Osisko Gold Royalties (OR.TO) reported Tuesday record preliminary fourth-quarter revenue.
Osisko posted record revenue from royalties and streams of $79.3 million and cost of sales of $3.1 million, resulting in a record quarterly cash margin of $76.3 million.
The company said it earned 20,005 attributable gold equivalent ounces (GEO) for a total of 80,740 GEOs in 2024, hitting the midpoint of its revised GEO delivery guidance range of 77,000-83,000 GEOs.
Osisko said its GEO earned fell 14% in 2024 due to the stoppage of operations at the Renard diamond mine and the stoppage of the Eagle mine following the slope failure at its heap leach pad facility.
Osisko will report its fourth quarter and annual 2024 results on Feb. 19.
The company maintained its Outperform rating and $33.50 price target at National Bank of Canada following the news.
The bank said the rating is based on the company's diversified portfolio, with key assets operated by senior/intermediate counterparties located in politically stable jurisdictions.
"Scope exists for a further re-rating given the company's depressed valuation relative to larger-cap royalty peers and premium valuations ascribed to recent acquisitions within the sector," National bank said.
The company's share price rose 1.6% at last look to $26.47 on the TSX.
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