OR Royalties Inc 6-K, filed Nov 10, 2021

OR Royalties Inc. (OR)

6-K 2021-11-10 For: 2021-09-30

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Added on April 08, 2026

About this 6-K

OR Royalties Inc filed this 6-K on November 10, 2021.

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Exhibit		Description

99.1		Interim Consolidated Financial Statements for the periods ended September 30, 2021
99.2		Management’s Discussion and Analysis for the periods ended September 30, 2021
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 Third Quarter Results

Date: November 9, 2021	By:	/s/ André Le Bel
		André Le Bel
	Title:	Vice President, Legal Affairs and Corporate Secretary

		September 30,		December 31,
		2021		2020
	Notes	$		$

Assets

Current assets

Cash	3	151,945		302,524
Short-term investments		-		3,501
Amounts receivable		16,038		12,894
Inventories	4	19,172		10,025
Other assets		2,608		6,244
		189,763		335,188

Non-current assets

Investments in associates	5	126,035		119,219
Other investments	6	165,485		157,514
Royalty, stream and other interests	7	1,147,153		1,116,128
Mining interests and plant and equipment	8	590,989		489,512
Exploration and evaluation	17	45,875		42,519
Goodwill		111,204		111,204
Other assets	4	13,821		25,820
		2,390,325		2,397,104

Liabilities

Current liabilities

Accounts payable and accrued liabilities		46,700		46,889
Dividends payable		9,160		8,358
Provisions and other liabilities	9	15,956		4,431
Current portion of long-term debt	10	-		49,867
		71,816		109,545

Non-current liabilities

Provisions and other liabilities	9	39,934		41,536
Long-term debt	10	405,306		350,562
Deferred income taxes		61,669		54,429
		578,725		556,072

Equity

Share capital	11	1,779,565		1,776,629
Warrants	11	18,072		18,072
Contributed surplus		41,041		41,570
Equity component of convertible debentures		14,510		17,601
Accumulated other comprehensive income		60,181		48,951
Deficit		(260,637	)	(174,458	)
Equity attributable to Osisko Gold Royalties Ltd's shareholders		1,652,732		1,728,365
Non-controlling interests		158,868		112,667
Total equity		1,811,600		1,841,032
		2,390,325		2,397,104

		Three months ended September 30,				Nine months ended September 30,
		2021		2020		2021		2020
	Notes	$		$		$		$


Revenues	13	50,035		55,707		174,204		149,070

Cost of sales	13	(3,507	)	(15,236	)	(34,000	)	(45,464	)
Depletion of royalty, stream and other interests		(12,733	)	(9,665	)	(36,097	)	(32,057	)
Gross profit		33,795		30,806		104,107		71,549

Other operating expenses
General and administrative		(11,359	)	(5,957	)	(30,436	)	(18,059	)
Business development		(933	)	(1,910	)	(3,038	)	(4,682	)
Exploration and evaluation		(336	)	(32	)	(1,516	)	(108	)
Impairments - royalty, stream and other interests		-		-		(2,288	)	(26,300	)
Impairments - mining exploration, evaluation and development	4,8,17	(33,320	)	-		(73,799	)	-
Operating (loss) income		(12,153	)	22,907		(6,970	)	22,400
Interest income		1,268		1,327		3,926		3,523
Finance costs		(6,269	)	(6,440	)	(18,296	)	(19,938	)
Foreign exchange gain (loss)		798		(419	)	(737	)	1,299
Share of loss of associates		(772	)	(760	)	(2,665	)	(3,934	)
Other gains, net	13	15,296		27		15,015		11,462
(Loss) earnings before income taxes		(1,832	)	16,642		(9,727	)	14,812
Income tax expense		(4,320	)	(4,128	)	(11,725	)	(2,568	)
Net (loss) earnings		(6,152	)	12,514		(21,452	)	12,244

Net earnings (loss) attributable to:
Osisko Gold Royalties Ltd's shareholders		1,795		12,514		(2,370	)	12,244
Non-controlling interests		(7,947	)	-		(19,082	)	-

Net earnings per share	14
Basic and diluted		0.01		0.08		(0.01	)	0.08

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
	$		$		$		$


Net (loss) earnings	(6,152	)	12,514		(21,452	)	12,244

Other comprehensive (loss) income

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	(7,396	)	14,490		(8,296	)	34,945
Income tax effect	762		(1,969	)	3,605		(4,687	)

Share of other comprehensive income of associates	-		368		-		368


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

Cumulative translation adjustments	13,589		(10,484	)	(756	)	13,257


Other comprehensive income (loss)	6,955		2,405		(5,447	)	43,883
Comprehensive income (loss)	803		14,919		(26,899	)	56,127

Comprehensive income (loss) attributable to:
Osisko Gold Royalties Ltd's shareholders	12,288		14,919		(3,694	)	56,127
Non-controlling interests	(11,485	)	-		(23,205	)	-

				Equity attributed to Osisko Gold Royalties Ltd's shareholders
		Number of							Equity		Accumulated
		common				Warrants			component of		other						Non-
		shares		Share			Contributed		convertible		comprehensive						controlling
	Notes	outstanding		capital			surplus		debentures		income⁽ⁱ⁾		Deficit		Total		interests		Total
				$		$	$		$		$		$		$		$		$
Balance - January 1, 2021		166,647,932		1,776,629		18,072	41,570		17,601		48,951		(174,458	)	1,728,365		112,667		1,841,032

Net earnings (loss)		-		-		-	-		-		-		(2,370	)	(2,370	)	(19,082	)	(21,452	)
Other comprehensive loss		-		-		-	-		-		(1,324	)	-		(1,324	)	(4,123	)	(5,447	)
Comprehensive (loss) income		-		-		-	-		-		(1,324	)	(2,370	)	(3,694	)	(23,205	)	(26,899	)

Net investments from minority shareholders	11	-		-		-	-		-		-		-		-		29,532		29,532
Effect of changes in ownership of a subsidiary on non- controlling interest		-		-		-	-		-		-		(36,331	)	(36,331	)	36,331		-
Dividends declared	11	-		-		-	-		-		-		(25,927	)	(25,927	)	-		(25,927	)
Shares issued - Dividends reinvestment plan	11	89,935		1,381		-	-		-		-		-		1,381		-		1,381
Shares issued - Employee share purchase plan		15,249		237		-	-		-		-		-		237		-		237
Share options - Share-based compensation		-		-		-	2,724		-		-		-		2,724		1,518		4,242
Share options exercised		943,515		16,498		-	(3,458	)	-		-		-		13,040		-		13,040
Restricted share units to be settled in common shares:
Share-based compensation		-		-		-	2,520		-		-		-		2,520		1,359		3,879
Settlement		208,437		2,144		-	(4,257	)	-		-		(508	)	(2,621	)	-		(2,621	)
Income tax impact		-		-		-	(491	)	-		-		-		(491	)	-		(491	)
Deferred share units to be settled in common shares:
Share-based compensation		-		-		-	897		-		-		-		897		666		1,563
Settlement		30,849		625		-	(1,349	)	-		-		(237	)	(961	)	-		(961	)
Income tax impact		-		-		-	(206	)	-		-		-		(206	)	-		(206	)
Normal course issuer bid purchase of common shares	11	(2,082,666	)	(22,249	)	-	-		-		-		(8,252	)	(30,501	)	-		(30,501	)
Deemed issuance of Osisko shares	5	364,731		4,300		-	-		-		-		-		4,300		-		4,300
Equity component of convertible debenture	10	-		-		-	3,091		(3,091	)	-		-		-		-		-
Transfer of realized loss on financial assets at fair value through other comprehensive income, net of income taxes		-		-		-	-		-		12,554		(12,554	)	-		-		-
Balance - September 30, 2021 ⁽ⁱⁱ⁾		166,217,982		1,779,565		18,072	41,041		14,510		60,181		(260,637	)	1,652,732		158,868		1,811,600

		Nine months ended		Year ended
		September 30, 2021		December 31, 2020
		$		$
Balance - Beginning of period		119,219		103,640
	Acquisitions	2,353		14,954
	Exercise of warrants	1,437		36
	Share of loss	(2,665	)	(7,657	)
	Share of other comprehensive income	-		1,506
	Net gain on ownership dilution	1,391		10,381
	Gain on deemed disposals	-		5,357
	Transfers to other investments	-		(8,998	)
	Deemed issuance of Osisko common shares held by an associate ⁽ⁱ⁾	4,300		-
Balance - End of period		126,035		119,219

				Nine months ended September 30, 2021
		Royalty interests		Stream interests		Offtake interests		Total
		$		$		$		$
Balance - January 1		656,661		440,941		18,526		1,116,128
Acquisitions		55,422		13,291		-		68,713
Conversion of an offtake into a stream		-		4,682		(4,682	)	-
Depletion		(21,634	)	(14,463	)	-		(36,097	)
Impairment		(2,288	)	-		-		(2,288	)
Translation adjustments		588		229		(120	)	697

Balance - September 30		688,749		444,680		13,724		1,147,153

Producing
	Cost	621,557		520,377		10,365		1,152,299
	Accumulated depletion and impairment	(388,625	)	(206,209	)	(10,365	)	(605,199	)
	Net book value - September 30	232,932		314,168		-		547,100

Development
	Cost	231,636		181,993		31,274		444,903
	Accumulated depletion and impairment	(545	)	(51,481	)	(26,555	)	(78,581	)
	Net book value - September 30	231,091		130,512		4,719		366,322

Exploration and evaluation
	Cost	225,635		-		9,005		234,640
	Accumulated depletion	(909	)	-		-		(909	)
	Net book value - September 30	224,726		-		9,005		233,731

Total net book value - September 30		688,749		444,680		13,724		1,147,153

				Year ended December 31, 2020
		Royalty interests		Stream interests		Offtake interests		Total
		$		$		$		$
Balance - January 1		627,567		483,164		19,781		1,130,512
	Additions	54,276		11,917		-		66,193
	Disposal	(357	)	-		-		(357	)
	Depletion	(23,159	)	(21,532	)	(914	)	(45,605	)
	Impairment	-		(26,300	)	-		(26,300	)
	Translation adjustments	(1,666	)	(6,308	)	(341	)	(8,315	)

Balance - December 31		656,661		440,941		18,526		1,116,128

Producing
	Cost	621,503		512,019		18,422		1,151,944
	Accumulated depletion and impairment	(367,232	)	(188,281	)	(13,609	)	(569,122	)
	Net book value - December 31	254,271		323,738		4,813		582,822

Development
	Cost	185,170		168,648		31,252		385,070
	Accumulated depletion and impairment	(501	)	(51,445	)	(26,537	)	(78,483	)
	Net book value - December 31	184,669		117,203		4,715		306,587

Exploration and evaluation
	Cost	218,395		-		8,998		227,393
	Accumulated depletion	(674	)	-		-		(674	)
	Net book value - December 31	217,721		-		8,998		226,719

Total net book value - December 31		656,661		440,941		18,526		1,116,128

		Nine months ended September 30, 2021						Year ended December 31, 2020
		Mining interests		Plant and equipment ⁽ⁱ⁾		Total		Mining interests		Plant and equipment ⁽ⁱ⁾		Total
		$		$		$		$		$		$

Net book value - Beginning of period		459,303		30,209		489,512		320,008		23,685		343,693
	Acquisition of the San Antonio gold project	-		-		-		57,038		1,330		58,368
	Additions	121,355		46,497		167,852		75,437		10,915		86,352
	Impairment	(58,417	)	-		(58,417	)	-		-		-
	Mining exploration tax credits	(1,585	)	-		(1,585	)	(4,608	)	-		(4,608	)
	Changes in the environmental rehabilitation assets	-		-		-		3,414		-		3,414
	Depreciation	-		(4,430	)	(4,430	)	-		(5,340	)	(5,340	)
	Depreciation capitalized	3,980		-		3,980		4,019		-		4,019
	Share-based compensation capitalized	1,505		-		1,505		688		-		688
	Transfers	(11,221	)	11,221		-		-		-		-
	Pre-commercial revenues	(4,682	)	-		(4,682	)	-		-		-
	Disposals and others	-		(950	)	(950	)	-		(388	)	(388	)
	Currency translation adjustments	(1,745	)	(51	)	(1,796	)	3,307		7		3,314
Net book value - End of period		508,493		82,496		590,989		459,303		30,209		489,512

Closing balance
	Cost	566,910		93,266		660,176		459,303		37,545		496,848
	Accumulated depreciation and impairment	(58,417	)	(10,770	)	(69,187	)	-		(7,336	)	(7,336	)
Net book value		508,493		82,496		590,989		459,303		30,209		489,512

				Nine months ended September 30, 2021						Year ended December 31, 2020
		Environmental rehabilitation⁽ⁱ⁾		Lease liabilities⁽ⁱⁱ⁾		Deferred premium on flow-through shares ⁽ⁱⁱⁱ⁾		Total		Environmental Rehabilitation⁽ⁱ⁾		Lease liabilities⁽ⁱⁱ⁾		Total
		$		$		$		$		$		$		$
Balance - Beginning of period		34,601		11,366		-		45,967		20,527		10,127		30,654
	Acquisition of the San Antonio gold project	-		-		-		-		9,301		-		9,301
	New liabilities	1,500		13,611		-		15,111		4,176		2,394		6,570
	Revision of estimates	(2,874	)	-		-		(2,874	)	(310	)	-		(310	)
	Accretion	890		-		-		890		820		-		820
	Settlement/payments of liabilities	(366	)	(4,577	)	-		(4,943	)	(500	)	(1,155	)	(1,655	)
	Issuance of flow-through shares	-		-		7,885		7,885		-		-		-
	Recognition of deferred premium on flow-through shares	-		-		(5,869	)	(5,869	)
	Currency translation adjustments	(277	)	-		-		(277	)	587		-		587
Balance - End of period		33,474		20,400		2,016		55,890		34,601		11,366		45,967
Current portion		4,032		9,908		2,016		15,956		3,019		1,412		4,431
Non-current portion		29,442		10,492		-		39,934		31,582		9,954		41,536
		33,474		20,400		2,016		55,890		34,601		11,366		45,967

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

February 21, 2021	0.050	March 31, 2021	April 15, 2021	8,364,000	8,989,709
May 11, 2021	0.050	June 30, 2021	July 15, 2021	8,404,000	7,102,627
August 8, 2021	0.055	September 30, 2021	October 15, 2021	9,160,000	8,005,584
	0.155			25,928,000


		Nine months ended September 30, 2021			Year ended December 31, 2020
				Weighted			Weighted
		Number of		average	Number of		average
		options		exercise price	options		exercise price
				$			$
Balance - Beginning of period		4,240,869		14.22	4,939,344		14.40
	Granted⁽ⁱ⁾	758,700		13.25	1,201,100		13.51
	Exercised	(943,515	)	13.82	(673,470	)	11.27
	Forfeited	(50,200	)	13.44	(341,300	)	13.61
	Expired	(171,220	)	16.04	(884,805	)	16.56
Balance - End of period		3,834,634		14.06	4,240,869		14.22
Options exercisable - End of period		1,917,638		14.76	2,208,070		14.96

		Options outstanding		Options exercisable
			Weighted
			average
		Weighted	remaining		Weighted
Exercise		average	contractual		average
price range	Number	exercise price	life (years)	Number	exercise price
$		$			$
10.58 - 12.97	1,337,290	12.69	3.7	487,824	12.70
13.10 - 14.78	1,748,986	13.54	3.1	796,856	13.53
15.97 - 18.07	680,528	16.79	1.5	565,128	16.81
24.72 - 27.77	67,830	26.97	0.6	67,830	26.97
	3,834,634	14.06	3.0	1,917,638	14.76

		Nine months ended September 30, 2021		Year ended December 31, 2020
Dividend per share		1.5%		1.5%
Expected volatility		40%		39%
Risk-free interest rate		0.7%		0.3%
Expected life		47 months		46 months
Weighted average share price	$	13.25	$	13.51
Weighted average fair value of options granted	$	3.65	$	3.56

	OSISKO GOLD ROYALTIES LTD
	(Registrant)

		Three months ended September 30,				Nine months ended September 30,
	Notes	2021		2020		2021		2020
		$		$		$		$

Operating activities
Net (loss) earnings		(6,152	)	12,514		(21,452	)	12,244
Adjustments for:
Share-based compensation		3,845		2,567		9,235		6,932
Depletion and amortization		12,918		9,954		36,973		33,067
Impairment of assets		33,320		1,281		78,199		31,604
Finance costs		2,058		1,888		5,613		6,638
Share of loss of associates		772		760		2,665		3,934
Net gain on acquisition of investments		(6,989	)	(982	)	(7,638	)	(3,827	)
Change in fair value of financial assets at fair value through profit and loss		(3,757	)	(326	)	(72	)	(1,332	)
Net gain on dilution of investments		-		-		(1,391	)	(10,381	)
Net gain on disposal of investments		-		-		-		(1,226	)
Foreign exchange loss (gain)		(671	)	391		724		(1,166	)
Flow-through shares premium income		(2,602	)	-		(5,869	)	-
Deferred income tax expense (recovery)		3,988		3,615		10,821		1,590
Others		(2,843	)	35		(2,351	)	110
Net cash flows provided by operating activities before changes in non-cash working capital items		33,887		31,697		105,457		78,187
Changes in non-cash working capital items	15	7,196		4,426		(12,133	)	(2,842	)
Net cash flows provided by operating activities		41,083		36,123		93,324		75,345

Investing activities
Net disposal of short-term investments		3,408		(519	)	3,408		(1,588	)
Acquisition of investments		(28,328	)	(8,401	)	(42,165	)	(42,344	)
Proceeds on disposal of investments		-		7,163		28,109		10,600
Acquisition of the San Antonio gold project		-		(48,708	)	-		(48,708	)
Acquisition of royalty and stream interests		(25,836	)	(12,512	)	(68,713	)	(36,879	)
Mining assets and plant and equipment		(54,865	)	(16,072	)	(144,516	)	(42,487	)
Exploration and evaluation expenses, net		(4,307	)	(85	)	(5,470	)	(201	)
Restricted cash		-		4,762		-		4,762
Others		(63	)	206		(264	)	357
Net cash flows used in investing activities		(109,991	)	(74,166	)	(229,611	)	(156,488	)

Financing activities
Private placement of common shares		-		-		-		85,000
Increase in long-term debt		-		-		50,000		71,660
Repayment of long-term debt		-		-		(50,000	)	-

	September 30,	December 31,
	2021	2020
	$	$
Current
Ore in stockpiles ^{(i), (ii)}^{, (iii)}	9,900	8,426
Gold-in-circuit and doré bars ⁽ⁱ⁾^{, (iii)}	6,184	-
Supplies and others ⁽ⁱ⁾	3,088	1,599
	19,172	10,025
Non-current
Ore in stockpiles ^{(i), (ii)}	-	17,279

		Nine months ended September 30, 2021				Year ended December 31, 2020
		DSU⁽ⁱ⁾		RSU⁽ⁱⁱ⁾		DSU⁽ⁱ⁾		RSU⁽ⁱⁱ⁾

Balance - Beginning of period		408,564		1,242,902		325,207		1,190,038
	Granted	64,720		293,610		97,995		504,560
	Reinvested dividends	3,839		11,715		5,558		17,143
	Settled	(102,266	)	(330,802	)	(20,196	)	(365,399	)
	Forfeited ⁽ⁱⁱⁱ⁾	-		(275,044	)	-		(103,440	)
Balance - End of period		374,857		942,381		408,564		1,242,902
Balance - Vested		309,896		-		309,862		-

				September 30, 2021
		Level 1	Level 2	Level 3	Total
		$	$	$	$
Recurring measurements

Financial assets at fair value through profit or loss⁽ⁱ⁾
Warrants on equity securities and convertible debentures and notes
	Publicly traded mining exploration and development companies
	Precious metals	-	-	23,256	23,256
	Other minerals	3,360	-	15,150	18,510
Financial assets at fair value through other comprehensive (loss) income⁽ⁱ⁾
Equity securities
	Publicly traded mining exploration and development companies
	Precious metals	60,914	-	-	60,914
	Other minerals	37,542	-	-	37,542
		101,816	-	38,406	140,222

			December 31, 2020
	Level 1	Level 2	Level 3	Total
	$	$	$	$
Recurring measurements

Financial assets at fair value through profit or loss⁽ⁱ⁾
Warrants on equity securities and convertible debentures and notes
Publicly traded mining exploration and development companies
Precious metals	-	-	23,904	23,904
Other minerals	-	-	1,159	1,159
Financial assets at fair value through other comprehensive (loss) income ⁽ⁱ⁾
Equity securities
Publicly traded mining exploration and development companies
Precious metals	95,796	-	-	95,796
Other minerals	19,794	-	-	19,794
	115,590	-	25,063	140,653

	September 30, 2021		December 31, 2020
	Fair value	Carrying amount	Fair Value	Carrying amount
	$	$

Long-term debt - Level 1	302,820	291,601	318,000	286,903
Long-term debt - Level 2	-	-	49,928	49,866
Balance	302,820	291,601	367,928	336,769

	As at September 30, 2021 and December 31, 2020
	Osisko Gold Royalties ⁽ⁱ⁾	Osisko Development⁽ⁱⁱ⁾
	(Royalties, streams and other interests)	(Mining exploration, evaluation and development)	Intersegment transactions ⁽ⁱⁱⁱ⁾		Consolidated
	$	$	$		$

Assets and liabilities

As at September 30, 2021

Cash	79,794	72,151	-		151,945
Current assets	87,809	102,424	(470	)	189,763
Investments in associates and other investments	212,177	79,343	-		291,520
Royalty, stream and other interests	1,240,549	-	(93,396	)	1,147,153
Mining interests and plant and equipment	8,268	513,115	69,606		590,989
Exploration and evaluation assets	-	45,225	650		45,875
Goodwill	111,204	-	-		111,204

Total assets	1,661,920	752,015	(23,610	)	2,390,325

Total liabilities (excluding long-term debt)	82,936	114,093	(23,610	)	173,419

Long-term debt	405,306	-	-		405,306

As at December 31, 2020

Cash	105,097	197,427	-		302,524
Current assets	117,592	218,478	(882	)	335,188
Investments in associates and other investments	166,589	110,144	-		276,733
Royalty, stream and other interests	1,203,781	-	(87,653	)	1,116,128
Mining interests and plant and equipment	9,011	407,000	73,501		489,512
Exploration and evaluation assets	-	41,869	650		42,519
Goodwill	111,204	-	-		111,204

Total assets	1,609,344	802,144	(14,384	)	2,397,104

Total liabilities (excluding long-term debt)	67,449	102,578	(14,384	)	155,643

Long-term debt	400,429	-	-		400,429

	For the three months ended September 30, 2021 and 2020
	Osisko Gold Royalties ⁽ⁱ⁾		Osisko Development ⁽ⁱⁱ⁾
	(Royalties, streams and other interests)		(Mining exploration, evaluation and development)		Intersegment transactions ⁽ⁱⁱⁱ⁾		Consolidated
	$		$		$		$

Revenues, expenses and cash flows

For the three months ended September 30, 2021

Revenues	50,035		3,906		(3,906	)	50,035
Gross profit	33,795		-		-		33,795
Operating expenses (G&A, bus. dev and exploration)	(5,428	)	(7,200	)	-		(12,628	)
Impairments	-		(33,320	)	-		(33,320	)
Net earnings (loss)	25,593		(31,745	)	-		(6,152	)

Cash flows from operating activities
Before working capital items	39,849		(5,962	)	-		33,887
Working capital items	4,231		2,965		-		7,196
After working capital items	44,080		(2,997	)	-		41,083
Cash flows from investing activities	(40,837	)	(69,154	)	-		(109,991	)
Cash flows from financing activities	(35,288	)	(1,588	)	-		(36,876	)

For the three months ended September 30, 2020

Revenues	55,707		-		-		55,707
Gross profit	30,806		-		-		30,806
Operating expenses (G&A, bus. dev and exploration)	(6,716	)	(1,183	)	-		(7,899	)
Impairments	(1,281	)	-		-		(1,281	)
Net earnings (loss)	12,759		(245	)	-		12,514

Cash flows from operating activities
Before working capital items	32,403		(706	)	-		31,697
Working capital items	4,923		(497	)	-		4,426
After working capital items	37,326		(1,203	)	-		36,123
Cash flows from investing activities	(62,990	)	(11,176	)	-		(74,166	)
Cash flows from financing activities	(299	)	(408	)	-		(707	)

	For the nine months ended September 30, 2021 and 2020
	Osisko Gold Royalties ⁽ⁱ⁾		Osisko Development ⁽ⁱⁱ⁾
	(Royalties, streams and other interests)		(Mining exploration, evaluation and development)		Intersegment transactions ⁽ⁱⁱⁱ⁾		Consolidated
	$		$		$		$

Revenues, expenses and cash flows

For the nine months ended September 30, 2021
Revenues	174,204		4,681		(4,681	)	174,204
Gross profit	104,107		-		-		104,107
Operating expenses (G&A, bus. dev and exploration)	(17,939	)	(17,051	)	-		(34,990	)
Impairments	(4,400	)	(73,799	)	-		(78,199	)
Net earnings (loss)	55,397		(76,849	)	-		(21,452	)

Cash flows from operating activities
Before working capital items	118,355		(7,188	)	(5,710	)	105,457
Working capital items	(256	)	(11,877	)	-		(12,133	)
After working capital items	118,099		(19,065	)	(5,710	)	93,324
Cash flows from investing activities	(96,994	)	(138,327	)	5,710		(229,611	)
Cash flows from financing activities	(46,341	)	32,307		-		(14,034	)

For the nine months ended September 30, 2020
Revenues	149,070		-		-		149,070
Gross profit	71,549		-		-		71,549
Operating expenses (G&A, bus. dev and exploration)	(19,421	)	(3,428	)	-		(22,849	)
Impairments	(31,604	)	-		-		(31,604	)
Net earnings (loss)	12,545		(301	)	-		12,244

Cash flows from operating activities
Before working capital items	80,442		(2,255	)	-		78,187
Working capital items	(578	)	(2,264	)	-		(2,842	)
After working capital items	79,864		(4,519	)	-		75,345
Cash flows from investing activities	(118,701	)	(37,787	)	-		(156,488	)
Cash flows from financing activities	135,685		(521	)	-		135,164

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

2021

Royalties	101,478	831	4	3,464	-	105,777
Streams	18,647	15,668	1,312	-	7,535	43,162
Offtakes	25,265	-	-	-	-	25,265

	145,390	16,499	1,316	3,464	7,535	174,204

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

	September 30, 2021			December 31, 2020
	Canada	Mexico	Total	Canada	Mexico	Total
	$	$	$	$	$	$
Assets
Inventories	8,857	10,315	19,172	1,599	25,705	27,304
Mining interests, plant and equipment	420,753	92,362	513,115	344,903	62,097	407,000
Exploration and evaluation assets	43,886	1,339	45,225	40,680	1,189	41,869
Total assets	669,434	82,581	752,015	704,998	97,146	802,144

Description of the Business	2
Business Model and Strategy	2
Uncertainty due to COVID-19	2
Highlights - Third Quarter of 2021	3
Highlights - Subsequent to September 30, 2021	3
Summary table - Financial highlights	4
Portfolio of Royalty, Stream and Other Interests	5
Equity Investments	17
Sustainability Activities	21
Mining Exploration and Evaluation / Development Activities	21
Dividend Reinvestment Plan	24
Normal Course Issuer Bid	25
Gold Market and Currency	25
Selected Financial Information	26
Overview of Financial Results	27
Liquidity and Capital Resources	32
Cash Flows	33
Outlook	35
Quarterly Information	36
Segment Disclosure	37
Related Party Transactions	40
Contractual Obligations and Commitments	40
Off-balance Sheet Items	41
Outstanding Share Data	41
Subsequent Events to September 30, 2021	42
Acquisition of royalties	42
Risks and Uncertainties	42
Disclosure Controls and Procedures and Internal Control over Financial Reporting	42
Basis of Presentation of Consolidated Financial Statements	43
Critical Accounting Estimates and Judgements	43
Financial Instruments	43
Technical information	43
Forward-looking Statements	45
Cautionary Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral Resource Estimates	46
Corporate Information	47

	For the three and nine months ended September 30,
	Osisko Gold Royalties ⁽ⁱ⁾				Osisko Development⁽ⁱⁱ⁾				Consolidated ^(vi)
	2021		2020		2021		2020		2021		2020
	$		$		$		$		$		$

Cash (Sept. 30, 2021 and Dec. 31, 2020) ⁽ⁱⁱⁱ⁾	79,794		105,097		72,151		197,427		151,945		302,524

Three months ended September 30,
Revenues	50,035		55,707		3,906		-		50,035		55,707
Cash margin ^(iv⁾	46,528		40,471		-		-		46,528		40,471
Gross profit	33,795		30,086		-		-		33,795		30,086
Operating expenses (G&A, bus. dev and exploration)	(5,428	)	(6,716	)	(7,200	)	(1,183	)	(12,628	)	(7,899	)
Net earnings (loss)	25,593		12,759		(31,745	)	(245	)	(6,152	)	12,514
Net earnings (loss) attributable to Osisko's shareholders	25,593		12,759		(23,798	)	(245	)	1,795		12,514
Net earnings per share attributable to Osisko's shareholders	0.15		0.08		(0.14	)	(0.00	)	0.01		0.08
Adjusted net earnings (loss) ^(v)	23,281		18,415		(5,372	)	(886	)	17,909		17,529
Adjusted net earnings (loss) per basic share ^(v)	0.14		0.11		(0.03	)	(0.01	)	0.11		0.11

Cash flows from operating activities ^(vi)
Before working capital items	39,849		32,403		(5,962	)	(706	)	33,887		31,697
Working capital items	4,231		4,923		2,965		(497	)	7,196		4,426
After working capital items	44,080		37,326		(2,997	)	(1,203	)	41,083		36,123
Cash flows from investing activities ^(vi)	(40,837	)	(62,990	)	(69,154	)	(11,176	)	(109,991	)	(74,166	)
Cash flows from financing activities	(35,288	)	(299	)	(1,588	)	(408	)	(36,876	)	(707	)

Nine months ended September 30,
Revenues	174,204		149,070		4,681		-		174,204		149,070
Cash margin ^(iv)	140,204		103,606		-		-		140,204		103,606
Gross profit	104,107		71,549		-		-		104,107		71,549
Operating expenses (G&A, bus. dev and exploration)	(17,939	)	(19,421	)	(17,051	)	(3,428	)	(34,990	)	(22,849	)
Net earnings (loss)	55,397		12,545		(76,849	)	(301	)	(21,452	)	12,244
Net earnings (loss) attributable to Osisko's shareholders	55,397		12,545		(57,767	)	(301	)	(2,370	)	12,244
Net (loss) earnings per share attributable to Osisko's shareholders	0.33		0.08		(0.34	)	(0.00	)	(0.01	)	0.08
Adjusted net earnings (loss) ^(v)	70,597		35,712		(14,610	)	(2,770	)	55,987		32,942
Adjusted net earnings (loss) per basic share ^(v)	0.42		0.22		(0.09	)	(0.02	)	0.33		0.20

Cash flows from operating activities ^(vⁱ⁾
Before working capital items	118,355		80,442		(7,188	)	(2,255	)	105,457		78,187
Working capital items	(256	)	(578	)	(11,877	)	(2,264	)	(12,133	)	(2,842	)
After working capital items	118,099		79,864		(19,065	)	(4,519	)	93,324		75,345
Cash flows from investing activities ^(vⁱ⁾	(96,994	)	(155,967	)	(138,327	)	(521	)	(229,611	)	(156,488	)
Cash flows from financing activities	(46,341	)	111,511		32,307		24,695		(14,034	)	136,206

	Three months ended September 30,		Nine months ended September 30,
	2021	2020	2021	2020

Gold
Canadian Malartic royalty	8,520	7,725	26,761	19,420
Eagle Gold royalty	2,639	1,821	6,074	3,344
Éléonore royalty	1,042	1,015	4,212	3,420
Seabee royalty ⁽ⁱ⁾	1,015	-	2,681	1,429
Island Gold royalty	511	225	1,718	1,278
Pan royalty	477	458	1,293	1,246
Lamaque royalty	276	191	979	525
Matilda stream	182	187	581	619
Bald Mountain royalty	118	3	423	73
Others	298	114	778	404
	15,078	11,739	45,500	31,758

Silver
Mantos Blancos stream	2,305	2,314	7,062	6,172
Sasa stream	1,278	1,193	3,398	2,983
Gibraltar stream	616	743	1,848	1,807
Canadian Malartic royalty	94	102	310	282
Others	112	214	429	700
	4,405	4,566	13,047	11,944
Diamonds
Renard stream ⁽ⁱⁱ⁾	2,452	-	6,168	2,055
Others	31	30	81	87
	2,483	30	6,249	2,142
Other metals
Kwale royalty	516	400	1,540	1,417
Others	2	4	2	23
	518	404	1,542	1,440

Total GEOs	22,484	16,739	66,338	47,284

Total GEOs, excluding GEOs earned on the Renard stream ⁽ⁱⁱ⁾	20,032	16,739	60,170	45,229

Asset stage	Royalties	Streams	Offtakes	Total number of assets

Producing	11	6	-	17
Development (construction)	10	4	2	16
Exploration and evaluation	119	-	1	120
	140	10	3	153

Asset	Operator	Interest	Commodity	Jurisdiction

North America

Canadian Malartic	Agnico Eagle Mines Limited Yamana Gold Inc.	5% NSR royalty	Au, Ag	Canada
Eagle Gold	Victoria Gold Corp.	5% NSR royalty	Au	Canada
Éléonore	Newmont Corporation	2.2-3.5% NSR royalty	Au	Canada
Seabee	SSR Mining Inc.	3% NSR royalty	Au	Canada
Gibraltar	Taseko Mines Limited	75% stream	Ag	Canada
Island Gold	Alamos Gold Inc.	1.38-3% NSR royalty	Au	Canada
Pan	Fiore Gold Ltd.	4% NSR royalty	Au	USA
Lamaque	Eldorado Gold Corporation	1% NSR royalty	Au	Canada
Bald Mtn. Alligator Ridge / Duke & Trapper	Kinross Gold Corporation	1% / 4% GSR royalty	Au	USA
Parral⁽ⁱ⁾	GoGold Resources Inc.	2.4% stream	Au, Ag	Mexico
Renard⁽ⁱⁱ⁾	Stornoway Diamonds (Canada) Inc.	9.6% stream	Diamonds	Canada

Outside of North America
Mantos Blancos	Mantos Copper Holding SpA	100% stream	Ag	Chile
Sasa	Central Asia Metals plc	100% stream	Ag	Macedonia
Kwale	Base Resources Limited	1.5% GRR⁽ⁱⁱⁱ⁾	Rutile, Ilmenite, Zircon	Kenya
Matilda	Wiluna Mining Corporation	1.65% stream	Au	Australia
Fruta del Norte	Lundin Gold Inc.	0.1% NSR royalty	Au	Ecuador
Brauna	Lipari Mineração Ltda	1% GRR⁽ⁱⁱⁱ⁾	Diamonds	Brazil

	Osisko Gold Royalties		Osisko Development		Consolidated
Investments	Carrying value ⁽ⁱ⁾	Fair Value ⁽ⁱⁱ⁾	Carrying value ⁽ⁱ⁾	Fair value ⁽ⁱⁱ⁾	Carrying value ⁽ⁱ⁾	Fair value ⁽ⁱⁱ⁾
	$	$	$	$	$	$

Associates	113,125	129,677	12,910	29,999	126,035	159,676
Other	38,937	38,937	59,519	59,519	98,456	98,456
	152,062	168,614	72,429	89,518	224,491	258,132

Investment	Company Holding the Investment	Number of Shares Held	Ownership
			%

Osisko Mining	Osisko Gold Royalties	50,023,569	14.3
Osisko Metals	Osisko Gold Royalties	31,127,397	16.3
Falco	Osisko Development ⁽ⁱ⁾	46,885,240	18.1
Mineral Alamos	Osisko Development ⁽ⁱ⁾	76,080,000	17.2

Category	Deposit	Tonnes	Gold Grade	Silver Grade	Gold Ounces	Silver Ounces
Category	Deposit	('000)	g/t	g/t	('000)	('000,000)
Inferred	Golfo de Oro	11,700	1.3	2.7	503	1.0
	California	4,900	1.2	2.1	182	0.3
	Sapuchi	11,100	1.0	3.4	364	1.2
Total Inferred Resources		27,600	1.2	2.9	1,049	2.5

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

2021-YTD (Q3)	$	1,943	$	1,684	$	1,800	$	1,743
2020		2,067		1,474		1,770		1,888
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

	Three months ended September 30,
	2021			2020
	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	2,265	13,799	31,261	2,545	13,488	34,329
Silver sold	30	323,613	9,714	31	591,639	18,522
Diamonds sold⁽ⁱ⁾	123	44,962	5,529	-	-	-
Other (paid in cash)	-	-	3,531	-	-	2,856
			50,035			55,707

	Nine months ended September 30,
	2021			2020
	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	2,261	46,924	106,091	2,343	37,102	86,887
Silver sold	32	1,355,705	43,514	25	1,973,404	49,530
Diamonds sold⁽ⁱ⁾	107	129,823	13,891	91	48,296	4,408
Other (paid in cash)	-	-	10,708	-	-	8,245
			174,204			149,070