Osisko Gold Royalties (TSX: OR) has seen its attributable gold equivalent ounce production decline to 19,014 ounces in the first quarter of 2025. The figure represents a decline of nearly 15% on a year over year basis, with the comparable period seeing production of 22,259 GEO’s.
The rise in the price of gold was unable to offset the decline in production, with preliminary revenues from royalties and streams coming in at $54.9 million, as compared to $60.8 million in the first quarter of 2024. Cost of sales was estimated at $1.6 million, leading to cash margins of $53.3 million, or 97.1%.
Cash generated during the first quarter was used to pay down debt on Osisko’s books, with the company reducing its revolving credit facility by $19.6 million during the quarter, with that facility having $74.3 million drawn on it as of the end of the quarter. A further $25.0 million was paid down subsequent to the end of the quarter, reducing the outstanding balance to $49.3 million.
Osisko meanwhile ended the quarter with $63.1 million in cash.
Full financial results for the first quarter are slated to be released on May 7 after the close of markets.
Osisko Gold Royalties last traded at $27.44 on the TSX.
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