Osisko Announces Gibraltar Silver Stream Amendment
30 April 2020 - 7:45AM
Osisko Gold Royalties Ltd (“Osisko”) (OR: TSX & NYSE) is
pleased to announce that it has completed an amendment to its 75%
silver stream (the “Silver Stream”) with respect to the Gibraltar
copper mine (“Gibraltar”), located in British Columbia, Canada,
which is operated by a wholly-owned subsidiary of Taseko Mines
Limited (“Taseko”).
Osisko and Taseko have amended the Silver Stream
by reducing the price paid by Osisko for each ounce of refined
silver from USD $2.75 to nil in exchange for cash consideration of
CAD $8.5 million to Taseko.
Sean Roosen, Chair and CEO of Osisko commented:
“We are pleased to announce this transaction further improving one
of our high-quality Canadian precious metal assets while also
continuing our strong partnership with Taseko. Our agreement
with Taseko increases Osisko’s operating margin on the Silver
Stream to 100% from 80% while providing Taseko with general working
capital support contributing to its strong pro-forma cash position
of approximately $58.5 million. Gibraltar is a long-life
asset with a proven operator and, as such, this investment
continues to provide Osisko’s shareholders with silver price
optionality over multiple cycles”.
About Osisko Gold Royalties Ltd
Osisko Gold Royalties Ltd is an intermediate precious metal royalty
company focused on the Americas that commenced activities in June
2014. Osisko holds a North American focused portfolio of over 135
royalties, streams and precious metal offtakes. Osisko’s portfolio
is anchored by its cornerstone asset, a 5% net smelter return
royalty on the Canadian Malartic mine, which is the largest gold
mine in Canada. Osisko also owns the Cariboo gold project in Canada
as well as a portfolio of publicly held resource companies,
including a 15.8% interest in Osisko Mining Inc., 17.9% interest in
Osisko Metals Incorporated and an 18.3% interest in Falco Resources
Ltd.
Osisko’s head office is located at 1100 Avenue
des Canadiens-de Montréal, Suite 300, Montréal, Québec, H3B
2S2.
For further information,
please contact Osisko Gold Royalties Ltd: |
|
Sandeep SinghPresidentTel. (514)
940-0670ssingh@osiskogr.com |
Forward-looking Statements
Certain statements contained in this press
release may be deemed “forward‐looking statements” within the
meaning of applicable Canadian and U.S. securities laws. These
forward‐looking statements, by their nature, require Osisko to make
certain assumptions and necessarily involve known and unknown risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied in these forward‐looking
statements. Forward‐looking statements are not guarantees of
performance. Words such as “may”, “will”, “would”, “could”,
“expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”,
“continue”, or the negative or comparable terminology, as well as
terms usually used in the future and the conditional, are intended
to identify forward‐looking statements. Information contained in
forward‐looking statements is based upon certain material
assumptions that were applied in drawing a conclusion or making a
forecast or projection, including the realization of the
anticipated benefits deriving from its investments and the
transaction with Taseko and the general performance of the assets
of Osisko, management’s perceptions of historical trends, current
conditions and expected future developments, as well as other
considerations that are believed to be appropriate in the
circumstances. Osisko considers its assumptions to be reasonable
based on information currently available, but cautions the reader
that their assumptions regarding future events, many of which are
beyond the control of Osisko, may ultimately prove to be incorrect
since they are subject to risks and uncertainties that affect
Osisko and its business. Such risks and uncertainties include,
among others, fluctuations in the prices of the commodities that
drive royalties held by Osisko; fluctuations in the value of the
Canadian dollar relative to the U.S. dollar; regulatory changes in
national and local government, including permitting and licensing
regimes and taxation policies; regulations and political or
economic developments in any of the countries where properties in
which Osisko holds a royalty or other interest are located or
through which they are held; risks related to the operators of the
properties in which Osisko holds a royalty, influence of
macroeconomic developments, market or business conditions;
litigation; title, permit or license disputes related to interests
on any of the properties in which Osisko holds a royalty or other
interest; development, permitting, infrastructure, operating or
technical difficulties, delays or adverse climatic conditions or on
any of the properties in which Osisko holds a royalty or other
interest; rate and timing of production differences from resource
estimates or production forecasts by operators of properties in
which Osisko holds a royalty or other interest ; risks and hazards
associated with the business of exploring, development and mining
on any of the properties in which Osisko holds a royalty or other
interest, including, but not limited to unusual or unexpected
geological and metallurgical conditions, slope failures or
cave-ins, flooding and other natural disasters or civil unrest or
other uninsured risks, and the responses of relevant governments to
the COVID-19 outbreak and the effectiveness of such responses.
For additional information with respect to these
and other factors and assumptions underlying the forward‐looking
statements made in this press release, see the section entitled
“Risk Factors” in the most recent Annual Information Form of Osisko
which is filed with the Canadian securities commissions and
available electronically under Osisko’s issuer profile on SEDAR at
www.sedar.com and with the U.S. Securities and Exchange Commission
and available electronically under Osisko’s issuer profile on EDGAR
at www.sec.gov. The forward‐ looking statements set forth
herein reflect Osisko’s expectations as at the date of this press
release and are subject to change after such date. Osisko disclaims
any intention or obligation to update or revise any forward‐looking
statements, whether as a result of new information, future events
or otherwise, other than as required by law.
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