Osisko Metals (OM) Q1 2025 earnings summary

Executive summary

• Net loss for Q1 2025 was $13.5 million, up from $1.1 million in Q1 2024, mainly due to higher finance expenses and compensation costs following management changes.

• Cash position remains strong at $97.5 million as of March 31, 2025, with working capital of $19.9 million.

• Major exploration focus on the Gaspé Copper Project, with a 110,000-metre drill program underway and significant resource expansion reported.

• Pine Point Project joint venture with Appian continues, with feasibility study in progress and Appian funding up to 65% ownership.

Financial highlights

• Revenue: No operating revenue as the company remains in the exploration stage.

• Net loss: $13.5 million in Q1 2025, compared to $1.1 million in Q1 2024.

• Cash used in operating activities: $2.8 million in Q1 2025, up from $0.5 million in Q1 2024.

• Cash used in investing activities: $0.5 million in Q1 2025, compared to $5.8 million provided in Q1 2024 (due to prior asset sales).

• Cash used in financing activities: $0.8 million in Q1 2025, mainly for share issue expenses.

Outlook and guidance

• 2025 budget includes average expenditures of $4.0 million per month, with $3.3 million per month allocated to Gaspé Copper Project.

• Minimum 110,000-metre drill program at Gaspé Copper in 2025 aims to convert Inferred to Indicated resources.

• Preliminary Economic Assessment for Gaspé Copper deferred until further drilling is completed.

• Pine Point Feasibility Study expected to complete in Q2 2025.