; Publication of the fourth edition of the Company's sustainability report, Growing Responsibly and the 2024 Asset Handbook; and, Declaration of a quarterly dividend of $0.065 per common share paid on July 15, 2024 to shareholders of record as of the close of business on June 28, 2024, an increase of 8%. Subsequent to June 30, 2024 Acquisition by Osisko Bermuda Limited of a new gold stream on SolGold plc's Cascabel copper-gold project in Ecuador; First delivery under the CSA copper stream from Metals Acquisition Limited; First payment from Agnico Eagle Mines Ltd. under the Akasaba West 2.5% NSR royalty; Additional repayments of $13.8 million (US$10.0 million) on the revolving credit facility; and Declaration of a quarterly dividend of $0.065 per common share payable on October 15, 2024 to shareholders of record as of the close of business on September 30, 2024. Appointment of Ms. Wendy Louie to Osisko's Board of Directors Osisko is also pleased to announce the appointment of Ms. Wendy Louie to its Board of Directors. Ms. Louie is a Canadian Chartered Professional Accountant with over 25 years of diverse finance and leadership experience focused primarily on the mining industry. Ms. Louie was the Vice President Finance and CFO of Sabina Gold and Silver Corp. until its acquisition by B2Gold Corp in April 2023. Prior to that, Ms. Louie also held several senior management roles at Goldcorp Inc. from 2006 to 2016 serving as Vice President Finance, Vice President Reporting and Assistant Controller. From 2004 to 2006, Ms. Louie was also a Senior Tax Manager at Ernst & Young and from 1995 to 2004, she held various finance positions with Duke Energy Canada. Ms. Louie currently serves as an Independent Director for Liberty Gold Corp. Mr. Norman MacDonald, Chair of Osisko's Board of Directors commented: "We are very excited to have Wendy join Osisko's Board of Directors. Her wealth of experience at the corporate level, with her having held various senior finance roles at growth-oriented resource companies both big and small, made her an ideal candidate to be appointed as Osisko's newest Independent Director. Her proven track record, attention to detail, and dedication to the highest professional standards will no doubt benefit Osisko and its shareholders going forward." Additional Commentary Jason Attew, President & CEO of Osisko commented: "Osisko's second quarter of 2024 was a markedly busy one, thanks to the Company's robust corporate development pipeline and its ever-evolving portfolio of assets. Increased commodity prices resulted in strong revenues and record operating cash flows that allowed Osisko to continue to rapidly pay down its revolving credit facility. As such, Osisko's balance sheet remains well-positioned for the future deployment of capital towards new accretive growth opportunities. A perfect example of this was the recent announcement of the acquisition of the Cascabel gold stream by Osisko Bermuda, a transaction that was completed subsequent to quarter-end and one that provides the Company with an additional long-term growth lever on a tier-1 copper-gold asset3. Prior to the heap leach facility failure at Victoria Gold's Eagle mine, Osisko was tracking well with regard to its previously published 2024 GEO delivery guidance range of 82,000 - 92,000 GEOs. However, under our assumption that production at Eagle will remain suspended through to the end of 2024, the Company has decided to adjust its 2024 GEO delivery guidance range to 77,000 – 83,000 GEOs. The revised guidance also factors in the recently disclosed two-month delay in Capstone's ramp-up to 20,000 tonnes per day at Mantos Blancos. Recall that we had previously expected a marginally stronger second half to the year in 2024, thanks mostly to the CSA copper stream, and to a lesser extent, our NSR royalties at Akasaba West and Tocantinzinho; two out of three of these assets, in fact, are already contributing to Osisko's top line, with first payments from Tocantinzinho expected in the fourth quarter. Finally, at Namdini, the project is still on schedule to pour first gold before end-of-year, thus providing Osisko with additional growth heading into 2025." Q2 2024 RESULTS CONFERENCE AND WEBCAST CALL DETAILS Conference Call: Wednesday, August 7th, 2024 at 10:00 am ET Dial-in Numbers:(Option 1) North American Toll-Free: 1 (800) 717-1738Local – Montréal: 1 (514) 400-3792Local - Toronto: 1 (289) 514-5100Local - New York: 1 (646) 307-1865Conference ID: 66153 Webcast link:(Option 2) https://viavid.webcasts.com/starthere.jsp?ei=1679304&tp_key=1149f8ec91 Replay (available until Monday, September 9th at 11:59 am ET): North American Toll-Free: 1 (888) 660-6264Local - Toronto: 1 (289) 819-1325Local - New York: 1 (646) 517-3975Playback Passcode: 66153#   Replay also available on our website at www.osiskogr.com Qualified Person The scientific and technical content of this news release has been reviewed and approved by Mr. Guy Desharnais, Ph.D., P.Geo., Vice President, Project Evaluation at Osisko Gold Royalties Ltd, who is a "qualified person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). About Osisko Gold Royalties Ltd Osisko Gold Royalties Ltd is an intermediate precious metal royalty company which holds a North American focused portfolio of over 185 royalties, streams and precious metal offtakes, including 20 producing assets. Osisko's portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, home to one of Canada's largest gold mines. Osisko's head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2. For further information, please contact Osisko Gold Royalties Ltd: Grant Moenting Heather Taylor Vice President, Capital Markets Vice President, Sustainability and Communications Tel: (647) 477-2087 x116 Tel: (647) 477-2087 x105 Mobile: (365) 275-1954   Email: Email: Notes: (1)   Gold Equivalent OuncesGEOs are calculated on a quarterly basis and include royalties and streams. Silver ounces and copper tonnes earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces or copper tonnes by the average silver price per ounce or copper price per tonne for the period and dividing by the average gold price per ounce for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue by the average gold price per ounce for the period. Average Metal Prices and Exchange Rate   Three months ended June 30,     2024   2023       Gold(i) $2,338 $1,976 Silver(ii) $28.84 $24.13       Exchange rate (US$/Can$)(iii)   1.3683   1.3428 (i)   The London Bullion Market Association's PM price in U.S. dollars per ounce.(ii)  The London Bullion Market Association's price in U.S. dollars per ounce.(iii)  Bank of Canada daily rate.(2)   Non-IFRS Performance MeasuresThe Company has included certain performance measures in this press release that do not have any standardized meaning prescribed by IFRS Accounting Standards including (i) cash margin (in dollars and in percentage of revenues), (ii) adjusted earnings and (iii) adjusted earnings per basic share. 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 Company presents cash margins and adjusted earnings as it believes that certain investors use this information, together with measures determined in accordance with IFRS Accounting Standards, to evaluate the Company'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 and in percentage of revenues) Cash margin (in dollars) represents revenues less cost of sales (excluding depletion). Cash margin (in percentage of revenues) represents the cash margin (in dollars) divided by revenues.   Three months endedJune 30,     Six months ended June 30,    (in thousands of dollars) 2024      2023      2024      2023      $     $     $     $                   Royalty interests               Revenues 46,236     39,323     90,780     78,501   Less: cost of sales (excluding depletion) (145 )   (205 )   (250 )   (340 ) Cash margin (in dollars) 46,091     39,118     90,530     78,161                   Depletion (5,361 )   (5,610 )   (10,895 )   (12,458 ) Gross profit 40,730      33,508      79,635      65,703                    Stream interests               Revenues 18,610     21,177     34,817     41,586   Less: cost of sales (excluding depletion) (2,081 )   (4,055 )   (3,809 )   (7,961 ) Cash margin (in dollars) 16,529     17,122     31,008     33,625                   Depletion (5,052 )   (7,357 )   (11,042 )   (14,004 ) Gross profit 11,477      9,765      19,966      19,621                    Royalty and stream interestsTotal cash margin (in dollars) 62,620     56,240     121,538     111,786   Divided by: total revenues 64,846     60,500     125,597     120,087   Cash margin (in percentage of revenues) 96.6 %   93.0 %   96.8 %   93.1 %                                 Total – Gross profit 52,207      43,273      99,601      85,324    Adjusted earnings and adjusted earnings per basic share Adjusted earnings is defined as: net earnings (loss), adjusted for certain items: foreign exchange gains (losses), impairment charges and reversal related to royalty, stream and other interests, changes in allowance for expected credit losses, write-offs and impairment of investments, gains (losses) on disposal of assets, gains (losses) on investments, share of income (loss) of associates, transaction costs and other items such as non-cash gains (losses), as well as the impact of income taxes on these items. Adjusted earnings per basic share is obtained from the adjusted earnings divided by the weighted average number of common shares outstanding for the period.   Three months ended June 30,   Six months ended June 30,     2024   2023   2024   2023   (in thousands of dollars, except per share amounts) $   $   $   $             Net (loss) earnings (21,115 ) 17,961   (6,042 ) 38,809             Adjustments:         Impairment of royalty interests