Osisko Gold Royalties Ltd (NYSE:OR) Q1 2024 Results Conference Call May 9, 2024 10:00 AM ET
Company Participants
Jason Attew - President and Chief Executive Officer
Heather Taylor - Vice President Sustainability and Communications
Iain Farmer - Vice President, Corporate Development
Frederic Ruel - Chief Financial Officer and Vice President of Finance
Conference Call Participants
Ralph Profiti - Eight Capital
Kerry Smith - Haywood Securities
John Tumazos - John Tumazos Very Independent Research
Tanya Jakusconek - Scotiabank
Brian MacArthur - Raymond James
Operator
Good morning, ladies and gentlemen, and welcome to the Osisko Gold Royalties Q1 2024 Results Conference Call. After the presentation, we will conduct the question-and-answer session. [Operator Instructions] Please note that this call is being recorded today May 9, 2024 at 10:00 AM Eastern Time.
Today on the call we have Mr. Jason Attew, President and Chief Executive Officer; Mr. Frederic Ruel, Chief Financial Officer & Vice President of Finance; Heather Taylor, Vice President Sustainability & Communications; and Mr. Iain Farmer, Vice President, Corporate Development.
I would now like to turn the meeting over to our host for today's call, Mr. Jason Attew.
[Foreign Language]
Jason Attew
Good morning everybody, and thanks for being on today's call.
I’m Jason Attew, President and CEO of Osisko Gold Royalties. Procedurally, I along with Heather Taylor will run you through the presentation and then will subsequently open up the line for questions. For those participating online via the webcast, you can submit your questions in advance through the webcast platform. Today's presentation will also be available and downloadable online through our corporate website.
Please note, there are forward-looking statements in this presentation in which actual results may differ. Also please note, the basis of the presentation will be in Canadian dollars unless otherwise noted. I'm joined on the call this morning by Frederic Ruel, the company's VP of Finance and Chief Financial Officer and Heather Taylor, Vice President, Sustainability Communications, amongst the others as indicated on Slide 3.
On Slide 4, when looking at Osisko's first three months of 2024, we are off to a predictable start as it relates to gold equivalent ounces earned, cash margin, cash flow as well as overall debt reduction. Osisko earned 22,259 GEOs in the first quarter of 2024, which puts us on track to achieve our previously published full year 2024 guidance of between 82,000 to 92,000 gold equivalent ounces.
Revenues for the period were strong in Q1 at CAD60.8 million. Even though gold and silver prices in Q1 were robust with average realized prices of US$2,073 and US$2,378 respectively, the precious metals complex only saw a real appreciation after our last sales concluded for the quarter. In other words, today's spot gold price is approximately CAD250 higher than our realized price over Q1. In addition, Osisko's cash margins were 97% in the quarter. This is just shy of the company's record quarterly cash margin of 98% booked in the third quarter of 2017.