Osisko reports preliminary Q4 revenue for royalties, streams C$61.9M

Osisko earned approximately 25,023 attributable gold equivalent ounces in the fourth quarter of 2022, for a total of approximately 89,367 GEOs in 2022, representing record quarterly and annual deliveries for the Corporation. Osisko recorded preliminary revenues from royalties and streams of C$61.9 million during the fourth quarter and preliminary cost of sales of C$4.7 million, resulting in a record quarterly cash margin of approximately C$57.2 million. For the year 2022, preliminary revenues from royalties and streams reached a record C$217.8 million and preliminary cost of sales are estimated at C$16.1 million, resulting in a record annual cash margin of approximately C$201.7 million. As at December 31st, 2022, Osisko’s cash position amounted to approximately C$90.5 million, after repaying, in full, the C$300 million convertible debentures on December 31, 2022 and advancing US$50 million to SolGold plc pursuant to the previously announced royalty financing on the world-class Cascabel copper-gold property. The Corporation’s revolving credit facility was drawn by approximately C$150 million at the end of 2022, with an additional amount of C$400 million available to be drawn, plus the uncommitted accordion of up to C$200 million. Sandeep Singh, President and CEO of Osisko, commented: "2022 was an exceptionally positive year for Osisko. We had successive quarters of record GEOs earned, revenues and cash margins, we added world-class assets to an already high-quality portfolio, took advantage of volatile markets to buy-back 1.7 million common shares for $22.1 million, reactivated stream payments from the Renard mine, simplified the business with the deconsolidation of Osisko Development Corp. realigning Osisko as a pure-play royalty and streaming business and continued to strengthen and diversify our Board of Directors. Our GEOs earned, year-over-year, increased by 12% in 2022 but fell slightly short of the low end of our guidance of 90,000 ounces. This was partly due to the Eagle mine still working towards steady-state production and the Mantos mine facing delays in the ramp up of their mill expansion. That extra growth will flow into upcoming quarters and we expect significant upward momentum in deliveries from both mines going forward. The higher gold-silver price ratio, experienced mostly in the second and third quarters, also reduced GEOs earned by approximately 1,550 ounces in 2022 versus expectations. Our asset base continues to outperform through numerous expansions, mine life extensions and reserve and resource replacement, and we look forward to continuing to showcase the depth and quality of our asset base throughout 2023."