OR Royalties Inc 6-K, filed Nov 10, 2020

OR Royalties Inc. (OR)

6-K 2020-11-10 For: 2020-09-30

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Added on April 08, 2026

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OR Royalties Inc filed this 6-K on November 10, 2020.

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Exhibit		Description

99.1		Unaudited Condensed Interim Consolidated Financial Statements for the period ended September 30, 2020
99.2		Management's Discussion and Analysis for the period ended September 30, 2020
99.3		Form 52-109F2 Certification of Interim Filings Full Certificate - CEO
99.4		Form 52-109F2 Certification of Interim Filings Full Certificate - CFO
99.5		Press Release of Dividends
99.6		Press Release of Q3 2020 results

Date: November 9, 2020	By:	/s/ André Le Bel
		André Le Bel
	Title:	Vice President, Legal Affairs and Corporate Secretary

		September 30,		December 31,
		2020		2019
	Notes	$		$


Assets

Current assets

Cash	5	160,705		108,223
Short-term investments		21,568		20,704
Amounts receivable		11,554		6,330
Inventories	4	10,269		1,656
Other assets		2,944		3,516
		207,040		140,429

Non-current assets

Investments in associates	6	123,946		103,640
Other investments	7	123,086		67,886
Royalty, stream and other interests	8	1,121,353		1,130,512
Mining interests and plant and equipment	4, 9	443,371		343,693
Exploration and evaluation	10	43,150		42,949
Goodwill		111,204		111,204
Other assets	4	26,920		6,940
		2,200,070		1,947,253

Liabilities

Current liabilities

Accounts payable and accrued liabilities	4	34,186		18,772
Dividends payable		8,341		7,874
Current portion of long-term debt	12	49,580		-
Provisions and other liabilities	4, 11	4,600		1,289
		96,707		27,935

Non-current liabilities

Provisions and other liabilities	4, 11	39,940		29,365
Long-term debt	12	372,010		349,042
Deferred income taxes		53,235		47,465
		561,892		453,807

Equity

Share capital	13	1,767,460		1,656,350
Warrants	13	18,072		18,072
Contributed surplus		39,796		37,642
Equity component of convertible debentures		17,601		17,601
Accumulated other comprehensive income		59,851		13,469
Deficit		(264,602	)	(249,688	)
		1,638,178		1,493,446
		2,200,070		1,947,253

		Three months ended September 30,				Nine months ended September 30,
		2020		2019		2020		2019
	Notes	$		$		$		$


Revenues	15	55,707		109,235		149,070		341,567

Cost of sales	15	(15,236	)	(77,419	)	(45,464	)	(247,616	)
Depletion of royalty, stream and other interests		(9,665	)	(10,965	)	(32,057	)	(35,166	)
Gross profit		30,806		20,851		71,549		58,785

Other operating expenses
General and administrative		(5,957	)	(4,559	)	(18,059	)	(15,034	)
Business development		(1,910	)	(1,375	)	(4,682	)	(4,899	)
Gain on disposal of an offtake interest		-		7,636		-		7,636
Exploration and evaluation		(32	)	(48	)	(108	)	(139	)
Impairment of assets	8	-		(60,800	)	(26,300	)	(99,700	)

Operating income (loss)		22,907		(38,295	)	22,400		(53,351	)

Interest and dividend income		1,327		1,091		3,523		3,183
Finance costs		(6,440	)	(5,843	)	(19,938	)	(17,382	)
Foreign exchange (loss) gain		(419	)	508		1,299		(1,104	)
Share of loss of associates		(760	)	(4,146	)	(3,934	)	(14,688	)
Other gains (losses), net	15	27		(10,971	)	11,462		(16,304	)
Earnings (loss) before income taxes		16,642		(57,656	)	14,812		(99,646	)
Income tax (expense) recovery		(4,128	)	11,732		(2,568	)	20,626
Net earnings (loss)		12,514		(45,924	)	12,244		(79,020	)

Net earnings (loss) per share	16
Basic and diluted		0.08		(0.32	)	0.08		(0.52	)

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
	$		$		$		$


Net earnings (loss)	12,514		(45,924	)	12,244		(79,020	)

Other comprehensive income (loss)

Items that will not be reclassified to the consolidated statement of income (loss)

Changes in fair value of financial assets at fair value through comprehensive income	14,490		(465	)	34,945		7,957
Income tax effect	(1,969	)	62		(4,687	)	(1,019	)

Share of other comprehensive income (loss) of associates	368		-		368		(352	)

Items that may be reclassified to the consolidated statement of income (loss)

Cumulative translation adjustments	(10,484	)	6,964		13,257		(18,051	)

Disposal of an investment in an associate

Reclassification to the statements of income (loss) of the other comprehensive loss	-		-		-		695
Income tax effect	-		-		-		(92	)

Other comprehensive income (loss)	2,405		6,561		43,883		(10,862	)
Comprehensive income (loss)	14,919		(39,363	)	56,127		(89,882	)

	Notes	Number of common shares outstanding		Share capital		Warrants	Contributed surplus		Equity component of convertible debentures	Accumulated other comprehensive income⁽ⁱ⁾	Retained Earnings (deficit)		Total
				$		$	$		$	$	$		$
Balance - January 1, 2020		156,951,952		1,656,350		18,072	37,642		17,601	13,469	(249,688	)	1,493,446

Net loss		-		-		-	-		-	-	12,244		12,244
Other comprehensive income		-		-		-	-		-	43,883	-		43,883
Comprehensive income (loss)		-		-		-	-		-	43,883	12,244		56,127

Private placement	13	7,727,273		85,000		-	-		-	-	-		85,000
Acquisition of San Antonio	4	1,011,374		15,846		-	-		-	-	-		15,846
Issue costs, net of taxes of $60,000		-		(166	)	-	-		-	-	-		(166	)
Dividends declared		-		-		-	-		-	-	(24,482	)	(24,482	)
Shares issued - Dividends reinvestment plan		236,615		2,949		-	-		-	-	-		2,949
Shares issued - Employee share purchase plan		24,149		293		-	-		-	-	-		293
Share options - Shared-based compensation		-		-		-	2,336		-	-	-		2,336
Share options exercised		232,964		3,932		-	(857	)	-	-	-		3,075
Replacement share options exercised		407,485		5,507		-	(1,384	)	-	-	-		4,123
Restricted share units to be settled in common shares:
Share-based compensation		-		-		-	4,305		-	-	-		4,305
Settlement		145,694		1,682		-	(3,599	)	-	-	(177	)	(2,094	)
Income tax impact		-		-		-	283		-	-	-		283
Deferred share units to be settled in common shares:
Share-based compensation		-		-		-	769		-	-	-		769
Income tax impact		-		-		-	301		-	-	-		301
Normal course issuer bid purchase of common shares	13	(429,722	)	(3,933	)	-	-		-	-	-		(3,933	)
Transfer of realized loss on financial assets at fair value through other comprehensive income		-		-		-	-		-	2,499	(2,499	)	-
Balance - September 30, 2020		166,307,784		1,767,460		18,072	39,796		17,601	59,851	(264,602	)	1,638,178

Consideration paid		$

	Issuance of 1,011,374 common shares	15,846
	Cash consideration	40,015
	Value-added tax paid on acquisition of assets	6,328
	Osisko's transaction costs	5,865
		68,054

Net assets acquired		$

	Inventories	8,584
	Inventories - non-current⁽¹⁾	18,723
	Other non-current assets	6,328
	Mining interests and plant and equipment	55,089
	Accounts payable and accrued liabilities	(11,369	)
	Provision and other liabilities	(9,301	)
		68,054

	Nine months ended			Year ended
		September 30, 2020		December 31, 2019
		$		$
Balance - Beginning of period		103,640		304,911
	Acquisitions ⁽ⁱ⁾	14,954		37,335
	Exercise of warrants	-		2,209
	Share of loss and comprehensive loss, net	(3,566	)	(22,209	)
	Net gain (loss) on ownership dilution ⁽ⁱ⁾	10,381		(3,687	)
	Disposals	-		(84,293	)
	Loss on disposals	-		(2,440	)
	Deemed disposal	-		(77,123	)
	Gain (loss) on deemed disposals	1,226		(24,255	)
	Impairment	-		(12,500	)
	Transfers to other investments	(2,689	)	(9,676	)
	Deemed repurchase of Osisko common shares held by an associate	-		(6,100	)
	Other	-		1,468
Balance - End of period		123,946		103,640

					Nine months ended September 30, 2020
			Royalty interests		Stream interests		Offtake interests		Total
			$		$		$		$
Balance - Beginning of period			627,567		483,164		19,781		1,130,512
		Additions	24,962		11,917		-		36,879
		Disposal	(357	)	-		-		(357	)
		Depletion	(15,761	)	(15,592	)	(704	)	(32,057	)
		Impairment	-		(26,300	)	-		(26,300	)
		Translation adjustments	2,527		9,603		546		12,676
Balance - End of period			638,938		462,792		19,623		1,121,353

	Producing
		Cost	623,064		525,531		19,300		1,167,895
		Accumulated depletion and impairment	(360,205	)	(184,338	)	(14,045	)	(558,588	)
		Net book value - End of period	262,859		341,193		5,255		609,307

	Development
		Cost	186,523		175,497		32,743		394,763
		Accumulated depletion and impairment	(501	)	(53,898	)	(27,802	)	(82,201	)
		Net book value - End of period	186,022		121,599		4,941		312,562

	Exploration and evaluation
		Cost	190,763		-		9,427		200,190
		Accumulated depletion	(706	)	-		-		(706	)
		Net book value - End of period	190,057		-		9,427		199,484

Total net book value - End of period			638,938		462,792		19,623		1,121,353

					Year ended December 31, 2019
			Royalty interests		Stream interests		Offtake interests		Total
			$		$		$		$
Balance - January 1			707,723		606,410		100,535		1,414,668
		Acquisitions	41,529		48,573		-		90,102
		NSR royalty on the Cariboo property owned prior to the acquisition of Barkerville Gold Mines Ltd.	(56,070	)	-		-		(56,070	)
		Transfer	(10,000	)	10,000		-		-
		Disposal	(2,277	)	-		(47,116	)	(49,393	)
		Depletion	(20,908	)	(23,335	)	(2,766	)	(47,009	)
		Impairment	(27,689	)	(138,689	)	(27,213	)	(193,591	)
		Translation adjustments	(4,741	)	(19,795	)	(3,659	)	(28,195	)
Balance - December 31			627,567		483,164		19,781		1,130,512

	Producing
		Cost	604,950		509,179		18,792		1,132,921
		Accumulated depletion and impairment	(343,677	)	(141,826	)	(13,001	)	(498,504	)
		Net book value - December 31	261,273		367,353		5,791		634,417

	Development
		Cost	186,137		168,290		31,881		386,308
		Accumulated depletion and impairment	(501	)	(52,479	)	(27,070	)	(80,050	)
		Net book value - December 31	185,636		115,811		4,811		306,258

	Exploration and evaluation
		Cost	182,001		-		9,179		191,180
		Accumulated depletion	(1,343	)	-		-		(1,343	)
		Net book value - December 31	180,658		-		9,179		189,837

Total net book value - December 31			627,567		483,164		19,781		1,130,512

		Nine months ended September 30, 2020						Year ended December 31, 2019
		Mining interests		Plant and equipment		Total		Mining interests	Plant and equipment		Total
		$		$		$		$	$		$

Net book value - Beginning of period		320,008		23,685		343,693		-	189		189
	Adoption of IFRS 16	-		-		-		-	9,432		9,432
	Acquisition of the San Antonio gold project (Note 4)	53,759		1,330		55,089		-	-		-
	Acquisition of Barkerville Gold Mines Ltd.	-		-		-		258,153	13,968		272,121
	NSR royalty held on the Cariboo property prior to the acquisition of Barkerville Gold Mines Ltd.	-		-		-		56,070	-		56,070
	Additions	43,319		384		43,703		5,555	1,595		7,150
	Investment tax credits	(2,735	)	-		(2,735	)	-	-		-
	Environmental rehabilitation asset	4,176		-		4,176
	Depreciation	-		(4,060	)	(4,060	)	-	(1,499	)	(1,499	)
	Depreciation capitalized	3,034		-		3,034		230	-		230
	Share-based compensation capitalized	471		-		471
Net book value - End of period		422,032		21,339		443,371		320,008	23,685		343,693

Closing balance
	Cost	422,032		27,395		449,427		320,008	25,681		345,689
	Accumulated depreciation	-		(6,056	)	(6,056	)	-	(1,996	)	(1,996	)
Net book value		422,032		21,339		443,371		320,008	23,685		343,693

		Nine months ended September 30, 2020		Year ended December 31, 2019
		$		$
Net book value - Beginning of period		42,949		95,002
	Additions	201		221
	Transfer to royalty, stream and other interests	-		(2,288	)
	Impairments	-		(49,986	)
Net book value - End of period		43,150		42,949
Closing balance
	Cost	101,340		101,139
	Accumulated impairment	(58,190	)	(58,190	)
Net book value		43,150		42,949

		Nine months ended September 30, 2020									Year ended December 31, 2019
		Environmental rehabilitation⁽ⁱ⁾	Lease liabilities		Total		Restricted share units		Deferred share units		Environmental Rehabilitation⁽ⁱ⁾		Lease liabilities		Total
		$	$		$		$		$		$		$		$
Balance - Beginning of period		20,527	10,127		30,654		32		3,462		-		-		3,494
	Acquisition of the San Antonio gold project (note 4)	9,301	-		9,301		-		-		-		-		-
	Acquisition of Barkerville Gold Mines Ltd.	-	-		-		-		-		20,549		-		20,549
	Adoption of IFRS 16	-	-		-		-		-		-		10,893		10,893
	New liabilities	4,176	-		4,176		11		416		-		-		427
	Revision of estimates	480	-		480		2		388		(111	)	-		279
	Accretion	523	-		523		-		-		89		-		89
	Settlement/payments of liabilities	-	(594	)	(594	)	(45	)	(544	)	-		(766	)	(1,355	)
	DSU to be settled in equity	-	-		-		-		(3,722	)	-		-		(3,722	)
Balance - End of period		35,007	9,533		44,540		-		-		20,527		10,127		30,654
Current portion		3,776	824		4,600		-		-		493		796		1,289
Non-current portion		31,231	8,709		39,940		-		-		20,034		9,331		29,365
		35,007	9,533		44,540		-		-		20,527		10,127		30,654

Declaration date	Dividend per share	Record date	Payment date	Dividend payable	Dividend reinvestment plan⁽ⁱ⁾
	$			$

February 19, 2020	0.05	March 31, 2020	April 15, 2020	7,879,000	24,809,311
May 12, 2020	0.05	June 30, 2020	July 15, 2020	8,259,000	27,492,302
August 5, 2020	0.05	September 30, 2020	October 15, 2020	8,341,000	9,822,963
	0.15			24,479,000

		Nine months ended September 30, 2020			Year ended December 31, 2019
				Weighted					Weighted
				average					average
		Number of		exercise	Number of				exercise
		Warrants⁽ⁱ⁾	Amount	price	Warrants		Amount		price
			$	$			$		$
Balance - Beginning of period		5,480,000	18,072	36.50	11,195,500		30,901		27.61
	Expired	-	-	-	(5,715,500	)	(12,829	)	19.08
Balance - End of period		5,480,000	18,072	36.50	5,480,000		18,072		36.50

	OSISKO GOLD ROYALTIES LTD
	(Registrant)

				Three months ended September 30,				Nine months ended September 30,
	Notes	2020		2019		2020		2019
		$		$		$		$

Operating activities
Net earnings (loss)		12,514		(45,924	)	12,244		(79,020	)
Adjustments for:
Share-based compensation		2,567		2,052		6,932		6,273
Depletion and amortization		9,954		11,287		33,067		36,113
Net gain on disposal of an offtake		-		(7,636	)	-		(7,636	)
Impairment of royalty, stream and other interests		-		60,800		26,300		99,700
Finance costs		1,888		1,817		6,638		5,291
Share of loss of associates		760		4,146		3,934		14,688
Net gain on acquisition of investments		(982	)	(540	)	(3,827	)	(628	)
Change in fair value of financial assets at fair value through profit and loss		(326	)	205		(1,332	)	1,399
Net gain on dilution of investments	6	-		-		(10,381	)	-
Net (gain) loss on disposal of investments		-		(1,091	)	(1,226	)	3,136
Impairment of investments		1,281		12,500		5,304		12,500
Foreign exchange loss (gain)		391		(498	)	(1,166	)	1,145
Deferred income tax expense (recovery)		3,615		(12,001	)	1,590		(21,267	)
Other		35		(66	)	110		(559	)
Net cash flows provided by operating activities before changes in non-cash working capital items		31,697		25,051		78,187		71,135
Changes in non-cash working capital items	17	4,426		3,243		(2,842	)	3,259
Net cash flows provided by operating activities		36,123		28,294		75,345		74,394

Investing activities
Short-term investments		(519	)	(9,614	)	(1,588	)	(25,844	)
Acquisition of investments		(8,401	)	(7,359	)	(42,344	)	(47,896	)
Proceeds on disposal of investments		7,163		71,434		10,600		129,908
Acquisition of the San Antonio gold project	4	(48,708	)	-		(48,708	)	-
Acquisition of royalty and stream interests		(12,512	)	(43,501	)	(36,879	)	(71,470	)
Proceeds on disposal of royalty and offtake interests		-		43,182		-		43,182
Exploration and evaluation (expenses) tax credits, net		(85	)	(69	)	(201	)	81
Mining assets and plant and equipment		(16,072	)	(15	)	(42,487	)	(603	)
Restricted cash		4,762		-		4,762		-
Other		206		(113	)	357		-
Net cash flows (used in) provided by investing activities		(74,166	)	53,945		(156,488	)	27,358

Financing activities
Private placement of common shares	13	-		-		85,000		-

		Options outstanding		Options exercisable
			Weighted
			average
		Weighted	remaining		Weighted
Exercise		average	contractual		average
price range	Number	exercise price	life (years)	Number	exercise price
$		$			$
6.94 - 9.98	7,637	7.80	0.52	7,637	7.80
10.58 - 12.97	921,873	12.71	3.61	433,839	12.66
13.10 - 14.78	2,639,514	13.55	3.34	921,216	13.55
15.97 - 18.07	801,926	16.84	1.85	771,926	16.87
24.72 - 27.77	135,660	26.45	1.09	135,660	26.45
	4,506,610	14.34	3.06	2,270,278	15.26

	Nine months ended September 30, 2020	Year ended December 31, 2019
Dividend per share	1%	1%
Expected volatility	39%	34%
Risk-free interest rate	0.3%	1.6%
Expected life	46 months	49 months
Weighted average share price	$13.51	$13.51
Weighted average fair value of options granted	$3.56	$3.41

		Nine months ended September 30, 2020			Year ended December 31, 2019
		DSU⁽ⁱ⁾ (equity)	RSU⁽ⁱⁱ⁾ (equity)		DSU (cash)		DSU (equity)		RSU (cash)		RSU (equity)

Balance - Beginning of period		325,207	1,190,038		317,209		-		3,046		848,759
	Granted	97,995	504,560		-		66,000		-		592,300
	Reinvested dividends	4,254	13,199		2,352		2,529		23		14,600
	Settled	-	(314,337	)	(37,185	)	(16,866	)	(3,069	)	(176,704	)
	Transfer from cash-settled to equity-settled	-	-		(282,376	)	282,376		-		-
	Forfeited	-	(103,440	)	-		(8,832	)	-		(88,917	)
Balance - End of period		427,456	1,290,020		-		325,207		-		1,190,038
Balance - Vested		329,056	-		-		267,565		-		70,320

				September 30, 2020
		Level 1	Level 2	Level 3	Total
		$	$	$	$
Recurring measurements

Financial assets at fair value through profit or loss⁽ⁱ⁾
Warrants on equity securities
	Publicly traded mining exploration and development companies
	Precious metals	-	-	3,957	3,957
	Other minerals	-	-	1,278	1,278
Financial assets at fair value through other comprehensive income⁽ⁱ⁾
Equity securities
	Publicly traded mining exploration and development companies
	Precious metals	91,126	-	-	91,126
	Other minerals	11,871	-	-	11,871
		102,997	-	5,235	108,232

	September 30, 2020
	Fair value	Carrying amount
	$	$

Long-term debt - Level 1	312,000	285,307
Long-term debt - Level 2	136,613	136,283
	448,613	421,590

	North America⁽ⁱ⁾	South America	Australia	Africa	Europe	Total
	$	$	$	$	$	$

2020

Royalties	73,207	362	52	3,291	-	76,912
Streams	8,527	13,960	1,449	-	6,962	30,898
Offtakes	41,260	-	-	-	-	41,260

	122,994	14,322	1,501	3,291	6,962	149,070

2019

Royalties	67,731	228	47	2,813	-	70,819
Streams	15,485	8,087	1,244	-	5,567	30,383
Offtakes	240,365	-	-	-	-	240,365

	323,581	8,315	1,291	2,813	5,567	341,567

	North America⁽ⁱ⁾	South America	Australia	Africa	Asia	Europe	Total
	$	$	$	$	$	$	$

September 30, 2020

Royalties	573,629	31,524	9,924	8,646	-	15,215	638,938
Streams	178,140	195,131	1,838	-	29,746	57,937	462,792
Offtakes	6,177	-	8,506	-	4,940	-	19,623

	757,946	226,655	20,268	8,646	34,686	73,152	1,121,353

December 31, 2019

Royalties	560,246	31,657	9,961	10,488	-	15,215	627,567
Streams	194,344	198,021	2,435	-	28,963	59,401	483,164
Offtakes	6,689	-	8,282	-	4,810	-	19,781

	761,279	229,678	20,678	10,488	33,773	74,616	1,130,512

	September 30, 2020	December 31, 2019
	$	$
Assets
Inventories (Mexico)	27,307	-
Inventories (Canada)	1,685	1,656
Mining interests, plant and equipment (Canada)	388,282	343,693
Mining interests, plant and equipment (Mexico)	55,089	-
Exploration and evaluation assets (Canada)	41,711	41,725
Exploration and evaluation assets (Mexico)	1,439	1,224
	515,513	388,298

	Nine months ended September 30,
	2020	2019
	$	$
Expenses
Exploration and evaluation (Canada)	108	139

Description of the Business	2
Business Model and Strategy	2
Highlights - Third Quarter of 2020	2
Highlights - Subsequent to September 30, 2020	3
Uncertainty due to COVID-19	3
Spin-out of Mining Assets and Creation of Osisko Development Corp.	3
Portfolio of Royalty, Stream and Other Interests	6
Impairment of assets	16
Equity Investments	16
Sustainability Activities	19
Mining Exploration and Evaluation / Development Activities	19
Quarterly Dividends	23
Normal Course Issuer Bid	23
Gold Market and Currency	24
Selected Financial Information	25
Overview of Financial Results	26
Liquidity and Capital Resources	31
Cash Flows	32
Quarterly Information	34
Outlook	35
Segment disclosure	35
Related Party Transactions	38
Contractual Obligations and Commitments	38
Off-balance Sheet Items	39
Outstanding Share Data	39
Subsequent Events to September 30, 2020	40
Risks and Uncertainties	40
Disclosure Controls and Procedures and Internal Control over Financial Reporting	40
Basis of Presentation of Consolidated Financial Statements	41
Critical Accounting Estimates and Judgements	42
Financial Instruments	42
Non-IFRS Financial Performance Measures	43
Forward-looking Statements	44
Cautionary Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral Resource Estimates	45
Corporate Information	46

Osisko Gold Royalties Ltd	Management's Discussion and Analysis
2020 - Third Quarter Report

	Three months ended September 30,		Nine months ended September 30,
	2020	2019	2020	2019

Gold

Canadian Malartic royalty	7,725	7,916	19,420	24,666
Éléonore royalty	1,015	1,568	3,420	5,584
Seabee royalty⁽ⁱ⁾	-	859	1,429	2,418
Eagle Gold royalty⁽ⁱⁱ⁾	1,821	-	3,344
Island Gold royalty⁽ⁱⁱⁱ⁾	225	545	1,278	1,438
Pan royalty	458	416	1,246	1,168
Matilda stream	187	187	619	678
Lamaque royalty⁽ⁱⁱⁱ⁾	191	353	525	824
Brucejack offtake⁽ⁱ^v⁾	-	372	-	1,216
Vezza royalty⁽^v⁾	-	78	-	599
Other	117	114	477	588
	11,739	12,408	31,758	39,179

Silver

Mantos stream	2,314	1,650	6,172	4,359
Sasa stream	1,193	974	2,983	2,992
Gibraltar stream	743	452	1,807	1,418
Canadian Malartic royalty	102	101	282	335
Other	214	105	700	300
	4,566	3,282	11,944	9,404
Diamonds

Renard stream^(vⁱ⁾	-	1,998	2,055	7,151
Other	30	29	87	171
	30	2,027	2,142	7,322
Other metals

Kwale royalty	400	401	1,417	1,595
Other	4	5	23	27
	404	406	1,440	1,622

Total GEOs	16,739	18,123	47,284	57,527

Asset stage	Royalties	Streams	Offtakes	Total number of assets

Producing	11	5	1	17

Development (construction)	8	4	2	14

Exploration and evaluation	106	-	1	107
	125	9	4	138

Asset	Operator	Interest	Commodity	Jurisdiction


North America

Canadian Malartic	Agnico Eagle Mines Limited Yamana Gold Inc.	5% NSR royalty	Au, Ag	Canada

Éléonore	Newmont Corporation	2.2-3.5% NSR royalty	Au	Canada

Eagle Gold⁽ⁱ⁾	Victoria Gold Corp.	5% NSR royalty	Au	Canada

Renard⁽ⁱⁱ⁾	Stornoway Diamonds (Canada) Inc.	9.6% stream	Diamonds	Canada

Gibraltar	Taseko Mines Limited	75% stream	Ag	Canada

Seabee	SSR Mining Inc.	3% NSR royalty	Au	Canada

Island Gold^(vii)	Alamos Gold Inc.	1.38-3% NSR royalty	Au	Canada

Bald Mtn. Alligator Ridge / Duke & Trapper	Kinross Gold Corporation	1% / 4% NSR royalty	Au	USA

Pan	Fiore Gold Ltd.	4% NSR royalty	Au	USA

Parral	GoGold Resources Inc.	100% offtake	Au, Ag	Mexico

Lamaque South^(vii)	Eldorado Gold Corporation	1% NSR royalty	Au	Canada

Investments	Carrying value⁽ⁱ⁾	Fair value⁽ⁱⁱ⁾
	$	$

Associates	123,946	214,741
Other	102,997	102,997
	226,943	317,738

Company	Number of Shares Held	Ownership
		%

Osisko Mining	50,023,569	14.6
Osisko Metals	31,127,397	17.8
Falco	41,385,240	18.3

Category	Deposit	Tonnes	Grade	Ounces
Category	Deposit	('000)	(Au g/t)	('000)
Measured	Bonanza Ledge	240	5.1	39
Indicated	Bonanza Ledge	86	3.9	11
	BC Vein	1,192	4.7	179
	KL	393	3.3	42
	Lowhee	381	3.7	46
	Mosquito	783	6.0	150
	Shaft	10,889	4.7	1,644
	Valley	1,744	4.5	251
	Cow	5,734	4.5	838
Total Indicated Resources		21,201	4.6	3,160
Inferred	BC Vein	472	3.9	60
	KL	1,926	2.9	181
	Lowhee	1,032	3.2	105
	Mosquito	1,348	4.8	208
	Shaft	7,913	4.2	1,081
	Valley	5,683	4.0	722
	Cow	3,276	3.5	364
Total Measured and Indicated Resources		21,441	4.6	3,200
Total Inferred Resources		21,649	3.9	2,721

Declaration date	Dividend per share	Record date⁽ⁱ⁾	Payment date⁽ⁱ⁾	Dividends paid or payable
	$			$

Year 2014	0.03	n/a	n/a	1,551,000
Year 2015	0.13	n/a	n/a	12,229,000
Year 2016	0.16	n/a	n/a	17,037,000
Year 2017	0.18	n/a	n/a	24,275,000
Year 2018	0.20	n/a	n/a	31,213,000
Year 2019	0.20	n/a	n/a	29,976,000

February 19, 2020	0.05	March 31, 2020	April 15, 2020	7,879,000
May 12, 2020	0.05	June 30, 2020	July 15, 2020	8,259,000
August 5, 2020	0.05	September 30, 2020	October 15, 2020	8,341,000
November 9, 2020	0.05	December 31, 2020	January 15, 2021	tbd⁽ⁱⁱ⁾
Year-to-date 2020	0.20

(US$/ounce of gold)	High	Low	Average	Close

2020-Q3 (YTD)	$2,067	$1,474	$1,735	$1,887
2019	1,545	1,270	1,393	1,515
2018	1,355	1,178	1,268	1,279
2017	1,346	1,151	1,257	1,291
2016	1,366	1,077	1,251	1,146

	Three months ended September 30,
	2020			2019
	Average selling price per ounce / carat ($)	Ounces / carats sold	Total revenues ($000's)	Average selling price per ounce / carat ($)	Ounces / Carats sold	Total revenues ($000's)


Gold sold	2,545	13,488	34,329	1,952	46,468	90,684
Silver sold	31	591,639	18,522	23	537,591	12,203
Diamonds sold⁽ⁱ⁾	-	-	-	95	40,861	3,885
Other (paid in cash)	-	-	2,856	-	-	2,468
			55,707			109,235

	2020				2019								2018
	Q3	Q2	Q1		Q4		Q3		Q2		Q1		Q4

GEOs	16,739	12,386	18,159		20,479		18,123		19,651		19,753		20,005
Cash and cash equivalents	160,705	201,971	158,325		108,223		123,702		83,589		108,497		174,265
Short-term investments	21,568	21,105	21,228		20,704		25,844		16,165		13,119		10,000
Working capital	110,333	162,996	117,090		112,494		150,845		89,668		107,328		174,596
Total assets	2,200,070	2,128,588	2,016,189		1,947,253		1,948,355		2,042,960		2,160,816		2,234,646
Total long-term debt	421,590	421,652	423,499		349,042		347,638		326,050		324,355		352,769
Equity	1,638,178	1,604,676	1,492,346		1,493,446		1,506,287		1,534,872		1,727,396		1,771,595
Revenues	55,707	40,758	52,605		51,032		109,235		131,606		100,726		115,337
Net cash flows from operating activities	36,123	15,422	23,800		17,204		28,294		21,350		24,750		18,559
Impairment of assets, net of income taxes	1,281	3,117	(19,300	)	(148,600	)	(58,952	)	-		(28,600	)	(123,655	)
Net earnings (loss)	12,514	13,048	(13,318	)	(155,175	)	(45,924	)	(6,547	)	(26,549	)	(113,882	)
Basic and diluted net earnings (loss) per share	0.08	0.08	(0.09	)	(1.04	)	(0.32	)	(0.04	)	(0.17	)	(0.73	)
Weighted average shares outstanding (000's)
- Basic	166,110	164,733	155,374		149,912		144,446		154,988		155,059		156,336
- Diluted	166,397	164,815	155,374		149,912		144,446		154,988		155,059		156,336
Share price - TSX - closing	15.75	13.56	10.50		12.62		12.31		13.65		15.01		11.97
Share price - NYSE - closing	11.83	10.00	7.44		9.71		9.30		10.44		11.24		8.78
Warrant price - TSX - closing
OR.WT	0.34	0.31	0.16		0.25		0.445		0.51		0.80		0.37
Debenture price - TSX - closing⁽²⁾
OR.DB	104.00	101.34	94.75		101.08		101.75		102.90		103.00		98.99
Price of gold (average US$)	1,909	1,711	1,583		1,481		1,485		1,309		1,304		1,226
Closing exchange rate⁽³⁾ (US$/Can$)	1.3339	1.3628	1.4187		1.2988		1.3243		1.3087		1.3363		1.3642