Osisko Metals (OM) Q4 2024 earnings summary

Executive summary

• Completed $107.4 million equity financing in December 2024, significantly strengthening liquidity and working capital position.

• Advanced Gaspé Copper Project with updated mineral resource estimate: 824 Mt at 0.34% CuEq Indicated and 670 Mt at 0.38% CuEq Inferred, a 53% increase in Indicated copper-equivalent content.

• Pine Point Project joint venture with Appian increased Appian's stake to 65%, with Osisko retaining 35% and no further cash calls until FID.

• Net loss of $21.4 million for 2024, compared to net income of $11.3 million in 2023, driven by non-cash fair value loss on convertible debenture and absence of prior year one-time gains.

• Management and board changes implemented in December 2024 to support project advancement.

Financial highlights

• Cash and cash equivalents at year-end 2024: $101.7 million (2023: $1.7 million); working capital of $34.9 million (2023: negative $31.7 million).

• Total assets increased to $244.8 million (2023: $143.5 million), mainly due to equity financing and increased investment in joint venture.

• Operating loss of $4.3 million in 2024 (2023: operating income of $10.3 million).

• Net loss per share: $0.08 (2023: earnings per share of $0.05).

• Fair value loss on convertible debenture: $10.0 million (2023: gain of $3.9 million), reflecting share price volatility.

• Exploration and evaluation expenditures: $6.2 million, primarily at Gaspé Copper.

Outlook and guidance

• 2025 preliminary budget: ~$4.0 million per month, with $3.3 million/month allocated to Gaspé Copper, mainly for a 110,000-metre drill program.

• Fully financed through FID at Gaspé Copper; Pine Point feasibility study expected Q2 2025.

• Focus on converting Inferred to Indicated resources and expanding mineralization at Gaspé Copper.

• Dewatering of Copper Mountain pit planned for Q2 2026, pending permits.