OR Royalties Inc 6-K, filed Aug 5, 2020

OR Royalties Inc. (OR)

6-K 2020-08-05 For: 2020-06-30

View Original

Added on April 08, 2026

About this 6-K

OR Royalties Inc filed this 6-K on August 5, 2020.

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 June 30, 2020
99.2		Management's Discussion and Analysis for the period ended June 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 Q2 2020 results
99.6		Press Release of Dividends

Date: August 5, 2020	By:	/s/ André Le Bel
		André Le Bel
	Title:	Vice President, Legal Affairs and Corporate Secretary

		June 30,		December 31,
		2020		2019
	Notes	$		$


Assets

Current assets

Cash	4	201,971		108,223
Short-term investments		21,105		20,704
Amounts receivable		8,355		6,330
Other assets		5,878		5,172
		237,309		140,429

Non-current assets

Investments in associates	5	123,907		103,640
Other investments	6	107,954		67,886
Royalty, stream and other interests	7	1,128,673		1,130,512
Mining interests and plant and equipment	8	369,536		343,693
Exploration and evaluation	9	43,065		42,949
Goodwill		111,204		111,204
Other assets		6,940		6,940
		2,128,588		1,947,253

Liabilities

Current liabilities

Accounts payable and accrued liabilities		14,379		18,772
Dividends payable		8,259		7,874
Current portion of long-term debt	11	49,298		-
Provisions and other liabilities	10	2,377		1,289
		74,313		27,935

Non-current liabilities

Provisions and other liabilities	10	28,918		29,365
Long-term debt	11	372,354		349,042
Deferred income taxes		48,327		47,465
		523,912		453,807

Equity

Share capital	12	1,742,111		1,656,350
Warrants	12	18,072		18,072
Contributed surplus		38,220		37,642
Equity component of convertible debentures		17,601		17,601
Accumulated other comprehensive income		60,712		13,469
Deficit		(272,040	)	(249,688	)
		1,604,676		1,493,446
		2,128,588		1,947,253

		Three months ended June 30,				Six months ended June 30,
		2020		2019		2020		2019
	Notes	$		$		$		$


Revenues	14	40,758		131,606		93,363		232,332

Cost of sales	14	(12,945	)	(100,093	)	(30,228	)	(170,197	)
Depletion of royalty, stream and other interests		(8,692	)	(11,825	)	(22,392	)	(24,201	)
Gross profit		19,121		19,688		40,743		37,934

Other operating expenses
General and administrative		(5,818	)	(4,574	)	(12,102	)	(10,475	)
Business development		(1,634	)	(1,786	)	(2,772	)	(3,524	)
Exploration and evaluation		(34	)	(58	)	(76	)	(91	)
Impairment of assets	7	-		-		(26,300	)	(38,900	)
Operating income (loss)		11,635		13,270		(507	)	(15,056	)
Interest and dividend income		1,075		920		2,196		2,092
Finance costs		(6,636	)	(5,792	)	(13,498	)	(11,539	)
Foreign exchange (loss) gain		(608	)	(491	)	1,718		(1,612	)
Share of loss of associates		(1,458	)	(8,780	)	(3,174	)	(10,542	)
Other gains (losses), net	14	10,806		(5,298	)	11,435		(5,333	)
Earnings (loss) before income taxes		14,814		(6,171	)	(1,830	)	(41,990	)
Income tax (expense) recovery		(1,766	)	(376	)	1,560		8,894
Net earnings (loss)		13,048		(6,547	)	(270	)	(33,096	)

Net earnings (loss) per share	15
Basic and diluted		0.08		(0.04	)	-		(0.21	)

	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
	$		$		$		$


Net earnings (loss)	13,048		(6,547	)	(270	)	(33,096	)

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	43,788		3,175		20,455		8,422
Income tax effect	(4,019	)	(419	)	(2,718	)	(1,081	)

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

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

Cumulative translation adjustments	(20,327	)	(12,444	)	23,741		(25,015	)

Disposal of an investment in an associate
Reclassification to the statements of income (loss) of the other comprehensive loss	-		695		-		695
Income tax effect	-		(92	)	-		(92	)

Other comprehensive income (loss)	19,442		(9,085	)	41,478		(17,423	)
Comprehensive income (loss)	32,490		(15,632	)	41,208		(50,519	)

									Equity
		Number of							component	Accumulated
		common							of	other
		shares		Share			Contributed		convertible	comprehensive	Retained
	Notes	outstanding		capital		Warrants	surplus		debentures	income⁽ⁱ⁾	earnings		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		-		-		-	-		-	-	(270	)	(270	)
Other comprehensive income		-		-		-	-		-	41,478	-		41,478
Comprehensive income (loss)		-		-		-	-		-	41,478	(270	)	41,208

Private placement	12	7,727,273		85,000		-	-		-	-	-		85,000
Issue costs, net of taxes of $60,000		-		(166	)	-	-		-	-	-		(166	)
Dividends declared	12	-		-		-	-		-	-	(16,140	)	(16,140	)
Shares issued - Dividends reinvestment plan	12	138,295		1,574		-	-		-	-	-		1,574
Shares issued - Employee share purchase plan		17,098		200		-	-		-	-	-		200
Share options - Shared-based compensation		-		-		-	1,327		-	-	-		1,327
Replacement share options exercised		104,529		1,404		-	(396	)	-	-	-		1,008
Restricted share units to be settled in common shares:
Share-based compensation		-		-		-	2,769		-	-	-		2,769
Settlement		145,694		1,682		-	(3,599	)	-	-	(177	)	(2,094	)
Income tax impact		-		-		-	(29	)	-	-	-		(29	)
Deferred share units to be settled in common shares:
Share-based compensation		-		-		-	425		-	-	-		425
Income tax impact		-		-		-	81		-	-	-		81
Normal course issuer bid purchase of common shares	12	(429,722	)	(3,933	)	-	-		-	-	-		(3,933	)
Transfer of realized loss on financial assets at fair value through other comprehensive income		-		-		-	-		-	5,765	(5,765	)	-
Balance - June 30, 2020		164,655,119		1,742,111		18,072	38,220		17,601	60,712	(272,145	)	1,604,676

		Six months ended		Year ended
		June 30, 2020		December 31, 2019
		$		$
Balance - Beginning of period		103,640		304,911
	Acquisitions ⁽ⁱ⁾	14,523		37,335
	Exercise of warrants	-		2,209
	Share of loss and comprehensive loss, net	(3,174	)	(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		123,907		103,640

				Six months ended June 30, 2020
		Royalty interests		Stream interests		Offtake interests		Total
		$		$		$		$

Balance - Beginning of period		627,567		483,164		19,781		1,130,512
Acquisitions / Additions		12,450		11,917		-		24,367
Disposal		(357	)	-		-		(357	)
Depletion		(10,664	)	(11,220	)	(508	)	(22,392	)
Impairment		-		(26,300	)	-		(26,300	)
Translation adjustments		4,556		17,310		977		22,843

Balance - End of period		633,552		474,871		20,250		1,128,673

Producing
	Cost	611,295		505,664		19,718		1,136,677
	Accumulated depletion and impairment	(354,394	)	(154,486	)	(14,149	)	(523,029	)
	Net book value - End of period	256,901		351,178		5,569		613,648

Development
	Cost	186,929		178,758		33,453		399,140
	Accumulated depletion and impairment	(501	)	(55,065	)	(28,404	)	(83,970	)
	Net book value - End of period	186,428		123,693		5,049		315,170

Exploration and evaluation
	Cost	191,803		-		9,632		201,435
	Accumulated depletion	(1,580	)	-		-		(1,580	)
	Net book value - End of period	190,223		-		9,632		199,855

Total net book value - End of period		633,552		474,871		20,250		1,128,673

					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 properties 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

		Six months ended June 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 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	26,147	272		26,419		5,555	1,595		7,150
	Depreciation	-	(2,753	)	(2,753	)	-	(1,499	)	(1,499	)
	Depreciation capitalized	2,027	-		2,027		230	-		230
	Share-based compensation capitalized	150	-		150
Net book value - End of period		348,332	21,204		369,536		320,008	23,685		343,693

Closing balance
	Cost	348,332	25,953		374,285		320,008	25,681		345,689
	Accumulated depreciation	-	(4,749	)	(4,749	)	-	(1,996	)	(1,996	)
Net book value		348,332	21,204		369,536		320,008	23,685		343,693

		Six months ended June 30, 2020		Year ended December 31, 2019
		$		$

Net book value - Beginning of period		42,949		95,002
	Additions	116		221
	Transfer to royalty, stream and other interests	-		(2,288	)
	Impairments	-		(49,986	)
Net book value - End of period		43,065		42,949
Closing balance
	Cost	101,255		101,139
	Accumulated impairment	(58,190	)	(58,190	)
Net book value		43,065		42,949

		Six months ended June 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 Barkerville Gold Mines Ltd.	-	-		-		-		-		20,549		-		20,549

	Adoption of IFRS 16	-	-		-		-		-		-		10,893		10,893

	New liabilities	-	-		-		11		416		-		-		427

	Accretion	663	-		663		-		-		89		-		89

	Settlement/payments of liabilities	-	(393	)	(393	)	(45	)	(544	)	-		(766	)	(1,355	)

	DSU to be settled in equity	-	-		-		-		(3,722	)	-		-		(3,722	)

	Revision of estimates	371	-		371		2		388		(111	)	-		279

Balance - End of period		21,561	9,734		31,295		-		-		20,527		10,127		30,654

Current portion		1,562	815		2,377		-		-		493		796		1,289

Non-current portion		19,999	8,919		28,918		-		-		20,034		9,331		29,365

		21,561	9,734		31,295		-		-		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
	0.10			16,138,000

		Six months ended June 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

		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	157,266	7.83	0.23	157,266	7.83
10.58 - 12.97	1,090,375	12.68	3.64	580,974	12.64
13.10 - 14.78	2,864,570	13.53	3.37	1,145,372	13.51
15.97 - 18.07	844,326	16.83	2.09	799,326	16.88
24.72 - 27.77	135,660	26.45	1.34	135,660	26.45
	5,092,197	14.06	3.07	2,818,598	14.59

	OSISKO GOLD ROYALTIES LTD
	(Registrant)

		Three months ended June 30,				Six months ended June 30,

	Notes	2020		2019		2020		2019
		$		$		$		$

Operating activities
Net earnings (loss)		13,048		(6,547	)	(270	)	(33,096	)
Adjustments for:
Share-based compensation		1,682		1,520		4,365		4,221
Depletion and amortization		8,981		12,166		23,113		24,826
Impairment of assets		3,117		-		30,323		38,900
Finance costs		2,126		1,791		4,750		3,474
Share of loss of associates		1,458		8,780		3,174		10,542
Net gain on acquisition of investments		-		(263	)	(2,845	)	(88	)
Change in fair value of financial assets at fair value through profit and loss		(2,316	)	665		(1,006	)	1,194
Net gain on dilution of investments	12	(10,381	)	-		(10,381	)	-
Net gain (loss) on disposal of investments		(1,226	)	4,896		(1,226	)	4,227
Foreign exchange loss (gain)		544		484		(1,557	)	1,643
Deferred income tax expense (recovery)		1,490		216		(2,025	)	(9,266	)
Other		33		(245	)	75		(493	)
Net cash flows provided by operating activities before changes in non-cash working capital items		18,556		23,463		46,490		46,084
Changes in non-cash working capital items	16	(3,134	)	(2,113	)	(7,268	)	16
Net cash flows provided by operating activities		15,422		21,350		39,222		46,100

Investing activities
Short-term investments		-		(3,111	)	(1,069	)	(16,230	)
Acquisition of investments		(18,356	)	(34,778	)	(33,943	)	(40,537	)
Proceeds on disposal of investments		3,115		58,052		3,437		58,474
Acquisition of royalty and stream interests		(16,867	)	-		(24,367	)	(27,969	)
Exploration and evaluation (expenses) tax credits, net		-		(36	)	(116	)	150
Mining assets and plant and equipment		(11,561	)	32		(26,415	)	588
Other		(5	)	(352	)	151		(1,063	)
Net cash flows (used in) provided by investing activities		(43,674	)	19,807		(82,322	)	(26,587	)

Financing activities
Private placement of common shares		85,000		-		85,000		-
Exercise of share options and shares issued under the share purchase plan		773		585		1,133		6,268
Increase in long-term debt		-		-		71,660		-
Repayment of long-term debt		-		-		-		(30,000	)
Common shares acquired and cancelled through a share repurchase		-		(58,052	)	-		(58,052	)

		Six months ended June 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	$	13.50	$	13.51
Weighted average fair value of options granted	$	3.55	$	3.41

		Six months ended June 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	475,900		-		66,000		-		592,300
	Reinvested dividends	2,786	8,853		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	-	(101,644	)	-		(8,832	)	-		(88,917	)
Balance - End of period		425,988	1,258,810		-		325,207		-		1,190,038
Balance - Vested		327,923	-		-		267,565		-		70,320

	Three months ended June 30,					Six months ended June 30,
		2020		2019		2020		2019
		$		$		$		$

Interests received measured using the effective rate method		269		587		508		1,644
Interests paid on long-term debt		7,432		6,895		8,599		7,752
Dividends received		-		100		-		100
Income taxes paid		277		160		465		372

Changes in non-cash working capital items
	Decrease (increase) in accounts receivable	442		(5,945	)	(2,169	)	(2,564	)
	Decrease (increase) in other current assets	(1,434	)	142		(706	)	48
	Increase (decrease) in accounts payable and accrued liabilities	(2,142	)	3,690		(4,393	)	2,532
		(3,134	)	(2,113	)	(7,268	)	16

Normal course issuer bid purchase of common shares payable
Beginning of period		977		-		-		1,702
End of period		-		-		-		-

				June 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	-	-	3,433	3,433
	Other minerals	-	-	1,026	1,026
Financial assets at fair value through other comprehensive income⁽ⁱ⁾
Equity securities
	Publicly traded mining exploration and development companies
	Precious metals	82,716	-	-	82,716
	Other minerals	5,733	-	-	5,733
		88,449	-	4,459	92,908

				December 31, 2019
		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	-	-	1,067	1,067
	Other minerals	-	-	633	633
Financial assets at fair value through other comprehensive income (loss)⁽ⁱ⁾
Equity securities
	Publicly traded mining exploration and development companies
	Precious metals	48,295	-	-	48,295
	Other minerals	9,114	-	-	9,114
		57,409	-	1,700	59,109

	June 30, 2020
	Fair value	Carrying amount
	$	$

Long-term debt - Level 1	304,020	283,772
Long-term debt - Level 2	138,479	137,880
	442,499	421,652

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

2020

Royalties		44,035	272	42	2,274	-	46,623
Streams		6,827	8,235	974	-	3,908	19,944
Offtakes		26,796	-	-	-	-	26,796

		77,658	8,507	1,016	2,274	3,908	93,363

2019

Royalties		45,113	170	37	2,034	-	47,354
Streams		10,741	4,759	868	-	3,559	19,927
Offtakes		165,051	-	-	-	-	165,051

		220,905	4,929	905	2,034	3,559	232,332

	(i) 65% of revenues from North America were generated from Canada and the United States for the six months ended June 30, 2020 (92% for the six months ended June 30, 2019).

		June 30, 2020		December 31, 2019
		$		$
Net assets

Mining interests, plant and equipment		360,642		333,778
Exploration and evaluation assets		43,065		42,949
		403,707		376,727

		Six months ended June 30,
		2020		2019
	$		$
Expenses
Exploration and evaluation		76		91

Description of the Business	2
Business Model and Strategy	2
Highlights - Second Quarter of 2020	2
Highlights - Subsequent to June 30, 2020	2
Uncertainty due to COVID-19	3
Portfolio of Royalty, Stream and Other Interests	3
Impairment of assets	13
Equity Investments	13
Sustainability Activities	16
Mining Exploration and Evaluation / Development Activities	16
Quarterly Dividends	17
Normal Course Issuer Bid	18
Gold Market and Currency	19
Selected Financial Information	20
Overview of Financial Results	21
Liquidity and Capital Resources	26
Cash Flows	26
Quarterly Information	28
Outlook	29
Corporate Update	29
Annual General Meeting	30
Segment disclosure	30
Related Party Transactions	32
Contractual Obligations and Commitments	32
Off-balance Sheet Items	33
Outstanding Share Data	33
Subsequent Event to June 30, 2020	34
Risks and Uncertainties	34
Disclosure Controls and Procedures and Internal Control over Financial Reporting	34
Basis of Presentation of Consolidated Financial Statements	35
Critical Accounting Estimates and Judgements	35
Financial Instruments	35
Non-IFRS Financial Performance Measures	36
Forward-looking Statements	37
Cautionary Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral Resource Estimates	38
Corporate Information	39

	Three months ended June 30,		Six months ended June 30,
	2020	2019	2020	2019
Gold
Canadian Malartic royalty	4,999	8,595	11,695	16,750
Éléonore royalty	629	1,865	2,405	4,016
Seabee royalty	723	682	1,429	1,559
Eagle Gold royalty⁽ⁱ⁾	911	-	1,523	-
Island Gold royalty	518	423	1,053	893
Pan royalty	298	268	788	752
Matilda stream	187	217	432	491
Lamaque royalty⁽ⁱⁱ⁾	162	252	334	471
Brucejack offtake⁽ⁱⁱⁱ⁾	-	534	-	844
Vezza royalty^(iv)	-	292	-	521
Other	144	132	360	474
	8,571	13,260	20,019	26,771
Silver
Mantos stream	1,545	1,376	3,858	2,709
Sasa stream	809	943	1,790	2,019
Gibraltar stream	590	433	1,064	966
Canadian Malartic royalty	70	112	180	234
Other	166	111	486	194
	3,180	2,975	7,378	6,122
Diamonds
Renard stream^(v)	141	2,543	2,055	5,153
Other	36	99	57	142
	177	2,642	2,112	5,295
Other metals
Kwale royalty	446	759	1,017	1,194
Other	12	15	19	22
	458	774	1,036	1,216
Total GEOs	12,386	19,651	30,545	39,404

Asset stage	Royalties	Streams	Offtakes	Total number of assets
Producing	11	5	1	17
Development (construction)	7	4	2	13
Exploration and evaluation	107	-	1	108
	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	Alamos Gold Inc.	1.17-2.55% 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	Eldorado Gold Corporation	0.85% NSR royalty	Au	Canada

Outside of North America
Mantos Blancos	Mantos Copper Holding Sp	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
Brauna	Lipari Mineração Ltda	1% GRR⁽ⁱⁱⁱ⁾	Diamonds	Brazil
Matilda	Blackham Resources Limited	1.65% stream	Au	Australia
Fruta del Norte	Lundin Gold Inc.	0.1% NSR royalty	Au	Ecuador

Investments	Carrying value⁽ⁱ⁾	Fair value⁽ⁱⁱ⁾
	$	$
Associates	123,907	229,739
Other	88,449	88,449
	212,356	318,188

Company	Number of Shares Held	Ownership
		%
Osisko Mining	50,023,569	14.7
Osisko Metals	29,877,397	17.9
Falco	41,385,240	18.3

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	tbd⁽ⁱⁱ⁾
Year-to-date 2020	0.15

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

2020-Q2 (YTD)	$1,772	$1,474	$1,645	$1,768
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

	2020			2019								2018
	Q2	Q1		Q4		Q3		Q2		Q1		Q4		Q3

GEOs	12,386	18,159		20,479		18,123		19,651		19,753		20,005		20,006
Cash and cash equivalents	201,971	158,325		108,223		123,702		83,589		108,497		174,265		137,188
Short-term investments	21,105	21,228		20,704		25,844		16,165		13,119		10,000		10,000
Working capital	162,996	117,090		112,494		150,845		89,668		107,328		174,596		281,858
Total assets	2,128,588	2,016,189		1,947,253		1,948,355		2,042,960		2,160,816		2,234,646		2,441,668
Total long-term debt	421,652	423,499		349,042		347,638		326,050		324,355		352,769		419,680
Equity	1,604,676	1,492,346		1,493,446		1,506,287		1,534,872		1,727,396		1,771,595		1,868,196
Revenues	40,758	52,605		51,032		109,235		131,606		100,726		115,337		111,702
Net cash flows from operating activities	15,422	23,800		17,204		28,294		21,350		24,750		18,559		20,636
Impairment of assets, net of income taxes	3,117	(19,300	)	(148,600	)	(58,952	)	-		(28,600	)	(123,655	)	-
Net earnings (loss)	13,048	(13,318	)	(155,175	)	(45,924	)	(6,547	)	(26,549	)	(113,882	)	5,474
Basic and diluted net earnings (loss) per share	0.08	(0.09	)	(1.04	)	(0.32	)	(0.04	)	(0.17	)	(0.73	)	0.04
Weighted average shares outstanding (000's)
- Basic	164,733	155,374		149,912		144,446		154,988		155,059		156,336		156,252
- Diluted	164,815	155,374		149,912		144,446		154,988		155,059		156,336		156,263
Share price - TSX - closing	13.56	10.50		12.62		12.31		13.65		15.01		11.97		9.80
Share price - NYSE - closing	10.00	7.44		9.71		9.30		10.44		11.24		8.78		7.59
Warrant price - TSX - closing OR.WT	0.31	0.16		0.25		0.445		0.51		0.80		0.37		0.70
Debenture price - TSX - closing⁽²⁾OR.DB	101.34	94.75		101.08		101.75		102.90		103.00		98.99		99.00
Price of gold (average US$)	1,711	1,583		1,481		1,485		1,309		1,304		1,226		1,213
Closing exchange rate⁽³⁾(US$/Can$)	1.3628	1.4187		1.2988		1.3243		1.3087		1.3363		1.3642		1.2945

	Six months ending December 31, 2020 ⁽ⁱ⁾			Year ending December 31, 2020 ⁽ⁱ⁾
	Low	High	Cash margin	Low	High	Cash margin
	(GEOs)	(GEOs)	(%)	(GEOs)	(GEOs)	(%)

Royalty interests	24,800	26,250	100	45,500	46,950	100
Stream interests	8,000	8,450	87	17,150	17,650	81
Offtake interests	200	300	2	850	900	3
	33,000	35,000		63,500	65,500

Company	Project (asset)	Installments	Triggering events

Aquila Resources Inc.	Back Forty project (gold stream)	US$2.5 million US$5.0 million	Completion of an equity financing for proceeds of no less than US$6.0 million. Receipt of all material permits for the construction and operation of the project.
		US$25.0 million	Pro rata to drawdowns on debt finance facility.

Falco Resources Ltd.	Horne 5 project (silver stream)	$20.0 million	Receipt of all necessary material third-party approvals, licenses, rights of way and surface rights on the property.
		$35.0 million	Receipt of all material construction permits, positive construction decision, and raising a minimum of $100.0 million in non-debt financing.
		$60.0 million	Upon total projected capital expenditure having been demonstrated to be financed.
		$40.0 million (optional)	Payable with fourth installment, at sole election of Osisko, to increase the silver stream to 100% of payable silver (from 90%).

	Attributable payable production to be purchased			Per ounce/carat cash payment (US$)			Term of agreement	Date of contract
Interest	Gold	Silver	Diamond	Gold	Silver	Diamond	Term of agreement	Date of contract
Amulsar stream^(1),(7⁾	4.22%	62.5%		$400	$4		40 years	November 2015
Amulsar offtake^(2),(7⁾	81.91%			Based on quotational period			Until delivery of 2,110,425 ounces Au	November 2015
Back Forty stream⁽³⁾	18.5%	85%		30% spot price (max $600)	$4		Life of mine	March 2015
Mantos Blancos stream⁽⁴⁾		100%			8% spot		Life of mine	September 2015 Amended Aug. 2019
Renard stream			9.6%			Lesser of 40% of sales price or $40	40 years	July 2014 Amended Oct. 2018
Sasa stream⁽⁵⁾		100%			$5		40 years	November 2015
Gibraltar stream⁽⁶⁾		75%			nil		Life of mine	March 2018 Amended April 2020

Corporate Office	Osisko Bermuda Limited
1100 av. des Canadiens-de-Montréal	Cumberland House
Suite 300	1 Victoria Street
Montréal, Québec, Canada H3B 2S2	Hamilton HM11
Tel.: (514) 940-0670	Bermuda
Fax: (514) 940-0669	Tel.: (441) 824-7474
Email: info@osiskogr.com	Fax: (441) 292-6140
Web site: www.osiskogr.com
	Michael Spencer, Managing Director