In This Article:
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Gold Equivalent Ounces (GEOs) Q4 2024: 20,005 GEOs.
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Total GEOs 2024: 80,740 GEOs, slightly above the midpoint of revised guidance (77,000 to 83,000 GEOs).
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Annual Revenue 2024: $191.2 million.
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Cash Margin 2024: 96.5%.
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Cash at Year-End 2024: $59 million.
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Net Debt at Year-End 2024: Just under $35 million.
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Quarterly Dividend Q4 2024: $6.05 per share.
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Net Earnings 2024: $0.09 per share.
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Adjusted Earnings 2024: $0.52 per common share.
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Producing Assets at Year-End 2024: 21 assets.
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Precious Metals GEOs 2024: 93% from precious metals (67% gold, 27% silver).
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2025 GEOs Guidance: 80,000 to 88,000 GEOs.
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2025 Cash Margin Guidance: Approximately 97%.
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Total Debt at Year-End 2024: Just under $94 million.
Release Date: February 20, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Osisko Gold Royalties Ltd (NYSE:OR) achieved record annual revenues of $191.2 million with a peer-leading cash margin of 96.5%.
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The company ended 2024 with $59 million in cash and net debt of just under $35 million, after paying down almost $85 million against its revolving credit facility.
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Osisko Gold Royalties Ltd (NYSE:OR) declared and paid its 41st consecutive quarterly dividend, returning over 360 million Canadian dollars to shareholders.
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The company completed nearly $300 million in transactions in 2024, marking the second consecutive year of significant capital deployment.
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Osisko Gold Royalties Ltd (NYSE:OR) has a robust pipeline and expects to complete at least one or two meaningful transactions in 2025.
Negative Points
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The growth trajectory for 2025 is expected to be less steep than previously anticipated.
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Performance from Capstone's Mantos Blancos operation experienced a year-over-year decrease due to milling rates below expected levels.
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The company's 2025 guidance reflects a back-half weighted delivery of GEOs, with a weaker Q1 anticipated.
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The updated 2029 outlook is lower than the previous year's 2028 outlook due to the absence of the Eagle mine.
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Progress on the Eagle mine is slower than expected, affecting the company's growth projections.
Q & A Highlights
Q: Can you clarify the production profile for 2025, particularly regarding the distribution of GEOs throughout the year? A: We don't provide quarter-to-quarter guidance, but Q1 is expected to be the weakest due to Canadian Malartic's performance. Q2 should see improvement, with 45% of GEOs delivered in the first half and 55% in the second half, with stronger quarters in Q3 and Q4.
Q: What are the current opportunities for transactions, and how do you view syndication? A: We are open to syndicated deals, as demonstrated by our 2024 deal with Franco. This allows us to consider larger transactions, potentially around $1 billion. The opportunity set is robust, particularly in the copper space, although some projects are paused due to market conditions.