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Osisko Reports Strong Third Quarter 2020 Results

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Montréal, November 9, 2020 – 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 third quarter of 2020.

 

Highlights (amounts in Canadian dollars, except otherwise noted)

 

  • Record revenues from royalties and streams of $41.2 million (Q3 2019 – $33.9 million);
  • Record cash flows from operating activities of $36.1 million (Q3 2019 – $28.3 million); $31.7 million before changes in non-cash working capital items (Q3 2019 – $25.1 million);
  • Record cash operating margin1 of 96.4% from royalty and stream interests, generating $39.7 million in operating cash flow, in addition to a cash operating margin of $0.7 million from offtake interests;
  • Earned 16,739 GEOs2 (Q3 2019 – 18,123 GEOs);
  • Net earnings of $12.5 million, $0.08 per basic share (Q3 2019 – net loss of $45.9 million, $0.32 per basic share);
  • Adjusted earnings3 of $17.5 million or $0.11 per basic share (Q3 2019 – $17.5 million, $0.12 per basic share);
  • Cash on hand of $160.7 million and over $400.0 million further available under the credit facility as at September 30, 2020;
  • Announced the spin-out of mining assets and certain equity positions through a reverse take-over transaction and the creation of a North American gold development company, Osisko Development Corp. (“Osisko Development”), which in conjunction completed a $100 million bought deal financing;
  • The Canadian Malartic mine operators announced strong results from the drilling program at East Gouldie, which are expected to lead to a significant increase in the mineral resources estimate at year-end 2020. A preliminary economic assessment is also expected to be completed in early 2021, which may result in the start of mine shaft construction;
  • Acquired the San Antonio gold project in Mexico for US$42 million, which will be spin-out to Osisko Development;
  • Acquired an additional 15% ownership in a Canadian precious metal royalty portfolio, including royalties on the Island Gold and Lamaque mines;
  • Announced that the Renard diamond mine, operated by Stornoway Diamonds Canada Inc., restarted operations in September 2020;
  • Announced a strategic partnership with Regulus Resources Inc. (“Regulus”) whereby Regulus has agreed to grant Osisko an initial royalty and certain future royalty rights in exchange for an upfront cash payment of US$12.5 million ($16.6 million);
  • Commercial production was declared by the operator of the Eagle Gold mine on July 1, 2020, on which the Company holds a 5% NSR royalty; and
  • Declared a quarterly dividend of $0.05 per common share paid on October 15, 2020 to shareholders of record as of the close of business on September 30, 2020.

 

Sandeep Singh, President of Osisko commented on the activities of the third quarter of 2020: “We had a very strong third quarter with production rebounding well and other significant catalysts. The spin-out transaction announced on October 5th is an important strategic milestone for the Company. It greatly simplifies Osisko into a pure-play royalty and streaming company, while maintaining exposure to the company-making assets contributed to Osisko Development. Our cornerstone Canadian Malartic royalty continues to create significant value for our shareholders as the joint venture partnership makes significant strides towards an underground development decision. We anticipate a continued upward trend in GEO deliveries in the fourth quarter, and we believe that we are in excellent position to meet our forecast for the second half of 2020.”

 

Outlook

 

Osisko’s guidance for the six months and the year ending December 31, 2020 is shown in the table below.  For the full year 2020 guidance, actual results were used for the first semester and added to the forecast for the second semester of the year. For the outlook of the last 6 months of 2020, silver and cash royalties have been converted to GEOs using commodity prices of US$1,900 per ounce of gold, US$22 per ounce of silver and an exchange rate (US$/C$) of 1.33.

 

 

        

 

 

Six months ending December 31, 2020 (i)

 

Year ending December 31, 2020 (i)

 

 

 

 

Low

 

High

 

Cash margin

 

Low

 

High

 

Cash margin

 

 

 

(GEOs)

 

(GEOs)

 

(%)

 

(GEOs)

 

(GEOs)

 

(%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Royalty interests

 

24,800

 

26,250

 

100

 

45,500

 

46,950

 

100

 

Stream interests

 

8,000

 

8,450

 

87

 

17,150

 

17,650

 

81

 

Offtake interests

 

200

 

300

 

2

 

850

 

900

 

3

 

 

 

33,000

 

35,000

 

 

 

63,500

 

65,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                      
  • Excluding any potential revenues from the Renard diamond mine for the six months ending December 31, 2020.

 

 

Q3 2020 Results Conference Call

 

Osisko will host a conference call on Tuesday, November 10, 2020 at 10:00 am EST to review and discuss its third quarter 2020 results.

 

Those interested in participating in the conference call should dial in at 1-(877) 223-4471 (North American toll free), or 1-(647) 788-4922 (international). An operator will direct participants to the call.

 

The conference call replay will be available from 1:00 pm EST on November 10, 2020 until 11:59 pm EST on November 24, 2020 with the following dial in numbers: 1-(800) 585-8367 (North American toll free) or 1-(416) 621-4642, access code 4896403. The replay will also be available on our website at www.osiskogr.com.

 

About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American focused portfolio of over 138 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 also owns the Cariboo gold project in Canada as well as a portfolio of publicly held resource companies, including a 14.6% interest in Osisko Mining Inc., 17.8% interest in Osisko Metals Incorporated and an 18.3% interest in Falco Resources Ltd. On October 5, 2020, Osisko Gold Royalties

Ltd announced the spin-out of mining assets and the creation of Osisko Development Corp., a premier

North American gold development company. This transaction is expected to close in the fourth quarter of 2020.

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:

 

Sandeep Singh

President

Tel. (514) 940-0670

[email protected]

 

In Europe:

Swiss Resource Capital AG

Jochen Staiger

[email protected]

www.resource-capital.ch

 

 

 

 

Notes:

 

  • Cash operating margin, which represents revenues less cost of sales, is a non-IFRS measure. The Company believes that this non-IFRS generally accepted industry measure provides a realistic indication of operating performance and provides a useful comparison with its peers. The following table reconciles the cash margin to the revenues and cost of sales presented in the consolidated statements of income (loss) and related notes (In thousands of Canadian dollars):
 

 

Three months ended

 September 30,

 

Nine months ended

September 30,

 

 

2020 

2019 

 

2020 

2019 

 

 

$

$

 

$

$

 

 

 

 

 

 

 

 

Revenues

55,707 

109,235 

 

149,070 

341,567 

 

Less: Revenues from offtake interests

(14,464)

(75,314)

 

(41,260)

(240,365)

 

Revenues from royalty and stream interests

41,243 

33,921 

 

107,810 

101,202 

 

 

 

 

 

 

 

 

Cost of sales

(15,236)

(77,419)

 

(45,464)

(247,616)

 

Less: Cost of sales of offtake interests

13,738 

74,300 

 

39,114 

237,452 

 

Cost of sales of royalty and stream interests

(1,498)

(3,119)

 

(6,350)

(10,164)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from royalty and stream interests

41,243 

33,921 

 

107,810 

101,202 

 

Less: Cost of sales of royalty and stream interests

(1,498)

(3,119)

 

(6,350)

(10,164)

 

Cash margin from royalty and stream interests

39,745 

30,802 

 

101,460 

91,038 

 

 

 

 

 

 

 

 

 

96%

91%

 

94%

90%

 

 

 

 

 

 

 

 

Revenues from offtake interests

14,464 

75,314 

 

41,260 

240,365 

 

Less: Cost of sales of offtake interests

(13,738)

(74,300)

 

(39,114)

(237,452)

 

Cash margin from offtake interests

726 

1,014 

 

2,146 

2,913 

 

 

 

 

 

 

 

 

 

5%

1%

 

5%

1%

 

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

 

Average Metal Prices and Exchange Rate

 

 

Three months ended

September 30,

 

Nine months ended

September 30,

 

2020

2019

 

2020

2019

 

 

 

 

 

 

Gold(i)

$1,909

$1,472

 

$1,735

$1,364

Silver(i)

$24

$17

 

$19

$16

 

 

 

 

 

 

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

1.3321

1.3204

 

1.3541

1.3292

  • 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 Company has included certain non-IFRS measures including “Adjusted Earnings” and “Adjusted Earnings per basic share” to supplement its consolidated financial statements, which are presented in accordance with IFRS.

 

The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data 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.

 

“Adjusted earnings” 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 income tax expense (recovery)” and other unusual items such as transaction costs.

 

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 

September 30,

Nine months ended 

September 30,

 

 

 

2020

2019

2020

2019

 

 

 

 

 

 

 

(in thousands of Canadian dollars,  except per share amounts)

 

 

$

$

$

$

 

 

 

 

 

 

 

Net earnings (loss)

 

 

12,514

(45,924)

12,244

(79,020)

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

Impairment of royalty, stream and other interests

 

 

60,800 

26,300

99,700

    Impairment of investments

 

1,281

12,500 

5,304

12,500

Foreign exchange loss (gain)

 

 

391

(498)

(1,166)

1,145 

Unrealized (gain) loss on investments

 

 

(1,308)

(1,529)

(16,766)

3,804 

Share of loss of associates

 

 

760

4,146 

3,934

14,688 

    Deferred income tax expense (recovery)

 

3,615

(12,001)

1,590

(21,267)

    Transaction costs (RTO transaction)

 

276

276

-

 

 

 

 

 

 

 

Adjusted earnings

 

 

17,529

17,494 

31,716

31,550 

 

 

 

 

 

 

 

Weighted average number of

      common shares outstanding (000’s)

 

 

166,110

144,446 

162,321

151,570 

 

 

 

 

 

 

 

Adjusted earnings per basic share

 

 

0.11   

                   0.12    

                      0.20

                  0.21

 

 

 

Forward-looking Statements

 

This news release contains forward-looking information and forward-looking statements (together, "forward‑looking statements") within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, that address future events, developments or performance that Osisko expects to occur including management’s expectations regarding Osisko’s growth, results of operations, estimated future revenue, requirements for additional capital, production estimates, production costs and revenue, business prospects and opportunities are forward-looking statements. In addition, statements relating to gold equivalent ounces ("GEOs") are forward‑looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the GEOs will be realized. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "is expected" "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (including negative variations of such words and phrases), or may be identified by statements to the effect that certain actions, events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, the performance of the assets of Osisko, that the conditions precedent to the spin-out of mining assets and the creation of Osisko Development Corp. will be met, that significant value will be created within the accelerator group of companies and Osisko’s ability to seize future opportunities. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward-looking statements. Factors that could cause the actual results deriving from Osisko’s royalties, streams and other interests to differ materially from those in forward-looking statements include, without limitation: the uncertainties related to the COVID-19 impacts, the influence of political or economic factors including fluctuations in the prices of the commodities and in value of the Canadian dollar relative to the U.S. dollar, continued availability of capital and financing and general economic, market or business conditions; regulations and regulatory changes in national and local government, including permitting and licensing regimes and taxation policies; whether or not Osisko is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatments of offshore streams or other interests, litigation, title, permit or license disputes; risks and hazards associated with the business of exploring, development and mining on the properties in which Osisko holds a royalty, stream or other interest including, but not limited to development, permitting, infrastructure, operating or technical difficulties, unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest, rate, grade and timing of production differences from mineral resource estimates or production forecasts or other uninsured risks; risk related to business opportunities that become available to, or are pursued by Osisko and exercise of third party rights affecting proposed investments. 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; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; Osisko’s ongoing income and assets relating to the determination of its PFIC status, no material changes to existing tax treatments; no adverse development in respect of any significant property in which Osisko holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. Osisko cannot assure investors that actual results will be consistent with these forward-looking statements and investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.

 

For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this press release, see the section entitled "Risk Factors" in the most recent Annual Information Form of Osisko which is filed with the Canadian securities commissions and available electronically under Osisko's issuer profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov. The forward-looking information set forth herein reflects Osisko’s expectations as at the date of this press release and is subject to change after such date. Osisko disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

 

 

 

 

 

September 30,

December 31,

 

 

 

2020 

 

2019 

 

 

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

160,705 

 

108,223 

Short-term investments

 

 

21,568 

 

20,704 

Amounts receivable

 

 

11,554 

 

6,330 

Inventories

 

 

10,269 

 

1,656 

Other assets

 

 

2,944 

 

3,516 

 

 

 

207,040 

 

140,429 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

 

 

 

Investments in associates

 

 

123,946 

 

103,640 

Other investments

 

 

123,086 

 

67,886 

Royalty, stream and other interests

 

 

1,121,353 

 

1,130,512

Mining interests and plant and equipment

 

 

443,371 

 

343,693

Exploration and evaluation

 

 

43,150 

 

42,949 

Goodwill

 

 

111,204 

 

111,204 

Other assets

 

 

26,920 

 

6,940

 

 

 

2,200,070

 

1,947,253

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

 

34,186 

 

18,772 

Dividends payable

 

 

8,341 

 

7,874 

Current portion of long-term debt

 

 

49,580 

 

Provisions and other liabilities

 

 

4,600 

 

1,289 

 

 

 

96,707 

 

27,935 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

 

 

 

Provisions and other liabilities

 

 

39,940 

 

29,365 

Long-term debt

 

 

372,010 

 

349,042 

Deferred income taxes

 

 

53,235 

 

47,465 

 

 

 

561,892 

 

453,807 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

Share capital

 

 

1,767,460 

 

1,656,350 

Warrants

 

 

18,072 

 

18,072 

Contributed surplus

 

 

39,796 

 

37,642 

Equity component of convertible debentures

 

 

17,601 

 

17,601 

Accumulated other comprehensive income

 

 

59,851 

 

13,469 

Deficit

 

 

(264,602)

 

(249,688)

 

 

 

1,638,178 

 

1,493,446 

 

 

 

2,200,070 

 

1,947,253 

                                         

 

 

 

 

Three months ended

September 30,

 

Nine months ended

September 30,

 

 

 

2020

 

2019

 

2020

 

2019

 

 

 

$

 

$

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

55,707 

 

109,235 

 

149,070 

 

341,567

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

(15,236)

 

(77,419)

 

(45,464)

 

(247,616)

Depletion of royalty, stream and other interests

 

 

(9,665)

 

(10,965)

 

(32,057)

 

(35,166) 

Gross profit

 

 

30,806 

 

20,851 

 

71,549 

 

58,785 

 

 

 

 

 

 

 

 

 

 

Other operating expenses

 

 

 

 

 

 

 

 

 

General and administrative

 

 

(5,957)

 

(4,559)

 

(18,059)

 

(15,034) 

Business development

 

 

(1,910)

 

(1,375)

 

(4,682)

 

(4,899) 

Gain on disposal of an offtake interest

 

 

 

7,636 

 

 

7,636

Exploration and evaluation

 

 

(32)

 

(48)

 

(108)

 

(139)

Impairment of assets

 

 

 

(60,800)

 

(26,300)

 

(99,700)

Operating income (loss)

 

 

22,907 

 

(38,295)

 

22,400 

 

(53,351) 

Interest and dividend income

 

 

1,327 

 

1,091 

 

3,523 

 

3,183 

Finance costs

 

 

(6,440)

 

(5,843)

 

(19,938)

 

(17,382)

Foreign exchange (loss) gain

 

 

(419)

 

508 

 

1,299

 

(1,104)

Share of loss of associates

 

 

(760)

 

(4,146)

 

(3,934)

 

(14,688)

Other gains (losses), net

 

 

27 

 

(10,971)

 

11,462

 

(16,304)

Earnings (loss) before income taxes

 

 

16,642 

 

(57,656)

 

14,812 

 

(99,646)

Income tax (expense) recovery

 

 

(4,128)

 

11,732 

 

(2,568)

 

20,626 

Net earnings (loss)

 

 

12,514 

 

(45,924)

 

12,244

 

(79,020)

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) per share

 

 

 

V

 

 

 

 

 

Basic and diluted

 

 

0.08 

 

(0.32)

 

0.08 

 

(0.52) 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

September 30,

 

Nine months ended

September 30,

 

 

 

 

 

 

 

2020

 

2019

 

2020

 

2019

 

 

 

$

 

$

 

$

 

$

 

 

 

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

 

12,514 

 

(45,924)

 

12,244 

 

(79,020)

Adjustments for:

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

2,567 

 

2,052 

 

6,932 

 

6,273 

Depletion and amortization

 

 

9,954 

 

11,287 

 

33,067 

 

36,113 

Net gain on disposal of an offtake

 

 

 

(7,636)

 

 

(7,636)

Impairment of royalty, stream and other interests

 

 

60,800 

 

26,300 

 

99,700 

Finance costs

 

 

1,888 

 

1,817 

 

6,638 

 

5,291 

Share of loss of associates

 

 

760 

 

4,146 

 

3,934 

 

14,688 

Net gain on acquisition of investments

 

 

(982)

 

(540)

 

(3,827)

 

(628)

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

 

 

(326)

 

205 

 

(1,332)

 

1,399 

Net gain on dilution of investments

 

 

 

 

(10,381)

 

Net (gain) loss on disposal of investments

 

 

(1,091)

 

(1,226)

 

3,136 

Impairment of investments

 

1,281 

 

12,500 

 

5,304 

 

12,500 

Foreign exchange loss (gain)

 

 

391 

 

(498)

 

(1,166)

 

1,145 

Deferred income tax expense (recovery)

 

 

3,615 

 

(12,001)

 

1,590 

 

(21,267)

Other

 

 

35 

 

(66)

 

110 

 

(559)

Net cash flows provided by operating activities

  before changes in non-cash working capital items

 

31,697 

 

25,051 

 

78,187 

 

71,135 

Changes in non-cash working capital items

 

 

4,426 

 

3,243 

 

(2,842)

 

3,259 

Net cash flows provided by operating activities

 

 

36,123 

 

28,294 

 

75,345 

 

74,394

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

 

Short-term investments

 

 

(519)

 

(9,614)

 

(1,588)

 

(25,844)

Acquisition of investments

 

 

(8,401)

 

(7,359)

 

(42,344)

 

(47,896)

Proceeds on disposal of investments

 

 

7,163 

 

71,434 

 

10,600 

 

129,908 

Acquisition of the San Antonio gold project

 

 

(48,708)

 

 

(48,708)

 

Acquisition of royalty and stream interests

 

 

(12,512)

 

(43,501)

 

(36,879)

 

(71,470)

Proceeds on disposal of royalty and offtake interests

 

 

43,182 

 

 

43,182 

Exploration and evaluation (expenses) tax credits, net

 

(85)

 

(69)

 

(201)

 

81 

Mining assets and plant and equipment

 

 

(16,072)

 

(15)

 

(42,487)

 

(603)

Restricted cash

 

 

4,762 

 

 

4,762 

 

Other

 

 

206 

 

(113)

 

357 

 

Net cash flows (used in) provided by investing activities

 

(74,166)

 

53,945 

 

(156,488)

 

27,358

 

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

 

 

Private placement of common shares

 

 

 

 

85,000 

 

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

 

 

6,249 

 

15,446 

 

7,382 

 

21,714 

Increase in long-term debt

 

 

 

19,772 

 

71,660 

 

19,772 

Financing fees

 

 

 

(490)

 

 

(490)

Repayment of long-term debt

 

 

 

 

 

(30,000)

Common shares acquired and cancelled through a share repurchase

 

 

 

 

(71,434)

 

 

(129,486)

Normal course issuer bid purchase of common shares

 

 

 

(3,933)

 

(11,901)

Dividends paid

 

 

(6,882)

 

(6,736)

 

(21,063)

 

(20,538)

Other

 

 

(74)

 

278 

 

(2,840)

 

86 

Net cash flows (used in) provided by financing activities

 

(707)

 

(43,164)

 

136,206 

 

(150,843)

 

 

 

 

 

 

 

 

 

 

(Decrease) increase in cash before effects of exchange rate changes on cash

 

 

(38,750)

 

39,075 

 

55,063 

 

(49,091)

Effects of exchange rate changes on cash

 

 

(2,516)

 

1,038 

 

(2,581)

 

(1,472)

(Decrease) increase in cash

 

 

(41,266)

 

40,113 

 

52,482 

 

(50,563)

Cash  – beginning of period

 

201,971 

 

83,589 

 

108,223 

 

174,265 

Cash  – end of period

 

 

160,705 

 

123,702 

 

160,705 

 

123,702 

 

 

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SRC Mining & Special Situations ZertifikatSRC Mining & Special Situations Zertifikat

Always up to date with the newsletter from SRC

Swiss Resource Capital AG will use the information you provide in this form to keep in touch with you and to provide you with updates and marketing information. To receive our news, you still have to give us permission to send you E-Mails below.

You can change your mind at any time by clicking on the Unsubscribe link, which you can find in the footer of every email you receive from us, or by contacting us at [email protected] We will treat your information with care and respect. For more information about our privacy practices, visit our website. By clicking below, you agree that we may process your information in accordance with these Terms.

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