Osisko Gold Royalties Ltd (NYSE:OR) Q3 2024 Earnings Conference Call November 6, 2024 5:00 PM ET

Company Participants

Jason Attew - President & Chief Executive Officer
Guy Desharnais - Vice President, Project Evaluation

Conference Call Participants

Ralph Profiti - Eight Capital
Kerry Smith - Haywood Securities
Tanya Jakusconek - Scotiabank

Operator

Good morning, ladies and gentlemen, and welcome to the Osisko Gold Royalties Q3 2024 Results Conference Call. After the presentation, we will conduct a question-and-answer section. [Operator Instruction] Please note, that this call is being recorded today, November 6, 2024 at 5:00 PM Eastern time.

I would now like to turn the meeting over to our host for today’s call, Mr. Jason Attew.

Jason Attew

Thank you, Joelle. Good evening, everybody, and thanks for being on today's call. I'm Jason Attew, President and CEO of the Osisko Gold Royalties. Procedurally, I will run through the presentation and then we will 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, that there are forward-looking statements in this presentation for which actual results may differ. Of particular note is that from Q4 2024 onwards, Osisko will be making a change to its presentation currency as it will also be reporting exclusively in US dollars. But for today, please note the basis of presentation will be in Canadian dollars unless otherwise noted.

I'm joined today on the call by Fred Ruel, the company's VP, Finance and Chief Financial Officer, as indicated on slide 3, with some of my other colleagues also available as necessary.

When looking at Osisko's third quarter and first nine months of 2024, we had a solid first three quarters as it relates to the gold equivalent ounces earned, cash margin, cash flows as well as overall debt reduction, especially when considering the loss of the Eagle Mine royalty as a key contributor in late June of this year.

Osisko earned 18,408 gold equivalent ounces in the third quarter, which has us in a good position as of September 30 to achieve our previously published full year 2024 guidance of 77,000 to 83,000 gold equivalent ounces.

Osisko's operating cash flows for the period came in at an impressive $47.2 million and a cash margin of 96.3% during the period. More on Osisko's cash margin in a couple of slides. We came true on our commitment to cement at least one more deal that meets our investment criteria in 2024 over and above the Cascabel gold stream announced earlier this year, which we discussed in our second quarter results presentation.