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Osisko Mining (OSK) investor relations material

Osisko Mining Q2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2024 earnings summary30 Jun, 2024

Executive summary

  • Osisko Mining focuses on gold exploration and development in Québec, with the Windfall Project as its flagship asset, now held in a 50/50 joint venture with Gold Fields.

  • The Windfall Project is advancing toward production, with significant progress in permitting, engineering, and infrastructure, including grid power connection and ongoing bulk sampling.

  • The company maintains a robust exploration program, with over 166,000 metres drilled across Windfall, Urban-Barry, and Phoenix Properties in the past year.

  • Osisko is fully financed through Windfall construction, with $247.5 million in cash and working capital of $266.0 million as of June 30, 2024.

Financial highlights

  • Net loss for the six months ended June 30, 2024, was $4.6 million, compared to net income of $223.8 million in the same period in 2023, mainly due to a $210 million gain on sale of joint venture in 2023.

  • Cash used in operating activities was $2.3 million, and investing activities used $65.5 million, primarily for joint venture investment and exploration.

  • Cash used in financing activities was $24.9 million, mainly for share repurchases.

  • Marketable securities portfolio valued at $20.4 million, with realized and unrealized gains totaling $1.2 million in the first half of 2024.

  • As of June 30, 2024, total assets were $1.2 billion, with no off-balance sheet arrangements.

Outlook and guidance

  • 2024 budget includes $651,000 per month in corporate expenditures and 50% of the Partnership's $25.7 million monthly Windfall budget.

  • Windfall Project to continue underground definition drilling, regional exploration, and infrastructure completion, with key milestones expected in Q3 2024.

  • Osisko remains fully financed through Windfall construction and is considering cash management options for excess funds.

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Frequently asked questions

Osisko Mining Inc. is a Canada-based mineral exploration company focused on the acquisition, exploration, and development of gold properties in Canada. The company’s primary project is the Windfall Lake Gold Project located in Québec, where it is advancing exploration efforts to define high-grade gold resources. Osisko Mining’s activities include drilling, resource estimation, and feasibility studies, aimed at advancing its properties toward production. The company is headquartered in Toronto, Ontario, and its shares are listed on the TSX.

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