 MONTRÉAL, Aug. 05, 2020 GLOBE NEWSWIRE -- Osisko Gold Royalties Ltd the Company or Osisko OR: TSX NYSE today announced its consolidated financial results for the second quarter of 2020.Highlights Updated guidance for the second half of the year of 33,000 to 35,000 gold equivalent ounces1 GEOs; Revenues from royalties and streams of 28.7 million Q2 2019 33.8 million; Cash flows from operating activities of 15.4 million Q2 2019 21.4 million; 18.6 million before changes in non-cash working capital items Q2 2019 23.5 million; Earned 12,386 GEOs Q2 2019 19,651 GEOs; Net earnings of 13.0 million, 0.08 per basic share Q2 2019 net loss of 6.5 million, 0.04 per basic share; Adjusted earnings2 of 5.7 million or 0.03 per basic share Q2 2019 8.2 million, 0.05 per basic share; Cash operating margin3 of 95 from royalty and stream interests, generating 27.2 million in operating cash flow, in addition to a cash operating margin of 0.6 million from offtake interests; Cash on hand of 202.0 million and up to 400.0 million further available under the credit facility as at June 30, 2020; Closed a non-brokered private placement of 85.0 million with Investissement Québec on April 1, 2020; Improved the silver stream on the Gibraltar mine by investing 8.5 million to reduce the transfer price from US2.75 per ounce of silver to nil in April 2020; Commercial production was declared by the operator of the Eagle Gold mine on July 1, 2020, on which the Company holds a 5 NSR royalty; As a result of the COVID-19 pandemic, several of Osiskos assets were temporarily placed on care and maintenance by our operating partners during the second quarter, but the affected assets have now largely resumed operations; and Declared a quarterly dividend of 0.05 per common share paid on July 15, 2020 to shareholders of record as of the close of business on June 30, 2020.PerformanceSean Roosen, Chair and Chief Executive Officer, commented on the activities of the second quarter of 2020: Even though our results for the second quarter have been affected by the impacts of the COVID19 pandemic, our business model remains extremely strong and the rising gold price helped to partially offset the closures. We look forward to benefiting from the gold price environment and our assets being at full capacity for the rest of the year.OutlookOn March 23, 2020, given the uncertainties with respect to future developments related to the COVID-19 pandemic, including the duration, severity and scope of the outbreak, the actions taken to contain or treat the COVID19 outbreak, and impacts on mining operations, Osisko announced the withdrawal of its 2020 production guidance until further notice.As the main mining assets on which Osisko holds a royalty, stream or other interest have mostly returned to operations, Osisko has updated its guidance for the six months and the year ending December 31, 2020. This guidance excludes any potential impact on GEOs and cash margins if the Renard diamond mine would restart its operations in 2020 or if additional periods of care and maintenance were announced in light of the development of the COVID-19 pandemic. 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 i Excluding any potential revenues from the Renard diamond mine for the six months ending December 31, 2020.For the full year 2020 guidance, actual results were used for the first semester and added to the forecast for the second semester of the year. For the outlook of the last 6 months of 2020, silver and cash royalties have been converted to GEOs using commodity prices of US1,900 per ounce of gold, US22 per ounce of silver and an exchange rate USC of 1.33.Q2 2020 Results Conference CallOsisko will host a conference call on Thursday, August 6, 2020 at 10:00 am EDT to review and discuss its second quarter 2020 results. Participants to the call must register using one of the methods below: Online pre-registration: Once you register, you will receive a confirmation which will have the dial in number and both the Direct Event Passcode and your unique Registrant ID to join this call. For security reasons, please do NOT share this information with anyone else. You can alternatively, pre-register by phone: Pre-phone registration: 1-888 869-1189 and provide the Conference ID which is 7026109 to the Live Agent who will take the details from you live. Please pre-register in advance of the call.The conference call replay will be available from 1:00 pm EDT on August 6, 2020 until 11:59 pm EDT on August 13, 2020 with the following dial in numbers: 1-800 585-8367 North American toll free or 1-416 621-4642, access code 7026109. The replay will also be available on our website at 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 138 royalties, streams and precious metal offtakes. Osiskos 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 14.7 interest in Osisko Mining Inc., 18.6 interest in Osisko Metals Incorporated and an 18.3 interest in Falco Resources Ltd.Osiskos 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 Singh President Tel. 514 940-0670 Notes: 1GEOs are calculated on a quarterly basis and include royalties, streams and offtakes. Silver earned from royalty and stream agreements was converted to gold equivalent ounces by multiplying the silver ounces by the average silver price for the period and dividing by the average gold price for the period. Diamonds, other metals and cash royalties were converted into gold equivalent ounces by dividing the associated revenue by the average gold price for the period. Offtake agreements were converted using the financial settlement equivalent divided by the average gold price for the period. Average Metal Prices and Exchange Rate Three months ended June 30, Six months ended June 30, 20202019 20202019 Gold i1,7111,309 1,6451,307 Silverii1615 1715 Exchange rate USCaniii1.38531.3377 1.36511.3336 iThe London Bullion Market Associations pm price in U.S. dollars. iiThe London Bullion Market Associations price in U.S. dollars. iiiBank of Canada daily rate. 2The Company has included certain non-IFRS measures including Adjusted Earnings and Adjusted Earnings per basic share to supplement its consolidated financial statements, which are presented in accordance with IFRS. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Adjusted earnings is defined as Net earnings loss adjusted for certain items: Foreign exchange gain loss, Impairment of assets, including impairment on financial assets and investments in associates, Gains losses on disposal of exploration and evaluation assets, Unrealized gain loss on investments, , Share of loss of associates, Deferred income tax expense recovery and other unusual items such as transaction costs. Adjusted earnings per basic share is obtained from the adjusted earnings divided by the Weighted average number of common shares outstanding for the period. Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 in thousands of dollars, except per share amounts Net earnings loss13,048 6,547 27033,096 Adjustments: Impairment of assets3,117 - 30,323 38,900 Foreign exchange loss gain544 484 1,5571,643 Unrealized gain loss on investments13,9235,298 15,4585,333 Share of loss of associates1,458 8,780 3,174 10,542 Deferred income tax expense recovery1,489 216 2,0259,266 Adjusted earnings5,733 8,231 14,187 14,056 Weighted average number of common shares outstanding 000s164,733 154,988 160,067 155,023 Adjusted earnings per basic share0.03 0.05 0.09 0.09 3Cash operating margin, which represents revenues less cost of sales, is a non-IFRS measure. The Company believes that this non-IFRS generally accepted industry measure provides a realistic indication of operating performance and provides a useful comparison with its peers. 