OR Royalties Inc 6-K, filed Nov 9, 2022

OR Royalties Inc. (OR)

6-K 2022-11-09 For: 2022-09-30

View Original

Added on April 08, 2026

About this 6-K

OR Royalties Inc filed this 6-K on November 9, 2022.

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

Exhibit		Description

99.1		Unaudited Condensed Interim Consolidated Financial Statements for the period ended September 30, 2022
99.2		Management's Discussion and Analysis for the period ended September 30, 2022
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 2022 results

Date: November 9, 2022	By:	/s/ André Le Bel
		André Le Bel
	Title:	Vice President, Legal Affairs and Corporate Secretary

		September 30,		December 31,
		2022		2021
	Notes	$		$
		(Note 2)
Assets

Current assets

Cash	5	300,542		115,698
Amounts receivable		10,192		14,691
Inventories	6	-		18,596
Other assets		1,128		3,941
		311,862		152,926

Non-current assets

Investments in associates	7	322,009		125,354
Other investments	8	72,751		169,010
Royalty, stream and other interests	9	1,308,614		1,154,801
Mining interests and plant and equipment	4, 10	7,209		635,655
Exploration and evaluation	4	-		3,635
Goodwill		111,204		111,204
Other assets		1,958		18,037
		2,135,607		2,370,622

Liabilities

Current liabilities

Accounts payable and accrued liabilities		8,306		30,049
Dividends payable		10,109		9,157
Provisions and other liabilities	11	906		12,179
Current portion of long-term debt	12	298,232		294,891
		317,553		346,276

Non-current liabilities

Provisions and other liabilities	11	6,939		60,334
Long-term debt	12	-		115,544
Deferred income taxes		83,739		68,407
		408,231		590,561

Equity

Share capital		2,071,700		1,783,689
Warrants		-		18,072
Contributed surplus		61,697		42,525
Equity component of convertible debentures		14,510		14,510
Accumulated other comprehensive income		55,011		58,851
Deficit		(475,542	)	(283,042	)
Equity attributable to Osisko Gold Royalties Ltd's shareholders		1,727,376		1,634,605
Non-controlling interests		-		145,456
Total equity		1,727,376		1,780,061
		2,135,607		2,370,622

		Three months ended September 30,				Nine months ended September 30,
		2022		2021		2022		2021
	Notes	$		$		$		$
		(Note 2)		(Note 2)		(Note 2)		(Notes 2)

Revenues	15	53,661		50,035		155,895		174,204

Cost of sales	15	(4,407	)	(3,507	)	(11,344	)	(34,000	)
Depletion	15	(14,161	)	(12,733	)	(37,310	)	(36,097	)
Gross profit		35,093		33,795		107,241		104,107

Other operating expenses
General and administrative		(5,186	)	(4,494	)	(14,962	)	(14,901	)
Business development		(1,203	)	(934	)	(3,884	)	(3,038	)
Impairment of royalty interests		-		-		-		(2,288	)
Operating income		28,704		28,367		88,395		83,880
Interest income		3,054		1,120		6,020		3,192
Finance costs		(5,480	)	(5,956	)	(16,949	)	(17,849	)
Foreign exchange gain (loss)		14,482		(240	)	23,011		(192	)
Share of (loss) income of associates		(1,143	)	(627	)	383		(1,363	)
Other (losses) gains, net	15	(1,034	)	11,202		(13,352	)	6,148
Earnings before income taxes		38,583		33,866		87,508		73,816
Income tax expense		(10,569	)	(8,273	)	(24,631	)	(18,419	)
Net earnings from continuing operations		28,014		25,593		62,877		55,397
Net loss from discontinued operations	2	(244,655	)	(31,745	)	(268,475	)	(76,849	)
Net loss		(216,641	)	(6,152	)	(205,598	)	(21,452	)

Net (loss) earnings attributable to:
Osisko Gold Royalties Ltd's shareholders		(158,647	)	1,795		(141,162	)	(2,370	)
Non-controlling interests		(57,994	)	(7,947	)	(64,436	)	(19,082	)

Net earnings per share from continuing operations	16
Basic and diluted		0.15		0.15		0.35		0.33

Net (loss) earnings per share attributable to Osisko Gold Royalties Ltd's shareholders	16
Basic and diluted		(0.86	)	0.01		(0.79	)	(0.01	)

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
	$		$		$		$
Net loss	(216,641	)	(6,152	)	(205,598	)	(21,452	)

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	(11,256	)	(7,396	)	(42,533	)	(8,296	)
Income tax effect	801		762		4,324		3,605

Share of other comprehensive loss of an associate	(1,368	)	-		(1,368	)	-


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

Cumulative translation adjustments	45,341		13,589		56,527		(756	)

Deemed disposal of an investment in an associate
Reclassification to the statements of loss of the other comprehensive income, net of income tax	-		-		(294	)	-

Other comprehensive income (loss)	33,518		6,955		16,656		(5,447	)

Comprehensive (loss) income	(183,123	)	803		(188,942	)	(26,899	)

Comprehensive (loss) income attributable to:
Osisko Gold Royalties Ltd's shareholders	(131,190	)	12,288		(129,883	)	(3,694	)
Non-controlling interests	(51,933	)	(11,485	)	(59,059	)	(23,205	)

Comprehensive income (loss) attributable to Osisko Gold Royalties Ltd's shareholders:
From continuing operations	55,471		36,086		74,156		54,072
From discontinued operations	(186,661	)	(23,798	)	(204,039	)	(57,766	)

				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, 2022		166,493,597		1,783,689		18,072		42,525		14,510	58,851		(283,042	)	1,634,605		145,456		1,780,061

Net loss		-		-		-		-		-	-		(141,162	)	(141,162	)	(64,436	)	(205,598	)
Other comprehensive income		-		-		-		-		-	11,279		-		11,279		5,377		16,656
Comprehensive income (loss)		-		-		-		-		-	11,279		(141,162	)	(129,883	)	(59,059	)	(188,942	)

Bought deal financing	13	18,600,000		311,962		-		-		-	-		-		311,962		-		311,962
Share issue costs, net of income taxes of $3.7 million	13	-		(10,247	)	-		-		-	-		-		(10,247	)	-		(10,247	)
Net investments from minority shareholders	2	-		-		-		-		-	-		-		-		210,361		210,361
Acquisition of Tintic by Osisko Development	4	-		-		-		-		-	-		-		-		109,656		109,656
Effect of changes in ownership of a subsidiary on non-controlling interest		-		-		-		-		-	-		(32,184	)	(32,184	)	32,184		-
Dividends declared	13	-		-		-		-		-	-		(30,453	)	(30,453	)	-		(30,453	)
Shares issued - Dividends reinvestment plan	13	86,806		1,252		-		-		-	-		-		1,252		-		1,252
Shares issued - Employee share purchase plan		15,289		230		-		-		-	-		-		230		-		230
Share options - Share-based compensation		-		-		-		2,051		-	-		-		2,051		2,487		4,538
Share options exercised		63,936		1,148		-		(237	)	-	-		-		911		-		911
Restricted share units to be settled in common shares:
Share-based compensation		-		-		-		2,361		-	-		-		2,361		1,383		3,744
Settlement		135,789		1,523		-		(3,084	)	-	-		(227	)	(1,788	)	270		(1,518	)
Income tax impact		-		-		-		(179	)	-	-		-		(179	)	-		(179	)
Deferred share units to be settled in common shares:
Share-based compensation		-		-		-		744		-	-		-		744		462		1,206
Settlement		29,975		395		-		(407	)	-	-		-		(12	)	95		83
Income tax impact		-		-		-		(149	)	-	-		-		(149	)	-		(149	)
Normal course issuer bid purchase of common shares	13	(1,636,158	)	(18,252	)	-		-		-	-		(3,078	)	(21,330	)	-		(21,330	)
Warrants expired unexercised	13	-		-		(18,072	)	18,072		-	-		-		-		-		-
Transfer of realized gain on financial assets at fair value through other comprehensive income, net of income taxes		-		-		-		-		-	(14,604	)	14,604		-		-		-
Deconsolidation of Osisko Development	2	-		-		-		-		-	(515	)	-		(515	)	(443,295	)	(443,810	)
Balance - September 30, 2022		183,789,234		2,071,700		-		61,697		14,510	55,011		(475,542	)	1,727,376		-		1,727,376

Summarized balance sheet
	As at September 30, 2022
	$

Current assets	168,092
Current liabilities	(51,330	)
Current net assets	116,762

Non-current assets	902,768
Non-current liabilities	(105,757	)
Non-current net assets	797,011
Total net assets	913,773
Accumulated other comprehensive income	(515	)
Non-controlling interest	(443,295	)

Consideration paid		$

	Issuance of 12,049,449 common shares of Osisko Development	109,656
	Cash	63,881
	Convertible instruments⁽ⁱ⁾	10,827
	Fair value of deferred consideration of US$12.5 million ($15.9 million)	13,414
	Fair value of other contingent payments, rights and obligations	1,695
		199,473

Net assets acquired		$

	Current assets	2,705
	Mining assets and plant and equipment	182,229
	Exploration and evaluation	38,508
	Other non-current assets	1,735
	Current liabilities	(1,322	)
	Non-current liabilities	(4,925	)
	Deferred income tax liability	(19,457	)
		199,473

		Nine months ended		Year ended
		September 30, 2022		December 31, 2021
		$		$
Balance - Beginning of period		125,354		119,219
	Acquisitions	-		2,366
	Exercise of warrants	-		1,437
	Share of loss	(192	)	(3,950	)
	Share of other comprehensive loss	(1,368	)	(1,665	)
	Net gain on ownership dilution	3,604		1,847
	Gain on deemed disposal ⁽ⁱ⁾	11,854		-
	Transfer to other investments (Note 8) ⁽ⁱ⁾	(15,343	)	-
	Deemed issuance of Osisko common shares held by an associate	-		6,100
	Deconsolidation of Osisko Development (Note 2)	(8,900	)	-
	Reclassification of interest held in Osisko Development (Note 2)	207,000		-
Balance - End of period		322,009		125,354

Amortized cost (notes)
	Balance - Beginning of period		26,798		16,861
		Acquisitions	6,372		14,961
		Repayment	(2,960	)	(3,007	)
		Impairments	(1,197	)	(2,112	)
		Foreign exchange revaluation impact	2,309		95
	Balance - End of period		31,322		26,798
Total			72,751		169,010

			Nine months ended September 30, 2022
	Royalty interests		Stream interests		Offtake interests		Total
	$		$		$		$
Balance - January 1	703,113		438,032		13,656		1,154,801
Acquisitions	32,362		-		-		32,362
Depletion	(20,368	)	(16,942	)	-		(37,310	)
Currency translation adjustments	9,820		25,780		1,108		36,708
Recognition of royalty and stream interests following the deconsolidation of Osisko Development (Note 2)	73,501		48,552		-		122,053
Balance - September 30	798,428		495,422		14,764		1,308,614

Producing
Cost	634,474		570,248		-		1,204,722
Accumulated depletion and impairment	(416,818	)	(233,213	)	-		(650,031	)
Net book value - September 30	217,656		337,035		-		554,691

Development
Cost	300,180		213,871		33,645		547,696
Accumulated depletion and impairment	(753	)	(55,484	)	(28,569	)	(84,806	)
Net book value - September 30	299,427		158,387		5,076		462,890

Exploration and evaluation
Cost	282,669		-		9,688		292,357
Accumulated depletion	(1,324	)	-		-		(1,324	)
Net book value - September 30	281,345		-		9,688		291,033

Total net book value - September 30	798,428		495,422		14,764		1,308,614

				Year ended December 31, 2021
		Royalty interests		Stream interests		Offtake interests		Total
		$		$		$		$
Balance - January 1		656,661		440,941		18,526		1,116,128
	Additions	77,702		13,234		-		90,936
	Conversion of an offtake into a stream	-		4,682		(4,682	)	-
	Depletion	(28,958	)	(19,403	)	-		(48,361	)
	Impairment	(2,288	)	-		-		(2,288	)
	Translation adjustments	(4	)	(1,422	)	(188	)	(1,614	)
Balance - December 31		703,113		438,032		13,656		1,154,801

Producing
	Cost	626,345		518,934		-		1,145,279
	Accumulated depletion and impairment	(395,874	)	(210,884	)	-		(606,758	)
	Net book value - December 31	230,471		308,050		-		538,521

Development
	Cost	226,438		181,209		31,120		438,767
	Accumulated depletion and impairment	(572	)	(51,227	)	(26,424	)	(78,223	)
	Net book value - December 31	225,866		129,982		4,696		360,544

Exploration and evaluation
	Cost	247,680		-		8,960		256,640
	Accumulated depletion	(904	)	-		-		(904	)
	Net book value - December 31	246,776		-		8,960		255,736

Total net book value - December 31		703,113		438,032		13,656		1,154,801

		Nine months ended September 30, 2022						Year ended December 31, 2021
		Mining interests		Plant and equipment ⁽ⁱ⁾		Total		Mining interests		Plant and equipment ⁽ⁱ⁾		Total
		$		$		$		$		$		$
								(Note 3)				(Note 3)

Net book value - Beginning of period		543,953		91,702		635,655		459,303		30,209		489,512
	Acquisition of Tintic (Note 4)	169,175		13,054		182,229		-		-		-
	Additions	36,754		14,229		50,983		131,908		58,192		190,100
	Impairments ⁽ⁱⁱ⁾	(81,000	)	-		(81,000	)	(58,417	)	-		(58,417	)
	Mining exploration tax credits	(6,275	)	-		(6,275	)	(1,585	)	-		(1,585	)
	Change in environmental rehabilitation assets	(3,797	)	-		(3,797	)	19,522		-		19,522
	Depreciation	(2,385	)	(10,285	)	(12,670	)	-		(7,814	)	(7,814	)
	Depreciation capitalized	896		-		896		4,136		-		4,136
	Share-based compensation capitalized	388		-		388		2,127		-		2,127
	Transfers	-		-		-		(11,221	)	11,221		-
	Disposals and others	(1,559	)	(4,632	)	(6,191	)	-		(213	)	(213	)
	Currency translation adjustments	21,183		3,384		24,567		(1,820	)	107		(1,713	)
	Deconsolidation of Osisko Development (Note 2)	(677,333	)	(100,243	)	(777,576	)	-		-		-
Net book value - End of period		-		7,209		7,209		543,953		91,702		635,655

Closing balance
	Cost	-		11,886		11,886		602,370		105,112		707,482
	Accumulated depreciation and impairment	-		(4,677	)	(4,677	)	(58,417	)	(13,410	)	(71,827	)
Net book value		-		7,209		7,209		543,953		91,702		635,655

		Nine months ended September 30, 2022
		Land and buildings		Machinery and equipment		Construction- in-progress		Total Plant and equipment
		$		$		$		$

Net book value - Beginning of period		24,332		43,121		24,249		91,702
	Acquisition of Tintic (Note 4)	6,940		4,420		1,694		13,054
	Additions	1,418		9,590		3,222		14,230
	Depreciation	(2,140	)	(8,141	)	-		(10,281	)
	Transfers	(133	)	5,526		(5,393	)	-
	Disposals and others	(964	)	(3,668	)	-		(4,632	)
	Currency translation adjustments	550		2,057		774		3,381
	Deconsolidation of Osisko Development (Note 2)	(22,885	)	(52,814	)	(24,546	)	(100,245	)
Net book value - End of period		7,118		91		-		7,209

Closing balance
	Cost	10,877		1,009		-		11,886
	Accumulated depreciation and impairment	(3,759	)	(918	)	-		(4,677	)
Net book value		7,118		91		-		7,209

						Nine months ended September 30, 2022⁽ⁱ⁾								Year ended Dec. 31, 2021
		Environ- mental rehabili- tation⁽ⁱⁱ⁾		Lease liabilities⁽ⁱⁱⁱ⁾		Deferred premium on flow-through shares		Derivative financial instru- ments⁽ⁱ^v)		Deferred consideration and contingent payments^(v)		Total		Total
		$		$		$		$		$		$		$
Balance - Beginning of period		53,237		18,362		914		-		-		72,513		45,967
	Acquisition of Tintic (Note 4)	5,370		325		-		-		15,109		20,804		-
	New liabilities	261		108		-		39,841		-		40,210		34,011
	Revision of estimates	(4,299	)	(2,463	)	-		-		-		(6,762	)	(1,457	)
	Change in fair value	-		-		-		(21,483	)	-		(21,483	)	-
	Accretion	2,185		-		-		-		333		2,518		1,192
	Settlements/payments of liabilities	(2,549	)	(6,957	)	-		-		-		(9,506	)	(7,822	)
	Issuance of flow-through shares	-		-		-		-		-		-		7,885
	Recognition of deferred premium on flow-through shares	-		-		(914	)	-		-		(914	)	(6,971	)
	Currency translation adjustments	1,193		12		-		1,333		1,149		3,687		(292	)
	Deconsolidation of Osisko Development (Note 2)	(55,398	)	(1,542	)	-		(19,691	)	(16,591	)	(93,222	)	-
Balance - End of period		-		7,845		-		-		-		7,845		72,513
Current portion		-		906		-		-		-		906		12,179
Non-current portion		-		6,939		-		-		-		6,939		60,334
		-		7,845		-		-		-		7,845		72,513

	OSISKO GOLD ROYALTIES LTD
	(Registrant)

		Three months ended September 30,				Nine months ended September 30,
		Three months ended September 30,				Nine months ended September 30,
	Notes	2022		2021		2022		2021
		$		$		$		$
		(Note 2	)	(Note 2	)	(Note 2	)	(Note 2	)
Operating activities
Net earnings from continuing operations		28,014		25,593		62,877		55,397
Adjustments for:
Share-based compensation		2,052		1,919		5,010		5,633
Depletion and amortization		14,423		12,878		38,108		36,869
Impairment of assets		276		-		1,180		4,400
Finance costs		1,831		1,746		5,333		5,166
Share of loss (income) of associates		1,143		627		(383	)	1,363
Net gain on acquisition of investments		-		(6,978	)	(48	)	(7,416	)
Change in fair value of financial assets and liabilities at fair value through profit and loss		758		(4,224	)	15,824		(844	)
Net gain on dilution of investments		-		-		(3,604	)	-
Foreign exchange (gain) loss		(14,260	)	322		(22,729	)	182
Deferred income tax expense		9,888		7,941		23,261		17,515
Other		26		25		84		90
Net cash flows provided by operating activities before changes in non-cash working capital items		44,151		39,849		124,913		118,355
Changes in non-cash working capital items	17	6,916		4,231		1,626		(256	)
Net operating cash flows provided by continuing operations		51,067		44,080		126,539		118,099
Net operating cash flows used by discontinued operations	2	(13,030	)	(2,997	)	(65,116	)	(24,775	)
Net cash flows provided by operating activities		38,037		41,083		61,423		93,324

Investing activities
Net disposal of short-term investments		-		3,408		2,960		3,408
Acquisition of investments		(1,494	)	(18,387	)	(8,174	)	(30,809	)
Proceeds on disposal of investments		-		-		-		4,875
Acquisition of royalty and stream interests		(23,073	)	(25,854	)	(32,363	)	(68,713	)
Cash outflow from deconsolidation of Osisko Development	2	(133,138	)	-		(133,138	)	-
Other		(15	)	(4	)	(18	)	(27	)
Net investing cash flows used by continuing operations		(157,720	)	(40,837	)	(170,733	)	(91,266	)
Net investing cash flows used by discontinued operations	2	(20,539	)	(69,154	)	(114,984	)	(138,345	)
Net cash flows used by investing activities		(178,259	)	(109,991	)	(285,717	)	(229,611	)

Financing activities
Bought deal equity financing		-		-		311,962		-
Share issue costs		-		-		(13,941	)	-
Increase in long-term debt		-		-		-		50,000

	September 30,	December 31,
	2022	2021
	$	$


Mineralized material in stockpiles	-	4,194
Gold-in-circuit and doré bars	-	8,638
Refined precious metals	-	1,113
Supplies and others	-	4,651
	-	18,596

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

February 24, 2022	0.055	March 31, 2022	April 14, 2022	10,167,000	7,498,987
May 12, 2022	0.055	June 30, 2022	July 15, 2022	10,177,000	7,385,458
August 9, 2022	0.055	September 30, 2022	October 14, 2022	10,109,000	7,780,634
	0.165			30,453,000

		Nine months ended September 30, 2022			Year ended December 31, 2021
				Weighted			Weighted
		Number of		average	Number of		average
		options		exercise price	options		exercise price
				$			$
Balance - Beginning of period		3,730,580		14.09	4,240,869		14.22
	Granted⁽ⁱ⁾	684,100		14.25	763,700		13.27
	Exercised	(63,936	)	14.26	(1,043,903	)	13.75
	Forfeited / Cancelled	(29,801	)	13.48	(58,866	)	13.45
	Expired	(491,615	)	18.04	(171,220	)	16.04

Balance - End of period		3,829,328		13.61	3,730,580		14.09

Options exercisable - End of period		2,163,126		13.56	1,881,416		14.78

		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	1,301,091	12.71	2.7	742,092	12.72
13.10 - 14.78	2,277,164	13.76	3.0	1,241,894	13.56
15.97 - 18.07	251,073	16.99	2.0	179,140	17.05
	3,829,328	13.61	2.8	2,163,126	13.56

	Nine months ended September 30, 2022	Year ended December 31, 2021
Dividend per share	1.5%	1.5%
Expected volatility	41%	40%
Risk-free interest rate	2.6%	0.7%
Expected life	47 months	46 months
Weighted average share price	$14.25	$13.27
Weighted average fair value of options granted	$4.38	$3.66

		Nine months ended September 30, 2022				Year ended December 31, 2021
		DSU⁽ⁱ⁾		RSU⁽ⁱⁱ⁾		DSU⁽ⁱ⁾		RSU⁽ⁱⁱ⁾

Balance - Beginning of period		376,203		878,397		408,564		1,242,902
	Granted	66,580		275,520		64,720		293,610
	Reinvested dividends	4,354		9,871		5,185		15,102
	Settled	(30,846	)	(226,612	)	(102,266	)	(398,173	)
	Forfeited	-		(32,192	)	-		(275,044	)
Balance - End of period		416,291		904,984		376,203		878,397
Balance - Vested		349,426		-		311,010		-

			September 30, 2022
	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 instruments
Publicly traded mining exploration and development companies
Precious metals	-	-	17,790	17,790
Other minerals	1,808	-	5,664	7,472
Financial assets at fair value through other comprehensive income (loss)⁽ⁱ⁾
Equity securities
Publicly traded mining exploration and development companies
Precious metals	5,782	-	-	5,782
Other minerals	10,385	-	-	10,385
	17,975	-	23,454	41,429

			December 31, 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 instruments
Publicly traded mining exploration and development companies
Precious metals	-	-	24,327	24,327
Other minerals	13,048	-	10,607	23,655
Financial assets at fair value through other comprehensive income (loss)⁽ⁱ⁾
Equity securities
Publicly traded mining exploration and development companies
Precious metals	46,668	-	-	46,668
Other minerals	47,563	-	-	47,563
	107,279	-	34,934	142,213

	September 30, 2022		December 31, 2021
	Fair value	Carrying amount	Fair Value	Carrying amount
	$	$

Long-term debt - Level 1	297,390	298,232	303,000	293,281

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

2022

Royalties	100,992	935	61	2,040	-	104,028
Streams	26,986	17,221	892	-	6,768	51,867
Offtakes	-	-	-	-	-	-

	127,978	18,156	953	2,040	6,768	155,895

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

Description of the Business	2
Business Model and Strategy	2
Uncertainty due to COVID-19	2
International Situation	3
Highlights - Third Quarter of 2022	3
Highlights - Subsequent to September 30, 2022	3
Portfolio of Royalty, Stream and Other Interests	4
Equity Investments	16
Sustainability Activities	19
Dividends	19
Normal Course Issuer Bid	20
Gold Market and Currency	20
Selected Financial Information	21
Overview of Financial Results	22
Liquidity and Capital Resources	27
Cash Flows	28
2022 Guidance and 5-Year Outlook	30
Quarterly Information	31
Segment Disclosure	32
Related Party Transactions	33
Contractual Obligations and Commitments	34
Off-balance Sheet Items	36
Outstanding Share Data	36
Subsequent Event to September 30, 2022	36
Risks and Uncertainties	36
Disclosure Controls and Procedures and Internal Control over Financial Reporting	36
Basis of Presentation of Consolidated Financial Statements	37
Deconsolidation of Osisko Development and Discontinued Operations	38
Critical Accounting Estimates and Judgements	40
Financial Instruments	40
Technical Information	41
Non-IFRS Financial Performance Measures	41
Forward-looking Statements	42
Cautionary Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral Resource Estimates	43
Corporate Information	44

Osisko Gold Royalties Ltd	Management's Discussion and Analysis
2022 - Third Quarter Report

		Three months ended September 30,		Nine months ended September 30,
	2022	2021	2022	2021

Gold

Canadian Malartic royalty	7,479	8,520	24,312	26,761
Eagle Gold royalty	2,399	2,639	5,542	6,074
Éléonore royalty	1,011	1,042	3,201	4,212
Seabee royalty	1,472	1,015	3,367	2,681
Island Gold royalty	718	511	1,816	1,718
Pan royalty	473	477	1,251	1,293
Ermitaño ⁽ⁱ⁾	563	-	1,432	-
Lamaque royalty	470	276	1,260	979
Matilda stream ⁽ⁱⁱ⁾	70	182	383	581
Bald Mountain royalty	124	118	590	423
Others	676	298	1,600	778
	15,455	15,078	44,754	45,500

Silver

Mantos Blancos stream	3,406	2,305	7,514	7,062
Sasa stream	887	1,278	2,931	3,398
Gibraltar stream	437	616	1,529	1,848
Canadian Malartic royalty	64	94	227	310
Others	57	112	189	429
	4,851	4,405	12,390	13,047
Diamonds

Renard stream ⁽ⁱⁱⁱ⁾	3,272	2,452	9,231	6,168
Others	32	31	109	81
	3,304	2,483	9,340	6,249
Other metals

Kwale royalty and others	240	518	885	1,542

Total GEOs	23,850	22,484	67,369	66,338

Total GEOs, excluding GEOs earned on the Renard stream until April 30, 2022 ⁽ⁱⁱⁱ⁾	23,850	20,032	64,344	60,170

Asset stage	Royalties	Streams	Offtakes	Total number of assets

Producing	13	7	-	20
Development (construction)	12	5	2	19
Exploration and evaluation	137	-	1	138
	162	12	3	177

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	Calibre Mining Corp.	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⁽ⁱ⁾ royalty	Au	USA
Parral⁽ⁱⁱ⁾	GoGold Resources Inc.	2.4% stream	Au, Ag	Mexico
Santana	Minera Alamos Inc.	3% NSR royalty	Au	Mexico
Ermitaño	First Majestic Silver Corp.	2% NSR royalty	Au, Ag	Mexico
Renard⁽ⁱⁱⁱ⁾	Stornoway Diamonds (Canada) Inc.	9.6% stream	Diamonds	Canada
Tintic	Osisko Development	2.5% stream	Au, Ag	USA

Outside of North America
Mantos Blancos	Capstone Copper Corp.	100% stream	Ag	Chile
Sasa	Central Asia Metals plc	100% stream	Ag	Macedonia
Kwale	Base Resources Limited	1.5% GRR⁽ⁱ^v⁾	Rutile, Ilmenite, Zircon	Kenya
Matilda^(v)	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	Diamonds	Brazil

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

Associates	322,009	372,140
Other	16,167	16,167
	338,176	388,307

Investments	Number of Shares Held	Ownership
		%

Osisko Development	33,333,366	44.1
Osisko Mining	50,023,569	14.4
Osisko Metals	31,127,397	13.8

Declaration date	Dividend per share	Record date	Payment date	Dividend payable	Dividend reinvestment plan
	$			$

February 24, 2022	0.055	March 31, 2022	April 14, 2022	10,167,000	7,498,987
May 12, 2022	0.055	June 30, 2022	July 15, 2022	10,177,000	7,385,458
August 9, 2022	0.055	September 30, 2022	October 14, 2022	10,109,000	7,780,634
	0.165			30,453,000

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

2022 - Q3 (YTD)	$2,039	$1,634	$1,824	$1,672
2021	1,943	1,684	1,799	1,820
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

	Three months ended September 30,
	2022			2021
	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	2,249	13,646	30,698	2,265	13,799	31,261
Silver sold	25	437,293	10,867	30	323,613	9,714
Diamonds sold⁽ⁱ⁾	161	45,883	7,459	123	44,962	5,529
Other (paid in cash)	-	-	4,637	-	-	3,531
			53,661			50,035

	Nine months ended September 30,
	2022			2021
	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	2,338	39,065	91,331	2,261	46,924	106,091
Silver sold	27	1,043,756	28,638	32	1,355,705	43,514
Diamonds sold⁽ⁱ⁾	167	129,304	21,842	107	129,823	13,891
Other (paid in cash)	-	-	14,084	-	-	10,708
			155,895			174,204