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Osisko Reports Q1 2022 Results

Record cash margin of $47.5 million from royalties and streams
Operating cash flows from the royalties and streams segment of $40.5 million

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Montréal, May 12, 2022 – Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (OR: TSX & NYSE - https://www.commodity-tv.com/ondemand/companies/profil/osisko-gold-royalties-ltd/) today announced its consolidated financial results for the first quarter of 2022. Amounts presented are in Canadian dollars, except where otherwise noted.

Q1 2022 Financial Highlights

  • 18,251 GEOs1 earned (Q1 2021 – 19,960 GEOs);
  • Consolidated revenues of $59.4 million ($66.9 million in Q1 2021);
    • Revenues from the royalties and streams segment2 of $50.7 million ($66.9 million in Q1 2021, including $17.9 million from offtakes);
    • Revenues from the mining exploration and development segment3 (i.e. Osisko Development Corp.) of $8.7 million (net of intersegment transactions);
  • Consolidated cash flows from operating activities of $23.6 million (Q1 2021 – $21.3 million);
  • Operating cash flows from the royalties and streams segment of $40.5 million (Q1 2021 – $36.7 million);
  • Operating cash flows from the mining exploration and development segment of ($16.9) million (Q1 2021 – ($15.4) million);
  • Cash margin4 of 94% from royalties and streams (Q1 2021 – 94%);
  • Consolidated net earnings attributable to Osisko’s shareholders of $0.3 million, or $0.00 per share (Q1 2021 – $10.6 million or $0.06 per basic share);
  • Consolidated adjusted earnings4 of $2.2 million, or $0.01 per basic share (Q1 2021 – $17.9 million, $0.11 per basic share);
  • Adjusted earnings from the royalty and stream segment of $24.8 million, or $0.15 per basic share (Q1 2021 – $23.4 million, or $0.14 per basic share); and
  • Adjusted loss from the mining exploration and development segment of $22.7 million, or $0.14 per basic share (Q1 2021 – $5.5 million, or $0.03 per basic share).

 

 

Sandeep Singh, President and CEO of Osisko commented: “We achieved record cash margins in the first quarter highlighting the strength of our high-quality asset base coupled with a surge in the gold price. As previously mentioned, GEO deliveries are expected to increase over the course of the year as seasonality impacts dissipate and ramp-ups progress at various assets. We are also excited to announce that stream repayments have been reactivated from the Renard mine, including from a diamond sale in May, and we have received repayment in full of amounts owing on the working capital facility.

Given the current inflationary market dynamics, both globally and specific to the mining sector, we feel Osisko offers a compelling value and growth investment, which is not subject to many of the same inflationary risks.”

 

Financial Highlights by Operating Segment

(in thousands of dollars, except per share amounts)

As a result of its 70% ownership in Osisko Development Corp. (“Osisko Development”), the assets, liabilities, results of operations and cash flows of the Company consolidate the activities of Osisko Development and its subsidiaries. The table below provides some financial highlights per operating segment. More information per operating segment can be found in the consolidated financial statements and management’s discussion and analysis for the three months ended March 31, 2022.

 

For the three months ended March 31,

 

Osisko Gold Royalties (i)

Osisko Development (ii)

Consolidated (v)

 

2022

2021

2022

2021

2022

2021

 

$

$

$

$

$

$

       

Cash (March 31, 2022 and Dec. 31, 2021)

392,648 

82,291 

56,802 

33,407 

449,450 

115,698 

       

Revenues

50,689 

66,923 

9,167 

50,689 

66,923 

Cash margin (iii)

47,508 

46,526 

47,508 

46,526 

Gross profit

36,210 

34,599 

36,210 

34,599 

Operating expenses

(G&A, bus. dev and exploration)

(6,257)

(6,029)

(7,928)

(5,201)

(14,185)

(11,230)

Mining operating expenses

-

(15,246)

-

-

Net earnings (loss)

16,804 

13,464 

(22,333)

(3,701)

(5,529)

9,763 

Net earnings (loss) attributable to Osisko’s

shareholders

16,804 

13,464 

(16,478)

(2,907)

326 

10,557

Net earnings (loss) per share attributable to

Osisko’s shareholders

0.10 

0.08 

(0.10)

(0.02)

0.00 

0.06 

Adjusted net earnings (loss) (iv)

24,843 

23,439 

(22,670)

(5,042)

2,173 

18,397 

Adjusted net earnings (loss) per basic share (iv)

0.15 

0.14 

(0.14)

(0.03)

0.01 

0.11 

       

Cash flows from operating activities

      

Before working capital items

39,892 

39,540 

(17,269)

2,422 

22,623 

36,252 

Working capital items

615 

(2,802)

372 

(12,126)

987 

(14,928)

After working capital items

40,507 

36,738 

(16,897)

(9,704)

23,610 

21,324 

Cash flows from investing activities

(15,586)

(13,781)

3,314 

(21,708)

(12,272)

(29,779)

Cash flows from financing activities

285,528 

(7,511)

37,137 

35,613 

322,665 

28,102 

  • Osisko Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries. Represents the royalty, stream and other interests segment.
  • Osisko Development Corp. and its subsidiaries. Represents the exploration, evaluation and development of mining projects segment.
  • Cash margin is a non-IFRS financial performance measure for the royalties and streams segment which has no standard definition under IFRS. It is calculated by deducting the cost of sales (excluding depletion) from the. Please refer to the Non-IFRS Financial Performance Measures section of the MD&A for the three months ended March 31, 2022.
  • Adjusted earnings (loss) and adjusted earnings (loss) per basic share are non-IFRS financial performance measures which have no standard definition under IFRS. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of the Company’s MD&A for the three months ended March 31, 2022.
  • Consolidated results are net of the intersegment transactions. Refer to the Segment Disclosure section of the Company’s MD&A for the three months ended March 31, 2022.

 

Other Highlights

  • Bought deal public offering of 18,600,000 common shares at a price of US$13.45 per common share for total gross proceeds of US$250.2 million;
  • As a result of Stornoway Diamonds Canada Inc.’s (“Stornoway”) improved financial position, the Renard stream was reactivated at the end of April. Stornoway’s cost reductions, coupled with strengthening diamond prices resulted in positive cash generation at Renard over 2021;
  • In January 2022, Osisko Development entered into definitive agreements to acquire 100% of Tintic Consolidated Metals LLC (“Tintic”). Osisko Bermuda Limited (“Osisko Bermuda”) entered into a non-binding metals stream term sheet with a wholly-owned subsidiary of Osisko Development, which included an upfront deposit of between US$20 million and US$40 million. In the event that the full US$40 million upfront deposit is utilized, Osisko Development will deliver to Osisko Bermuda 5% of all metals produced from the Tintic property until 53,400 ounces of refined gold have been delivered and 4.0% thereafter;
  • Osisko Development closed private placements during the quarter for aggregate gross proceeds of approximately $251 million. To date, the company has received gross proceeds of $42.4 million. The remainder of the funds are held in escrow and will be released upon certain conditions, including completion of the listing on the common shares on the New York Stock Exchange and closing of the Tintic acquisition;
  • Repayment in full of the outstanding revolving credit facility in April 2022 for $112.5 million;
  • Publication in April of the inaugural Asset Handbook and the second edition of the environmental, social and governance (“ESG”) report, Growing Responsibly; and
  • Declared a quarterly dividend of $0.055 per common share payable on July 15, 2022 to shareholders of record as of the close of business on June 30, 2022.

 

 

Q1 2022 Results Conference Call Details

Conference Call:

Thursday, May 12, 2022 at 8:00 am EDT

Dial-in Numbers:

North American Toll-Free: 1 (888) 440-2180

Local and International: 1 (438) 803-0536

Access code: 1981388

Replay (available until May 27, 2022 at 11:59 pm EDT):

North American Toll-Free: 1 (800) 770-2030

Local and International: 1 (647) 362-9199

Access code: 1981388

 

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 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 165 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its cornerstone asset, a 5% net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada.

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:

 

Heather Taylor

Vice President, Investor Relations

Tel. (514) 940-0670 x105

[email protected]

In Europe:

Swiss Resource Capital AG

Jochen Staiger

[email protected]

www.resource-capital.ch

Notes:

  • Gold Equivalent Ounces

 

GEOs are calculated on a quarterly basis and include royalties, streams and offtakes. Silver earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces earned by the average silver price for the period and dividing by the average gold price for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue earned by the average gold price for the period. Offtake agreements are converted using the financial settlement equivalent divided by the average gold price for the period.

Average Metal Prices and Exchange Rate

 

Three months ended

March 31,

  
 

2022

2021

   

 

     

Gold(i)

$1,877

$1,794

   

Silver(ii)

$24.01

$26.26

   
      

Exchange rate (US$/Can$)(iii)

1.2662

1.2626

   
  • The London Bullion Market Association’s pm price in U.S. dollars.
  • The London Bullion Market Association’s price in U.S. dollars.
  • Bank of Canada daily rate.
  • The royalties and streams segment refers to the royalty, stream and other interests segment, which corresponds to the activities of Osisko Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries.
  • The mining exploration and development segment refers to the mining exploration, evaluation and development segment, which corresponds to the activities of Osisko Development Corp. and its subsidiaries.
  • Non-IFRS Measures

The Company 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) cash margin (in dollars and in percentage) for the royalties and streams segment, (ii) adjusted earnings (loss) and (iii) adjusted earnings (loss) per 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. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. 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, 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 from the royalties and streams segment less cost of sales (excluding depletion). Cash margin (in percentage of revenues) represents the cash margin (in dollars) divided by revenues from the royalties and streams segment.

 

Three months ended

 March 31,

  

2022 

2021 

  

$

$

 

 

 

 

 

Royalty and stream interests

  
 

Total Revenues

59,398 

66,923 

 

Less: Revenues from mining activities (Osisko Development)

(8,709)

 

Less: Revenues from offtake interests

(17,926)

 

Revenues from royalty and stream interests

50,689 

48,977 

    
 

Total Cost of sales

(11,162)

(20,397)

 

Less: Cost of sales from mining activities (Osisko Development)

(7,981)

Less: Cost of sales from offtake interests

17,239 

 

Cost of sales of royalty and stream interests

(3,181)

(3,158)

    
    
 

Revenues from royalty and stream interests

50,689 

48,977 

Less: Cost of sales of royalty and stream interests

(3,181)

(3,158)

 

Cash margin (in dollars) - royalty and stream interests

47,508 

45,819 

    

Cash margin (in percentage of revenues) - royalty and stream interests

94%

94%

 

 

 

 

 

Royalty and stream interests (excluding the Renard diamond stream)

  
 

Revenues from royalty and stream interests

50,689 

48,977 

 

Less: Revenues from the Renard diamond stream

(7,190)

(3,995)

 

Revenues from royalty and stream interests, excluding the Renard diamond stream

43,499 

44,982 

 

 

  
 

Cost of sales from royalty and stream interests

(3,181)

(3,158)

Less: Cost of sales from the Renard diamond stream

2,023 

1,718 

 

Cost of sales of royalty and stream interests, excluding the Renard diamond stream

(1,158)

(1,440)

 

 

  
 

Revenues from royalty and stream interests, excluding the Renard diamond stream

43,499 

44,982 

 

Less: Cost of sales of royalty and stream interests, excluding the Renard diamond stream

(1,158)

(1,440)

 

Cash margin (in dollars)

42,341 

43,542 

    

Cash margin (in percentage of revenues)

97%

97%

 

 

  
 

Offtake interests

  
 

Revenues from offtake interests

17,926 

 

Less: Cost of sales of offtake interests

(17,239)

 

Cash margin (in dollars)

687 

 

 

  
 

Cash margin (in percentage of revenues)

4%

 

 

Adjusted earnings (loss) and adjusted earnings (loss) per basic share

Adjusted earnings (loss) is defined as: net earnings (loss) adjusted for certain items: foreign exchange gain (loss), impairment of assets (including impairment on financial assets and investments in associates), gains (losses) on disposal of exploration and evaluation assets, unrealized gain (loss) on investments, share of loss of associates, deferred premium income on flow-through shares, deferred income tax expense (recovery), transaction costs and other items such as non-cash gains (losses).

Adjusted earnings (loss) per basic share is obtained from the adjusted earnings (loss) divided by the weighted average number of common shares outstanding for the period.

 

 

For the three months ended March 31,

 

2022

2021

 

Osisko Gold

Royalties (i)

Osisko Development (ii)

Consolidated

Osisko Gold

Royalties (i)

Osisko Development (ii)

Consolidated

(in thousands of dollars, except

 per share amounts)

$

$

$

$

$

$

       

Net earnings (loss)

16,804 

(22,333)

(5,529)

13,464 

(3,701)

9,763 

       

Adjustments:

      

Impairment of assets

520 

520 

4,400 

4,400 

Foreign exchange (gain) loss

(876)

(524)

(1,440)

29 

744 

773 

Unrealized loss (gain) on investments

5,840 

228 

6,068 

1,389 

(1,310)

79 

Share of loss of associates

(2,604)

331 

(2,273)

(375)

407 

32 

Deferred premium income on flow-through shares

(341)

(341)

-

(469)

(469)

Deferred income tax expense (recovery)

5,159 

(31)

5,128 

4,532 

(1,182)

3,350 

       

Adjusted earnings (loss)

24,843 

(22,670)

2,173 

23,439 

(5,511)

17,928 

       

Weighted average number of

common shares outstanding (000’s)

166,926 

166,926 

166,926 

165,842 

165,842 

165,842 

       

Adjusted earnings (loss) per basic share

0.15 

(0.14)

0.01 

0.14 

(0.03)

0.11 

 

  • Osisko Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries. Represents the royalty, stream and other interests segment.
  • Osisko Development Corp. and its subsidiaries. Represents the mining exploration, evaluation and development segment.

 

 

 

 

Forward-looking Statements

 

Certain statements contained in this press release may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements in this press release, forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, production estimates of Osisko’s assets (including increase of production), timely developments of mining properties over which Osisko has royalties, streams, offtakes and investments, management’s expectations regarding Osisko’s growth, results of operations, estimated future revenues, production costs, carrying value of assets, ability to continue to pay dividend, requirements for additional capital, business prospects and opportunities future demand for and fluctuation of prices of commodities (including outlook on gold, silver, diamonds, other commodities) currency markets and general market conditions. In addition, statements and estimates (including data in tables) relating to mineral reserves and resources and gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates will be realized. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of Osisko, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation: fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by Osisko; fluctuations in the value of the Canadian dollar relative to the U.S. dollar; regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies; regulations and political or economic developments in any of the countries where properties in which Osisko holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Osisko holds a royalty, stream or other interests; timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges) on any of the properties in which Osisko holds a royalty, stream or other interest; rate and timing of production differences from resource estimates or production forecasts by operators of properties in which Osisko holds a royalty, stream or other interest; the unfavorable outcome of any challenges or litigation relating title, permit or license with respect to any of the properties in which Osisko holds a royalty, stream or other interests or to Osisko’s right thereon; differences in rate and timing of production from resource estimates or production forecasts by operators of properties in which Osisko holds a royalty, stream or other interest, including conversion from resources to reserves and ability to replace resources; business opportunities that become available to, or are pursued by Osisko; continued availability of capital and financing and general economic, market or business conditions; risks and hazards associated with the business of exploring, development and mining on any of the properties in which Osisko holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks, the integration of acquired assets and the responses of relevant governments to the COVID-19 outbreak and the effectiveness of such response and the potential impact of COVID-19 on Osisko’s business, operations and financial condition. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Osisko holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production); the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production); no adverse development in respect of any significant property in which Osisko holds a royalty, stream or other interest; that statements and estimates relating to mineral reserves and resources by owners and operators of the properties in which Osisko holds a royalty, stream or other interest are accurate; the Company’s ongoing income and assets relating to determination of its PFIC status; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.

 

For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of Osisko filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward looking statements and such forward-looking statements included in this press release are not guarantee of future performance and should not be unduly relied upon. These statements speak only as of the date of this press release. Osisko undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.

 

 

 

 

 

March 31,

December 31,

 

 

 

2022

 

2021

 

  

$

 

$

 

     

Assets

     

 

     

Current assets

     

 

     

Cash

  

449,450 

 

115,698 

Restricted cash

  

206,490

 

Short-term investments

  

2,960 

 

Amounts receivable

  

16,308 

 

14,691 

Inventories

  

25,053 

 

18,596 

Other assets

  

7,169 

 

3,941 

   

707,430 

 

152,926 

      

Non-current assets

     
      

Investments in associates

  

129,687 

 

125,354 

Other investments

  

130,700 

 

169,010 

Royalty, stream and other interests

  

1,146,284 

 

1,154,801

Mining interests and plant and equipment

  

644,960

 

635,655

Exploration and evaluation

  

3,640

 

3,635 

Goodwill

  

111,204 

 

111,204 

Other assets

  

18,810 

 

18,037

   

2,892,715 

 

2,370,622 

 

     

Liabilities

     

 

     

Current liabilities

     
      

Accounts payable and accrued liabilities

  

43,936 

 

30,049

Dividends payable

  

10,167 

 

9,157 

Subscription receipts liability

  

207,980

 

Provisions and other liabilities

 

 

6,844 

 

12,179 

Current portion of long-term debt

  

298,033 

 

294,891

   

566,960 

 

346,276 

      

Non-current liabilities

     

 

     

Provisions and other liabilities

  

55,612 

 

60,334 

Long-term debt

  

116,328 

 

115,544 

Deferred income taxes

  

67,396 

 

68,407 

   

806,296 

 

590,561 

      

Equity

     
      

Share capital

  

2,082,961 

 

1,783,689

Warrants

  

 

18,072 

Contributed surplus

  

62,547 

 

42,525 

Equity component of convertible debentures

  

14,510 

 

14,510 

Accumulated other comprehensive income

  

26,458 

 

58,851 

Deficit

  

(280,855)

 

(283,042)

Equity attributable to Osisko Gold Royalties Ltd’s shareholders

  

1,905,621 

 

1,634,605

Non-controlling interests

  

180,798 

 

145,456

Total equity

  

2,086,419 

 

1,780,061

   

2,892,715 

 

2,370,622

 

 

 

 

 

 

 

 

2022

 

2021

 

 

 

 

$

 

$

 

      

Revenues

   

59,398 

 

66,923 

 

      

Cost of sales

   

(11,162)

 

(20,397)

Depletion and amortization

   

(12,026) 

 

(11,927) 

Gross profit

 

 

 

36,210 

 

34,599 

 

 

 

 

 

 

 

Other operating expenses

      

General and administrative

   

(12,644)

 

(9,906)

Business development

   

(1,421)

 

(987)

Exploration and evaluation

   

(120)

 

(337)

Mining operating expenses

   

(15,246)

 

Impairment - royalty, stream and other interests

   

 

(2,288)

Operating income

 

 

 

6,779

 

21,081

Interest income

   

1,191 

 

1,310 

Finance costs

   

(6,373)

 

(6,143)

Foreign exchange gain (loss)

   

1,187

 

(1,129)

Share of income (loss) of associates

   

2,273

 

(32)

Other losses, net

   

(5,224)

 

(1,910)

(Loss) earnings before income taxes

 

 

 

(167)

 

13,177 

Income tax expense

   

(5,362)

 

(3,414)

Net (loss) earnings

 

 

 

(5,529)

 

9,763 

       

Net earnings (loss) attributable to:

      

Osisko Gold Royalties Ltd’s shareholders

   

326 

 

10,557 

Non-controlling interests

   

(5,855)

 

(794)

 

 

 

 

2022

 

2021

 

 

 

 

$

 

$

Operating activities

      

Net (loss) earnings

   

(5,529)

 

9,763 

Adjustments for:

      

Share-based compensation

   

3,631 

 

3,300 

Depletion and amortization

   

15,017 

 

12,261 

Impairment of assets

   

520 

 

4,400 

Finance costs

   

2,145 

 

1,839 

Share of (income) loss of associates

   

(2,273)

 

32 

Net gain on acquisition of investments

  

(48)

 

(438)

Change in fair value of financial assets at fair value through profit and loss

   

8,176 

 

1,908 

Net gain on dilution of investments in associates

  

(2,060)

 

(1,391)

Foreign exchange (gain) loss

   

(1,400)

 

773 

Deferred income tax recovery

   

5,128 

 

3,350 

Other

   

(684)

 

455 

Net cash flows provided by operating activities

before changes in non-cash working capital items

  

22,623 

 

36,252 

Changes in non-cash working capital items

   

987 

 

(14,928)

Net cash flows provided by operating activities

   

23,610 

 

21,324 

 

      

Investing activities

      

Acquisition of investments

   

(10,734)

 

(9,811)

Proceeds on disposal of investments

   

21,055 

 

19,771 

Acquisition of royalty and stream interests

   

(9,290)

 

(3,792)

Mining assets and plant and equipment

   

(13,034)

 

(35,812)

Exploration and evaluation expenses, net of tax credits

   

(5)

 

(135)

Other

   

(264)

 

Net cash flows used in investing activities

   

(12,272)

 

(29,779)

 

      

Financing activities

      

Bought deal equity financing

   

311,962 

 

Share issue costs

   

(12,816)

 

Increase in long-term debt

   

3,870 

 

50,000 

Repayment of long-term debt

   

(605)

 

(50,000)

Investments from minority shareholders

   

42,390 

 

38,841 

Share issue expenses from investments from minority shareholders

   

(2,130)

 

(2,581)

Exercise of share options and shares issued under the share purchase plan

   

622 

 

4,978 

Normal course issuer bid purchase of common shares

   

(4,879)

 

(4,464)

Dividends paid

   

(8,723)

 

(7,782)

Capital payments on lease liabilities

   

(5,272)

 

(852)

Withholding taxes on settlement of restricted and deferred share units

   

(424)

 

(38)

Other

   

(1,330)

 

Net cash flows provided by financing activities

   

322,665 

 

28,102 

       

Increase in cash before effects of exchange rate changes on cash

   

334,003 

 

19,647 

Effects of exchange rate changes on cash

   

(251)

 

(1,541)

Increase in cash

   

333,752 

 

18,106 

Cash – beginning of period

   

115,698 

 

302,524 

Cash – end of period

   

449,450 

 

320,630 

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