OR Royalties Inc. Q4 FY2024 earnings call

• Osisko had a solid 2024 year, ending with 80,740 GEOs which was above the midpoint of the revised guidance. Annual revenues were a record $191.2 million with a 96.5% cash margin.
• The company declared and paid a quarterly dividend of $0.065 per share in Q4, with a subsequent Board-approved dividend of the same amount payable in April 2025.
• Expect GEO delivery growth in 2025 but at a less steep slope than previously anticipated. Had $300 million of transactions in 2024.
• Pipeline remains robust with expectation of at least one or two meaningful transactions in 2025. Exposure to Tier 1 mining jurisdictions (Canada, US, Australia) is second to none.
• Key assets: Canadian Malartic's 5% royalty was a cornerstone, Alamos Gold's Island Gold District has upcoming catalysts, Capstone's Mantos Blancos had throughput issues but expected to turn corner, MAC Copper's CSA copper stream is a growing contributor.

In 2024, Osisko Gold Royalties earned 80,740 gold equivalent ounces (GEOs). Annual revenues reached a record $191.2 million with a cash margin of 96.5%. GEOs were predominantly from Canada, with over 93% derived from precious metals (67% gold, 27% silver, remainder copper). The company ended 2024 with $59 million in cash and net debt of just under $35 million.

• 2025 GEO guidance: 80,000 to 88,000 GEOs, back-half weighted due to factors like mine sequencing, silver grade sequencing, and slower ramp-ups from newer assets.
• 2029 five-year outlook: Lower than last year's due to absence of Eagle mine, offset by Dalgaranga's first production possibly in late-2026, and includes development assets like Dalgaranga, Windfall, Hermosa, Marimaca. Mantos Blancos Phase 2 expansion optionality to be clearer in Q4 2025.

Q: Tanya Jakusconek asked about the 2025 production profile split and capital allocation.

A: Jason Attew said Q1 is likely the weakest quarter, Q2 picks up, back half stronger. On capital allocation, focus is on high-quality assets, disciplined with transactions between $50M and $500M, open to syndicated deals, and will be opportunistic with share buybacks if value is seen.

Q: Adrian Day asked if they'd exchange copper assets for gold.

A: Jason Attew said they're open to accretive transactions, are a precious metal vehicle but open to creative structures if accretive to shareholders.