{"id":815233,"date":"2025-02-19T17:25:07","date_gmt":"2025-02-19T22:25:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\/"},"modified":"2025-02-19T17:25:07","modified_gmt":"2025-02-19T22:25:07","slug":"osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\/","title":{"rendered":"Osisko Reports Record 2024 Results and Provides\u00a02025 Guidance and New 5-Year Outlook"},"content":{"rendered":"<h2>\nRecord annual revenues of US$191.2 million\u00a0and record operating cash flows of US$159.9 million<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p align=\"justify\">MONTR\u00c9AL, Feb.  19, 2025  (GLOBE NEWSWIRE) &#8212; Osisko Gold Royalties Ltd (the \u201c<strong>Company<\/strong>\u201d or \u201c<strong>Osisko<\/strong>\u201d) (OR: TSX &amp; NYSE) is pleased to announce its consolidated financial results for the year 2024. <strong>Amounts presented are in United States Dollars, except where otherwise noted.<\/strong><\/p>\n<p>\n        <strong>2024 Financial Highlights<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">80,740 gold equivalent ounces (\u201c<strong>GEOs<\/strong><sup>1<\/sup>\u201d) earned (94,323 GEOs in 2023);<\/li>\n<li style=\"text-align:justify\">Record revenues from royalties and streams of $191.2 million ($183.2 million in 2023);<\/li>\n<li style=\"text-align:justify\">Record cash flows generated by operating activities of $159.9 million ($138.4 million in 2023);<\/li>\n<li style=\"text-align:justify\">Net earnings of $16.3 million, $0.09 per basic share (net loss of $37.4 million, $0.20 per basic share in 2023);<\/li>\n<li style=\"text-align:justify\">Adjusted earnings<sup>2<\/sup> of $97.3 million, $0.52 per basic share ($74.1 million, $0.40 per basic share in 2023)<\/li>\n<li style=\"text-align:justify\">Net repayments of $49.7 million under the revolving credit facility; and<\/li>\n<li style=\"text-align:justify\">Cash balance of $59.1 million and debt outstanding of $93.9 million as at December 31, 2024.<\/li>\n<\/ul>\n<p>\n        <strong>Other Highlights<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Total capital committed and\/or deployed in 2024 of over $287.7 million across 3 new transactions:\n<ul type=\"circle\">\n<li style=\"text-align:justify\">Execution of a definitive agreement by Osisko Bermuda Limited (\u201cOsisko Bermuda\u201d) for a 6% gold stream (until 225,000 ounces are delivered, and then 3.6% thereafter) on SolGold plc\u2019s Cascabel copper-gold development project in Ecuador for a total of $225.0 million, payable upon achieving certain milestones;<\/li>\n<li style=\"text-align:justify\">Acquisition of a 1.8% gross revenue royalty (\u201cGRR\u201d) from Tembo Capital Mining Fund II (\u201cTembo\u201d) on Spartan Resources Limited\u2019s Dalgaranga Gold project (\u201cDalgaranga\u201d) in Western Australia and a 1.35% GRR on additional regional exploration licenses in proximity to Dalgaranga from Tembo for combined consideration of $50.0 million;<\/li>\n<li style=\"text-align:justify\">Amendment to the Gibraltar silver stream, increasing Osisko\u2019s attributable silver percentage by 12.5% to 100% and extending the step-down delivery threshold to 6.8 million ounces delivered for consideration of $12.7 million;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">First delivery of copper received by Osisko Bermuda from MAC Copper Limited (\u201cMAC Copper\u201d) under the CSA copper stream;<\/li>\n<li style=\"text-align:justify\">First payment received from G Mining Ventures Corp.\u2019s (\u201cG Mining\u201d) under the Tocantinzinho 0.75% net smelter return (\u201cNSR\u201d) royalty;<\/li>\n<li style=\"text-align:justify\">First payment received from Agnico Eagle Mines Limited under the Akasaba West 2.5% NSR royalty (partial coverage);<\/li>\n<li>Appointments of Mr. David Smith and Ms. Wendy Louie to the Company\u2019s Board of Directors;<\/li>\n<li>Publication of the Fourth Edition of the Company\u2019s sustainability report, <em>Growing Responsibly <\/em>and Osisko\u2019s 2024 Asset Handbook; and<\/li>\n<li>Declaration of quarterly dividends totaling C$0.255 per common share in 2024 (C$0.235 per common share in 2023).<\/li>\n<\/ul>\n<p>\n        <strong>Subsequent to December 31, 2024<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Acquisition of a 1.5% NSR royalty from Japan Gold Corp. (\u201cJapan Gold\u201d) on certain properties and assets in Japan that are not (or don\u2019t become) subject to Japan Gold\u2019s existing Strategic Alliance Agreement with Barrick Gold Corp. for consideration of $5.0 million; and<\/li>\n<li style=\"text-align:justify\">Declaration of a quarterly dividend of C$0.065 per common share payable on April 15, 2025 to shareholders of record as of the close of business on March 31, 2025.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Guidance for 2025 and 5-Year Outlook<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <u>2025 Guidance<\/u>\n      <\/p>\n<p align=\"justify\">Osisko expects GEOs earned to range between 80,000-88,000 in 2025 at an average cash margin<sup>2<\/sup> of approximately 97%. For the 2025 guidance, deliveries of silver, copper, and cash royalties have been converted to GEOs using commodity prices based on consensus prices and a gold\/silver price ratio of 83:1. The 2025 guidance assumes Capstone Copper Corp.\u2019s Mantos Blancos mine will continue to operate at its Phase\u00a0I nameplate throughput capacity of 20,000 tonnes per day, as well as the commencement of payments associated with GEOs earned from Cardinal Namdini Mining Limited\u2019s Namdini mine in the second half of 2025. In addition, the guidance assumes a full year of GEOs earned from the copper stream from MAC Copper\u2019s CSA mine, and the NSR royalty on G Mining\u2019s Tocantinzinho mine.<\/p>\n<p align=\"justify\">Osisko\u2019s 2025 guidance on royalty and stream interests is largely based on publicly available forecasts from its operating partners. When publicly available forecasts on properties are not available, Osisko obtains internal forecasts from the producers or uses management\u2019s best estimate.<\/p>\n<p align=\"justify\">\n        <u>5-Year Outlook<\/u>\n      <\/p>\n<p align=\"justify\">Osisko expects its portfolio to generate between 110,000-125,000 GEOs in 2029. The outlook assumes the commencement of production at Gold Fields Limited\u2019s Windfall project and South32 Limited\u2019s Hermosa\/Taylor project, amongst others. It also assumes increased production from certain other operators that are advancing expansions, including Alamos Gold Inc.\u2019s Phase 3+ Expansion at its Island Gold District. The 5-year outlook assumes there will be no GEO contribution from the Eagle Gold mine which is currently in receivership.<\/p>\n<p align=\"justify\">Beyond this growth profile, Osisko owns several other assets, which have not been factored into the 5-year outlook, as their development timelines are either longer, or difficult to reasonably forecast at this time. As these operators provide additional clarity on these respective assets, Osisko will seek to include them in future long-term outlooks.<\/p>\n<p align=\"justify\">This 5-year outlook is based on internal judgements of publicly available forecasts and other disclosures by the third-party owners and operators of the Company\u2019s assets and could differ materially from actual results. When publicly available forecasts on properties are not available, Osisko obtains internal forecasts from the operators or uses management\u2019s best estimate. The commodity price assumptions that were used in the 5-year outlook are based on current long-term consensus and a gold\/silver price ratio of 80:1.<\/p>\n<p align=\"justify\">This 5-year outlook replaces the 5-year outlook previously released in 2024, which should be considered withdrawn. Investors should not use this 5-year outlook to extrapolate forecast results to any year within the 5-year period (2025-2029).<\/p>\n<p align=\"justify\">\n        <strong>Management Commentary<\/strong>\n      <\/p>\n<p align=\"justify\">Jason Attew, President &amp; CEO of Osisko commented: \u201c2024 was a solid year for Osisko, marked by new annual records achieved with respect to revenues and cash flows, in addition to the closing of several key transactions which will positively contribute to Osisko\u2019s current and future cash flows. The Company is well-positioned to pursue additional accretive growth opportunities with a materially improved balance sheet after $85 million in repayments against its revolving credit facility in 2024.<\/p>\n<p align=\"justify\">After working through a comprehensive portfolio review of Osisko\u2019s royalty and stream assets, with a focus on the Company\u2019s near-to-medium term growth profile and its associated timelines, our new 2025 guidance and updated five-year outlook together provide what management believes to be achievable ranges, based on current information and expectations. Regarding the 2025 GEO delivery guidance, it is worth noting that the expected year-over-year increase in GEO deliveries considers consensus commodity price assumptions and ratios, and more specifically the gold-to-copper ratio, which has recently expanded in gold\u2019s favour. This is important as copper is set to become a more meaningful component of our overall GEO delivery mix for 2025 and beyond. The 2025 guidance also factors in the timing and cadence of expected payments from assets transitioning from development to production, where some ramp-ups are going slower than previously anticipated. As a result, Osisko\u2019s 2025 GEO delivery profile is expected to be modestly weighted towards the second half of the year.<\/p>\n<p align=\"justify\">Finally, and most importantly, Osisko\u2019s expected growth trajectory over the next five years through 2029 remains intact and robust at over 30%, as anticipated mine expansions, and the construction of new key projects, are all expected to be completed by our operating partners between now and then.\u201d<\/p>\n<p>\n        <strong>Q4 AND YEAR-END 2024 RESULTS CONFERENCE CALL AND WEBCAST DETAILS<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:40%;width:40%;min-width:40%;text-align: justify;vertical-align: middle;vertical-align: top\">Conference Call:<\/td>\n<td style=\"max-width:60%;width:60%;min-width:60%;text-align: justify;vertical-align: middle;vertical-align: top\">Thursday, February 20th, 2025 at 10:00 am ET<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">Dial-in Numbers:<br \/><strong>(Option 1)<\/strong><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">North American Toll-Free: 1 (800) 717-1738<br \/>Local \u2013 Montreal: 1 (514) 400-3792<br \/>Local \u2013 Toronto: 1 (289) 514-5100<br \/>Local \u2013 New York: 1 (646) 307-1865<br \/>Conference ID: 82566<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Webcast link:<br \/><strong>(Option 2)<\/strong><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\n            <a href=\"https:\/\/viavid.webcasts.com\/starthere.jsp?ei=1703726&amp;tp_key=e17fd450c0\" rel=\"nofollow\" target=\"_blank\">https:\/\/viavid.webcasts.com\/starthere.jsp?ei=1703726&amp;tp_key=e17fd450c0<\/a> \u00a0\u00a0 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Replay (available until Thursday, March 20th, 2025 at 11:59 PM ET):<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">North American Toll-Free: 1 (888) 660-6264<br \/>Local \u2013 Toronto: 1 (289) 819-1325<br \/>Local \u2013 New York: 1 (646) 517-3975<br \/>Playback Passcode: 82566#<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">Replay is also available on our website at <a href=\"http:\/\/www.osiskogr.com\" rel=\"nofollow\" target=\"_blank\">www.osiskogr.com<\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong>Qualified Person<\/strong>\n      <\/p>\n<p align=\"justify\">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 \u201cqualified person\u201d as defined by National Instrument 43-101 \u2013 Standards of Disclosure for Mineral Projects (\u201cNI 43-101\u201d).<\/p>\n<p align=\"justify\">\n        <strong>About Osisko Gold Royalties Ltd <\/strong>\n      <\/p>\n<p align=\"justify\">Osisko Gold Royalties Ltd is an intermediate precious metal royalty company which holds a North American focused portfolio of over 185\u00a0royalties, streams and precious metal offtakes, including 20 producing assets. Osisko\u2019s portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, one of Canada\u2019s largest gold operations.<\/p>\n<p align=\"justify\">Osisko\u2019s head office is located at 1100 Avenue des Canadiens-de-Montr\u00e9al, Suite 300, Montreal, Qu\u00e9bec, H3B\u00a02S2.<\/p>\n<p align=\"justify\">\n        <strong>For further information, please contact Osisko Gold Royalties Ltd:<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: top\">Grant Moenting\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>Vice President, Capital Markets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>Tel\u00a0: (514) 940-0670 x116\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>Mobile\u00a0: (365) 275-1954 <br \/>Email: <a href=\"mailto:gmoenting@osiskogr.com\" rel=\"nofollow\" target=\"_blank\">gmoenting@osiskogr.com<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">Heather Taylor<br \/>Vice President, Sustainability and Communications<br \/>Tel: (514) 940-0670 x105<br \/>Email: <a href=\"mailto:htaylor@osiskogr.com\" rel=\"nofollow\" target=\"_blank\">htaylor@osiskogr.com<\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <br \/>\n        <strong>Notes:<\/strong>\n      <\/p>\n<p align=\"justify\">(1)\u00a0<u>Gold Equivalent Ounces<\/u><\/p>\n<p align=\"justify\">GEOs are calculated on a quarterly basis and include royalties and streams. Silver ounces and copper tonnes earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces or copper tonnes by the average silver price per ounce or copper price per tonne for the period and dividing by the average gold price per ounce for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue by the average gold price per ounce for the period.<\/p>\n<p>\n        <u>Average Metal Prices and Exchange Rate<\/u>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">Three months ended December 31,<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"6\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0Years ended December 31,<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a02024<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a02023<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a02024<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a02023<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:35%;width:35%;min-width:35%;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"max-width:8%;width:8%;min-width:8%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Realized<\/td>\n<td colspan=\"1\" style=\"max-width:8%;width:8%;min-width:8%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Average<\/td>\n<td colspan=\"2\" style=\"max-width:8%;width:8%;min-width:8%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Realized<\/td>\n<td colspan=\"1\" style=\"max-width:8%;width:8%;min-width:8%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Average<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"max-width:8%;width:8%;min-width:8%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Realized<\/td>\n<td colspan=\"1\" style=\"max-width:8%;width:8%;min-width:8%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Average<\/td>\n<td colspan=\"2\" style=\"max-width:8%;width:8%;min-width:8%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Realized<\/td>\n<td colspan=\"1\" style=\"max-width:8%;width:8%;min-width:8%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">Average<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Gold<sup>(i)<\/sup><\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$2,656<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$2,663<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$1,981<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$1,971<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$2,361<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$2,386<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$1,943<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$1,941<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Silver<sup>(ii)<\/sup><\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$30.66<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$31.38<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$23.74<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$23.20<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$28.28<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$28.27<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$23.27<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$23.35<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Copper<sup>(iii)<\/sup><\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$8,880<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$9,193<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">n\/a<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$8,159<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$8,920<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$9,147<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">n\/a<\/td>\n<td colspan=\"1\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$8,478<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Exchange Rate (C$\/US$)<sup>(<\/sup><sup>iv)<\/sup><\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">n\/a<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.3982<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">n\/a<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.3624<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">n\/a<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.3698<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">n\/a<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.3497<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\u00a0 \u00a0 \u00a0<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:4%;width:4%;min-width:4%;text-align: left;vertical-align: middle;vertical-align: top\">(i)<\/td>\n<td style=\"max-width:96%;width:96%;min-width:96%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">The average price represents the London Bullion Market Association\u2019s PM price in U.S. dollars per ounce.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">(ii)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">The average price represents the London Bullion Market Association\u2019s price in U.S. dollars per ounce.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">(iii)\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">The average price represents the London Metal Exchange\u2019s price in U.S. dollars per tonne.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">(iv)\u00a0\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Bank of Canada daily rate.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">(2)\u00a0<u>Non-IFRS Measures<\/u><\/p>\n<p align=\"justify\">\n        <em>Cash margin (in dollars and in percentage of revenues)<\/em>\n      <\/p>\n<p align=\"justify\">Cash margin in dollars and in percentage of revenues are non-IFRS financial measures. Cash margin (in dollars) is defined by Osisko as revenues less cost of sales (excluding depletion). Cash margin (in percentage of revenues) is obtained from the cash margin (in dollars) divided by revenues.<\/p>\n<p align=\"justify\">Management uses cash margin in dollars and in percentage of revenues to evaluate Osisko\u2019s ability to generate positive cash flow from its royalty, stream and other interests. Management and certain investors also use this information, together with measures determined in accordance with IFRS Accounting Standards such as gross margin and operating cash flows, to evaluate Osisko\u2019s performance relative to peers in the mining industry who present these measures on a similar basis. Cash margin in dollars and in percentage of revenues are only intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.<\/p>\n<p align=\"justify\">A reconciliation of the cash margin per type of interests (in thousands of dollars and in percentage of revenues) is presented below:<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three months ended<\/strong><br \/>\n            <br \/>\n            <strong>December 31,<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>Years ended\u00a0<\/strong><br \/>\n            <br \/>\n            <strong>December 31,\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:49%;width:49%;min-width:49%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2024\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2023\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2024\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2023\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <u>Royalty interests<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Revenues<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35,349\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32,681\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">130,375\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">118,829\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Less: cost of sales (excluding depletion)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(180)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">17\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(413)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(379)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Cash margin (in dollars)<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35,169\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32,698\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">129,962\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">118,450<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Depletion<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,160)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,101)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(12,208)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(17,796)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Gross profit<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>33,009\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>28,597\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>117,754\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>100,654\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <u>Stream interests<\/u><br \/>\n            <\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Revenues<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,393\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">15,154\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">60,782\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">64,399\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Less: cost of sales (excluding depletion)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,001)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,959)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,325)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(11,956)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Cash margin (in dollars)<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">19,392\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,195\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">54,457\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">52,443\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Depletion<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(7,315)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,469)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(20,399)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(24,005)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Gross profit <\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>12,077\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>6,726\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>34,058\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>28,438\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <u>Royalty and stream interests<\/u><br \/>\n            <\/strong><br \/>\n            <br \/>Total cash margin (in dollars)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">54,561\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">44,893\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">184,419\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">170,893\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Divided by: total revenues<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">56,742\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">47,835\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">191,157\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">183,228\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Cash margin (in percentage of revenues)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">96.2%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">93.8%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">96.5%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">93.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Total \u2013 Gross profit<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>45,086\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>35,323\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>151,812\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>129,092\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <em>Adjusted earnings and adjusted earnings per basic share<\/em>\n      <\/p>\n<p align=\"justify\">Adjusted earnings and adjusted earnings per basic share are non-IFRS financial measures and are defined by Osisko by excluding the following items from net earnings (loss) and earnings (loss) per share: foreign exchange gains (losses), impairment charges and reversal related to royalty, stream and other interests, changes in allowance for expected credit losses, write-offs and impairment of investments, gains (losses) on disposal of assets, gains (losses) on investments, share of income (loss) of associates, transaction costs and other items such as non-cash gains (losses), as well as the impact of income taxes on these items. Adjusted earnings per basic share is obtained from the adjusted earnings divided by the weighted average number of common shares outstanding for the period.<\/p>\n<p align=\"justify\">Management uses adjusted earnings and adjusted earnings per basic share to evaluate the underlying operating performance of Osisko as a whole for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its consolidated financial statements. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards such as net earnings (loss) and net earnings (loss) per basic share, investors and analysts use adjusted earnings and adjusted earnings per basic share to evaluate the results of the underlying business of Osisko, particularly since the excluded items are typically not included in Osisko\u2019s annual guidance. While the adjustments to net earnings (loss) and net earnings (loss) per basic share in these measures include items that are both recurring and non-recurring, management believes that adjusted earnings and adjusted net earnings per basic share are useful measures of Osisko\u2019s performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of the core operating results from period to period, are not always reflective of the underlying operating performance of the business and\/or are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per basic share are intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.<\/p>\n<p align=\"justify\">A reconciliation of net earnings (loss) to adjusted net earnings is presented below:<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>Three months ended<\/strong><br \/>\n            <br \/>\n            <strong>December 31,<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>Years ended<\/strong><br \/>\n            <br \/>\n            <strong>December 31,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:52%;width:52%;min-width:52%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2024<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2023<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2024<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2023<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\n            <em>(in thousands of dollars,\u00a0<\/em><br \/>\n            <em>except per share amounts)<\/em>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">Net earnings (loss)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,105<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(51,234)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16,267<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(37,426)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Adjustments:<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Impairment of royalty and stream interests<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">17,768<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">49,558<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35,711<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Foreign exchange loss (gain)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,771<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,777)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,424<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,134)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Share of loss (income) of associates<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9,491<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">252<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">30,025<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,937)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Changes in allowance for expected credit losses and write-offs<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">48,968<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,399)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">76,799<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Loss on investments<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8,960<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,316<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,957<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,868<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Other non-cash losses (gains), net<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,362<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(466)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,362<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(466)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"vertical-align: top\">Tax impact of adjustments<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">164<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(255)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(12,920)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(7,336)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Adjusted earnings<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">29,853<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,572<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">97,274<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">74,079<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Weighted average number of common shares outstanding (000\u2019s)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">186,747<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">185,353<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">186,290<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">185,036<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Adjusted earnings per basic share<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.16<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.12<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.52<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.40<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">During the fourth quarter of 2023, the following changes were made to the composition of adjusted earnings:<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:6%;width:6%;min-width:6%;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:4%;width:4%;min-width:4%;text-align: left;vertical-align: middle;vertical-align: top\">(i)<\/td>\n<td style=\"max-width:90%;width:90%;min-width:90%;text-align: left;vertical-align: middle;vertical-align: top\">total gains and losses on investments on the statement of income (loss) are now excluded from net earnings (loss); prior to this change, only the unrealized gains and losses on investments were excluded from net earnings (loss);<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">(ii)\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">total foreign exchange gains and losses on the statement of income (loss) are now excluded from net earnings (loss); prior to this change, only the foreign exchange gains and losses adjustments from operation activities on the statement of cash flows were excluded from net earnings (loss);<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">(iii)\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">the tax impact of all adjustments in the calculation of adjusted earnings is now considered; prior to this change, the total deferred income taxes on the statement of earnings (loss) was excluded from net earnings (loss).<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">These changes in the manner in which Osisko calculates adjusted earnings were made to align more closely the calculations with its peers and facilitate the comparison with these companies. These changes also affected adjusted earnings per basic share because they are calculated from adjusted earnings. Quarterly comparative figures have been restated to reflect the current composition of adjusted earnings and adjusted net earnings per basic share.<\/p>\n<p>\n        <strong><br \/>\n          <em>Forward-looking Statements <\/em><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">\n        <em>Certain statements contained in this press release may be deemed &#8220;forward-looking statements&#8221; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and \u201cforward-looking information\u201d 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\u2019s assets (including increase of production), the 2025 guidance and the 5-year outlook, timely developments of mining properties over which Osisko has royalties, streams, offtakes and investments, management\u2019s expectations regarding Osisko\u2019s 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 &#8220;expects&#8221;, &#8220;plans&#8221;, &#8220;anticipates&#8221;, &#8220;believes&#8221;, &#8220;intends&#8221;, &#8220;estimates&#8221;, &#8220;projects&#8221;, &#8220;potential&#8221;, &#8220;scheduled&#8221; and similar expressions or variations (including negative variations), or that events or conditions &#8220;will&#8221;, &#8220;would&#8221;, &#8220;may&#8221;, &#8220;could&#8221; or &#8220;should&#8221; 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, (i) with respect to properties in which Osisko holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from resource estimates or production forecasts by operators, (d) differences in conversion rate from resources to reserves and ability to replace resources, (e) the unfavorable outcome of any challenges or litigation relating title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining 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; with respect to external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by Osisko, (b) a trade war or new tariff barriers, (c) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (d) 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, (e) continued availability of capital and financing and general economic, market or business conditions, and (f) responses of relevant governments to the infectious diseases outbreaks and the effectiveness of such response and the potential impact of infectious diseases outbreaks on Osisko\u2019s business, operations and financial condition; with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by Osisko or (b) the integration of acquired assets. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in the Corporation\u2019s ongoing income and assets relating to determination of its Passive Foreign Investment Company (&#8220;PFIC\u201d) status; the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which Osisko holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) 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), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets.<\/em>\n      <\/p>\n<p align=\"justify\">\n        <em>For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of Osisko filed on SEDAR+ at <\/em><br \/>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=VYWSpuLD4ERaQLXwgGahOVO7VgaOx09UxAQ3qsxmGdZXCdgZBIa2BO_Roe01DO9UsMve2xB1eINrGdMor-t5_Q==\" rel=\"nofollow\" target=\"_blank\"><br \/>\n          <em>www.sedarplus.ca<\/em><br \/>\n        <\/a><br \/>\n        <em> and EDGAR at <\/em><br \/>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=VYWSpuLD4ERaQLXwgGahOfXqV2PGxiAxPnwt493o6cKOb0XkVXBt1612bN1AxlLlqItfaSxKH24AUW-pCmxo8A==\" rel=\"nofollow\" target=\"_blank\"><br \/>\n          <em>www.sec.gov<\/em><br \/>\n        <\/a><br \/>\n        <em> 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.<\/em>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"6\" style=\"vertical-align: top\">\n            <strong>Osisko Gold Royalties Ltd<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" style=\"vertical-align: top\">Consolidated Balance Sheets<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt;vertical-align: top\">As at December 31, 2024 and 2023<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" style=\"vertical-align: top\">(tabular amounts expressed in thousands of United States dollars)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>December 31,<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>December 31,<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>January 1,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:62%;width:62%;min-width:62%;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>2024<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>2023<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>2023<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">(restated)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">(restated)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Assets<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Current assets<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Cash<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">59,096<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">51,204<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">66,853<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Short-term investments<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">6,200<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Amounts receivable<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">3,106<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">4,750<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">8,640<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Other assets<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1,612<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1,392<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1,880<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">63,814<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">63,546<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">77,373<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Non-current assets<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Investments in associates<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">43,262<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">87,444<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">236,081<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Other investments<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">74,043<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">70,335<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">54,268<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Royalty, stream and other interests<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1,113,855<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1,174,298<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1,017,582<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Goodwill<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">77,284<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">84,081<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">82,102<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Other assets<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">5,376<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">6,768<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">6,484<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,377,634<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,486,472<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,473,890<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Liabilities<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Current liabilities<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Accounts payable and accrued liabilities<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">5,331<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">6,205<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">5,041<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Dividends payable<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">8,433<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">8,409<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">7,472<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Lease liabilities<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">852<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">849<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">680<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14,616<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">15,463<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,193<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Non-current liabilities<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Lease liabilities<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">3,931<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">5,201<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">4,948<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Long-term debt<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">93,900<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">145,080<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">109,231<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Deferred income taxes<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">76,234<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">72,797<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">63,917<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">188,681<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">238,541<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">191,289<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Equity<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Share capital<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1,675,940<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1,658,908<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1,642,855<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Contributed surplus<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">63,567<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">62,331<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">60,764<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Accumulated other comprehensive loss<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(141,841)<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(84,816)<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(101,659)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Deficit<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(408,713)<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(388,492)<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(319,359)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,188,953<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,247,931<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,282,601<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,377,634<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,486,472<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,473,890<\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<table align=\"right\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"8\" style=\"vertical-align: top\">\n            <strong>Osisko Gold Royalties Ltd<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: top\">Consolidated Statements of Income (Loss)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"border-bottom: solid black 1pt;vertical-align: top\">For the three months and the years ended December 31, 2024 and 2023<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: top\">(tabular amounts expressed in thousands of United States dollars, except per share amounts)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>Three months ended<\/strong><br \/>\n            <br \/>\n            <strong>December 31,<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>Years ended<\/strong><br \/>\n            <br \/>\n            <strong>December 31,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:49%;width:49%;min-width:49%;vertical-align: top\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>2024<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>2023<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>2024<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>2023<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">(restated)<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: top\">(restated)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\n            <strong>Revenues<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\n            <strong>56,742<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\n            <strong>47,835<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\n            <strong>191,157<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\n            <strong>183,228<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: top\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Cost of sales<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,181)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,942)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,738)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(12,335)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Depletion<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9,475)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9,570)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(32,607)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(41,801)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Gross profit<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>45,086<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>35,323<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>151,812<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>129,092<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Other operating expenses<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">General and administrative<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,209)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,587)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(18,298)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(24,344)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Business development<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,987)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,505)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,632)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,574)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Impairment of royalty interests<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(17,768)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(49,558)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(35,711)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Operating income <\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>38,890<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>10,463<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>78,324<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>64,463<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Interest income<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,144<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,088<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,153<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,061<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Finance costs<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,466)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,805)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(7,966)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(14,031)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Foreign exchange (loss) gain<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,771)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,777<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,424\u00a0)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,134<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Share of (loss) gain of associates<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9,491)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(252)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(30,025)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,937<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Other losses, net<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(11,322)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(58,818)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9,920)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(90,201)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Earnings (loss) before income taxes<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>15,984<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(48,547<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>30,142<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(27,637<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Income tax expense<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(8,879)<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,687)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13,875)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9,789)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net earnings (loss)<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>7,105<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(51,234<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>16,267<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(37,426<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net earnings (loss) per share<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px\">Basic and diluted<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">0.04<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(0.28)<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.09<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.20)<\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"8\" style=\"vertical-align: top\">\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: top\">\u00a0<strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: top\">\n            <strong>Osisko Gold Royalties Ltd<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: top\">Consolidated Statements of Cash Flows<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"border-bottom: solid black 1pt;vertical-align: top\">For the three months and the years ended December 31, 2024 and 2023<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"vertical-align: top\">(tabular amounts expressed in thousands of United States dollars)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>Three months ended<\/strong><br \/>\n            <br \/>\n            <strong>December 31,<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>Years ended<\/strong><br \/>\n            <br \/>\n            <strong>December 31,<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:49%;width:49%;min-width:49%;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>2024<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>2023<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>2024<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>2023<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">(restated)<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">(restated)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Operating activities<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Net earnings (loss)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,105<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(51,234)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16,267<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(37,426)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Adjustments for:<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Share-based compensation<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,438<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">932<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,238<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,718<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Depletion and amortization<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,713<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,812<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">33,572<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">42,707<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Impairment of royalty and stream interests<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">17,768<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">49,558<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35,711<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Change in allowance for expected credit loss and write-off of other investments and interest receivable<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,399)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">27,831<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Impairment of investments in associates<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">48,768<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">48,968<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Share of loss (income) of associates<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,491<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">252<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">30,025<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,937)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Change in fair value of financial assets at fair value through profit and loss<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(340)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,057<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(343)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,748<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Net loss (gain) on dilution of investments in associates<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,300<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,300<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,580)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Loss on disposal and deemed disposal of associates<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,459<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,736<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Foreign exchange loss (gain)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,776<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,821)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,428<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,268)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Deferred income tax expense<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,537<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,268<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,183<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,874<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Other<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,635<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(629)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,973<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(133)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Net cash flows provided by operating activities before changes in non-cash working capital items<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">48,655<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">34,632<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">161,802<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">139,949<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Changes in non-cash working capital items<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,110<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,516<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,877)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,512)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Net cash flows provided by operating activities<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">49,765<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">37,148<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">159,925<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">138,437<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Investing activities<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Acquisitions of short-term investments<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(650)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,386)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,983)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,200)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Acquisitions of investments<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(40,200)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Proceeds from disposal of investments<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">94,334<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,847<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">98,053<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Acquisitions of royalty and stream interests<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(62,927)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(37,260)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(73,449)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(217,745)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Other<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(26)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(57)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(34)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Net cash flows (used in) provided by investing activities<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(63,603)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">55,686<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(75,642)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(166,126)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Financing activities<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Increase in long-term debt<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35,000<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35,000<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35,000<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">190,000<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Repayment of long-term debt<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(124,806)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(84,721)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(155,787)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Exercise of share options and shares issued under the share purchase plan<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,335<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,678<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,558<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,486<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Normal course issuer bid purchase of common shares<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(428)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Dividends paid<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(7,687)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(7,792)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(30,650)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(29,655)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Withholding taxes on settlement of restricted and deferred share units<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(379)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,442)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,592)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Other<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(207)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(553)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,185)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,082)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Net cash flows provided by (used in) financing activities<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">30,441<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(96,852)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(74,868)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,370<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Increase (decrease) in cash before effects of exchange rate changes<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">16,603<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(4,018)<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">9,415<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(18,319)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Effects of exchange rate changes on cash<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(873)<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">2,892<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(1,523)<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">2,670<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net increase (decrease) in cash<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">15,730<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,126)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,892<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(15,649)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Cash\u00a0 \u2013 beginning of period<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">43,366<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">52,330<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">51,204<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">66,853<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Cash\u00a0 \u2013 end of period<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">59,096<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">51,204<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">59,096<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">51,204<\/td>\n<\/tr>\n<\/table>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTM2MTM1OCM2NzU5MDMwIzIwMTEwNTQ=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/YTYzNjZlOWUtNWY3Yi00YjY2LTgzNGUtODJjODYyZGMxYzI4LTEwMjI2Mjc=\/tiny\/Osisko-Gold-Royalties-Ltd-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Record annual revenues of US$191.2 million\u00a0and record operating cash flows of US$159.9 million MONTR\u00c9AL, Feb. 19, 2025 (GLOBE NEWSWIRE) &#8212; Osisko Gold Royalties Ltd (the \u201cCompany\u201d or \u201cOsisko\u201d) (OR: TSX &amp; NYSE) is pleased to announce its consolidated financial results for the year 2024. Amounts presented are in United States Dollars, except where otherwise noted. 2024 Financial Highlights 80,740 gold equivalent ounces (\u201cGEOs1\u201d) earned (94,323 GEOs in 2023); Record revenues from royalties and streams of $191.2 million ($183.2 million in 2023); Record cash flows generated by operating activities of $159.9 million ($138.4 million in 2023); Net earnings of $16.3 million, $0.09 per basic share (net loss of $37.4 million, $0.20 per basic share in 2023); Adjusted earnings2 of $97.3 million, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Osisko Reports Record 2024 Results and Provides\u00a02025 Guidance and New 5-Year Outlook&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-815233","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Osisko Reports Record 2024 Results and Provides\u00a02025 Guidance and New 5-Year Outlook - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Osisko Reports Record 2024 Results and Provides\u00a02025 Guidance and New 5-Year Outlook - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Record annual revenues of US$191.2 million\u00a0and record operating cash flows of US$159.9 million MONTR\u00c9AL, Feb. 19, 2025 (GLOBE NEWSWIRE) &#8212; Osisko Gold Royalties Ltd (the \u201cCompany\u201d or \u201cOsisko\u201d) (OR: TSX &amp; NYSE) is pleased to announce its consolidated financial results for the year 2024. Amounts presented are in United States Dollars, except where otherwise noted. 2024 Financial Highlights 80,740 gold equivalent ounces (\u201cGEOs1\u201d) earned (94,323 GEOs in 2023); Record revenues from royalties and streams of $191.2 million ($183.2 million in 2023); Record cash flows generated by operating activities of $159.9 million ($138.4 million in 2023); Net earnings of $16.3 million, $0.09 per basic share (net loss of $37.4 million, $0.20 per basic share in 2023); Adjusted earnings2 of $97.3 million, &hellip; Continue reading &quot;Osisko Reports Record 2024 Results and Provides\u00a02025 Guidance and New 5-Year Outlook&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-19T22:25:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTM2MTM1OCM2NzU5MDMwIzIwMTEwNTQ=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"20 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Osisko Reports Record 2024 Results and Provides\u00a02025 Guidance and New 5-Year Outlook\",\"datePublished\":\"2025-02-19T22:25:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\\\/\"},\"wordCount\":3962,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=OTM2MTM1OCM2NzU5MDMwIzIwMTEwNTQ=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\\\/\",\"name\":\"Osisko Reports Record 2024 Results and Provides\u00a02025 Guidance and New 5-Year Outlook - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\/","og_locale":"en_US","og_type":"article","og_title":"Osisko Reports Record 2024 Results and Provides\u00a02025 Guidance and New 5-Year Outlook - Market Newsdesk","og_description":"Record annual revenues of US$191.2 million\u00a0and record operating cash flows of US$159.9 million MONTR\u00c9AL, Feb. 19, 2025 (GLOBE NEWSWIRE) &#8212; Osisko Gold Royalties Ltd (the \u201cCompany\u201d or \u201cOsisko\u201d) (OR: TSX &amp; NYSE) is pleased to announce its consolidated financial results for the year 2024. Amounts presented are in United States Dollars, except where otherwise noted. 2024 Financial Highlights 80,740 gold equivalent ounces (\u201cGEOs1\u201d) earned (94,323 GEOs in 2023); Record revenues from royalties and streams of $191.2 million ($183.2 million in 2023); Record cash flows generated by operating activities of $159.9 million ($138.4 million in 2023); Net earnings of $16.3 million, $0.09 per basic share (net loss of $37.4 million, $0.20 per basic share in 2023); Adjusted earnings2 of $97.3 million, &hellip; Continue reading \"Osisko Reports Record 2024 Results and Provides\u00a02025 Guidance and New 5-Year Outlook\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\/","og_site_name":"Market Newsdesk","article_published_time":"2025-02-19T22:25:07+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTM2MTM1OCM2NzU5MDMwIzIwMTEwNTQ=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"20 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Osisko Reports Record 2024 Results and Provides\u00a02025 Guidance and New 5-Year Outlook","datePublished":"2025-02-19T22:25:07+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\/"},"wordCount":3962,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTM2MTM1OCM2NzU5MDMwIzIwMTEwNTQ=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/osisko-reports-record-2024-results-and-provides-2025-guidance-and-new-5-year-outlook\/","name":"Osisko Reports Record 2024 Results and Provides\u00a02025 Guidance and New 5-Year Outlook - 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