Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Addresses [Line Items] | |
Entity Registrant Name | OSISKO GOLD ROYALTIES LTD |
Entity Central Index Key | 0001627272 |
Current Fiscal Year End Date | --12-31 |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Entity Common Stock, Shares Outstanding | 184,013,474 |
Entity Current Reporting Status | Yes |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Document Registration Statement | false |
Document Annual Report | true |
Entity File Number | 001-37814 |
Entity Incorporation, State or Country Code | Z4 |
Entity Address, Postal Zip Code | H3B 2S2 |
Entity Address, Address Line One | 1100 avenue des Canadiens-de-Montréal |
Entity Address, Address Line Two | Suite 300 |
Entity Address, City or Town | Montreal |
Entity Address, State or Province | QC |
Title of 12(b) Security | Common Shares, no par value |
Trading Symbol | OR |
Security Exchange Name | NYSE |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Montréal, Canada |
Auditor Firm ID | 271 |
ICFR Auditor Attestation Flag | true |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Contact Personnel Name | CT Corporation System |
Entity Address, Postal Zip Code | 10005 |
Entity Address, Address Line One | 28 Liberty Street |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
City Area Code | 212 |
Local Phone Number | 590-9070 |
Consolidated Balance Sheets
Consolidated Balance Sheets - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash | $ 90,548 | $ 115,698 |
Amounts receivable | 11,700 | 14,691 |
Inventories | 0 | 18,596 |
Other assets | 2,546 | 3,941 |
Total current assets | 104,794 | 152,926 |
Non-current assets | ||
Investments in associates | 319,763 | 125,354 |
Other investments | 73,504 | 169,010 |
Royalty, stream and other interests | 1,378,253 | 1,154,801 |
Mining interests and plant and equipment | 6,947 | 635,655 |
Exploration and evaluation | 0 | 3,635 |
Goodwill | 111,204 | 111,204 |
Other assets | 1,836 | 18,037 |
Total assets | 1,996,301 | 2,370,622 |
Current liabilities | ||
Accounts payable and accrued liabilities | 6,825 | 30,049 |
Dividends payable | 10,121 | 9,157 |
Provisions and other liabilities | 921 | 12,179 |
Current portion of long-term debt | 0 | 294,891 |
Total current liabilities | 17,867 | 346,276 |
Non-current liabilities | ||
Provisions and other liabilities | 6,701 | 60,334 |
Long-term debt | 147,950 | 115,544 |
Deferred income taxes | 86,572 | 68,407 |
Total liabilities | 259,090 | 590,561 |
Equity | ||
Share capital | 2,076,070 | 1,783,689 |
Warrants | 0 | 18,072 |
Contributed surplus | 77,295 | 42,525 |
Equity component of convertible debentures | 0 | 14,510 |
Accumulated other comprehensive income | 47,435 | 58,851 |
Deficit | (463,589) | (283,042) |
Equity attributable to Osisko Gold Royalties Ltd's shareholders | 1,737,211 | 1,634,605 |
Non-controlling interests | 0 | 145,456 |
Total equity | 1,737,211 | 1,780,061 |
Total Liabilities and Equity | $ 1,996,301 | $ 2,370,622 |
Consolidated Statements of Loss
Consolidated Statements of Loss - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement | ||
Revenues | $ 217,809 | $ 224,877 |
Cost of sales | (16,076) | (37,646) |
Depletion | (51,355) | (48,361) |
Gross profit | 150,378 | 138,870 |
Other operating expenses | ||
General and administrative | (20,216) | (19,610) |
Business development | (5,375) | (4,168) |
Impairment of royalty interests | (1,818) | (2,938) |
Operating income | 122,969 | 112,154 |
Interest income | 9,767 | 4,292 |
Finance costs | (22,339) | (23,838) |
Foreign exchange gain (loss) | 20,146 | (133) |
Share of loss of associates | (1,863) | (2,246) |
Other (losses) gains, net | (15,557) | 12,324 |
Earnings before income taxes | 113,123 | 102,553 |
Income tax expense | (27,838) | (25,926) |
Net earnings from continuing operations | 85,285 | 76,627 |
Net loss from discontinued operations | (268,475) | (133,302) |
Net loss | (183,190) | (56,675) |
Net loss attributable to: | ||
Osisko Gold Royalties Ltd's shareholders | (118,754) | (23,554) |
Non-controlling interests | $ (64,436) | $ (33,121) |
Net earnings per share from continuing operations attributable to Osisko Gold Royalties Ltd's shareholders | ||
Net earnings per share from continuing operations - Basic | $ 0.47 | $ 0.46 |
Net earnings per share from continuing operations - Diluted | 0.47 | 0.46 |
Net loss per share attributable to Osisko Gold Royalties Ltd's shareholders | ||
Net loss per share - Basic | (0.66) | (0.14) |
Net loss per share - Diluted | $ (0.66) | $ (0.14) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Income and Comprehensive Income | ||
Net loss | $ (183,190) | $ (56,675) |
Items that will not be reclassified to the consolidated statement of loss | ||
Changes in fair value of financial assets at fair value through other comprehensive income | (43,486) | 7,303 |
Income tax effect | 4,324 | (471) |
Share of other comprehensive loss of associates | (1,368) | (1,665) |
Items that may be reclassified to the consolidated statement of loss | ||
Currency translation adjustments | 49,904 | (2,990) |
Deemed disposal of an investment in an associate Reclassification to the statements of loss of the other comprehensive income, net of income tax | (294) | 0 |
Other comprehensive income | 9,080 | 2,177 |
Comprehensive loss | (174,110) | (54,498) |
Comprehensive income (loss) attributable to Osisko Gold Royalties Ltd's shareholders: | ||
From continuing operations | 88,988 | 82,292 |
From discontinued operations | (204,039) | (100,181) |
Comprehensive loss attributable to: | ||
Osisko Gold Royalties Ltd's shareholders | (115,051) | (17,889) |
Non-controlling interests | $ (59,059) | $ (36,609) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | ||
Net earnings from continuing operations | $ 85,285 | $ 76,627 |
Adjustments for: | ||
Share-based compensation | 7,119 | 7,729 |
Depletion and amortization | 52,415 | 49,422 |
Impairment of assets | 4,179 | 5,050 |
Finance costs | 7,340 | 6,973 |
Share of loss of associates | 1,863 | 2,246 |
Net gain on acquisition of investments | (48) | (7,416) |
Change in fair value of financial assets at fair value through profit and loss | 16,848 | (6,987) |
Net gain on dilution of investments | (3,604) | 0 |
Foreign exchange (gain) loss | (19,907) | 186 |
Deferred income tax expense | 26,688 | 24,695 |
Other | 116 | 107 |
Net cash flows provided by operating activities before changes in non-cash working capital items | 178,294 | 158,632 |
Changes in non-cash working capital items | (3,231) | (5,413) |
Net operating cash flows provided by continuing operations | 175,063 | 153,219 |
Net operating cash flows used by discontinued operations | (65,116) | (47,124) |
Net cash flows provided by operating activities | 109,947 | 106,095 |
Investing activities | ||
Net proceeds of short-term investments | 2,960 | 3,501 |
Acquisitions of investments | (12,472) | (35,419) |
Proceeds from disposal of investments | 0 | 7,882 |
Acquisitions of royalty and stream interests | (124,209) | (90,980) |
Cash balance of Osisko Development Corp. at the time of deconsolidation | (133,138) | 0 |
Other | (18) | (40) |
Net investing cash flows used by continuing operations | (266,877) | (115,056) |
Net investing cash flows used by discontinued operations | (114,984) | (156,982) |
Net cash flows used in investing activities | (381,861) | (272,038) |
Financing activities | ||
Bought deal equity financing | 311,962 | 0 |
Share issue costs | (13,941) | 0 |
Exercise of share options and shares issued under the share purchase plan | 4,387 | 14,544 |
Increase in long-term debt | 147,833 | 50,000 |
Repayment of long-term debt | (413,120) | (50,000) |
Normal course issuer bid purchase of common shares | (22,135) | (30,791) |
Dividends paid | (37,929) | (32,464) |
Capital payments on lease liabilities | (874) | (834) |
Withholding taxes on settlement of restricted and deferred share units | (2,224) | (3,715) |
Other | (555) | (1,079) |
Net financing cash flows used by continuing operations | (26,596) | (54,339) |
Net financing cash flows provided by discontinued operations | 245,833 | 34,738 |
Net cash flows used in investing activities | 219,237 | (19,601) |
Decrease in cash before effects of exchange rate changes | (52,677) | (185,544) |
Effects of exchange rate changes on cash | ||
Continuing operations | 21,008 | (920) |
Discontinued operations | 6,519 | (362) |
Net decrease in cash | (25,150) | (186,826) |
Cash - January 1 | 115,698 | 302,524 |
Cash - December 31 | $ 90,548 | $ 115,698 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CAD ($) $ in Thousands | Share capital [Member] | Warrants [Member] | Contributed surplus [Member] | Equity component of convertible debentures [Member] | Accumulated other comprehensive Income [Member] | Deficit [Member] | Total [Member] | Non-controlling interests [Member] | Total |
Beginning Balance at Dec. 31, 2020 | $ 1,776,629 | $ 18,072 | $ 41,570 | $ 17,601 | $ 48,951 | $ (174,458) | $ 1,728,365 | $ 112,667 | $ 1,841,032 |
Beginning Balance (shares) at Dec. 31, 2020 | 166,647,932 | ||||||||
Net loss | (23,554) | (23,554) | (33,121) | $ (56,675) | |||||
Other comprehensive income (loss) | 5,665 | 5,665 | (3,488) | 2,177 | |||||
Comprehensive income (loss) | 5,665 | (23,554) | (17,889) | (36,609) | (54,498) | ||||
Net investments from minority shareholders | 27,314 | 27,314 | |||||||
Effect of changes in ownership of a subsidiary on non-controlling interest | (36,482) | (36,482) | 36,482 | 0 | |||||
Dividends declared | (35,085) | (35,085) | (35,085) | ||||||
Shares issued - Dividends reinvestment plan | 1,821 | 1,821 | $ 1,821 | ||||||
Shares issued - Dividends reinvestment plan (shares) | 120,523 | ||||||||
Shares issued - Employee share purchase plan | 311 | 311 | $ 311 | ||||||
Shares issued - Employee share purchase plan (shares) | 20,496 | ||||||||
Share options: | |||||||||
Shared-based compensation | 3,636 | 3,636 | 2,315 | $ 5,951 | |||||
Share options exercised | 18,069 | (3,720) | 14,349 | $ 14,349 | |||||
Share option exercised (shares) | 1,043,903 | ||||||||
Restricted share units to be settled in common shares: | |||||||||
Share-based compensation | 3,527 | 3,527 | 1,858 | $ 5,385 | |||||
Settlement | 2,605 | (5,113) | (671) | (3,179) | $ (3,179) | ||||
Settlement (shares) | 215,851 | ||||||||
Income tax impact | (184) | (184) | 82 | $ (102) | |||||
Deferred share units to be settled in common shares: | |||||||||
Share-based compensation | 1,162 | 1,162 | 1,259 | 2,421 | |||||
Settlement | 625 | (1,349) | (237) | (961) | $ (961) | ||||
Settlement (shares) | 30,849 | ||||||||
Income tax impact | (95) | (95) | 88 | $ (7) | |||||
Normal course issuer bid purchase of common shares | (22,471) | (8,320) | (30,791) | $ (30,791) | |||||
Normal course issuer bid purchase of common shares (shares) | (2,103,366) | ||||||||
Deemed issuance of Osisko shares | 6,100 | 6,100 | $ 6,100 | ||||||
Deemed issuance of Osisko shares (shares) | 517,409 | ||||||||
Maturity of convertible debenture - equity component | 3,091 | (3,091) | |||||||
Transfer of realized gain on financial assets at fair value through other comprehensive income, net of income taxes | 4,235 | (4,235) | |||||||
Ending Balance at Dec. 31, 2021 | 1,783,689 | 18,072 | 42,525 | 14,510 | 58,851 | (283,042) | 1,634,605 | 145,456 | $ 1,780,061 |
Ending Balance (shares) at Dec. 31, 2021 | 166,493,597 | ||||||||
Net loss | (118,754) | (118,754) | (64,436) | $ (183,190) | |||||
Other comprehensive income (loss) | 3,703 | 3,703 | 5,377 | 9,080 | |||||
Comprehensive income (loss) | 3,703 | (118,754) | (115,051) | (59,059) | (174,110) | ||||
Bought deal financing | 311,962 | 311,962 | $ 311,962 | ||||||
Bought deal financing (shares) | 18,600,000 | ||||||||
Share issue costs, net of income taxes | (10,247) | (10,247) | $ (10,247) | ||||||
Net investments from minority shareholders | 210,360 | 210,360 | |||||||
Acquisition of Tintic by Osisko Development Corp. | 109,657 | 109,657 | |||||||
Effect of changes in ownership of a subsidiary on non-controlling interest | (32,184) | (32,184) | 32,184 | ||||||
Dividends declared | (40,573) | (40,573) | (40,573) | ||||||
Shares issued - Dividends reinvestment plan | 1,680 | 1,680 | $ 1,680 | ||||||
Shares issued - Dividends reinvestment plan (shares) | 118,639 | ||||||||
Shares issued - Employee share purchase plan | 303 | 303 | $ 303 | ||||||
Shares issued - Employee share purchase plan (shares) | 20,383 | ||||||||
Share options: | |||||||||
Shared-based compensation | 2,827 | 2,827 | 2,487 | $ 5,314 | |||||
Share options exercised | 5,280 | (1,080) | 4,200 | $ 4,200 | |||||
Share option exercised (shares) | 309,749 | ||||||||
Restricted share units to be settled in common shares: | |||||||||
Share-based compensation | 3,361 | 3,361 | 1,383 | $ 4,744 | |||||
Settlement | 1,919 | (3,747) | (416) | (2,244) | 270 | $ (1,974) | |||
Settlement (shares) | 160,043 | ||||||||
Income tax impact | 76 | 76 | $ 76 | ||||||
Deferred share units to be settled in common shares: | |||||||||
Share-based compensation | 1,075 | 1,075 | 462 | 1,537 | |||||
Settlement | 395 | (407) | (12) | 95 | $ 83 | ||||
Settlement (shares) | 29,975 | ||||||||
Income tax impact | 83 | 83 | $ 83 | ||||||
Normal course issuer bid purchase of common shares | (18,911) | (3,224) | (22,135) | $ (22,135) | |||||
Normal course issuer bid purchase of common shares (shares) | (1,694,658) | ||||||||
Warrants expired unexercised | (18,072) | 18,072 | |||||||
Maturity of convertible debenture - equity component | 14,510 | (14,510) | |||||||
Transfer of realized gain on financial assets at fair value through other comprehensive income, net of income taxes | (14,604) | 14,604 | |||||||
Deconsolidation of Osisko Development Corp. | (515) | (515) | (443,295) | $ (443,810) | |||||
Ending Balance at Dec. 31, 2022 | $ 2,076,070 | $ 0 | $ 77,295 | $ 0 | $ 47,435 | $ (463,589) | $ 1,737,211 | $ 0 | $ 1,737,211 |
Ending Balance (shares) at Dec. 31, 2022 | 184,037,728 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders Equity | ||
Income taxes on share issue costs | $ 3.7 | |
Accumulated other comprehensive income (loss) comprises items that will not be recycled | (9.8) | $ 33.7 |
Accumulated other comprehensive income comprises items that may be recycled | $ 57.2 | $ 25.1 |
Nature of activities
Nature of activities | 12 Months Ended |
Dec. 31, 2022 | |
Nature Of Activities [Abstract] | |
Nature of activities [Text Block] | 1. Nature of activities Osisko Gold Royalties Ltd and its subsidiaries (together, "Osisko" or the "Company") are engaged in the business of acquiring and managing precious metal and other high-quality royalties, streams and similar interests. Osisko is a public company, traded on the Toronto Stock Exchange and the New York Stock Exchange, constituted under the Business Corporations Act |
Basis of presentation
Basis of presentation | 12 Months Ended |
Dec. 31, 2022 | |
Basis Of Presentation [Abstract] | |
Basis of presentation [Text Block] | 2. Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards International Accounting Standards Board |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Significant accounting policies [Text Block] | 3. Significant accounting policies The significant accounting policies applied in the preparation of the consolidated financial statements are described below. a) Basis of measurement The consolidated financial statements are prepared under the historical cost convention, except for the revaluation of certain financial assets at fair value (including derivative instruments). b) Consolidation The Company's financial statements consolidate the accounts of Osisko Gold Royalties Ltd and its subsidiaries. All intercompany transactions, balances and unrealized gains or losses from intercompany transactions are eliminated on consolidation. Subsidiaries are all entities over which the Company has the ability to exercise control. The Company controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to Osisko and are deconsolidated from the date that control ceases. Accounting policies of subsidiaries are consistent with the policies adopted by Osisko Gold Royalties Ltd. The principal subsidiaries of the Company, their geographic locations and their related participation at December 31, 2022 and 2021 were as follows: As at December 31, 2022: Entity Jurisdiction Participation Functional currency Osisko Bermuda Limited Bermuda 100% United States dollar Osisko Mining (USA) Inc. Delaware 100% United States dollar As at December 31, 2021: Entity Jurisdiction Participation Functional currency Osisko Bermuda Limited Bermuda 100% United States dollar Osisko Mining (USA) Inc. Delaware 100% United States dollar Osisko Development Corp. (i) Québec 75.1% Canadian dollar (i) c) Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each consolidated entity and associate of the Company are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The consolidated financial statements are presented in Canadian dollars, which is the functional currency of the parent Company and some of its subsidiaries. Assets and liabilities of the subsidiaries that have a functional currency other than the Canadian dollar are translated into Canadian dollars at the exchange rate in effect on the consolidated balance sheet date and revenues and expenses are translated at the average exchange rate over the reporting period. Gains and losses from these translations are recognized as currency translation adjustment in other comprehensive income or loss. (ii) Transactions and balances Foreign currency transactions, including revenues and expenses, are translated into the functional currency at the rate of exchange prevailing on the date of each transaction or valuation when items are re-measured. Monetary assets and liabilities denominated in currencies other than the operation's functional currencies are translated into the functional currency at exchange rates in effect at the balance sheet date. Foreign exchange gains and losses resulting from the settlement of those transactions and from period-end translations are recognized in the consolidated statement of income or loss. Non-monetary assets and liabilities are translated at historical rates, unless such assets and liabilities are carried at fair value, in which case, they are translated at the exchange rate in effect at the date of the fair value measurement. Changes in fair value attributable to currency fluctuations of non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognized in the consolidated statement of income or loss as part of the fair value gain or loss. Such changes in fair value of non-monetary financial assets, such as equities classified at fair value through other comprehensive income, are included in other comprehensive income or loss. d) Financial instruments Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Financial assets and liabilities are offset, and the net amount is reported in the balance sheet, when there is an unconditional and legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. All financial instruments are required to be measured at fair value on initial recognition. The fair value is based on quoted market prices, unless the financial instruments are not traded in an active market. In this case, the fair value is determined by using valuation techniques like the Black-Scholes option pricing model or other acceptable valuation techniques. (i) Financial assets Measurement after initial recognition depends on the classification of the financial instrument. The Company has classified its financial instruments in the following categories depending on the purpose for which the instruments were acquired and their characteristics. Debt instruments Investments in debt instruments are subsequently measured at amortized cost when the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows and when the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Investments in debt instruments are subsequently measured at fair value when they do not qualify for measurement at amortized cost. Financial instruments subsequently measured at fair value, including derivatives that are assets, are carried at fair value with changes in fair value recorded in net income or loss unless they are held within a business model whose objective is to hold assets in order to collect contractual cash flows or sell the assets and when the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, in which case unrealized gains and losses are initially recognized in other comprehensive income or loss for subsequent reclassification to net income or loss through amortization of premiums and discounts, impairment or derecognition. Equity instruments Investments in equity instruments are subsequently measured at fair value with changes recorded in net income or loss. Equity instruments that are not held for trading can be irrevocably designated at fair value through other comprehensive income or loss on initial recognition without subsequent reclassification to net income or loss. Cumulative gains and losses are transferred from accumulated other comprehensive income or loss to retained earnings upon derecognition of the investment. (ii) Financial liabilities Financial liabilities are subsequently measured at amortized cost using the effective interest method, except for financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, are subsequently measured at fair value. The Company has classified its financial instruments as follows: Category Financial instrument Financial assets at amortized cost Cash Notes and loans receivable (i) Financial assets at fair value through profit or loss Investments in derivatives and convertible debentures Financial assets at fair value through other comprehensive income or loss Investments in shares and equity instruments, other than in derivatives Financial liabilities at amortized cost Accounts payable and accrued liabilities (i) i) Derivatives Derivatives, other than warrants held in mining exploration and development companies, are only used for economic hedging purposes and not as speculative investments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently measured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. e) Impairment of financial assets At each reporting date, the Company assesses, on a forward-looking basis, the expected credit losses associated with its financial assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in the credit risk or if a simplified approach has been selected. The Company has two principal types of financial assets subject to the expected credit loss model: Revenues receivable from royalty, stream and other interests; and Notes and loans receivable measured at amortized cost. Amounts receivable The Company applies the simplified approach permitted by IFRS 9 Financial instruments Investments in debt instruments To the extent that a debt instrument at amortized cost is considered to have low credit risk, which corresponds to a credit rating within the investment grade category and the credit risk has not increased significantly, the loss allowance is determined on the basis of 12-month expected credit losses. If the credit risk has increased significantly, the lifetime expected credit losses are recognized. f) Cash Cash includes demand deposits held with banks. g) Investments in associates Associates are entities over which the Company has significant influence, but not control. The financial results of the Company's investments in its associates are included in the Company's results according to the equity method. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the Company's share of profits or losses of associates after the date of acquisition. Such share of profits and losses takes into account the attribution of the price paid to the Company's share of the associate's underlying assets and liabilities. The Company's share of profits or losses is recognized in the consolidated statement of income or loss and its share of other comprehensive income or loss of associates is included in other comprehensive income or loss. Unrealized gains on transactions between the Company and an associate are eliminated to the extent of the Company's interest in the associate. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Dilution gains and losses arising from changes in interests in investments in associates are recognized in the consolidated statement of income or loss. The Company assesses at each reporting date whether there is any objective evidence that its investments in associates are impaired. If impaired, the carrying value of the Company's share of the underlying assets of associates is written down to its estimated recoverable amount (being the higher of fair value less costs of disposal and value-in-use) and charged to the consolidated statement of income or loss. h) Royalty, stream and other interests Royalty, stream and other interests consist of acquired royalty, stream and other interests in producing, development and exploration and evaluation stage properties. Royalty, stream and other interests are recorded at cost and capitalized as tangible assets. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses. The major categories of the Company's interests are i) producing, ii) development and iii) exploration and evaluation. Producing assets are those that have generated revenue from steady-state operations for the Company. Development assets are interests in projects that are under development, in permitting or feasibility stage and that in management's view, can be reasonably expected to generate steady-state revenue for the Company in the near future. Exploration and evaluation assets represent properties that are not yet in development, permitting or feasibility stage or that are speculative in nature and are expected to require several years to generate revenue, if ever, or are currently not active. Producing and development royalty, stream and other interests are recorded at cost and capitalized in accordance with IAS 16 Property, Plant and Equipment On acquisition of a producing or a development royalty, stream and other interest, an allocation of the acquisition cost is made for the exploration potential based on its fair value. The estimated fair value of this acquired exploration potential is recorded as an asset (non-depreciable interest) on the acquisition date. Updated mineral reserve and resource information obtained from the operators of the properties is used to determine the amount to be converted from non-depreciable interest to depreciable interest. Royalty, stream and other interests for exploration and evaluation assets are recorded at cost and capitalized in accordance with IFRS 6 Exploration for and Evaluation of Mineral Resources Producing and development royalty, stream and other interests are reviewed for impairment at each reporting date if there is any indication that the carrying amount may not be recoverable. Impairment is assessed at the level of Cash-Generating Units (''CGU'') which, in accordance with IAS 36 Impairment of Assets Royalty, stream and other interests for exploration and evaluation assets are assessed for impairment whenever indicators of impairment exist in accordance with IFRS 6. An impairment loss is recognized for the amount by which the asset's carrying value exceeds its recoverable amount, which is the higher of fair value less costs of disposal and value-in-use. An interest that has previously been classified as exploration and evaluation is also assessed for impairment before reclassification to development or producing, and the impairment loss, if any, is recognized in net income or net loss. At the end of each reporting period, royalty, stream and other interests are reviewed for any indicators of potential reversal of impairment previously booked. i) Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of an asset. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefit associated with the item will flow to the Company and the cost can be measured reliably. The carrying amount of a replaced asset is derecognized when replaced. Depreciation is calculated to amortize the cost of the property and equipment less their residual values over their estimated useful lives using the straight-line method and following periods by major categories: Leasehold improvements Lease term Furniture and office equipment 3-5 years Right-of-use assets Shorter of useful life and lease term Residual values, method of depreciation and useful lives of the assets are reviewed annually and adjusted if appropriate. Gains and losses on disposals of property and equipment are determined by comparing the proceeds with the carrying amount of the asset and are included as part of other gains or losses, net j) Goodwill Goodwill is recognized in a business combination if the cost of the acquisition exceeds the fair value of the identifiable net assets acquired. Goodwill is then allocated to the CGU or group of CGUs that are expected to benefit from the synergies of the combination. The Company performs goodwill impairment tests on an annual basis as at December 31 of each year. In addition, the Company assesses for indicators of impairment at each reporting period end and, if an indicator of impairment is identified, goodwill is tested for impairment at that time. If the carrying value of the CGU or group of CGUs to which goodwill is assigned exceeds its recoverable amount, an impairment loss is recognized. Goodwill impairment losses are not reversed. The recoverable amount of a CGU or group of CGUs is measured as the higher of value in use and fair value less costs of disposal. k) Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax is recognized in the consolidated statement of income or loss, except to the extent that it relates to items recognized in other comprehensive income or loss or directly in equity. In this case, the tax is also recognized in other comprehensive income or loss or directly in equity, respectively. Current income taxes The current income tax charge is the expected tax payable on the taxable income for the year, using the tax laws enacted or substantively enacted at the balance sheet date in the jurisdictions where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax assets and liabilities are measured using enacted or substantively enacted tax rates (and laws) that apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are presented as non-current and are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. l) Convertible debentures The liability and equity components of convertible debentures are presented separately on the consolidated balance sheet starting from initial recognition. The liability component is recognized initially at the fair value, by discounting the stream of future payments of interest and principal at the prevailing market rate for a similar liability of comparable credit status and providing substantially the same cash flows that do not have an associated conversion option. Subsequent to initial recognition, the liability component is measured at amortized cost using the effective interest method; the liability component is increased by accretion of the discounted amounts to reach the nominal value of the debentures at maturity. The carrying amount of the equity component is calculated by deducting the carrying amount of the financial liability from the amount of the debentures and is presented in shareholders' equity as equity component of convertible debenture Transaction costs are distributed between liability and equity on a pro-rata basis of their carrying amounts. m) Share capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from the proceeds in equity in the period where the transaction occurs. n) Warrants Warrants are classified as equity. Incremental costs directly attributable to the issuance of warrants are recognized as a deduction from the proceeds in equity in the period where the transaction occurs. o) Revenue recognition Revenue comprises revenues from the sale of commodities received and revenues directly earned from royalty, stream and other interests. For commodities received from royalty and stream agreements paid in-kind and subsequently sold, and for offtake agreements, the Company's performance obligations relate primarily to the delivery of gold, silver or other products to the customers. Revenue is recognized when control is transferred to the customers, which is achieved when a product is delivered, the customer has full discretion over the product and there is no unfulfilled obligation that could affect the customer's acceptance of the product. Control over the refined gold, silver and other products is transferred to the customers when the relevant product received (or purchased) from the operator is physically delivered and sold by the Company (or its agent) to the third-party customers. For royalty and stream agreements paid in cash, revenue recognition will depend on the related agreement. Revenue is measured at fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty, stream and other interest agreements. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of revenue and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known. p) Leases The Company is committed to long-term lease agreements, mainly for office space (and mining equipment until the deconsolidation of Osisko Development (Note 31)). Leases are recognized as a right-of-use asset (presented under non-current other assets Assets and liabilities arising from a lease are initially measured on a present value basis. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the Company's incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Payments associated with short-term leases (12 months or less) and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. q) Share-based compensation Share option plan The Company offers a share option plan to its directors, officers, employees and consultants. Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. Fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. Compensation expense is recognized over the tranche's vesting period by increasing contributed surplus based on the number of awards expected to vest. The number of awards expected to vest is reviewed at least annually, with any impact being recognized immediately. Any consideration paid on exercise of share options is credited to share capital. The contributed surplus resulting from share-based compensation is transferred to share capital when the options are exercised. Deferred and restricted share units The Company offers a deferred share units ("DSU") plan to its non-executive directors and a restricted share units ("RSU") plan to its officers, employees and consultants as part of their long-term compensation package, entitling them to receive a payment in the form of common shares, cash (based on the Osisko's share price at the relevant time) or a combination of common shares and cash, at the sole discretion of the Company. The fair value of the DSU and RSU granted by Osisko to be settled in common shares is measured on the grant date and is recognized over the vesting period under contributed surplus with a corresponding charge to share-based compensation. A liability for the DSU and RSU to be settled in cash is measured at fair value on the grant date and is subsequently adjusted at each balance sheet date for changes in fair value. The liability is recognized over the vesting period with a corresponding charge to share-based compensation. r) Earnings per share The calculation of earnings per share ("EPS") is based on the weighted average number of shares outstanding for each period. The basic EPS is calculated by dividing the profit or loss attributable to the equity owners of Osisko by the weighted average number of common shares outstanding during the period. The computation of diluted EPS assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on the income per share. The treasury stock method is used to determine the dilutive effect of the warrants, share options, DSU and RSU and the if-converted method is used for convertible debentures. When the Company reports a loss, the diluted net loss per common share is equal to the basic net loss per common share due to the anti-dilutive effect of the outstanding warrants, share options, DSU and RSU and convertible debentures. s) Segment reporting The operating segments are reported in a manner consistent with the internal reporting provided to the President and Chief Executive Officer (the "President and CEO") who fulfills the role of the chief operating decision-maker. The President and CEO is responsible for allocating resources and assessing performance of the Company's operating segments. Prior to the deconsolidation of Osisko Development on September 30, 2022 (Note 31), the President and CEO organized and managed the business under two operating segments: (i) acquiring and managing precious metals and other royalties, streams and other interests, and (ii) the exploration, evaluation and development of mining projects. Following the deconsolidation of Osisko Development, and the deemed disposal of the exploration, evaluation and development of mining projects segment, the President and CEO organizes and manages the business under a single operating segment, consisting of acquiring and managing precious metals and other royalties, streams and other interests. Additional significant accounting policies, applicable solely to the discontinued operations, are described under Note 31. |
New accounting standards and am
New accounting standards and amendments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of initial application of standards or interpretations [abstract] | |
New accounting standards and amendments [Text Block] | 4. New accounting standards and amendments New accounting standard Amendments to IAS 16 Property, plant and equipment The IASB has made amendments to IAS 16 Property, plant and equipment The Company has adopted the amendments of IAS 16 on January 1, 2022 and has applied them retroactively. The impacts of the adoption were solely related to the activities of Osisko Development, which were deconsolidated on September 30, 2022 and presented as discontinued operations (Note 31). As a result, the impacts of the adoption are only reflected in certain notes of the consolidated financial statements and are deemed to be immaterial. Accounting standards issued but not yet effective The Company has not yet adopted certain standards, interpretations to existing standards and amendments which have been issued but have an effective date of later than December 31, 2022. These updates are not expected to have any significant impact on the Company and are therefore not discussed herein. |
Significant accounting estimate
Significant accounting estimates and judgements | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of changes in accounting estimates [abstract] | |
Significant accounting estimates and judgements [Text Block] | 5. Significant accounting estimates and judgements Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant accounting estimates and assumptions Mineral reserves and resources - Royalties, streams and other assets Royalty, stream and other interests comprise a large component of the Company's assets and as such, the mineral reserves and resources of the properties to which the interests relate have a significant effect on the Company's consolidated financial statements. These estimates are applied in determining the depletion of the Company's royalty, stream and other interests and assessing the recoverability of the carrying value of royalty, stream and other interests. For royalty, stream and other interests, the public disclosures of mineral reserves and resources that are released by the operators of the properties involve assessments of geological and geophysical studies and economic data and the reliance on a number of assumptions, including commodity prices and production costs. These assumptions are, by their very nature, subject to interpretation and uncertainty. The estimates of mineral reserves and resources may change based on additional knowledge gained subsequent to the initial assessment, adjusted by the Company's internal geological specialists, as deemed necessary. Changes in the estimates of mineral reserves and resources may materially affect the recorded amounts of depletion and the assessed recoverability of the carrying value of royalty, stream and other interests. Impairment of royalty, stream and other interests The assessment of the fair values of royalty, stream and other interests requires the use of estimates and assumptions for recoverable production, long-term commodity prices, discount rates, mineral reserve/resource conversion, net asset value multiples, foreign exchange rates, future capital expansion plans and the associated production implications. In addition, the Company may use other approaches in determining fair value which may include estimates related to (i) dollar value per ounce of mineral reserve/resource; (ii) cash-flow multiples; and (iii) market capitalization of comparable assets. Changes in any of the estimates used in determining the fair value of the royalty, stream and other interests could impact the impairment (or reversal of impairment) analysis. Impairment of goodwill The Company performs goodwill impairment tests on an annual basis as at December 31 of each year. In addition, the Company assesses for indicators of impairment at each reporting date and, if an indicator of impairment is identified, goodwill is tested for impairment at that time. For the purpose of impairment testing, goodwill is allocated to each CGU or group of CGUs expected to benefit from the synergies of the combination. When completing an impairment test, the Company calculates the estimated recoverable amount of CGU or group of CGUs, which requires management to make estimates and assumptions with respect to items such as future production levels, long-term commodity prices, foreign exchange rates, discount rates and exploration potential. These estimates and assumptions are subject to risk and uncertainty. Therefore, there is a possibility that changes in circumstances will have an impact on these projections, which may impact the recoverable amount of the CGU or group of CGUs. Accordingly, it is possible that some or the entire carrying amount of the goodwill may be further impaired with the impact recognized in the consolidated statement of income or loss. The Company performs an annual impairment test using the fair value less cost of disposal of the group of CGUs supporting the goodwill and using discounted cash flows with the most recent budgets and forecasts available, including information from external sources. The periods to be used for the projections are based on the expected production from the mines, the proven and probable mineral reserves and a portion of the resources. The discount rate to be used takes into consideration the different risk factors of the Company. Significant judgements in applying the Company's accounting policies Investee - control and significant influence The assessment of whether the Company has control or significant influence over an investee requires the use of judgements when assessing factors that could give rise to control or significant influence. Factors which could lead to the conclusion of having control or significant influence over an investee include, but are not limited to, ownership percentage; representation on the board of directors; investment agreements between the investor and the investee; participation in the policy-making process; material transactions between the investor and the investee; interchange of managerial personnel; provision of essential technical information; and potential voting rights. Changes in the judgements used in determining if the Company has control or significant influence over an investee would impact the accounting treatment of the investment in the investee. Impairment of investments in associates The Company follows the guidance of IAS 28 Investments in Associates and Joint Ventures Impairment of royalty, stream and other interests on exploration and evaluation properties Assessment of impairment and reversal of impairment of royalty, stream and other interests on exploration and evaluation properties requires the use of judgement when assessing whether there are any indicators that could give rise to the requirement to conduct a formal impairment or impairment reversal test on the Company's royalty, stream and other interests on exploration and evaluation properties. Factors which could trigger an impairment or impairment reversal review include, but are not limited to, an expiry of the right of the operator to explore in the specific area during the period or will expire in the near future, and is not expected to be renewed; substantive exploration and evaluation expenditures in a specific area not planned by the operator, taking into consideration such expenditures to be incurred by a farmee, is neither budgeted nor planned; exploration for and evaluation of mineral resources in a specific area have not led to the discovery of commercially viable quantities of mineral resources and the operator has decided to discontinue such activities in the specific area; sufficient data exists to indicate that, although a development in a specific area is likely to proceed, the carrying amount of the royalty, stream and other interests is unlikely to be recovered in full from successful development or by sale; significant negative industry or economic trends; interruptions in exploration and evaluation activities by the operator or its farmee; and a significant change in current or forecast commodity prices. Changes in the judgements used in determining the fair value of the royalty, stream and other interests on exploration and evaluation properties could impact the impairment or impairment reversal analysis. Impairment of development and producing royalty, stream and other interests and goodwill Assessment of impairment and reversal of impairment of development and producing royalty, stream and other interests and goodwill requires the use of judgements when assessing whether there are any indicators that could give rise to the requirement to conduct a formal impairment or impairment reversal test on the Company's development and producing royalty, stream and other interests or goodwill. Factors which could trigger an impairment or impairment reversal review include, but are not limited to, a significant market value decline; net assets higher than the market capitalization; a significant change in mineral reserves and resources; significant negative industry or economic trends; interruptions in production activities; significantly lower production than expected and a significant change in current or forecast commodity prices and interest rates. Changes in the judgements used in determining the fair value of the producing royalty, stream and other interests or goodwill could impact the impairment or impairment reversal analysis. Deferred income tax assets Management continually evaluates the likelihood that it is probable that its deferred tax assets will be realized. This requires management to assess whether it is probable that sufficient taxable income will exist in the future to utilize these losses within the carry-forward period. By its nature, this assessment requires significant judgement. Additional significant accounting estimates and judgements, applicable solely to the discontinued operations, are described in Note 31. |
Cash
Cash | 12 Months Ended |
Dec. 31, 2022 | |
Cash [abstract] | |
Cash [Text Block] | 6. Cash As at December 31, 2022 and 2021, the consolidated cash position was as follows: Osisko Gold Royalties (i) Osisko Development (ii) , (iii) Total 2022 2021 2022 2021 2022 2021 $ $ $ $ $ $ Cash held in Canadian dollars 24,192 40,121 - 13,364 24,192 53,485 Cash held in U.S. dollars 48,993 33,262 - 15,810 48,993 49,072 Cash held in U.S. dollars (Canadian equivalent) 66,356 42,170 - 20,043 66,356 62,213 Total cash 90,548 82,291 - 33,407 90,548 115,698 (i) (ii) (iii) |
Amounts receivable
Amounts receivable | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Amounts receivable [Text Block] | 7. Amounts receivable December 31, December 31, 2022 2021 $ $ Revenues receivable from royalty, stream and other interests 2,008 1,378 Interest income receivable 8,834 4,655 Amounts receivable from associates (i) 388 743 Sales taxes and exploration tax credits (ii) 121 7,358 Other receivables 349 557 11,700 14,691 (i) (ii) |
Inventories and other assets
Inventories and other assets | 12 Months Ended |
Dec. 31, 2022 | |
Inventories and Other Assets [Abstract] | |
Inventories and other assets [Text Block] | 8. Inventories and other assets December 31, December 31, 2022 2021 $ $ Current Ore in stockpiles (i) , (ii) - 4,194 Gold-in-circuit and doré bars (i) , (ii) - 9,751 Supplies and others (i) - 4,651 Total current inventories - 18,596 Prepaid expenses and deposits 2,546 3,941 Total current other assets 2,546 22,537 Non-current Sales taxes (iii) - 11,632 Deposits (reclamation and equipment) (i) - 4,619 Deferred financing fees 1,836 1,786 Total non-current other assets 1,836 18,037 (i) (ii) (iii) |
Investments in associates
Investments in associates | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of associates [abstract] | |
Investments in associates [Text Block] | 9. Investments in associates 2022 2021 $ $ Balance - January 1 125,354 119,219 Acquisitions 2,361 4,478 Exercises of warrants - 1,437 Share of loss (2,438 ) (3,950 ) Share of other comprehensive loss (1,368 ) (1,665 ) Net gain on ownership dilution 3,604 1,847 Gain on deemed disposal (i) 11,854 - Transfers to other investments (Note 10) (i) (15,343 ) - Deemed issuance of Osisko common shares held by an associate - 6,100 Impairments (2,361 ) (2,112 ) Investments in associates held by Osisko Development and deconsolidated on (8,900 ) - Reclassification of interest held by the Company in Osisko Development 207,000 - Balance - December 31 319,763 125,354 (i) Material investments Osisko Development Corp. Osisko Development is a Canadian gold exploration and development company focused on the acquisition, exploration and development of precious metals resource properties in North America. The main projects held by Osisko Development are the Cariboo gold project ("Cariboo") in British Columbia, Canada, the San Antonio gold project ("San Antonio") in Sonora, Mexico, and the Trixie property in Utah ("Trixie"), United States. Osisko owns a 5% NSR royalty on the Cariboo gold project, a 15% gold and silver stream on the San Antonio gold project and a 2.5% metals stream on the Trixie property. As at December 31, 2022, the Company held 33,333,366 common shares representing a 44.1% interest in Osisko Development (75.1% as at December 31, 2021). Following the deconsolidation of Osisko Development as at September 30, 2022, the Company concluded that it exercises significant influence over Osisko Development and accounts for its investment using the equity method since October 1, 2022 (Note 31). Osisko Mining Inc. Osisko Mining is a Canadian gold exploration and development company focused on its Windfall gold project in Québec, Canada. Osisko holds a 2.0% - 3.0% NSR royalty on the Windfall gold project and a 1% NSR royalty on other properties held by Osisko Mining. As at December 31, 2022, the Company holds 50,023,569 common shares representing a 14.4% interest in Osisko Mining (14.4% as at December 31, 2021). The Company concluded that it exercises significant influence over Osisko Development and accounts for its investment using the equity method. The financial information of the individually material associates is as follows and includes adjustments to the accounting policies of the associates to conform to those of Osisko (in thousands of dollars): Osisko Development (i) ,(ii) Osisko Mining (i) Osisko Metals (i) ,(iii) 2022 2021 2022 2021 2022 2021 $ $ $ $ $ $ Current assets 168,104 61,425 175,012 185,307 n/a 5,659 Non-current assets 839,811 641,699 796,242 664,544 n/a 89,006 Current liabilities 53,275 41,854 28,244 31,440 n/a 2,676 Non-current liabilities 160,802 77,068 230,200 109,502 n/a 1,607 Revenues 47,801 4,681 - - n/a - Net loss (184,016 ) (84,620 ) (2,947 ) (8,149 ) n/a (4,618 ) Other comprehensive income (loss) 14,927 (12,846 ) (4,570 ) (9,816 ) n/a (36 ) Comprehensive loss (169,089 ) (97,466 ) (7,517 ) (17,965 ) n/a (4,654 ) Carrying value of investment (i v ) 207,000 n/a 99,714 98,885 n/a 13,470 Fair value of investment (i v ) 192,334 n/a 175,082 190,590 n/a 12,140 (i) (ii) (iii) (iv) Investments in immaterial associates The Company has interests in a number of individually immaterial associates that are accounted for using the equity method. The aggregate financial information on these associates is as follows: 2022 2021 $ $ Aggregate amount of the Company's share of net loss 456 (583 ) Aggregate amount of the Company's share of other comprehensive loss - - Aggregate carrying value of investments (i) 13,049 12,999 Aggregate fair value of investments (i) 6,676 45,426 (i) As at December 31, 2022 and 2021. |
Other investments
Other investments | 12 Months Ended |
Dec. 31, 2022 | |
Other Investment Abstract | |
Other investments [Text Block] | 10. Other investments 2022 2021 $ $ Fair value through profit or loss (warrants and convertible instruments) Balance - January 1 47,981 25,063 Acquisitions 4,438 17,754 Exercises of warrants (80 ) (1,122 ) Change in fair value (17,236 ) 6,286 Acquisition of Tintic by Osisko Development (Note 31) (10,827 ) - Foreign exchange revaluation impact 50 - Investments held by Osisko Development and deconsolidated on (109 ) - Balance - December 31 24,217 47,981 Fair value through other comprehensive (loss) income (common shares) Balance - January 1 94,231 115,590 Acquisitions 5,260 18,668 Exercises of warrants - 600 Transfer from associates (Note 9) 15,343 - Change in fair value (43,486 ) 7,303 Disposals (21,634 ) (47,930 ) Investments held by Osisko Development deconsolidated on September 30, 2022 (Note 31) (31,377 ) - Balance - December 31 18,337 94,231 Amortized cost (notes) Balance - January 1 26,798 16,861 Acquisitions 5,175 12,849 Repayments (2,960 ) (3,007 ) Foreign exchange revaluation impact 1,937 95 Balance - December 31 30,950 26,798 Total 73,504 169,010 Other investments comprise common shares, warrants and convertible instruments, mostly from Canadian publicly traded companies, as well as loan receivables (notes) from two private companies, owning the Renard diamond mine and the Amulsar gold project (the loans related to the Amulsar gold project were written-off in full) (Note 26). |
Royalty, stream and other inter
Royalty, stream and other interests | 12 Months Ended |
Dec. 31, 2022 | |
Royalty, Stream And Other Interests [Abstract] | |
Royalty, stream and other interests [Text Block] | 11. Royalty, stream and other interests Year ended December 31, 2022 Royalty interests Stream interests Offtake Total $ $ $ $ Balance - January 1 703,113 438,032 13,656 1,154,801 Acquisitions 123,359 850 - 124,209 Depletion (27,362 ) (23,993 ) - (51,355 ) Impairment (1,818 ) - - (1,818 ) Currency conversion adjustments 8,282 21,149 932 30,363 Recognition of royalty and stream interests following the deconsolidation of Osisko Development (Note 31) 73,501 48,552 - 122,053 Balance - December 31 879,075 484,590 14,588 1,378,253 Producing Cost 634,058 566,348 - 1,200,406 Accumulated depletion and impairment (423,634 ) (238,938 ) - (662,572 ) Net book value - December 31 210,424 327,410 - 537,834 Development Cost 367,845 211,755 33,245 612,845 Accumulated depletion and impairment (753 ) (55,252 ) (28,229 ) (84,234 ) Net book value - December 31 367,092 156,503 5,016 528,611 Exploration and evaluation Cost 304,685 677 9,572 314,934 Accumulated depletion and impairment (3,126 ) - - (3,126 ) Net book value - December 31 301,559 677 9,572 311,808 Total net book value - December 31 879,075 484,590 14,588 1,378,253 Main acquisitions - 2022 Copper NSR royalty - Marimaca copper project In September 2022, Osisko acquired a 1.0% NSR royalty for US$15.5 million ($20.3 million) covering the currently known mineralization and prospective exploration areas that constitute the Marimaca copper project located in Antofagasta, Chile, owned and operated by Marimaca Copper Corp. As part of the transaction, Osisko has been granted certain rights including a right of first refusal with respect to any royalty, stream, or similar interest in connection with the financing of the Marimaca project. Copper-gold NSR royalty - Cascabel copper-gold project In November 2022, Osisko acquired a 0.6% NSR royalty for US$50.0 million ($67.2 million) covering the entire 4,979 hectare Cascabel property, including the Alpala project, located in northeastern Ecuador and operated by SolGold plc ("SolGold"). Beginning in 2030 and until the end of 2039, Osisko will receive minimum annual payments under the royalty of US$4.0 million. SolGold shall have a right to buydown one-third of the NSR royalty percentage for 4 years. Potential silver stream - CSA mine In March 2022, Osisko Bermuda Limited ("Osisko Bermuda") entered into an agreement with Metals Acquisition Corp. ("MAC") with respect to a US$90.0 million silver stream (the "CSA Silver Stream") to facilitate MAC's acquisition of the producing CSA mine in New South Wales, Australia ("CSA"). MAC announced in March 2022 that it had entered into an agreement to acquire 100% of the shares of the owner of CSA from a subsidiary of Glencore plc (the "CSA Acquisition Transaction"). In December 2022, Osisko Bermuda entered into a revised binding agreement. Under the revised CSA Silver Stream agreement, the upfront cash payment payable by Osisko Bermuda to MAC has been reduced from US$90.0 million to US$75.0 million (the "Silver Deposit"). In the event the silver price averages at least US$25.50 per ounce over the ten business days immediately prior to the closing of the transaction, the Silver Deposit will be increased by US$15.0 million to a total of US$90.0 million. The Silver Deposit would be payable in full on closing of the CSA Silver Stream, with proceeds to be used to fund in part the purchase price payable by MAC for the CSA Acquisition Transaction. Osisko Bermuda would be entitled to receive 100% of payable silver produced from CSA for the life of the mine. Osisko Bermuda would make ongoing payments for refined silver delivered equal to 4% of the spot silver price at the time of delivery. MAC and certain of its subsidiaries, including the operating subsidiary, would provide Osisko Bermuda with corporate guarantees and other security over their assets for its obligations under the CSA Silver Stream. MAC would grant Osisko Bermuda a right of first refusal in respect of the sale, transfer or buy-back of any royalty, stream or similar interest in the products mined or otherwise extracted from any property owned or acquired by MAC or an affiliate between the closing date and the later of the seventh anniversary of the closing date or the date on which Osisko Bermuda or any affiliate ceases to hold or control more than 5% of the issued and outstanding common shares of MAC. Closing of the CSA Silver Stream is expected in the first half of 2023, and is subject to certain conditions precedent, including, among others, closing of the CSA Acquisition Transaction. Closing of the CSA Acquisition Transaction is subject to, among other things, MAC's closing of the financings to acquire CSA, MAC shareholder's approving the CSA Acquisition Transaction, and certain regulatory approvals. Osisko Bermuda also agreed to subscribe for US$15.0 million in equity of MAC concurrently with the closing of the CSA Silver Stream. Potential backstop copper stream - CSA mine Osisko Bermuda entered into a potential backstop financing agreement with MAC where Osisko Bermuda may provide an upfront deposit of up to US$75.0 million in respect of a copper stream on CSA (the "Available Copper Deposit"), which MAC may draw in whole or in part to fund any shortfall in the equity financing required to complete the acquisition of the mine. If the full deposit is drawn, Osisko Bermuda will be entitled to receive 3.0% of payable copper until the 5th anniversary of the closing date (the "First Threshold Stream"), then 4.875% of payable copper until 33,000 metric tonnes have been delivered in aggregate (the "Second Threshold Stream"), and thereafter 2.25% for the remaining life of mine. In conjunction with the potential CSA backstop copper stream, Osisko Bermuda has agreed to subscribe for up to US$25.0 million in equity of MAC as part of its concurrent equity financing (the "Copper Equity Subscription"). The final amount of the Copper Equity Subscription shall be proportional to the percentage of the Available Copper Deposit drawn by MAC. Recognition of royalty and stream interests following the deconsolidation of Osisko Development As a result of the deconsolidation of Osisko Development (Note 31), the Company recognized royalty and stream interests held on properties owned by Osisko Development. Prior to the deconsolidation of Osisko Development, these assets were eliminated upon consolidation of Osisko Development and its subsidiaries. The following assets were recognized at their historical net book value on September 30, 2022: - - - - Year ended December 31, 2021 Royalty interests Stream Offtake Total $ $ $ $ Balance - January 1 656,661 440,941 18,526 1,116,128 Acquisitions 77,702 13,234 - 90,936 Conversion of an offtake into a stream - 4,682 (4,682 ) - Depletion (28,958 ) (19,403 ) - (48,361 ) Impairment (2,288 ) - - (2,288 ) Currency conversion adjustments (4 ) (1,422 ) (188 ) (1,614 ) Balance - December 31 703,113 438,032 13,656 1,154,801 Producing Cost 626,345 518,934 - 1,145,279 Accumulated depletion and impairment (395,874 ) (210,884 ) - (606,758 ) Net book value - December 31 230,471 308,050 - 538,521 Development Cost 226,438 181,209 31,120 438,767 Accumulated depletion and impairment (572 ) (51,227 ) (26,424 ) (78,223 ) Net book value - December 31 225,866 129,982 4,696 360,544 Exploration and evaluation Cost 247,680 - 8,960 256,640 Accumulated depletion (904 ) - - (904 ) Net book value - December 31 246,776 - 8,960 255,736 Total net book value - December 31 703,113 438,032 13,656 1,154,801 Main acquisitions - 2021 In April 2021, the Company acquired six royalties and one precious metals offtake, from two private sellers, for total cash consideration of US$26.0 million ($32.6 million). Four of the royalties are on claims overlying the Spring Valley project, located in the United States, and increased the Company's current NSR royalty on Spring Valley from 0.5% to between 2.5% - 3.0% (sliding scale royalty percentages as long as gold prices are above US$700 per ounce). Immediately to the north of Spring Valley lies the Moonlight exploration property, where Osisko also acquired a 1.0% NSR royalty. Osisko also acquired a 0.5% NSR royalty and a 30% gold and silver offtake right covering the Almaden project in western Idaho. In July 2021, the Company entered into a royalty transfer agreement with Sailfish Royalty Corp. ("Sailfish") pursuant to which Osisko purchased a 0.75% NSR royalty (after the buy-down options exercised by the operator) on the Tocantinzinho gold project ("Tocantinzinho"), located in Brazil, and operated by G Mining Ventures Corp. for cash consideration of US$10 million ($12.6 million). In August 2021, the Company made an advance payment of $10.0 million under its silver stream agreement with Falco Resources Ltd., an associate of the Company at the date of the transaction. The payment corresponds to half of the $20.0 million second installment payment, which was payable at the receipt of all necessary material third-party approvals, licenses, rights of way and surface rights on the Horne 5 property, located in Canada. In October 2021, Osisko acquired from Barrick TZ Limited, a subsidiary of Barrick Gold Corporation ("Barrick"), royalties for total cash consideration of US$11.8 million, including a 2% NSR royalty on the AfriOre and Gold Rim licenses comprising the West Kenya project operated by Shanta Gold Limited, a 1% NSR royalty on the Frontier project operated by Metalor SA, a private company, and a 1% NSR royalty on the Central Houndé project operated by Thor Explorations Ltd. Conversion of the Parral offtake to a gold and silver stream In April 2021, GoGold Resources Inc. ("GoGold") and Osisko Bermuda entered into an agreement to convert the gold and silver offtake into a gold and silver stream. Under the stream, Osisko Bermuda started receiving, effective April 29, 2021, 2.4% of the gold and silver produced from tailings piles currently owned or acquired by GoGold, with a transfer price of 30% of the gold and silver spot prices. |
Mining interests and plant and
Mining interests and plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Mining interests and plant and equipment [Text Block] | 12. Mining interests and plant and equipment 2022 2021 Mining interests Plant and (i) Total Mining interests Plant and (i) Total $ $ $ $ $ $ (Note 4) Net book value - January 1 543,953 91,702 635,655 459,303 30,209 489,512 Acquisition of Tintic by Osisko Development (Note 31) 169,175 13,054 182,229 - - - Additions 36,754 14,232 50,986 131,908 58,192 190,100 Impairments (81,000 ) - (81,000 ) (58,417 ) - (58,417 ) Mining exploration tax credits (6,275 ) - (6,275 ) (1,585 ) - (1,585 ) Change in environmental (3,797 ) - (3,797 ) 19,522 - 19,522 Depreciation (2,385 ) (10,550 ) (12,935 ) - (7,814 ) (7,814 ) Depreciation capitalized 896 - 896 4,136 - 4,136 Share-based compensation capitalized 388 - 388 2,127 - 2,127 Transfers - - - (11,221 ) 11,221 - Disposals and others (1,559 ) (4,632 ) (6,191 ) - (213 ) (213 ) Currency translation adjustments 21,183 3,384 24,567 (1,820 ) 107 (1,713 ) Deconsolidation of Osisko Development (677,333 ) (100,243 ) (777,576 ) - - - Net book value - December 31 - 6,947 6,947 543,953 91,702 635,655 Closing balance Cost - 11,889 11,889 602,370 105,112 707,482 Accumulated depreciation - (4,942 ) (4,942 ) (58,417 ) (13,410 ) (71,827 ) Net book value - 6,947 6,947 543,953 91,702 635,655 (i) Plant and equipment includes right-of-use assets of $ million as at December 31, 2022 ($ million as at December 31, 2021). Impairment - 2022 San Antonio gold project As at September 30, 2022, the market conditions, industry cost pressures and inflationary environment were considered as indicators of impairment, among other facts and circumstances and, accordingly, management of Osisko Development performed an impairment assessment on all of its projects. The impairment assessment resulted in an impairment charge of $81.0 million on the San Antonio gold project for the three months ended September 30, 2022. On September 30, 2022, the San Antonio gold project was written down to its estimated recoverable amount of $35.0 million, which was determined by the value-in-use using a discounted cash-flows approach. The main valuation inputs used were the cash flows expected to be generated by the production and sale of gold from the San Antonio gold project over the estimated life of the mine, based on the expected long-term gold price per ounce, costs inflation forecast and a pre-tax real discount rate of 19.9% applied to the cash flow projections. A sensitivity analysis was performed by management of Osisko Development for the long-term gold price and the pre-tax real discount rate (in isolation). If the long-term gold price per ounce applied to the cash flow projections had been 10% lower than management's estimates, Osisko Development would have recognized an additional impairment charge of $35.0 million. If the pre-tax real discount rate applied to the cash flow projections had been 100 basis points higher than management's estimates, Osisko Development would have recognized an additional impairment charge of $5.8 million. Impairments - 2021 Bonanza Ledge Phase 2 Project In March 2021, processing of ore commenced at the Bonanza Ledge Phase 2 project. As a result of operational challenges incurred during the second quarter of 2021, it was determined that total capital and production costs related to the Bonanza Ledge Phase 2 project would be higher than originally planned. These factors were considered indicators of impairment, among other facts and circumstances and, accordingly, management performed an impairment assessment as at June 30, 2021. As a result of the impairment assessment, Osisko Development recorded an impairment charge of $36.1 million on the Bonanza Ledge Phase 2 project during the three months ended June 30, 2021. On June 30, 2021, the Bonanza Ledge Phase 2 project was written down to its estimated recoverable amount of $12.4 million, which was determined by the value-in-use using a cash-flows approach. The main valuation inputs used were the cash flows expected to be generated by the sale of gold from the Bonanza Ledge Phase 2 project over its estimated life of the mine, based on an average gold price per ounce of US$1,797, the average grade of gold and the average recovery rate for the remaining life of mine. No discount rate was used as the project had a short-term remaining mine life of approximately 18 months. A sensitivity analysis was performed by management for the gold price, the average grade and the recovery rate (in isolation). If gold price per ounce applied to the cash flow projections had been 10% lower than management's estimates, Osisko Development would have recognized an additional impairment charge of $9.3 million. If the average gold grade or gold recovery applied to the cash flows had been 10% lower, Osisko Development would have recognized an additional impairment charge of $12.4 million. In September 2021, due to continuing operational challenges, it was determined that total capital and production costs related to the Bonanza Ledge Phase 2 project would be higher than the total revenues expected to be generated for the remaining life of the project. These factors were considered indicators of impairment, among other facts and circumstances and, accordingly, management performed an impairment assessment as at September 30, 2021. As a result of the impairment assessment, Osisko Development recorded an impairment charge of $22.4 million on the Bonanza Ledge Phase 2 project during the three months ended September 30, 2021. On September 30, 2021, the net book value of the Bonanza Ledge Phase 2 project was written down to zero as it was estimated that the net book value would not be recovered by the expected net profits to be generated from the sale of precious metals. The recoverable amount was determined by the value-in-use using a cash-flows approach. The main valuation inputs used were the cash flows expected to be generated by the sale of gold from the Bonanza Ledge Phase 2 project over its estimated life of the mine, based on an average gold price per ounce of US$1,787, the average grade of gold and the average recovery rate for the remaining life of mine. No discount rate was used as the project had a short-term remaining mine life of approximately 18 months. The project value will be maintained at zero and any excess operating expenses over revenues were recorded under net loss from discontinued operations The plant and equipment movements by category of assets for the year ended December 31, 2022 are as follows: 2022 Land and Machinery and equipment Construction- Total Plant and $ $ $ $ Net book value - Beginning of period 24,332 43,121 24,249 91,702 Acquisition of Tintic by Osisko Development (Note 31) 6,940 4,420 1,694 13,054 Additions 1,418 9,592 3,222 14,232 Depreciation (2,387 ) (8,163 ) - (10,550 ) Transfers (133 ) 5,526 (5,393 ) - Disposals and others (964 ) (3,668 ) - (4,632 ) Currency translation adjustments 550 2,060 774 3,384 Deconsolidation of Osisko Development (Note 31) (22,885 ) (52,812 ) (24,546 ) (100,243 ) Net book value - End of period 6,871 76 - 6,947 Closing balance Cost 10,877 1,012 - 11,889 Accumulated depreciation and impairment (4,006 ) (936 ) - (4,942 ) Net book value 6,871 76 - 6,947 |
Exploration and evaluation
Exploration and evaluation | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Exploration and evaluation assets [Abstract] | |
Exploration and evaluation [Text Block] | 13. Exploration and evaluation 2022 2021 $ $ Net book value - January 1 3,635 42,519 Acquisition of Tintic by Osisko Development (Note 31) 38,508 - Additions 4,519 3,784 Impairment (i) - (42,668 ) Other adjustments (417 ) - Currency translation adjustments 3,138 - Deconsolidation of Osisko Development (Note 31) (49,383 ) - Net book value - December 31 - 3,635 Closing balance Cost - 104,492 Accumulated impairments - (100,857 ) Net book value - 3,635 (i)In 2021, Osisko Development incurred an impairment charge of $42.7 million ($34.6 million, net of income taxes) on exploration and evaluation properties, including the James Bay properties and the Coulon zinc project in Canada. Osisko Development determined that further exploration and evaluation expenditures were no longer planned in the near term on these properties and that the carrying amount of these assets was unlikely to be recovered from a sale of these properties at the time. As a result, these properties were written down to zero on December 31, 2021. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Goodwill [Text Block] | 14. Goodwill The Company's goodwill is allocated to a group of cash generating units: the Éléonore NSR royalty and the Canadian Malartic NSR royalty ("CGUs"). The Company tests whether goodwill has suffered any impairment on an annual basis. The recoverable amount of the CGUs is determined based on the fair value less costs of disposal calculations using a discounted cash-flows approach, which require the use of assumptions and unobservable inputs, and therefore is classified as level 3 of the fair value hierarchy. The calculations use cash flow projections expected to be generated by the sale of gold and silver received from the CGUs based on annual gold and silver production over their estimated life from publicly released technical information by the operators to predict future performance. The following table sets out the key assumptions for the CGUs in addition to annual gold and silver production over the estimated life of the Canadian Malartic and Éléonore mines: 2022 2021 Long-term gold price (per ounce) US$1,645 US$1,600 Long-term silver price (per ounce) US$21 US$21 Post-tax real discount rate 5.3 % 4.3% Management has determined the values assigned to each of the above key assumptions as follows: Assumption Approach used to determine values Long-term gold price Based on current gold market trends consistent with external sources of information, such as long-term gold price consensus. Long-term silver price Based on current silver market trends consistent with external sources of information, such as long-term silver price consensus. Post-tax real discount rate Reflects specific risks relating to gold mines operating in Québec, Canada. The Company's management has considered and assessed reasonably possible changes for key assumptions and has not identified any instances that could cause the carrying amount of the CGUs to exceed their recoverable amounts. |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Accounts payable and accrued liabilities [abstract] | |
Accounts payable and accrued liabilities [Text Block] | 15. Accounts payable and accrued liabilities December 31, December 31, 2022 2021 $ $ Trade payables (i) 648 9,678 Other payables (i) 3,745 13,568 Accrued interests on long-term debt 131 142 Sales taxes payable 179 - Other accrued liabilities (i) 2,122 6,661 (i) |
Provisions and other liabilitie
Provisions and other liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other provisions [Abstract] | |
Provisions and other liabilities [Text Block] | 16. Year ended December 31, 2022 (i) Year ended Dec. 31, 2021 Environ- mental rehabili- tation ( i i) Lease liabilities (i i i) Deferred Derivative ments (i v) Deferred (v) Total Total $ $ $ $ $ $ $ Balance - Beginning of period 53,237 18,362 914 - - 72,513 45,967 Acquisition of Tintic by Osisko Development (Note 31) 5,370 325 - - 15,109 20,804 - New liabilities 261 108 - 39,841 - 40,210 34,011 Revision of estimates (4,299 ) (2,463 ) - - - (6,762 ) (1,457 ) Change in fair value - - - (21,483 ) - (21,483 ) - Accretion 2,185 - - - 333 2,518 1,192 Settlements/payments of liabilities (2,549 ) (7,180 ) - - - (9,729 ) (7,822 ) Issuance of flow-through shares - - - - - - 7,885 Recognition of deferred premium - - (914 ) - - (914 ) (6,971 ) Currency translation 1,193 12 - 1,333 1,149 3,687 (292 ) Deconsolidation of Osisko (55,398 ) (1,542 ) - (19,691 ) (16,591 ) (93,222 ) - Balance - End of period - 7,622 - - - 7,622 72,513 Current portion - 921 - - - 921 12,179 Non-current portion - 6,701 - - - 6,701 60,334 - 7,622 - - - 7,622 72,513 (i) (ii) (iii) (iv) (v) |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [abstract] | |
Long-term debt [Text Block] | 17. Long-term debt The movements in the long-term debt are as follows: 2022 2021 $ $ Balance - January 1 410,435 400,429 Increase in revolving credit facility, net of discount 147,833 50,000 Repayment of revolving credit facility (113,120 ) - Repayment of convertible debentures (i), (ii) (300,000 ) (50,000 ) Mining equipment financings, net 5,076 3,764 Amortization of transaction costs 2,291 2,204 Amortization of discount on banker's acceptances 117 - Accretion expense 4,427 4,308 Foreign exchange revaluation impact 32 (270 ) Deconsolidation of Osisko Development (Note 31) (9,141 ) - Balance - December 31 147,950 410,435 The summary of the long-term debt is as follows: December 31, December 31, 2022 2021 $ $ Convertible debentures ( i i) - 300,000 Revolving credit facility ( i i i ) 150,000 113,389 Mining equipment financings ( i v ) - 3,764 Long-term debt 150,000 417,153 Unamortized discount on banker's acceptances (2,050 ) - Unamortized debt issuance costs - (2,291 ) Unamortized accretion on convertible debentures - (4,427 ) Long-term debt, net of issuance costs (2,050 ) 410,435 Current portion - 294,891 Non-current portion 147,950 115,544 147,950 410,435 (i) In February 2016, the Company issued a senior non-guaranteed convertible debenture of $50.0 million to Investissement Québec, which was repaid in full on February 12, 2021. (ii) In November 2017, the Company closed a bought deal offering of convertible senior unsecured debentures (the "Debentures") in an aggregate principal amount of $300.0 million (the "Offering"). The Offering was comprised of a public offering, by way of a short form prospectus, of $184.0 million aggregate principal amount of Debentures and a private placement offering of $116.0 million aggregate principal amount of Debentures. The Debentures bore interest at a rate of 4.0% per annum, payable semi-annually on June 30 and December 31 of each year. The Debentures were convertible at the holder's option into common shares of the Company at a conversion price equal to $22.89 per common share. The Debentures were fully repaid on maturity on December 31, 2022. (iii) Revolving credit facility A total amount of $550.0 million is available under the credit facility (the "Facility"), with an additional uncommitted accordion of up to $200.0 million (for a total availability of up to $750.0 million). The additional uncommitted accordion was increased from $100.0 million to $200.0 million in September 2022 and the maturity date was extended from July 30, 2025 to September 29, 2026. The annual extension of the Facility and the uncommitted accordion are subject to acceptance by the lenders. The Facility is to be used for general corporate purposes and investments in the mineral industry, including the acquisition of royalty, stream and other interests. The Facility is secured by the Company's assets. The Facility is subject to standby fees. Funds drawn bear interest based on the base rate, prime rate or secured overnight financing rate ("SOFR"), plus an applicable margin depending on the Company's leverage ratio. In April 2022, the amounts outstanding under the Facility ($113.1 million) were repaid. In December 2022, the Company drew $150.0 million in the form of banker's acceptances to repay part of the outstanding Debentures. As at December 31, 2022, the effective interest rate on the drawn balance was 6.3%, including the applicable margin. The Facility includes covenants that require the Company to maintain certain financial ratios, including the Company's leverage ratios and meet certain non-financial requirements. As at December 31, 2022, all such ratios and requirements were met. (iv) Mining equipment financings Mining equipment financings were related to acquisitions of equipment by Osisko Development that are financed by third parties. On September 30, 2022, the Company deconsolidated Osisko Development (Note 31). |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Share capital [Text Block] | 18. Share capital Shares Authorized Unlimited number of common shares, without par value Unlimited number of preferred shares, issuable in series Issued and fully paid 184,037,728 common shares Bought deal financing (2022) On March 31, 2022, Osisko closed a bought deal financing with a syndicate of underwriters (the "Underwriters"), pursuant to which the Underwriters purchased, on a bought deal basis, an aggregate of 18,600,000 common shares of Osisko (the "Common Shares") at an offering price of US$13.45 per Common Share (the "Offering Price") for total gross proceeds to the Company of US$250.2 million ($312.0 million). Transaction fees amounted to $13.9 million ($10.2 million net of income taxes of $3.7 million), including a 4% commission fee paid to the Underwriters. Normal Course Issuer Bid In December 2022, Osisko renewed its normal course issuer bid ("NCIB") program. Under the terms of the 2022 NCIB program, Osisko may acquire up to 18,293,240 of its common shares from time to time in accordance with the normal course issuer bid procedures of the TSX. Repurchases under the 2022 NCIB program are authorized from December 12, 2022 until December 11, 2023. Daily purchases will be limited to 81,963 common shares, other than block purchase exemptions, representing 25% of the average daily trading volume of the common shares on the TSX for the six-month period ending November 30, 2022, being 327,853 Common Shares. Under the terms of the 2021 NCIB program, Osisko was allowed to acquire up to 16,530,688 of its common shares from time to time, from December 12, 2021 to December 11, 2022. Daily purchases were limited to 87,264 common shares, other than block purchase exemptions, representing 25% of the average daily trading volume of the common shares on the TSX for the six-month period ending November 30, 2021, being 349,057 common shares. During the year ended December 31, 2022, the Company purchased for cancellation a total of 1.7 million common shares for $22.1 million (average acquisition price per share of $13.06). During the year ended December 31, 2021, the Company purchased for cancellation a total of 2.1 million common shares for $30.8 million (average acquisition price per share of $14.64). Dividends The following table provides details on the dividends declared by the Company for the years ended December 31, 2022 and 2021: Declaration date Dividend Dividends Dividend reinvestment plan(i) $ $ February 24, 2022 0.055 March 31, 2022 April 14, 2022 10,167,000 7,498,987 May 12, 2022 0.055 June 30, 2022 July 15, 2022 10,177,000 7,385,458 August 9, 2022 0.055 September 30, 2022 October 14, 2022 10,109,000 7,780,634 November 9, 2022 0.055 December 30, 2022 January 16, 2023 10,121,000 6,686,671 Year 2022 0.220 40,574,000 February 21, 2021 0.050 March 31, 2021 April 15, 2021 8,364,000 8,989,709 May 11, 2021 0.050 June 30, 2021 July 15, 2021 8,404,000 7,102,627 August 8, 2021 0.055 September 30, 2021 October 15, 2021 9,160,000 8,005,584 November 9, 2021 0.055 December 31, 2021 January 14, 2022 9,157,000 7,891,496 Year 2021 0.210 35,085,000 (i) Dividend reinvestment plan The Company offers a dividend reinvestment plan ("DRIP") that allows Canadian and U. S. shareholders to reinvest their cash dividends into additional common shares either purchased on the open market through the facilities of the TSX or the NYSE, or issued directly from treasury by the Company, or acquired by a combination thereof. In the case of a treasury issuance, the price will be the weighted average price of the common shares on the TSX or the NYSE during the five trading days immediately preceding the dividend payment date, less a discount, if any, of up to 5%, at the Company's sole election. As at December 31, 2022, the holders of 6.7 million common shares had elected to participate in the DRIP, representing dividends payable of $0.4 million. During the year ended December 31, 2022, the Company issued 118,639 common shares under the DRIP, at a discount rate of 3% (120,523 common shares in 2021 at a discount rate of 3%). On January 16, 2023, 22,012 common shares were issued under the DRIP at a discount rate of 3%. Capital management The Company's primary objective when managing capital is to maximize returns for its shareholders by growing its asset base, through accretive acquisitions of high-quality royalties, streams and other similar interests, and through strategic investments in exploration and development companies, while ensuring capital protection. The Company defines capital as long-term debt and total equity, including the undrawn portion of the revolving credit facility. Capital is managed by the Company's management and governed by the Board of Directors. December 31, December 31, 2022 2021 $ $ Long-term debt 147,950 410,435 Total equity 1,737,211 1,780,061 Undrawn revolving credit facility (i) 400,000 436,610 2,285,161 2,627,106 (i) There were no changes in the Company's approach to capital management during the year ended December 31, 2022, compared to the prior year. The Company is not subject to material externally imposed capital requirements and is in compliance with all its covenants under its revolving credit facility (Note 17) as at December 31, 2022. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2022 | |
Warrants [Abstract] | |
Warrants [Text Block] | 19. Warrants On February 18, 2022, a total of 5,480,000 Osisko warrants that were exercisable at a price of $36.50 expired unexercised. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-based compensation [Text Block] | 20. Share-based compensation Share options The Company offers a share option plan (the "Option Plan") to its directors, officers, management, employees and consultants. Options may be granted at an exercise price determined by the Board of Directors but shall not be less than the closing market price of the common shares of the Company on the TSX on the day prior to their grant. No participant shall be granted an option which exceeds 5% of the issued and outstanding shares of the issuer at the time of granting of the option. The number of common shares issued to insiders of the issuer within one year and issuable to the insiders at any time under the Option Plan or combined with all other share compensation arrangements, cannot exceed 8% of the issued and outstanding common shares. The duration and the vesting period are determined by the Board of Directors. However, the expiry date may not exceed 7 years after the date of granting. The following table summarizes information about the movement of the share options outstanding: 2022 2021 Weighted Weighted Number of average Number of average options exercise price options exercise price $ $ Balance - Beginning of period 3,730,580 14.09 4,240,869 14.22 Granted (i) 684,100 14.25 763,700 13.27 Exercised (309,749 ) 13.56 (1,043,903 ) 13.75 Forfeited / Cancelled (35,135 ) 13.48 (58,866 ) 13.45 Expired (557,874 ) 18.02 (171,220 ) 16.04 Balance - End of period 3,511,922 13.55 3,730,580 14.09 Options exercisable - End of period 1,916,888 13.40 1,881,416 14.78 (i) The weighted average share price when share options were exercised during the year ended December 31, 2022 was $16.26 ($16.04 for the year ended December 31, 2021). The following table summarizes the share options outstanding as at December 31, 2022: Options outstanding Options exercisable Weighted average Weighted remaining Weighted Exercise average contractual average price range Number exercise price life (years) Number exercise price $ $ $ 10.58 - 12.97 1,209,007 12.72 2.6 714,175 12.73 13.10 - 14.78 2,136,101 13.77 2.8 1,106,165 13.56 15.97 - 17.12 166,814 16.67 2.5 96,548 16.57 3,511,922 13.55 2.8 1,916,888 13.40 The options, when granted, are accounted for at their fair value determined by the Black-Scholes option pricing model based on the vesting period and on the following weighted average assumptions: 2022 2021 Dividend per share 1.5% 1.5% Expected volatility 41% 40% Risk-free interest rate 2.6% 0.7% Expected life 47 months 46 months Weighted average share price $14.25 $13.27 Weighted average fair value of options granted $4.38 $3.66 The expected volatility was estimated using Osisko's historical data from the date of grant and for a period corresponding to the expected life of the options. Share options are exercisable at the closing market price of the common shares of the Company on the day prior to their grant. The fair value of the share options is recognized as compensation expense over the vesting period. In 2022, the total share-based compensation related to share options amounted to $2.7 million ($3.0 million in 2021). Deferred and restricted share units The Company offers a DSU plan and a RSU plan, which allow DSU and RSU to be granted to directors, officers and/or employees as part of their long-term compensation package. Under the plans, payments may be settled in the form of common shares, cash or a combination of common shares and cash, at the sole discretion of the Company. The plans are currently classified as equity-settled plans. The following table summarizes information about the DSU and RSU movements: 2022 2021 DSU (i) RSU (ii) DSU (i) RSU (ii) Balance - Beginning of period 376,203 878,397 408,564 1,242,902 Granted 78,200 275,520 64,720 293,610 Reinvested dividends 6,018 13,483 5,185 15,102 Settled (30,846 ) (278,806 ) (102,266 ) (398,173 ) Forfeited (iii) - (35,791 ) - (275,044 ) Balance - End of period 429,575 852,803 376,203 878,397 Balance - Vested 350,822 - 311,010 - (i) (ii) three The remaining RSU vest and are payable in common shares, cash or a combination of common shares and cash, at the sole discretion of the Company, three years after the grant date, one half of which depends on the achievement of certain performance measures. The value of the payout is determined by multiplying the number of RSU expected to be vested at the payout date by the closing price of the Company's shares on the day prior to the grant date. The fair value is recognized over the vesting period and is adjusted in function of the applicable terms for the performance-based components, when applicable. On the settlement date, one common share is issued for each RSU, after deducting any income taxes payable on the benefit earned by the employee that must be remitted by Osisko to the tax authorities. The RSU granted in 2022 have a weighted average value of $14.26 per RSU ($13.24 per RSU in 2021). (iii) The total share-based compensation expense related to the DSU and RSU plans in 2022 amounted to $4.5 million ($4.7 million in 2021). Based on the closing price of the common shares at December 31, 2022 ($16.32), and considering a marginal income tax rate of 53.3%, the estimated amount that Osisko is expected to transfer to the tax authorities to settle the employees' tax obligations related to the vested DSU and RSU to be settled in equity amounts to $3.1 million ($2.6 million as at December 31, 2021) and to $11.2 million based on all DSU and RSU outstanding ($10.4 million as at December 31, 2021). |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income taxes [Abstract] | |
Income taxes [Text Block] | 21. Income taxes (a) The income tax recorded for continuing operations in the consolidated statements of loss for the years ended December 31, 2022 and 2021 is presented as follows: 2022 2021 $ $ Current income tax on continuing operations Expense for the year 1,150 1,231 Current income tax expense on continuing operations 1,150 1,231 Deferred income tax (Note 21 (b)) on continuing operations: Origination and reversal of temporary differences 29,011 24,759 Change in unrecognized deductible temporary differences (367 ) (367 ) Other (1,956 ) 303 Deferred income tax expense on continuing operations 26,688 24,695 Income tax expense on continuing operations 27,838 25,926 The provision for income taxes for continuing operations presented in the consolidated statements of loss differs from the amount that would arise using the statutory income tax rate applicable to income of the consolidated entities, as a result of the following: 2022 2021 $ $ Income from continuing operations before income taxes 113,123 102,553 Income tax provision on continuing operations calculated using the combined Canadian federal and provincial statutory income tax rate 29,978 27,176 Increase (decrease) in income taxes resulting from: Non-deductible expenses, net 1,568 255 (Non-deductible) non-taxable portion of capital losses, net 2,189 (806 ) Differences in foreign statutory tax rates (4,056 ) (2,770 ) Changed in unrecognized deferred tax assets (367 ) (367 ) Foreign withholding taxes 482 864 Other (1,956 ) 1,574 Total income tax expense on continuing operations 27,838 25,926 The 2022 and 2021 Canadian federal and provincial statutory income tax rate is 26.5%. (b) The components that give rise to deferred income tax assets and liabilities are as follows: December 31, December 31, 2022 (i) 2021 $ $ Deferred tax assets (ii) Stream interests 26,753 30,100 Non-capital losses 14,375 7,663 Deferred and restricted share units 3,644 3,401 Share and debt issue expenses 2,720 2,935 47,492 44,099 Deferred tax liabilities (i i ) Royalty interests and exploration and evaluation assets (ii i ) (133,120 ) (102,782 ) Investments (706 ) (8,077 ) Convertible debentures - (1,173 ) Other (238 ) (474 ) (134,064 ) (112,506 ) Deferred tax liability, net (86,572 ) (68,407 ) (i) (ii) (iii) The 2022 movement for deferred tax assets and deferred tax liabilities may be summarized as follows: Dec. 31, 2021 Statement of loss Equity Other Conversion Deconsoli- Dec. 31, 2022 $ $ $ $ $ $ $ Deferred tax assets: Stream interests 30,100 (3,347 ) - - - - 26,753 Non-capital losses 7,663 6,712 - - - - 14,375 Deferred and restricted share units 3,401 84 159 - - - 3,644 Share and debt issue expenses 2,935 (3,909 ) 3,694 - - - 2,720 Deferred tax liabilities: Royalty interests and exploration and evaluation assets (102,782 ) (29,778 ) - (560 ) - (133,120 ) Investments (8,077 ) 2,141 - 4,025 - 1,205 (706 ) Convertible debentures (1,173 ) 1,173 - - - - - Other (474 ) 236 - - - - (238 ) (68,407 ) (26,688 ) 3,853 4,025 (560 ) 1,205 (86,572 ) The 2021 movement for deferred tax assets and deferred tax liabilities may be summarized as follows: Dec. 31, 2020 Statement of loss Equity Other Conversion Dec. 31, 2021 $ $ $ $ $ $ Deferred tax assets: Stream interests 34,278 (4,178 ) - - - 30,100 Non-capital losses 8,195 (532 ) - - - 7,663 Deferred and restricted share units 4,008 (328 ) (279 ) - - 3,401 Share and debt issue expenses 4,562 (96 ) (1,531 ) - - 2,935 Deferred tax liabilities: Royalty interests and exploration (93,266 ) (9,543 ) - 27 (102,782 ) Investments (9,437 ) 1,831 - (471 ) - (8,077 ) Convertible debentures (2,315 ) 1,142 - - - (1,173 ) Other (454 ) (20 ) - - - (474 ) (54,429 ) (11,724 ) (1,810 ) (471 ) 27 (68,407 ) (c) The aggregate amount of taxable temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized as at December 31, 2022, is $53.9 million ($114.6 million as at December 31, 2021, which included an amount of $77.0 million related to the discontinued operations (Note 31)). No deferred tax liabilities are recognized on the temporary differences associated with investments in subsidiaries because the Company controls the timing of reversal and it is not probable that they will reverse in the foreseeable future. (d) As at December 31, 2022, the Company had temporary differences with a tax benefit of $4.7 million ($79.5 million as at December 31, 2021, which included an amount of $75.2 million related to the discontinued operations (Note 31)), which are not recognized as deferred tax assets. The Company recognizes the benefit of tax attributes only to the extent of anticipated future taxable income that can be reduced by these attributes. December 31, December 31, $ $ Non-capital losses carried forward - 64,650 Mineral stream interests - Foreign jurisdictions - 7,446 Unrealized losses on investments 3,310 3,598 Capital losses 1,397 2,127 Other - 1,694 4,707 79,515 |
Additional information on the c
Additional information on the consolidated statements of loss | 12 Months Ended |
Dec. 31, 2022 | |
Additional Information On Consolidated Statements Of Income (Loss) [Abstract] | |
Additional information on the consolidated statements of loss [Text Block] | 22. Additional information on the consolidated statements of loss 2022 2021 $ $ Revenues Royalty interests 144,066 140,279 Stream interests 73,743 59,333 Offtake interests - 25,265 217,809 224,877 Cost of sales Royalty interests 1,055 551 Stream interests 15,021 12,752 Offtake interests - 24,343 16,076 37,646 Depletion Royalty interests 27,362 28,958 Stream interests 23,993 19,135 Offtake interests - 268 51,355 48,361 2022 2021 $ $ Other operating expenses Employee benefit expenses (see below) 15,186 15,253 Professional fees 4,633 3,602 Insurance costs 2,005 2,156 Impairment of assets 1,818 2,948 Amortization 1,060 1,061 Communication and promotional expenses 842 661 Public company expenses 782 632 Travel expenses 606 76 Rent and office expenses 561 477 Cost recoveries (552 ) (552 ) Other expenses 468 402 27,409 26,716 Employee benefit expenses Salaries and wages 8,282 8,079 Share-based compensation 7,124 7,726 Cost recoveries from associates (220 ) (552 ) 15,186 15,253 Other (losses) gains, net Change in fair value of financial assets at fair value through profit and loss (16,848 ) 6,987 Net gain on dilution of investments in associates (Note 9) 3,604 - Net gain on acquisition of investments (i) 48 7,416 Impairment of investments (2,361 ) (2,112 ) Other - 33 (15,557 ) 12,324 (i) |
Key management
Key management | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Information About Key Management [Abstract] | |
Key management [Text Block] | 23. Key management Key management includes directors (executive and non-executive) and the executive management team. The compensation paid or payable to key management for employee services is presented below: 2022 2021 $ $ Salaries and short-term employee benefits 4,374 4,309 Share-based compensation 5,475 6,078 Cost recoveries from associates (538 ) (716 ) 9,311 9,671 Key management employees are subject to employment agreements which provide for payments on termination of employment without cause or following a change of control providing for payments of between once to twice base salary and bonus and certain vesting acceleration clauses on restricted and deferred share units and share options. |
Net earnings (loss) per share
Net earnings (loss) per share | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of earnings per share [Abstract] | |
Net earnings (loss) per share [Text Block] | 24. 2022 2021 $ $ Net earnings from continuing operations attributable to Osisko Gold Royalties Ltd's shareholders 85,285 76,627 Net loss attributable to Osisko Gold Royalties Ltd's shareholders (118,754 ) (23,554 ) Basic weighted average number of common shares outstanding (in thousands) 180,398 167,628 Dilutive effect of share options 255 - Dilutive effect of warrants and convertible debentures - - Diluted weighted average number of common shares 180,653 167,628 Net earnings per share from continuing operations Basic and diluted 0.47 0.46 Net loss per share Basic and diluted (0.66 ) (0.14 ) For the year ended December 31, 2022, 0.9 million share options and the 13.1 million common shares underlying the convertible debentures (which were repaid on December 31, 2022) were excluded from the computation of diluted earnings per share as their effect was anti-dilutive. For the year ended December 31, 2021, 0.8 million share options, 5.5 million outstanding warrants and the 15.7 million common shares underlying the convertible debentures were excluded from the computation of diluted earnings per share as their effect was antidilutive. |
Additional information from con
Additional information from continuing operations on the consolidated statements of cash flows | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of cash flow statement [Abstract] | |
Additional information from continuing operations on the consolidated statements of cash flows [Text Block] | 25. Additional information from continuing operations on the consolidated statements of cash flows 2022 2021 $ $ Interests received measured using the effective rate method 5,689 2,118 Interests paid on long-term debt 14,578 16,420 Income taxes paid 1,150 1,231 Changes in non-cash working capital items Increase in amounts receivable (4,844 ) (57 ) Increase in other current assets (76 ) (275 ) Increase (decrease) in accounts payable and accrued liabilities 1,689 (5,081 ) (3,231 ) (5,413 ) |
Financial risks
Financial risks | 12 Months Ended |
Dec. 31, 2022 | |
Financial Risk Management [Abstract] | |
Financial risks [Text Block] | 26. Financial risks The Company's activities expose it to a variety of financial risks: market risks (including interest rate risk, foreign currency risk and other price risk), credit risk and liquidity risk. The Company's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company's performance. Risk management is carried out under policies approved by the Board of Directors. The Board of Directors provides principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, the use of derivative financial instruments and non-derivative financial instruments, and investment in excess liquidities. (a) Market risks (i) Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates. The Company's interest rate risk on financial assets is primarily related to cash, which bear interest at variable rates. However, as the cash is kept in high-interest saving accounts, the impact would likely be not significant. Other financial assets are not exposed to interest rate risk because they are mostly non-interest bearing or bear interest at fixed rates, except for derivative financial instruments (warrants). Financial liabilities are not exposed to interest rate risk because they are non-interest bearing or bear a fixed interest rate, except for the revolving credit facility which bears a variable interest rate. Based on the revolving credit facility's balance as at December 31, 2022, the impact on net financial expenses over a 12-month horizon of a 1.0% shift in interest rates would amount to approximately $1.5 million ($1.1 million as at December 31, 2021). (ii) Foreign exchange risk The Company is exposed to foreign exchange risk arising from currency volatility, primarily with respect to the U.S. dollar. The Company holds balances in cash denominated in U.S. dollars and can draw on its credit facility in U.S. dollars and is therefore exposed to gains or losses on foreign exchange. As at December 31, 2022 and 2021, the balances in U.S. dollars held by entities having the Canadian dollar as their functional currency were as follows: December 31, 2022 2021 $ $ Cash 19,780 23,755 Amounts receivable 4,213 2,600 Other assets 1,194 1,319 Accounts payable and accrued liabilities (37 ) (117 ) Revolving credit facility - (50,000 ) Net exposure, in U.S. dollars 25,150 (22,443 ) Equivalent in Canadian dollars 34,063 (28,453 ) Based on the balances as at December 31, 2022, a 5% fluctuation in the exchange rates on that date (with all other variables being constant) would have resulted in a variation of net earnings of approximately $1.4 million in 2022 ($1.8 million in 2021). (iii) Other price risk The Company is exposed to equity price risk as a result of holding long-term investments in other exploration and development mining companies. The equity prices of long-term investments are impacted by various underlying factors including commodity prices. Based on the Company's long-term investments held as at December 31, 2022, a 10% increase (decrease) in the equity prices of these investments would increase (decrease) net earnings by $0.1 million and other comprehensive income (loss) by $1.6 million for the year ended December 31, 2022. Based on the Company's long-term investments held as at December 31, 2021, a 10% increase (decrease) in the equity prices of these investments would have increased (decreased) net earnings by $2.5 million and other comprehensive income (loss) by $8.2 million for the year ended December 31, 2021. (b) Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge its obligation and cause the other party to incur a financial loss. Financial instruments that potentially subject the Company to credit risk consist of cash, amounts receivable, notes receivable and other financing facilities receivable. The Company reduces its credit risk by investing its cash in high interest savings accounts with Canadian and U.S. recognized financial institutions. In the case of amounts receivable, notes receivable and other financing facilities, the Company performs either a credit analysis or ensures that it has sufficient guarantees in case of a non-payment by the third-party to cover the net book value of the note. A provision is recorded if there is an expected credit loss based on the analysis. In some cases, the loans receivable could be applied against stream deposits due by the Company or converted into a royalty if the third-party is not able to reimburse its loan. As at December 31, 2022, a provision of $16.9 million ($13.4 million as at December 31, 2021) is recorded as a result of the expected credit loss analysis, mostly on loans made to the company holding the Amulsar gold project (the loans were fully provisioned as the company is not expected to be in a position to reimburse them). The maximum credit exposure of the Company corresponds to the respective instrument's net carrying amount. (c) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet the obligations associated with its financial liabilities. The Company manages the liquidity risk by continuously monitoring actual and projected cash flows, taking into account the requirements related to its investment commitments, mining properties and exploration and evaluation assets and matching the maturity profile of financial assets and liabilities. The Board of Directors reviews and approves any material transaction out of the ordinary course of business, including proposals on mergers, acquisitions or other major investment or divestitures. The Company also manages liquidity risk through the management of its capital structure and financial leverage as outlined in Note 18. As at December 31, 2022, cash is invested in high interest savings accounts held with Canadian and U.S. recognized financial institutions. As at December 31, 2022, all financial liabilities to be settled in cash or by the transfer of other financial assets mature within 90 days, except for the revolving credit facility and the lease liabilities, which are described below: As at December 31, 2022 Total amount payable Estimated annual payments Maturity 2023 2024 2025 2026 2027-2029 $ $ $ $ $ $ Revolving credit facility (i) 191,059 September 29, 2026 10,949 10,949 10,949 158,212 - Lease liabilities 9,999 December 31, 2029 1,408 1,432 1,432 1,432 4,295 201,058 12,357 12,381 12,381 159,644 4,295 (i) |
Fair value of financial instrum
Fair value of financial instruments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of fair value measurement of assets [abstract] | |
Fair value of financial instruments [Text Block] | 27. Fair value of financial instruments The following table provides information about financial assets and liabilities measured at fair value in the consolidated balance sheets and categorized by level according to the significance of the inputs used in making the measurements. Level 1 Level 2 Level 3 December 31, 2022 Level 1 Level 2 Level 3 Total $ $ $ $ Recurring measurements Financial assets at fair value through profit or loss (i) Warrants on equity securities and convertible debentures and notes Publicly traded mining exploration and development companies Precious metals - - 18,026 18,026 Other minerals 844 - 5,347 6,191 Financial assets at fair value through other comprehensive (loss) income (i) Equity securities Publicly traded mining exploration and development companies Precious metals 6,288 - 3,530 9,818 Other minerals 8,519 - - 8,519 15,651 - 26,903 42,554 December 31, 2021 Level 1 Level 2 Level 3 Total $ $ $ $ Recurring measurements Financial assets at fair value through profit or loss (i) Warrants on equity securities and convertible debentures and notes Publicly traded mining exploration and development companies Precious metals - - 24,327 24,327 Other minerals 13,048 - 10,607 23,655 Financial assets at fair value through other comprehensive (loss) income (i) Equity securities Publicly traded mining exploration and development companies Precious metals 46,668 - - 46,668 Other minerals 47,562 - - 47,562 107,278 - 34,934 142,212 (i) During the year ended December 31, 2022, there were no transfers among Level 1, Level 2 and Level 3. During the year ended December 31, 2021, warrants having a fair value of $5.1 million were transferred from Level 3 to Level 1 as these warrants began trading on a recognized stock exchange. Financial instruments in Level 1 The fair value of financial instruments traded in active markets is based on quoted market prices on a recognized securities exchange at the balance sheet dates. The quoted market price used for financial assets held by the Company is the last transaction price. Instruments included in Level 1 consist primarily of common shares and warrants trading on recognized securities exchanges, such as the TSX, TSX Venture or NEO. Financial instruments in Level 2 The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on the Company's specific estimates. If all significant inputs required to measure the fair value of an instrument are observable, the instrument is included in Level 2. Instruments included in Level 2 consist of notes receivable. If one or more of the significant inputs are not based on observable market data, the instrument is included in Level 3. Financial instruments in Level 3 Financial instruments classified in Level 3 include convertible instruments and warrants held by the Company that are not traded on a recognized securities exchange. The fair value of the investments in convertible instruments and warrants is determined directly or indirectly using the Black-Scholes option pricing model which includes significant inputs not based on observable market data. The following table presents the changes in the Level 3 investments (comprised of warrants and convertible instruments) for the years ended December 31, 2022 and 2021: 2022 2021 $ $ Balance - January 1 34,934 25,063 Acquisitions 7,968 12,754 Warrants exercised (80 ) (1,122 ) Acquisition of Tintic by Osisko Development (Note 31) (10,827 ) - Change in fair value - warrants exercised (i) (322 ) 300 Change in fair value - warrants expired (i) (405 ) (15 ) Change in fair value - investments held at the end of the period (i) (4,304 ) (2,046 ) Foreign exchange revaluation impact 49 - Deconsolidation of Osisko Development (Note 31) (110 ) - Balance - December 31 26,903 34,934 (i) Recognized in the consolidated statements of loss under other (losses) gains, net The fair value of the financial instruments classified as Level 3 depends on the nature of the financial instruments. The fair value of the warrants on equity securities and the convertible instruments of publicly traded mining exploration and development companies, classified as Level 3, is determined using directly or indirectly the Black-Scholes option pricing model. The main non-observable input used in the model is the expected volatility. An increase/decrease in the expected volatility used in the models of 10% would have resulted in an insignificant variation of the fair value of the warrants and convertible instruments as at December 31, 2022 and 2021. Financial instruments not measured at fair value on the consolidated balance sheets Financial instruments that are not measured at fair value on the consolidated balance sheets are represented by cash, revenues receivable from royalty, stream and other interests, amounts receivable from associates and other receivables, notes receivable, other financing facilities receivable, accounts payable and accrued liabilities and long-term debt. The fair values of cash, revenues receivable from royalty, stream and other interests, amounts receivable from associates and other receivables and accounts payable and accrued liabilities approximate their carrying values due to their short-term nature. The carrying value of the liability under the revolving credit facility approximates its fair value given that the credit spread is similar to the credit spread the Company would obtain under similar conditions at the reporting date. The fair value of the non-current notes receivable and other financing credit facilities receivable approximate their carrying value as there were no significant changes in economic and risk parameters or assumptions related to the instruments since the issuance, acquisition or renewal of those financial instruments. The following table presents the carrying amount and the fair value of long-term debt (excluding the liability under the revolving credit facility) on December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Fair value Carrying Fair Value Carrying amount $ $ Long-term debt - Level 1 - - 303,000 293,281 |
Segment disclosure
Segment disclosure | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Segment disclosure [Text Block] | 28. Segment disclosure Prior to the deconsolidation of Osisko Development on September 30, 2022 (Note 31), the President and CEO organized and managed the business under two operating segments: (i) acquiring and managing precious metals and other royalties, streams and other interests, and (ii) the exploration, evaluation and development of mining projects. Following the deconsolidation of Osisko Development, and the deemed disposal of the exploration, evaluation and development of mining projects segment, the President and CEO organizes and manages the business under a single operating segment, consisting of acquiring and managing precious metals and other royalties, streams and other interests. All of the Company's assets, liabilities, revenues, expenses and cash flows from continuing operations are attributable to this single operating segment. The following tables present segmented information for this single segment. Geographic revenues Geographic revenues from the sale of metals and diamonds received or acquired from in-kind royalties, streams and other interests are determined by the location of the mining operations giving rise to the royalty, stream or other interest. For the year ended December 31, 2022 and 2021, royalty, stream and other interest revenues were earned from the following jurisdictions: North (i) South Australia Africa Europe Total $ $ $ $ $ $ 2022 Royalties 140,488 1,257 69 2,252 - 144,066 Streams 39,701 23,948 892 - 9,202 73,743 180,189 25,205 961 2,252 9,202 217,809 2021 Royalties 134,544 1,112 6 4,617 - 140,279 Streams 27,624 20,284 1,548 - 9,877 59,333 Offtakes 25,265 - - - - 25,265 187,433 21,396 1,554 4,617 9,877 224,877 (i) In 2022, three royalty/stream interests generated revenues of $132.3 million ($122.4 million in 2021), which represented 61% of revenues (61% of revenues in 2021, excluding revenues generated from the offtake interests), including one royalty interest that generated revenues of $78.8 million ($81.3 million in 2021). In 2022, revenues generated from precious metals and diamonds represented 85% and 14% of revenues, respectively. In 2021, revenues generated from precious metals and diamonds represented 89% and 9% of revenues, respectively (87% and 11% excluding offtakes, respectively). Geographic net assets The following table summarizes the royalty, stream and other interests by jurisdiction, as at December 31, 2022 and December 31, 2021, which is based on the location of the properties related to the royalty, stream or other interests: North (i) South Australia Africa Asia Europe Total $ $ $ $ $ $ $ December 31, 2022 Royalties 664,985 157,552 17,345 24,228 - 14,965 879,075 Streams 225,517 177,853 - - 30,203 51,017 484,590 Offtakes - - 9,572 - 5,016 - 14,588 890,502 335,405 26,917 24,228 35,219 65,982 1,378,253 December 31, 2021 Royalties 595,931 57,673 13,742 20,453 - 15,215 703,014 Streams 185,031 173,773 - - 28,272 51,055 438,131 Offtakes - - 8,960 - 4,696 - 13,656 780,962 231,446 22,702 20,453 32,968 66,270 1,154,801 (i) |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [Abstract] | |
Related party transactions [Text Block] | 29. Related party transactions In 2022, interest revenues of $4.2 million were recorded on notes receivable from associates ($3.6 million in 2021). As at December 31, 2022, interest receivable from associates of $8.0 million are included in amounts receivable ($4.6 million as at December 31, 2021). Loans, notes receivable, and convertible instruments from related parties amounted to $30.9 million as at December 31, 2022 ($42.3 million as at December 31, 2021) and were included in other investments on the consolidated balance sheets. As of December 31, 2022, Osisko acts as a guarantor towards an insurance company that has issued environmental bonds to governmental authorities in the name of Osisko Development valued at approximately $17.9 million. In January 2023, the convertible secured senior note of $17.6 million held from Falco Resources Ltd. was amended. The accrued interest receivable of $2.8 million was capitalized to the capital of the note, the interest rate was increased from 7% to 8% per annum, the conversion price was reduced from $0.55 to $0.50 per common share and the maturity date of the note was extended to December 31, 2024. In addition, the Company has the ability to apply the loan or a portion of the loan against future stream payments (Note 30). Additional transactions with related parties are described under Notes 11, 30 and 31. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Commitments [Abstract] | |
Commitments [Text Block] | 30. Commitments Investments in royalty and stream interests As at December 31, 2022, significant commitments related to the acquisition of royalties and streams are detailed in the following table: Company Project (asset) Installments Triggering events Aquila Resources Inc. Back Forty project US$5.0 million Receipt of all material permits for the construction and operation of the project. US$25.0 million Pro rata to drawdowns with construction finance facility. Falco Resources Ltd. Horne 5 project $45.0 million Receipt of all necessary material third-party approvals, licenses, rights of way, surface rights on the property and all material construction permits, positive construction decision, and raising a minimum of $100.0 million in non-debt financing. $60.0 million Upon total projected capital expenditure having been demonstrated to be financed. $40.0 million Payable with fourth installment, at sole election of Osisko, to increase the silver stream to 100% of payable silver (from 90%). Metals Acquisition Corp. (i) CSA mine US$75.0 million Closing of the acquisition of the CSA mine by MAC. Metals Acquisition Corp. (i) CSA mine Up to US$75.0 million Closing of the acquisition of the CSA mine by MAC. (i) Offtake and stream purchase agreements The following table summarizes the significant commitments to pay for gold, silver and diamonds to which Osisko has the contractual right pursuant to the associated precious metals and diamond purchase agreements: Attributable payable production to be purchased Per ounce/carat cash payment (US$) Term of agreement Date of contract Interest Gold Silver Diamond Gold Silver Diamond Amulsar stream (1),(8) ,(9) 4.22% 62.5% $400 $4 40 years November 2015 Amulsar offtake (2),(8) ,(9) 81.91% Based on quotational period Until delivery of November 2015 Back Forty stream (3) ,(9) 18.5% 85% 30% spot price $4 Life of mine March 2015 (silver) Gibraltar stream (4) 75% nil Life of mine March 2018 Mantos Blancos (5) 100% 8% spot Life of mine September 2015 Renard stream 9.6% Lesser of 40% of sales price or $40 40 years July 2014 San Antonio stream 15% 15% 15% spot price 15% spot price Life of mine November 2020 Sasa stream (6) 100% $6.21 40 years November 2015 Tintic stream (7) 2.5% 2.5% 25% spot price 25% spot price Life of mine September 2022 (1) nd rd (2) (3) (4) (5) (6) (7) (8) Companies' Creditors Arrangement Act. (9) |
Deconsolidation of Osisko Devel
Deconsolidation of Osisko Development and discontinued operations | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Deconsolidation And Discontinued Operations [Abstract] | |
Deconsolidation of Osisko Development and discontinued operations [Text Block] | 31. Deconsolidation of Osisko Development and discontinued operations Deconsolidation of Osisko Development On September 30, 2022, Osisko held an interest of 44.1% (compared to 75.1% as at December 31, 2021) in Osisko Development. Effective on September 30, 2022, following certain changes made to Osisko's investment agreement with Osisko Development, Osisko ceased to consolidate Osisko Development as management determined that Osisko was no longer in a position of control over Osisko Development. Immediately after, management determined it was able to exert significant influence on Osisko Development and subsequently accounted for its investment as an associate under the equity method. Accordingly, Osisko deconsolidated Osisko Development on September 30, 2022, and started accounting for its investment in Osisko Development using the equity method. On September 30, 2022, the Company derecognized the assets and liabilities of Osisko Development from its consolidated balance sheet, recorded its interest in Osisko Development at fair value as an investment in an associate (Note 9) at $207.0 million, recognized royalty and stream interests on assets held by Osisko Development of $122.1 million (Note 11 - these assets were eliminated on consolidation prior to the loss of control) and recognized a net non-cash loss on deconsolidation of $140.9 million. Osisko Development's results of operations and cash flows were consolidated into the Company's financial statements up to September 30, 2022. The following tables summarize the financial information related to Osisko Development on September 30, 2022, which was immediately prior to deconsolidation. The amounts disclosed are before inter-company adjustments: Summarized balance sheet As at $ Current assets 168,092 Current liabilities (51,330 ) Current net assets 116,762 Non-current assets 902,768 Non-current liabilities (105,757 ) Non-current net assets 797,011 Total net assets 913,773 Accumulated other comprehensive income (515 ) Non-controlling interest (443,295 ) The activities of Osisko Development represented one of two distinct business segments of the Company, namely the exploration, evaluation and development of mining projects segment (Note 28). This segment was deemed to have been disposed of and its results of operations and cash flows have been reclassified as discontinued operations. The following table summarizes the results of operations included as discontinued operations on the consolidated statements of loss for years ended December 31, 2022 and 2021. The amounts disclosed are before inter-company adjustments: 2022 2021 $ $ Results from discontinued operations: Net loss on deconsolidation (140,910 ) - Results of discontinued operations: Revenues 44,820 7,275 Impairment of assets (Note 12) (81,000 ) (121,600 ) Other expenses, net (89,895 ) (31,948 ) Net loss before income taxes (126,075 ) (146,273 ) Deferred income tax (expense) recovery (see below) (1,490 ) 12,971 Net loss (127,565 ) (133,302 ) Net loss from discontinued operations (268,475 ) (133,302 ) Net loss per share from discontinued operations Basic and diluted (1.50 ) (0.80 ) Equity financing transactions completed by Osisko Development The following equity financing transactions were completed by Osisko Development in prior periods and prior to the deconsolidation and were presented under Net investments from minority shareholders Non-brokered private placement (2021) In January 2021, Osisko Development completed the first tranche of a non-brokered private placement through the issuance of 9,346,464 units of Osisko Development at a price of $7.50 per unit for aggregate gross proceeds of $68.6 million. Each unit consisted of one common share of Osisko Development and one-half of one common share purchase warrant of Osisko Development, which each whole warrant entitling the holder to acquire one common share of Osisko Development at a price of $10.00 per share on or prior to December 1, 2023. In February 2021, Osisko Development completed the second and final tranche of a non-brokered private placement through the issuance of 1,515,731 units of Osisko Development at a price of $7.50 per unit for aggregate gross proceeds of $11.2 million. Each unit consisted of one common share of Osisko Development and one-half of one common share purchase warrant of Osisko Development, which each whole warrant entitling the holder to acquire one common share of Osisko Development at a price of $10.00 per share on or prior to December 1, 2023. An amount of $73.9 million from the non-brokered private placement was received by Osisko Development in 2020. The share issue expenses related to the first and second tranches of the private placement amounted to $1.1 million ($0.8 million, net of income taxes). Brokered private placement of flow-through shares (2021) In March 2021, Osisko Development completed a "bought deal" brokered private placement of 2,055,742 flow-through shares at a price of $9.05 per flow-through share and 1,334,500 charity flow-through shares at a price of $11.24 per charity flow-through share, for aggregate gross proceeds of $33.6 million. Share issue expenses related to this private placement amounted to $1.5 million ($1.1 million, net of income taxes). The shares were issued at a premium to the market price, which was recognized as a current liability under provisions and other liabilities net loss from discontinued operations Bought deal private placement (2022) In March 2022, Osisko Development completed a bought deal brokered private placement of an aggregate of (i) 13,732,900 ODV Subscription Receipts and (ii) 9,525,850 ODV Units (together with the ODV Subscription Receipts, the "Offered Securities") at a price of $4.45 per Offered Security, for aggregate gross proceeds of approximately $103.5 million (the "ODV Bought Deal Private Placement"), including the full exercise of the underwriters' option. Each ODV Unit was comprised of one common share of the company (each, an "ODV Common Share") and one common share purchase warrant (each, an "ODV Warrant"), with each ODV Warrant entitling the holder thereof to purchase one additional ODV Common Share at a price of $7.60 per ODV Common Share for a period of 60 months following the date hereof. Each ODV Subscription Receipt entitled the holder thereof to receive one ODV Unit, upon the satisfaction of the Bought Deal Escrow Release Conditions, which were met in May 2022. In consideration for their services, the underwriters were paid a cash commission equal to 5% of the gross proceeds of the ODV Bought Deal Private Placement (other than in respect of subscribers on the President's List for which no commission was paid). Non-brokered private placement (2022) In March 2022, Osisko Development closed the first tranche of a non-brokered private placement (the "ODV Non-brokered Private Placement"), pursuant to which a total of 24,215,099 ODV Subscription Receipts were issued at a price of US$3.50 per ODV Subscription Receipt, for gross proceeds of approximately US$84.8 million ($108.1 million). In March 2022, Osisko Development also closed the second tranche of the ODV Non-brokered Private Placement pursuant to which an additional 9,365,689 ODV Subscription Receipts were issued at a price of US$3.50 per ODV Subscription Receipt, for additional gross proceeds of approximately US$32.8 million ($41.0 million). In April 2022, Osisko Development closed the third tranche of the ODV Non-brokered Private Placement pursuant to which an additional 512,980 ODV Subscription Receipts were issued at a price of US$3.50 per ODV Subscription Receipt, for additional gross proceeds of approximately US$1.8 million ($2.2 million). Each ODV Subscription Receipt entitled the holder thereof to receive one ODV Unit, upon the satisfaction of the Non-brokered Private Placement Escrow Release Conditions, which were met in May 2022. Each ODV Unit was comprised of one ODV Common Share and one ODV Warrant, with each ODV Warrant entitling the holder thereof to purchase one additional ODV Common Share at a price of US$6.00 per ODV Common Share for a period of five years following the date of issue. Share consolidation In May 2022, Osisko Development completed a consolidation of its common shares, on a three for one basis (3:1). The equity financing transactions described above are presented prior to the share consolidation. Acquisition of Tintic by Osisko Development In May 2022, Osisko Development completed the acquisition of Tintic Consolidated Metals LLC ("Tintic"), which owns the Trixie property, as well as mineral claims covering more than 17,000 acres (including over 14,200 acres of which are patented) in Central Utah's historic Tintic Mining District (the "Tintic Transaction"). Under the terms of the Tintic Transaction, Osisko Development funded the acquisition through: (i) (ii) (iii) (iv) (v) Transaction costs related to the acquisition were expensed under general and administrative expenses and amounted to approximately $4.7 million. The total consideration paid amounted to approximately US$156.6 million ($199.5 million). As of the reporting date, Osisko Development has not completed the purchase price allocation over the identifiable net assets of Tintic. Information to confirm the fair value of certain assets, mainly the mining interests and plant and equipment, the exploration and evaluation assets, the fair value of certain liabilities and the deferred income tax liability, are still to be obtained or confirmed. The table below presents the preliminary purchase price allocation based on the best available information to Osisko Development to date: Consideration paid $ Issuance of 12,049,449 common shares of Osisko Development (i) 109,656 Cash 63,881 Convertible instruments ( i i) 10,827 Fair value of deferred consideration of US$12.5 million ($15.9 million) 13,414 Fair value of other contingent payments, rights and obligations 1,695 199,473 Net assets acquired $ Current assets 2,705 Mining assets and plant and equipment 182,229 Exploration and evaluation 38,508 Other non-current assets 1,735 Current liabilities (1,322 ) Non-current liabilities (4,925 ) Deferred income tax liability (19,457 ) 199,473 (i) (ii) For the year ended December 31, 2022, the revenues and net loss of Tintic included in the statement of loss under net loss from discontinued operations If changes were made to the final purchase price allocation by Osisko Development, these changes would need to be reflected in the purchase price allocation presented above and in the resulting deconsolidation entries. Significant accounting policies applicable to the discontinued operations (a) Business combinations On the acquisition of a business, the acquisition method of accounting is used whereby the identifiable assets, liabilities and contingent liabilities (identifiable net assets) of the business are measured at fair value at the date of acquisition. Provisional fair values estimated at a reporting date are finalized as soon as the relevant information is available, which period shall not exceed twelve months from the acquisition date and are adjusted to reflect the transaction as of the acquisition date. Any excess of the consideration paid is treated as goodwill, and any bargain gain is immediately recognized in the statement of income or loss and comprehensive income or loss. If control is lost as a result of a transaction, the participation retained is recognized on the balance sheet at fair value and the difference between the fair value recognized and the carrying value as at the date of the transaction is recognized in the statement of income or loss. Acquisition costs are expensed as incurred. The Company recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest's proportionate share of the recognized amounts of acquiree's identifiable net assets. The results of businesses acquired during the period are consolidated into the consolidated financial statements from the date on which control commences (generally at the closing date when the acquirer legally transfers the consideration). (b) Non-controlling interests Non-controlling interests represent an equity interest in a subsidiary owned by an outside party. The share of net assets of the subsidiary attributable to the non-controlling interests is presented as a component of equity. Their share of net income or loss and comprehensive income or loss is recognized directly in equity. Changes in the Company's ownership interest in the subsidiary that do not result in a loss of control are accounted for as equity transactions. (c) Refundable tax credits for mining exploration expenses Osisko Development is entitled to refundable tax credits on qualified mining exploration and evaluation expenses incurred in the provinces of Québec and British-Columbia. The credits are accounted for against the exploration and evaluation expenses incurred. (d) Inventories Inventories are valued at the lower of cost and net realizable value. Cost is determined on a weighted average basis. (e) Mining interests and property and equipment Mining interests Mining assets are interests in projects that are under development, in permitting or feasibility stage and that in management's view, can be reasonably expected to generate steady-state revenue for Osisko Development in the near future. Subsequent to completion of a positive economic analysis on a mineral property, capitalized exploration and evaluation assets are transferred into mining interests, or as an item of property and equipment, based on the nature of the underlying asset. Mining interests are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of an asset, including the purchase price and all expenditures undertaken in the development, construction, installation and/or completion of mine production facilities. All expenditures related to the construction of mine declines and orebody access, including mine shafts and ventilation raises, are considered to be capital development and are capitalized. The development and commissioning phase ceases upon the commencement of commercial production. Subsequent to the commencement of commercial production, further development expenditures incurred with respect to a mining interest are capitalized as part of the mining interest, when it is probable that additional future economic benefits associated with the expenditure will flow to Osisko Development. Otherwise, such expenditures are classified as other operating costs. Mining interest assets are subject to periodic review for impairment when events or changes in circumstances indicate the project's carrying value may not be recoverable. Upon commencement of commercial production, mining interests are depleted over the life of the mine using the unit-of production method based on the economic life of the related deposit. Determination of commencement of commercial production is a complex process and requires significant assumptions and estimates. The commencement of commercial production is defined as the date when the mine is capable of operating in the manner intended by management. Osisko Development considers primarily the following factors, among others, when determining the commencement of commercial production: All major capital expenditures to achieve a consistent level of production and desired capacity have been incurred; A reasonable period of testing of the mine plant and equipment has been completed; A predetermined percentage of design capacity of the mine and mill has been reached; and Required production levels, grades and recoveries have been achieved. Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of an asset. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefit associated with the item will flow to Osisko Development and the cost can be measured reliably. The carrying amount of a replaced asset is derecognized when replaced. Depreciation is calculated to amortize the cost of the property and equipment less their residual values over their estimated useful lives using the straight-line method and following periods by major categories: Leasehold improvements Lease term Furniture and office equipment 2-7 years Exploration equipment and facilities 2-20 years Mining plant and equipment (development) 3-20 years Right-of-use assets Shorter of useful life and lease term Residual values, method of depreciation and useful lives of the assets are reviewed annually and adjusted if appropriate. Gains and losses on disposals of property and equipment are determined by comparing the proceeds with the carrying amount of the asset. (f) Exploration and evaluation expenditures Exploration and evaluation assets are comprised of exploration and evaluation expenditures and mining properties acquisition costs for exploration and evaluation assets. Expenditures incurred on activities that precede exploration and evaluation, being all expenditures incurred prior to securing the legal rights to explore an area, are expensed immediately. Exploration and evaluation assets include rights in mining properties, paid or acquired through a business combination or an acquisition of assets, and costs related to the initial search for mineral deposits with economic potential or to obtain more information about existing mineral deposits. Mining rights are recorded at acquisition cost less accumulated impairment losses. Mining rights and options to acquire undivided interests in mining rights are depreciated only as these properties are put into commercial production. Exploration and evaluation expenditures for each separate area of interest are capitalized and include costs associated with prospecting, sampling, trenching, drilling and other work involved in searching for ore like topographical, geological, geochemical and geophysical studies. They also reflect costs related to establishing the technical and commercial viability of extracting a mineral resource identified through exploration and evaluation or acquired through a business combination or asset acquisition. Exploration and evaluation expenditures include the cost of: (i) (ii) (iii) (iv) (v) Exploration and evaluation expenditures include overhead expenses directly attributable to the related activities. (g) Provision for environmental rehabilitation Provision for environmental rehabilitation, restructuring costs and legal claims, where applicable, is recognized when: (i) (ii) (iii) The provision is measured at management's best estimate of the expenditure required to settle the obligation at the end of the reporting period, and is discounted to present value where the effect is material. The increase in the provision due to passage of time is recognized as finance costs. Changes in assumptions or estimates are reflected in the period in which they occur. Provision for environmental rehabilitation represents the legal and constructive obligations associated with the eventual closure of Osisko Development's property, plant and equipment. These obligations consist of costs associated with reclamation and monitoring of activities and the removal of tangible assets. The discount rate used is based on a pretax rate that reflects current market assessments of the time value of money and the risks specific to the obligation, excluding the risks for which future cash flow estimates have already been adjusted. Reclamation deposits Reclamation deposits are term deposits held for the benefit of the Government of the Province of British Columbia as collateral for possible rehabilitation activities on Osisko Development's mineral properties in connection with permits required for exploration activities. Reclamation deposits are released once the property is restored to satisfactory condition, or as released under the surety bond agreement. As they are restricted from general use, they are included under other assets (h) Share-based compensation Share option plan Osisko Development offers a share option plan to its directors, officers, employees and consultants. Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. Fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. Compensation expense is recognized over the tranche's vesting period by increasing contributed surplus based on the number of awards expected to vest. The number of awards expected to vest is reviewed at least annually, with any impact being recognized immediately. Deferred and restricted share units Osisko Development offers a DSU plan to its non-executive directors and a RSU plan to its officers, employees and consultants as part of their long-term compensation package, entitling them to receive a payment in the form of common shares, cash (based on the Osisko Development's share price at the relevant time) or a combination of common shares and cash, at the sole discretion of Osisko Development. The fair value of the DSU and RSU granted by Osisko Development to be settled in common shares is measured on the grant date and is recognized over the vesting period under non-controlling interests with a corresponding charge to share-based compensation. A liability for the DSU and RSU to be settled in cash is measured at fair value on the grant date and is subsequently adjusted at each balance sheet date for changes in fair value. The liability is recognized over the vesting period with a corresponding charge to share-based compensation. Significant accounting estimates and assumptions applicable to the discontinued operations Mineral reserves and resources - Exploration and development projects Mineral reserves are estimates of the amount of ore that can be economically and legally extracted from Osisko Development's mining properties. Osisko Development estimates its mineral reserve and mineral resources based on information compiled by Qualified Persons as defined by Canadian Securities Administrators National Instrument 43-101, Standards for Disclosure of Mineral Projects Impairment of exploration and evaluation assets, mining interests and plant and equipment Osisko Development's accounting policy for exploration and evaluation expenditure results in certain items of expenditure being capitalized. This policy requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established. Any such estimates and assumptions may change as new information becomes available. If, after having capitalized the expenditure, a judgement is made that recovery of the expenditure is unlikely, the relevant capitalized amount will be written off to the consolidated statement of income or loss. Development activities commence after project sanctioning by senior management. Judgement is applied by management in determining when a project has reached a stage at which economically recoverable reserves exist such that development may be sanctioned. In exercising this judgement, management is required to make certain estimates and assumptions similar to those described above for capitalized exploration and evaluation expenditure. Such estimates and assumptions may change as new information becomes available. If, after having started the development activity, a judgement is made that a development asset is impaired, the appropriate amount will be written off to the consolidated statement of income or loss. Osisko Development's recoverability of its recorded value of its exploration and evaluation assets, mining interests and plant and equipment is based on market conditions for metals, underlying mineral resources associated with the properties and future costs that may be required for ultimate realization through mining operations or by sale. At each reporting date, Osisko Development evaluates each mining property and project on results to date to determine the nature of exploration, other assessment and development work that is warranted in the future. If there is little prospect of future work on a property or project being carried out within a prolonged period from completion of previous activities, the deferred expenditures related to that property or project are written off or written down to the estimated amount recoverable unless there is persuasive evidence that an impairment allowance is not required. The recoverable amounts of exploration and evaluation assets, mining interests and plant and equipment are determined using the higher of value in use or fair value less costs of disposal. Value in use consists of the net present value of future cash flows expected to be derived from the asset in its current condition based on observable data. The calculations use cash flow projections based on financial budgets approved by management. These cash flow projections are based on expected recoverable ore reserves, selling prices of metals, operating costs, discount rates and foreign exchange rates. Fair value less costs of disposal consists of the expected sale price (the amount that a market participant would pay for the asset) of the asset net of transaction costs. Osisko Development may use other approaches in determining the fair value which may include estimates related to (i) dollar value per ounce of mineral reserve/resource; (ii) cash-flow multiples; (iii) market capitalization of comparable assets; and (iv) comparable sales transactions. Any changes in the quality and quantity of recoverable ore reserves, expected selling prices and operating costs could materially affect the estimated fair value of mining interests, which could result in material write-downs or write-offs in the future. Significant accounting estimates and assumptions applicable to the discontinued operations (continued) Provision for environmental rehabilitation Provision for environmental rehabilitation is based on Osisko Development's management best estimates and assumptions, which management believes are a reasonable basis upon which to estimate the future liability, based on the current economic environment. These estimates take into account any material changes to the assumptions that occur when reviewed regularly by management and are based on current regulatory requirements. Significant changes in estimates of discount rate, contamination, rehabilitation standards and techniques will result in changes to the provision from period to period. Actual reclamation and closure costs will ultimately depend on future market prices for the costs which will reflect the market condition at the time the costs are actually incurred. The final cost of the rehabilitation provision may be higher or lower than currently provided for. Significant judgements in applying the accounting policies related to the discontinued operations Business combinations The assessment of whether an acquisition meets the definition of a business, or whether assets are acquired is an area of judgement. The assumptions and estimates with respect to determining the fair value of assets acquired and liabilities assumed, exploration and evaluation properties and mining interests and property, plant and equipment in particular, generally requires a high degree of judgement. Changes in the judgements made could impact the amounts assigned to assets and liabilities. Impairment of exploration and evaluation assets, mining interests and plant and equipment Assessment of impairment of exploration and evaluation assets (including exploration and evaluation assets under a farm-out agreement), mining interests and plant and equipment requires the use of judgements when assessing whether there are any indicators that could give rise to the requirement to conduct a formal impairment test on Osisko Development's exploration and evaluation, mining interests and plant and equipment assets. Factors which could trigger an impairment review include, but are not limited to, an expiry of the right to explore in the specific area during the period or will expire in the near future, and is not expected to be renewed; substantive exploration and evaluation expenditures in a specific area, taking into consideration such expenditures to be incurred by a farmee, is neither budgeted nor planned; exploration for and evaluation of mineral resources in a specific area have not led to the discovery of commercially viable quantities of mineral resources and Osisko Development has decided to discontinue such activities in the specific area; sufficient data exists to indicate that, although a development in a specific area is likely to proceed, the carrying amount of the assets is unlikely to be recovered in full from successful development or by sale; significant negative industry or economic trends; interruptions in exploration and evaluation activities by Osisko Development or its farmee; a significant change in current or forecast commodity prices or in interest rates; and a significant change in expected recoverable ore reserves and operating costs. Changes in the judgements used in determining the fair value of the exploration and evaluation assets, mining interests and plant and equipment could impact the impairment analysis. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent events [Abstract] | |
Subsequent event [Text Block] | 32. Subsequent event Dividend On February 23, 2023, the Board of Directors declared a quarterly dividend of $0.055 per common share payable on April 14, 2023 to shareholders of record as of the close of business on March 31, 2023. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Basis of measurement [Policy Text Block] | a) Basis of measurement The consolidated financial statements are prepared under the historical cost convention, except for the revaluation of certain financial assets at fair value (including derivative instruments). |
Consolidation [Policy Text Block] | b) Consolidation The Company's financial statements consolidate the accounts of Osisko Gold Royalties Ltd and its subsidiaries. All intercompany transactions, balances and unrealized gains or losses from intercompany transactions are eliminated on consolidation. Subsidiaries are all entities over which the Company has the ability to exercise control. The Company controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to Osisko and are deconsolidated from the date that control ceases. Accounting policies of subsidiaries are consistent with the policies adopted by Osisko Gold Royalties Ltd. The principal subsidiaries of the Company, their geographic locations and their related participation at December 31, 2022 and 2021 were as follows: As at December 31, 2022: Entity Jurisdiction Participation Functional currency Osisko Bermuda Limited Bermuda 100% United States dollar Osisko Mining (USA) Inc. Delaware 100% United States dollar As at December 31, 2021: Entity Jurisdiction Participation Functional currency Osisko Bermuda Limited Bermuda 100% United States dollar Osisko Mining (USA) Inc. Delaware 100% United States dollar Osisko Development Corp. (i) Québec 75.1% Canadian dollar (i) |
Foreign currency translation [Policy Text Block] | c) Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each consolidated entity and associate of the Company are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The consolidated financial statements are presented in Canadian dollars, which is the functional currency of the parent Company and some of its subsidiaries. Assets and liabilities of the subsidiaries that have a functional currency other than the Canadian dollar are translated into Canadian dollars at the exchange rate in effect on the consolidated balance sheet date and revenues and expenses are translated at the average exchange rate over the reporting period. Gains and losses from these translations are recognized as currency translation adjustment in other comprehensive income or loss. (ii) Transactions and balances Foreign currency transactions, including revenues and expenses, are translated into the functional currency at the rate of exchange prevailing on the date of each transaction or valuation when items are re-measured. Monetary assets and liabilities denominated in currencies other than the operation's functional currencies are translated into the functional currency at exchange rates in effect at the balance sheet date. Foreign exchange gains and losses resulting from the settlement of those transactions and from period-end translations are recognized in the consolidated statement of income or loss. Non-monetary assets and liabilities are translated at historical rates, unless such assets and liabilities are carried at fair value, in which case, they are translated at the exchange rate in effect at the date of the fair value measurement. Changes in fair value attributable to currency fluctuations of non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognized in the consolidated statement of income or loss as part of the fair value gain or loss. Such changes in fair value of non-monetary financial assets, such as equities classified at fair value through other comprehensive income, are included in other comprehensive income or loss. |
Financial instruments [Policy Text Block] | d) Financial instruments Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Financial assets and liabilities are offset, and the net amount is reported in the balance sheet, when there is an unconditional and legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. All financial instruments are required to be measured at fair value on initial recognition. The fair value is based on quoted market prices, unless the financial instruments are not traded in an active market. In this case, the fair value is determined by using valuation techniques like the Black-Scholes option pricing model or other acceptable valuation techniques. (i) Financial assets Measurement after initial recognition depends on the classification of the financial instrument. The Company has classified its financial instruments in the following categories depending on the purpose for which the instruments were acquired and their characteristics. Debt instruments Investments in debt instruments are subsequently measured at amortized cost when the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows and when the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Investments in debt instruments are subsequently measured at fair value when they do not qualify for measurement at amortized cost. Financial instruments subsequently measured at fair value, including derivatives that are assets, are carried at fair value with changes in fair value recorded in net income or loss unless they are held within a business model whose objective is to hold assets in order to collect contractual cash flows or sell the assets and when the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, in which case unrealized gains and losses are initially recognized in other comprehensive income or loss for subsequent reclassification to net income or loss through amortization of premiums and discounts, impairment or derecognition. Equity instruments Investments in equity instruments are subsequently measured at fair value with changes recorded in net income or loss. Equity instruments that are not held for trading can be irrevocably designated at fair value through other comprehensive income or loss on initial recognition without subsequent reclassification to net income or loss. Cumulative gains and losses are transferred from accumulated other comprehensive income or loss to retained earnings upon derecognition of the investment. (ii) Financial liabilities Financial liabilities are subsequently measured at amortized cost using the effective interest method, except for financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, are subsequently measured at fair value. The Company has classified its financial instruments as follows: Category Financial instrument Financial assets at amortized cost Cash Notes and loans receivable (i) Financial assets at fair value through profit or loss Investments in derivatives and convertible debentures Financial assets at fair value through other comprehensive income or loss Investments in shares and equity instruments, other than in derivatives Financial liabilities at amortized cost Accounts payable and accrued liabilities (i) i) Derivatives Derivatives, other than warrants held in mining exploration and development companies, are only used for economic hedging purposes and not as speculative investments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently measured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. |
Impairment of financial assets [Policy Text Block] | e) Impairment of financial assets At each reporting date, the Company assesses, on a forward-looking basis, the expected credit losses associated with its financial assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in the credit risk or if a simplified approach has been selected. The Company has two principal types of financial assets subject to the expected credit loss model: Revenues receivable from royalty, stream and other interests; and Notes and loans receivable measured at amortized cost. Amounts receivable The Company applies the simplified approach permitted by IFRS 9 Financial instruments Investments in debt instruments To the extent that a debt instrument at amortized cost is considered to have low credit risk, which corresponds to a credit rating within the investment grade category and the credit risk has not increased significantly, the loss allowance is determined on the basis of 12-month expected credit losses. If the credit risk has increased significantly, the lifetime expected credit losses are recognized. |
Cash [Policy Text Block] | f) Cash Cash includes demand deposits held with banks. |
Investments in associates [Policy Text Block] | g) Investments in associates Associates are entities over which the Company has significant influence, but not control. The financial results of the Company's investments in its associates are included in the Company's results according to the equity method. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the Company's share of profits or losses of associates after the date of acquisition. Such share of profits and losses takes into account the attribution of the price paid to the Company's share of the associate's underlying assets and liabilities. The Company's share of profits or losses is recognized in the consolidated statement of income or loss and its share of other comprehensive income or loss of associates is included in other comprehensive income or loss. Unrealized gains on transactions between the Company and an associate are eliminated to the extent of the Company's interest in the associate. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Dilution gains and losses arising from changes in interests in investments in associates are recognized in the consolidated statement of income or loss. The Company assesses at each reporting date whether there is any objective evidence that its investments in associates are impaired. If impaired, the carrying value of the Company's share of the underlying assets of associates is written down to its estimated recoverable amount (being the higher of fair value less costs of disposal and value-in-use) and charged to the consolidated statement of income or loss. |
Royalty, stream and other interests [Policy Text Block] | h) Royalty, stream and other interests Royalty, stream and other interests consist of acquired royalty, stream and other interests in producing, development and exploration and evaluation stage properties. Royalty, stream and other interests are recorded at cost and capitalized as tangible assets. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses. The major categories of the Company's interests are i) producing, ii) development and iii) exploration and evaluation. Producing assets are those that have generated revenue from steady-state operations for the Company. Development assets are interests in projects that are under development, in permitting or feasibility stage and that in management's view, can be reasonably expected to generate steady-state revenue for the Company in the near future. Exploration and evaluation assets represent properties that are not yet in development, permitting or feasibility stage or that are speculative in nature and are expected to require several years to generate revenue, if ever, or are currently not active. Producing and development royalty, stream and other interests are recorded at cost and capitalized in accordance with IAS 16 Property, Plant and Equipment On acquisition of a producing or a development royalty, stream and other interest, an allocation of the acquisition cost is made for the exploration potential based on its fair value. The estimated fair value of this acquired exploration potential is recorded as an asset (non-depreciable interest) on the acquisition date. Updated mineral reserve and resource information obtained from the operators of the properties is used to determine the amount to be converted from non-depreciable interest to depreciable interest. Royalty, stream and other interests for exploration and evaluation assets are recorded at cost and capitalized in accordance with IFRS 6 Exploration for and Evaluation of Mineral Resources Producing and development royalty, stream and other interests are reviewed for impairment at each reporting date if there is any indication that the carrying amount may not be recoverable. Impairment is assessed at the level of Cash-Generating Units (''CGU'') which, in accordance with IAS 36 Impairment of Assets Royalty, stream and other interests for exploration and evaluation assets are assessed for impairment whenever indicators of impairment exist in accordance with IFRS 6. An impairment loss is recognized for the amount by which the asset's carrying value exceeds its recoverable amount, which is the higher of fair value less costs of disposal and value-in-use. An interest that has previously been classified as exploration and evaluation is also assessed for impairment before reclassification to development or producing, and the impairment loss, if any, is recognized in net income or net loss. At the end of each reporting period, royalty, stream and other interests are reviewed for any indicators of potential reversal of impairment previously booked. |
Property and equipment [Policy Text Block] | i) Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of an asset. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefit associated with the item will flow to the Company and the cost can be measured reliably. The carrying amount of a replaced asset is derecognized when replaced. Depreciation is calculated to amortize the cost of the property and equipment less their residual values over their estimated useful lives using the straight-line method and following periods by major categories: Leasehold improvements Lease term Furniture and office equipment 3-5 years Right-of-use assets Shorter of useful life and lease term Residual values, method of depreciation and useful lives of the assets are reviewed annually and adjusted if appropriate. Gains and losses on disposals of property and equipment are determined by comparing the proceeds with the carrying amount of the asset and are included as part of other gains or losses, net |
Goodwill [Policy Text Block] | j) Goodwill Goodwill is recognized in a business combination if the cost of the acquisition exceeds the fair value of the identifiable net assets acquired. Goodwill is then allocated to the CGU or group of CGUs that are expected to benefit from the synergies of the combination. The Company performs goodwill impairment tests on an annual basis as at December 31 of each year. In addition, the Company assesses for indicators of impairment at each reporting period end and, if an indicator of impairment is identified, goodwill is tested for impairment at that time. If the carrying value of the CGU or group of CGUs to which goodwill is assigned exceeds its recoverable amount, an impairment loss is recognized. Goodwill impairment losses are not reversed. The recoverable amount of a CGU or group of CGUs is measured as the higher of value in use and fair value less costs of disposal. |
Current and deferred income tax [Policy Text Block] | k) Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax is recognized in the consolidated statement of income or loss, except to the extent that it relates to items recognized in other comprehensive income or loss or directly in equity. In this case, the tax is also recognized in other comprehensive income or loss or directly in equity, respectively. Current income taxes The current income tax charge is the expected tax payable on the taxable income for the year, using the tax laws enacted or substantively enacted at the balance sheet date in the jurisdictions where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax assets and liabilities are measured using enacted or substantively enacted tax rates (and laws) that apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are presented as non-current and are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. |
Convertible debentures [Policy Text Block] | l) Convertible debentures The liability and equity components of convertible debentures are presented separately on the consolidated balance sheet starting from initial recognition. The liability component is recognized initially at the fair value, by discounting the stream of future payments of interest and principal at the prevailing market rate for a similar liability of comparable credit status and providing substantially the same cash flows that do not have an associated conversion option. Subsequent to initial recognition, the liability component is measured at amortized cost using the effective interest method; the liability component is increased by accretion of the discounted amounts to reach the nominal value of the debentures at maturity. The carrying amount of the equity component is calculated by deducting the carrying amount of the financial liability from the amount of the debentures and is presented in shareholders' equity as equity component of convertible debenture Transaction costs are distributed between liability and equity on a pro-rata basis of their carrying amounts. |
Share capital [Policy Text Block] | m) Share capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from the proceeds in equity in the period where the transaction occurs. |
Warrants [Policy Text Block] | n) Warrants Warrants are classified as equity. Incremental costs directly attributable to the issuance of warrants are recognized as a deduction from the proceeds in equity in the period where the transaction occurs. |
Revenue recognition [Policy Text Block] | o) Revenue recognition Revenue comprises revenues from the sale of commodities received and revenues directly earned from royalty, stream and other interests. For commodities received from royalty and stream agreements paid in-kind and subsequently sold, and for offtake agreements, the Company's performance obligations relate primarily to the delivery of gold, silver or other products to the customers. Revenue is recognized when control is transferred to the customers, which is achieved when a product is delivered, the customer has full discretion over the product and there is no unfulfilled obligation that could affect the customer's acceptance of the product. Control over the refined gold, silver and other products is transferred to the customers when the relevant product received (or purchased) from the operator is physically delivered and sold by the Company (or its agent) to the third-party customers. For royalty and stream agreements paid in cash, revenue recognition will depend on the related agreement. Revenue is measured at fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty, stream and other interest agreements. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of revenue and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known. |
Leases [Policy Text Block] | p) Leases The Company is committed to long-term lease agreements, mainly for office space (and mining equipment until the deconsolidation of Osisko Development (Note 31)). Leases are recognized as a right-of-use asset (presented under non-current other assets Assets and liabilities arising from a lease are initially measured on a present value basis. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the Company's incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Payments associated with short-term leases (12 months or less) and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. |
Share-based compensation [Policy Text Block] | q) Share-based compensation Share option plan The Company offers a share option plan to its directors, officers, employees and consultants. Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. Fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. Compensation expense is recognized over the tranche's vesting period by increasing contributed surplus based on the number of awards expected to vest. The number of awards expected to vest is reviewed at least annually, with any impact being recognized immediately. Any consideration paid on exercise of share options is credited to share capital. The contributed surplus resulting from share-based compensation is transferred to share capital when the options are exercised. Deferred and restricted share units The Company offers a deferred share units ("DSU") plan to its non-executive directors and a restricted share units ("RSU") plan to its officers, employees and consultants as part of their long-term compensation package, entitling them to receive a payment in the form of common shares, cash (based on the Osisko's share price at the relevant time) or a combination of common shares and cash, at the sole discretion of the Company. The fair value of the DSU and RSU granted by Osisko to be settled in common shares is measured on the grant date and is recognized over the vesting period under contributed surplus with a corresponding charge to share-based compensation. A liability for the DSU and RSU to be settled in cash is measured at fair value on the grant date and is subsequently adjusted at each balance sheet date for changes in fair value. The liability is recognized over the vesting period with a corresponding charge to share-based compensation. |
Earnings per share [Policy Text Block] | r) Earnings per share The calculation of earnings per share ("EPS") is based on the weighted average number of shares outstanding for each period. The basic EPS is calculated by dividing the profit or loss attributable to the equity owners of Osisko by the weighted average number of common shares outstanding during the period. The computation of diluted EPS assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on the income per share. The treasury stock method is used to determine the dilutive effect of the warrants, share options, DSU and RSU and the if-converted method is used for convertible debentures. When the Company reports a loss, the diluted net loss per common share is equal to the basic net loss per common share due to the anti-dilutive effect of the outstanding warrants, share options, DSU and RSU and convertible debentures. |
Segment reporting [Policy Text Block] | s) Segment reporting The operating segments are reported in a manner consistent with the internal reporting provided to the President and Chief Executive Officer (the "President and CEO") who fulfills the role of the chief operating decision-maker. The President and CEO is responsible for allocating resources and assessing performance of the Company's operating segments. Prior to the deconsolidation of Osisko Development on September 30, 2022 (Note 31), the President and CEO organized and managed the business under two operating segments: (i) acquiring and managing precious metals and other royalties, streams and other interests, and (ii) the exploration, evaluation and development of mining projects. Following the deconsolidation of Osisko Development, and the deemed disposal of the exploration, evaluation and development of mining projects segment, the President and CEO organizes and manages the business under a single operating segment, consisting of acquiring and managing precious metals and other royalties, streams and other interests. Additional significant accounting policies, applicable solely to the discontinued operations, are described under Note 31. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Disclosure of principal subsidiaries and their geographic location [Table Text Block] | As at December 31, 2022: Entity Jurisdiction Participation Functional currency Osisko Bermuda Limited Bermuda 100% United States dollar Osisko Mining (USA) Inc. Delaware 100% United States dollar As at December 31, 2021: Entity Jurisdiction Participation Functional currency Osisko Bermuda Limited Bermuda 100% United States dollar Osisko Mining (USA) Inc. Delaware 100% United States dollar Osisko Development Corp. (i) Québec 75.1% Canadian dollar |
Disclosure of detailed Information about financial instruments [Table Text Block] | Category Financial instrument Financial assets at amortized cost Cash Notes and loans receivable (i) Financial assets at fair value through profit or loss Investments in derivatives and convertible debentures Financial assets at fair value through other comprehensive income or loss Investments in shares and equity instruments, other than in derivatives Financial liabilities at amortized cost Accounts payable and accrued liabilities (i) i) |
Disclosure of detailed information about estimated useful life or depreciation rate [Table Text Block] | Leasehold improvements Lease term Furniture and office equipment 3-5 years Right-of-use assets Shorter of useful life and lease term |
Cash (Tables)
Cash (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash [abstract] | |
Disclosure of cash position [Table Text Block] | Osisko Gold Royalties (i) Osisko Development (ii) , (iii) Total 2022 2021 2022 2021 2022 2021 $ $ $ $ $ $ Cash held in Canadian dollars 24,192 40,121 - 13,364 24,192 53,485 Cash held in U.S. dollars 48,993 33,262 - 15,810 48,993 49,072 Cash held in U.S. dollars (Canadian equivalent) 66,356 42,170 - 20,043 66,356 62,213 Total cash 90,548 82,291 - 33,407 90,548 115,698 (i) (ii) (iii) |
Amounts receivable (Tables)
Amounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Disclosure of detailed information about trade and other receivables [Table Text Block] | December 31, December 31, 2022 2021 $ $ Revenues receivable from royalty, stream and other interests 2,008 1,378 Interest income receivable 8,834 4,655 Amounts receivable from associates (i) 388 743 Sales taxes and exploration tax credits (ii) 121 7,358 Other receivables 349 557 11,700 14,691 (i) (ii) |
Inventories and other assets (T
Inventories and other assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories and Other Assets [Abstract] | |
Disclosure of detailed information about Inventories and other assets [Table Text Block] | December 31, December 31, 2022 2021 $ $ Current Ore in stockpiles (i) , (ii) - 4,194 Gold-in-circuit and doré bars (i) , (ii) - 9,751 Supplies and others (i) - 4,651 Total current inventories - 18,596 Prepaid expenses and deposits 2,546 3,941 Total current other assets 2,546 22,537 Non-current Sales taxes (iii) - 11,632 Deposits (reclamation and equipment) (i) - 4,619 Deferred financing fees 1,836 1,786 Total non-current other assets 1,836 18,037 (i) (ii) (iii) |
Investments in associates (Tabl
Investments in associates (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of associates [abstract] | |
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [Table Text Block] | 2022 2021 $ $ Balance - January 1 125,354 119,219 Acquisitions 2,361 4,478 Exercises of warrants - 1,437 Share of loss (2,438 ) (3,950 ) Share of other comprehensive loss (1,368 ) (1,665 ) Net gain on ownership dilution 3,604 1,847 Gain on deemed disposal (i) 11,854 - Transfers to other investments (Note 10) (i) (15,343 ) - Deemed issuance of Osisko common shares held by an associate - 6,100 Impairments (2,361 ) (2,112 ) Investments in associates held by Osisko Development and deconsolidated on (8,900 ) - Reclassification of interest held by the Company in Osisko Development 207,000 - Balance - December 31 319,763 125,354 (i) |
Disclosure of associates [Table Text Block] | Osisko Development (i) ,(ii) Osisko Mining (i) Osisko Metals (i) ,(iii) 2022 2021 2022 2021 2022 2021 $ $ $ $ $ $ Current assets 168,104 61,425 175,012 185,307 n/a 5,659 Non-current assets 839,811 641,699 796,242 664,544 n/a 89,006 Current liabilities 53,275 41,854 28,244 31,440 n/a 2,676 Non-current liabilities 160,802 77,068 230,200 109,502 n/a 1,607 Revenues 47,801 4,681 - - n/a - Net loss (184,016 ) (84,620 ) (2,947 ) (8,149 ) n/a (4,618 ) Other comprehensive income (loss) 14,927 (12,846 ) (4,570 ) (9,816 ) n/a (36 ) Comprehensive loss (169,089 ) (97,466 ) (7,517 ) (17,965 ) n/a (4,654 ) Carrying value of investment (i v ) 207,000 n/a 99,714 98,885 n/a 13,470 Fair value of investment (i v ) 192,334 n/a 175,082 190,590 n/a 12,140 (i) (ii) (iii) (iv) |
Disclosure of investments accounted for using equity method [Table Text Block] | 2022 2021 $ $ Aggregate amount of the Company's share of net loss 456 (583 ) Aggregate amount of the Company's share of other comprehensive loss - - Aggregate carrying value of investments (i) 13,049 12,999 Aggregate fair value of investments (i) 6,676 45,426 (i) As at December 31, 2022 and 2021. |
Other investments (Tables)
Other investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Investment Abstract | |
Disclosure of detailed information about other investments [Table Text Block] | 2022 2021 $ $ Fair value through profit or loss (warrants and convertible instruments) Balance - January 1 47,981 25,063 Acquisitions 4,438 17,754 Exercises of warrants (80 ) (1,122 ) Change in fair value (17,236 ) 6,286 Acquisition of Tintic by Osisko Development (Note 31) (10,827 ) - Foreign exchange revaluation impact 50 - Investments held by Osisko Development and deconsolidated on (109 ) - Balance - December 31 24,217 47,981 Fair value through other comprehensive (loss) income (common shares) Balance - January 1 94,231 115,590 Acquisitions 5,260 18,668 Exercises of warrants - 600 Transfer from associates (Note 9) 15,343 - Change in fair value (43,486 ) 7,303 Disposals (21,634 ) (47,930 ) Investments held by Osisko Development deconsolidated on September 30, 2022 (Note 31) (31,377 ) - Balance - December 31 18,337 94,231 Amortized cost (notes) Balance - January 1 26,798 16,861 Acquisitions 5,175 12,849 Repayments (2,960 ) (3,007 ) Foreign exchange revaluation impact 1,937 95 Balance - December 31 30,950 26,798 Total 73,504 169,010 |
Royalty, stream and other int_2
Royalty, stream and other interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Royalty, Stream And Other Interests [Abstract] | |
Disclosure of detailed information about royalty interests [Table Text Block] | Year ended December 31, 2022 Royalty interests Stream interests Offtake Total $ $ $ $ Balance - January 1 703,113 438,032 13,656 1,154,801 Acquisitions 123,359 850 - 124,209 Depletion (27,362 ) (23,993 ) - (51,355 ) Impairment (1,818 ) - - (1,818 ) Currency conversion adjustments 8,282 21,149 932 30,363 Recognition of royalty and stream interests following the deconsolidation of Osisko Development (Note 31) 73,501 48,552 - 122,053 Balance - December 31 879,075 484,590 14,588 1,378,253 Producing Cost 634,058 566,348 - 1,200,406 Accumulated depletion and impairment (423,634 ) (238,938 ) - (662,572 ) Net book value - December 31 210,424 327,410 - 537,834 Development Cost 367,845 211,755 33,245 612,845 Accumulated depletion and impairment (753 ) (55,252 ) (28,229 ) (84,234 ) Net book value - December 31 367,092 156,503 5,016 528,611 Exploration and evaluation Cost 304,685 677 9,572 314,934 Accumulated depletion and impairment (3,126 ) - - (3,126 ) Net book value - December 31 301,559 677 9,572 311,808 Total net book value - December 31 879,075 484,590 14,588 1,378,253 Year ended December 31, 2021 Royalty interests Stream Offtake Total $ $ $ $ Balance - January 1 656,661 440,941 18,526 1,116,128 Acquisitions 77,702 13,234 - 90,936 Conversion of an offtake into a stream - 4,682 (4,682 ) - Depletion (28,958 ) (19,403 ) - (48,361 ) Impairment (2,288 ) - - (2,288 ) Currency conversion adjustments (4 ) (1,422 ) (188 ) (1,614 ) Balance - December 31 703,113 438,032 13,656 1,154,801 Producing Cost 626,345 518,934 - 1,145,279 Accumulated depletion and impairment (395,874 ) (210,884 ) - (606,758 ) Net book value - December 31 230,471 308,050 - 538,521 Development Cost 226,438 181,209 31,120 438,767 Accumulated depletion and impairment (572 ) (51,227 ) (26,424 ) (78,223 ) Net book value - December 31 225,866 129,982 4,696 360,544 Exploration and evaluation Cost 247,680 - 8,960 256,640 Accumulated depletion (904 ) - - (904 ) Net book value - December 31 246,776 - 8,960 255,736 Total net book value - December 31 703,113 438,032 13,656 1,154,801 |
Mining interests and plant an_2
Mining interests and plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about mining interests and plant and equipment [Table Text Block] | 2022 2021 Mining interests Plant and (i) Total Mining interests Plant and (i) Total $ $ $ $ $ $ (Note 4) Net book value - January 1 543,953 91,702 635,655 459,303 30,209 489,512 Acquisition of Tintic by Osisko Development (Note 31) 169,175 13,054 182,229 - - - Additions 36,754 14,232 50,986 131,908 58,192 190,100 Impairments (81,000 ) - (81,000 ) (58,417 ) - (58,417 ) Mining exploration tax credits (6,275 ) - (6,275 ) (1,585 ) - (1,585 ) Change in environmental (3,797 ) - (3,797 ) 19,522 - 19,522 Depreciation (2,385 ) (10,550 ) (12,935 ) - (7,814 ) (7,814 ) Depreciation capitalized 896 - 896 4,136 - 4,136 Share-based compensation capitalized 388 - 388 2,127 - 2,127 Transfers - - - (11,221 ) 11,221 - Disposals and others (1,559 ) (4,632 ) (6,191 ) - (213 ) (213 ) Currency translation adjustments 21,183 3,384 24,567 (1,820 ) 107 (1,713 ) Deconsolidation of Osisko Development (677,333 ) (100,243 ) (777,576 ) - - - Net book value - December 31 - 6,947 6,947 543,953 91,702 635,655 Closing balance Cost - 11,889 11,889 602,370 105,112 707,482 Accumulated depreciation - (4,942 ) (4,942 ) (58,417 ) (13,410 ) (71,827 ) Net book value - 6,947 6,947 543,953 91,702 635,655 (i) Plant and equipment includes right-of-use assets of $ million as at December 31, 2022 ($ million as at December 31, 2021). |
Disclosure of detailed information about property plant and equipment movements by category of assets [Table Text Block] | 2022 Land and Machinery and equipment Construction- Total Plant and $ $ $ $ Net book value - Beginning of period 24,332 43,121 24,249 91,702 Acquisition of Tintic by Osisko Development (Note 31) 6,940 4,420 1,694 13,054 Additions 1,418 9,592 3,222 14,232 Depreciation (2,387 ) (8,163 ) - (10,550 ) Transfers (133 ) 5,526 (5,393 ) - Disposals and others (964 ) (3,668 ) - (4,632 ) Currency translation adjustments 550 2,060 774 3,384 Deconsolidation of Osisko Development (Note 31) (22,885 ) (52,812 ) (24,546 ) (100,243 ) Net book value - End of period 6,871 76 - 6,947 Closing balance Cost 10,877 1,012 - 11,889 Accumulated depreciation and impairment (4,006 ) (936 ) - (4,942 ) Net book value 6,871 76 - 6,947 |
Exploration and evaluation (Tab
Exploration and evaluation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Exploration and evaluation assets [Abstract] | |
Disclosure of detailed information about exploration assets [Table Text Block] | 2022 2021 $ $ Net book value - January 1 3,635 42,519 Acquisition of Tintic by Osisko Development (Note 31) 38,508 - Additions 4,519 3,784 Impairment (i) - (42,668 ) Other adjustments (417 ) - Currency translation adjustments 3,138 - Deconsolidation of Osisko Development (Note 31) (49,383 ) - Net book value - December 31 - 3,635 Closing balance Cost - 104,492 Accumulated impairments - (100,857 ) Net book value - 3,635 (i)In 2021, Osisko Development incurred an impairment charge of $42.7 million ($34.6 million, net of income taxes) on exploration and evaluation properties, including the James Bay properties and the Coulon zinc project in Canada. Osisko Development determined that further exploration and evaluation expenditures were no longer planned in the near term on these properties and that the carrying amount of these assets was unlikely to be recovered from a sale of these properties at the time. As a result, these properties were written down to zero on December 31, 2021. |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Disclosure of detailed information about key assumptions for the CGU's [Table Text Block] | 2022 2021 Long-term gold price (per ounce) US$1,645 US$1,600 Long-term silver price (per ounce) US$21 US$21 Post-tax real discount rate 5.3 % 4.3% |
Accounts payable and accrued _2
Accounts payable and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounts payable and accrued liabilities [abstract] | |
Disclosure of detailed information about trade and other payables [Table Text Block] | December 31, December 31, 2022 2021 $ $ Trade payables (i) 648 9,678 Other payables (i) 3,745 13,568 Accrued interests on long-term debt 131 142 Sales taxes payable 179 - Other accrued liabilities (i) 2,122 6,661 (i) |
Provisions and other liabilit_2
Provisions and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other provisions [Abstract] | |
Disclosure of other provisions [Table Text Block] | Year ended December 31, 2022 (i) Year ended Dec. 31, 2021 Environ- mental rehabili- tation ( i i) Lease liabilities (i i i) Deferred Derivative ments (i v) Deferred (v) Total Total $ $ $ $ $ $ $ Balance - Beginning of period 53,237 18,362 914 - - 72,513 45,967 Acquisition of Tintic by Osisko Development (Note 31) 5,370 325 - - 15,109 20,804 - New liabilities 261 108 - 39,841 - 40,210 34,011 Revision of estimates (4,299 ) (2,463 ) - - - (6,762 ) (1,457 ) Change in fair value - - - (21,483 ) - (21,483 ) - Accretion 2,185 - - - 333 2,518 1,192 Settlements/payments of liabilities (2,549 ) (7,180 ) - - - (9,729 ) (7,822 ) Issuance of flow-through shares - - - - - - 7,885 Recognition of deferred premium - - (914 ) - - (914 ) (6,971 ) Currency translation 1,193 12 - 1,333 1,149 3,687 (292 ) Deconsolidation of Osisko (55,398 ) (1,542 ) - (19,691 ) (16,591 ) (93,222 ) - Balance - End of period - 7,622 - - - 7,622 72,513 Current portion - 921 - - - 921 12,179 Non-current portion - 6,701 - - - 6,701 60,334 - 7,622 - - - 7,622 72,513 (i) (ii) (iii) (iv) (v) |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [abstract] | |
Disclosure of detailed information of long-term debt, activity [Table Text Block] | 2022 2021 $ $ Balance - January 1 410,435 400,429 Increase in revolving credit facility, net of discount 147,833 50,000 Repayment of revolving credit facility (113,120 ) - Repayment of convertible debentures (i), (ii) (300,000 ) (50,000 ) Mining equipment financings, net 5,076 3,764 Amortization of transaction costs 2,291 2,204 Amortization of discount on banker's acceptances 117 - Accretion expense 4,427 4,308 Foreign exchange revaluation impact 32 (270 ) Deconsolidation of Osisko Development (Note 31) (9,141 ) - Balance - December 31 147,950 410,435 |
Disclosure of detailed information about borrowings [Table Text Block] | December 31, December 31, 2022 2021 $ $ Convertible debentures ( i i) - 300,000 Revolving credit facility ( i i i ) 150,000 113,389 Mining equipment financings ( i v ) - 3,764 Long-term debt 150,000 417,153 Unamortized discount on banker's acceptances (2,050 ) - Unamortized debt issuance costs - (2,291 ) Unamortized accretion on convertible debentures - (4,427 ) Long-term debt, net of issuance costs (2,050 ) 410,435 Current portion - 294,891 Non-current portion 147,950 115,544 147,950 410,435 (i) In February 2016, the Company issued a senior non-guaranteed convertible debenture of $50.0 million to Investissement Québec, which was repaid in full on February 12, 2021. (ii) In November 2017, the Company closed a bought deal offering of convertible senior unsecured debentures (the "Debentures") in an aggregate principal amount of $300.0 million (the "Offering"). The Offering was comprised of a public offering, by way of a short form prospectus, of $184.0 million aggregate principal amount of Debentures and a private placement offering of $116.0 million aggregate principal amount of Debentures. The Debentures bore interest at a rate of 4.0% per annum, payable semi-annually on June 30 and December 31 of each year. The Debentures were convertible at the holder's option into common shares of the Company at a conversion price equal to $22.89 per common share. The Debentures were fully repaid on maturity on December 31, 2022. (iii) Revolving credit facility A total amount of $550.0 million is available under the credit facility (the "Facility"), with an additional uncommitted accordion of up to $200.0 million (for a total availability of up to $750.0 million). The additional uncommitted accordion was increased from $100.0 million to $200.0 million in September 2022 and the maturity date was extended from July 30, 2025 to September 29, 2026. The annual extension of the Facility and the uncommitted accordion are subject to acceptance by the lenders. The Facility is to be used for general corporate purposes and investments in the mineral industry, including the acquisition of royalty, stream and other interests. The Facility is secured by the Company's assets. The Facility is subject to standby fees. Funds drawn bear interest based on the base rate, prime rate or secured overnight financing rate ("SOFR"), plus an applicable margin depending on the Company's leverage ratio. In April 2022, the amounts outstanding under the Facility ($113.1 million) were repaid. In December 2022, the Company drew $150.0 million in the form of banker's acceptances to repay part of the outstanding Debentures. As at December 31, 2022, the effective interest rate on the drawn balance was 6.3%, including the applicable margin. The Facility includes covenants that require the Company to maintain certain financial ratios, including the Company's leverage ratios and meet certain non-financial requirements. As at December 31, 2022, all such ratios and requirements were met. (iv) Mining equipment financings Mining equipment financings were related to acquisitions of equipment by Osisko Development that are financed by third parties. On September 30, 2022, the Company deconsolidated Osisko Development (Note 31). |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Disclosure of dividends [Table Text Block] | Declaration date Dividend Dividends Dividend reinvestment plan(i) $ $ February 24, 2022 0.055 March 31, 2022 April 14, 2022 10,167,000 7,498,987 May 12, 2022 0.055 June 30, 2022 July 15, 2022 10,177,000 7,385,458 August 9, 2022 0.055 September 30, 2022 October 14, 2022 10,109,000 7,780,634 November 9, 2022 0.055 December 30, 2022 January 16, 2023 10,121,000 6,686,671 Year 2022 0.220 40,574,000 February 21, 2021 0.050 March 31, 2021 April 15, 2021 8,364,000 8,989,709 May 11, 2021 0.050 June 30, 2021 July 15, 2021 8,404,000 7,102,627 August 8, 2021 0.055 September 30, 2021 October 15, 2021 9,160,000 8,005,584 November 9, 2021 0.055 December 31, 2021 January 14, 2022 9,157,000 7,891,496 Year 2021 0.210 35,085,000 (i) |
Disclosure of objectives, policies and processes for managing capital [Table Text Block] | December 31, December 31, 2022 2021 $ $ Long-term debt 147,950 410,435 Total equity 1,737,211 1,780,061 Undrawn revolving credit facility (i) 400,000 436,610 2,285,161 2,627,106 (i) |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | 2022 2021 Weighted Weighted Number of average Number of average options exercise price options exercise price $ $ Balance - Beginning of period 3,730,580 14.09 4,240,869 14.22 Granted (i) 684,100 14.25 763,700 13.27 Exercised (309,749 ) 13.56 (1,043,903 ) 13.75 Forfeited / Cancelled (35,135 ) 13.48 (58,866 ) 13.45 Expired (557,874 ) 18.02 (171,220 ) 16.04 Balance - End of period 3,511,922 13.55 3,730,580 14.09 Options exercisable - End of period 1,916,888 13.40 1,881,416 14.78 (i) |
Disclosure of range of exercise prices of outstanding share options [Table Text Block] | Options outstanding Options exercisable Weighted average Weighted remaining Weighted Exercise average contractual average price range Number exercise price life (years) Number exercise price $ $ $ 10.58 - 12.97 1,209,007 12.72 2.6 714,175 12.73 13.10 - 14.78 2,136,101 13.77 2.8 1,106,165 13.56 15.97 - 17.12 166,814 16.67 2.5 96,548 16.57 3,511,922 13.55 2.8 1,916,888 13.40 |
Disclosure of detailed information about options, valuation assumptions [Table Text Block] | 2022 2021 Dividend per share 1.5% 1.5% Expected volatility 41% 40% Risk-free interest rate 2.6% 0.7% Expected life 47 months 46 months Weighted average share price $14.25 $13.27 Weighted average fair value of options granted $4.38 $3.66 |
Disclosure of deferred and restricted share units [Table Text Block] | 2022 2021 DSU (i) RSU (ii) DSU (i) RSU (ii) Balance - Beginning of period 376,203 878,397 408,564 1,242,902 Granted 78,200 275,520 64,720 293,610 Reinvested dividends 6,018 13,483 5,185 15,102 Settled (30,846 ) (278,806 ) (102,266 ) (398,173 ) Forfeited (iii) - (35,791 ) - (275,044 ) Balance - End of period 429,575 852,803 376,203 878,397 Balance - Vested 350,822 - 311,010 - (i) (ii) three The remaining RSU vest and are payable in common shares, cash or a combination of common shares and cash, at the sole discretion of the Company, three years after the grant date, one half of which depends on the achievement of certain performance measures. The value of the payout is determined by multiplying the number of RSU expected to be vested at the payout date by the closing price of the Company's shares on the day prior to the grant date. The fair value is recognized over the vesting period and is adjusted in function of the applicable terms for the performance-based components, when applicable. On the settlement date, one common share is issued for each RSU, after deducting any income taxes payable on the benefit earned by the employee that must be remitted by Osisko to the tax authorities. The RSU granted in 2022 have a weighted average value of $14.26 per RSU ($13.24 per RSU in 2021). (iii) |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income taxes [Abstract] | |
Disclosure of detailed information about income taxes [Table Text Block] | 2022 2021 $ $ Current income tax on continuing operations Expense for the year 1,150 1,231 Current income tax expense on continuing operations 1,150 1,231 Deferred income tax (Note 21 (b)) on continuing operations: Origination and reversal of temporary differences 29,011 24,759 Change in unrecognized deductible temporary differences (367 ) (367 ) Other (1,956 ) 303 Deferred income tax expense on continuing operations 26,688 24,695 Income tax expense on continuing operations 27,838 25,926 |
Disclosure of reconciliation of statutory weighted average tax rate applicable to income [Table Text Block] | 2022 2021 $ $ Income from continuing operations before income taxes 113,123 102,553 Income tax provision on continuing operations calculated using the combined Canadian federal and provincial statutory income tax rate 29,978 27,176 Increase (decrease) in income taxes resulting from: Non-deductible expenses, net 1,568 255 (Non-deductible) non-taxable portion of capital losses, net 2,189 (806 ) Differences in foreign statutory tax rates (4,056 ) (2,770 ) Changed in unrecognized deferred tax assets (367 ) (367 ) Foreign withholding taxes 482 864 Other (1,956 ) 1,574 Total income tax expense on continuing operations 27,838 25,926 |
Disclosure of components of deferred income tax assets and liabilities [Table Text Block] | December 31, December 31, 2022 (i) 2021 $ $ Deferred tax assets (ii) Stream interests 26,753 30,100 Non-capital losses 14,375 7,663 Deferred and restricted share units 3,644 3,401 Share and debt issue expenses 2,720 2,935 47,492 44,099 Deferred tax liabilities (i i ) Royalty interests and exploration and evaluation assets (ii i ) (133,120 ) (102,782 ) Investments (706 ) (8,077 ) Convertible debentures - (1,173 ) Other (238 ) (474 ) (134,064 ) (112,506 ) Deferred tax liability, net (86,572 ) (68,407 ) (i) (ii) (iii) |
Disclosure of deferred taxes [Table Text Block] | The 2022 movement for deferred tax assets and deferred tax liabilities may be summarized as follows: Dec. 31, 2021 Statement of loss Equity Other Conversion Deconsoli- Dec. 31, 2022 $ $ $ $ $ $ $ Deferred tax assets: Stream interests 30,100 (3,347 ) - - - - 26,753 Non-capital losses 7,663 6,712 - - - - 14,375 Deferred and restricted share units 3,401 84 159 - - - 3,644 Share and debt issue expenses 2,935 (3,909 ) 3,694 - - - 2,720 Deferred tax liabilities: Royalty interests and exploration and evaluation assets (102,782 ) (29,778 ) - (560 ) - (133,120 ) Investments (8,077 ) 2,141 - 4,025 - 1,205 (706 ) Convertible debentures (1,173 ) 1,173 - - - - - Other (474 ) 236 - - - - (238 ) (68,407 ) (26,688 ) 3,853 4,025 (560 ) 1,205 (86,572 ) The 2021 movement for deferred tax assets and deferred tax liabilities may be summarized as follows: Dec. 31, 2020 Statement of loss Equity Other Conversion Dec. 31, 2021 $ $ $ $ $ $ Deferred tax assets: Stream interests 34,278 (4,178 ) - - - 30,100 Non-capital losses 8,195 (532 ) - - - 7,663 Deferred and restricted share units 4,008 (328 ) (279 ) - - 3,401 Share and debt issue expenses 4,562 (96 ) (1,531 ) - - 2,935 Deferred tax liabilities: Royalty interests and exploration (93,266 ) (9,543 ) - 27 (102,782 ) Investments (9,437 ) 1,831 - (471 ) - (8,077 ) Convertible debentures (2,315 ) 1,142 - - - (1,173 ) Other (454 ) (20 ) - - - (474 ) (54,429 ) (11,724 ) (1,810 ) (471 ) 27 (68,407 ) |
Disclosure of unrecognized deferred tax assets [Table Text Block] | December 31, December 31, $ $ Non-capital losses carried forward - 64,650 Mineral stream interests - Foreign jurisdictions - 7,446 Unrealized losses on investments 3,310 3,598 Capital losses 1,397 2,127 Other - 1,694 4,707 79,515 |
Additional information on the_2
Additional information on the consolidated statements of loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Additional Information On Consolidated Statements Of Income (Loss) [Abstract] | |
Disclosure of detailed information about consolidated statements of loss [Table Text Block] | 2022 2021 $ $ Revenues Royalty interests 144,066 140,279 Stream interests 73,743 59,333 Offtake interests - 25,265 217,809 224,877 Cost of sales Royalty interests 1,055 551 Stream interests 15,021 12,752 Offtake interests - 24,343 16,076 37,646 Depletion Royalty interests 27,362 28,958 Stream interests 23,993 19,135 Offtake interests - 268 51,355 48,361 2022 2021 $ $ Other operating expenses Employee benefit expenses (see below) 15,186 15,253 Professional fees 4,633 3,602 Insurance costs 2,005 2,156 Impairment of assets 1,818 2,948 Amortization 1,060 1,061 Communication and promotional expenses 842 661 Public company expenses 782 632 Travel expenses 606 76 Rent and office expenses 561 477 Cost recoveries (552 ) (552 ) Other expenses 468 402 27,409 26,716 Employee benefit expenses Salaries and wages 8,282 8,079 Share-based compensation 7,124 7,726 Cost recoveries from associates (220 ) (552 ) 15,186 15,253 Other (losses) gains, net Change in fair value of financial assets at fair value through profit and loss (16,848 ) 6,987 Net gain on dilution of investments in associates (Note 9) 3,604 - Net gain on acquisition of investments (i) 48 7,416 Impairment of investments (2,361 ) (2,112 ) Other - 33 (15,557 ) 12,324 (i) |
Key management (Tables)
Key management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Information About Key Management [Abstract] | |
Disclosure of compensation, key management [Table Text Block] | 2022 2021 $ $ Salaries and short-term employee benefits 4,374 4,309 Share-based compensation 5,475 6,078 Cost recoveries from associates (538 ) (716 ) 9,311 9,671 |
Net earnings (loss) per share (
Net earnings (loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of earnings per share [Abstract] | |
Disclosure of detailed information of earnings per share [Table Text Block] | 2022 2021 $ $ Net earnings from continuing operations attributable to Osisko Gold Royalties Ltd's shareholders 85,285 76,627 Net loss attributable to Osisko Gold Royalties Ltd's shareholders (118,754 ) (23,554 ) Basic weighted average number of common shares outstanding (in thousands) 180,398 167,628 Dilutive effect of share options 255 - Dilutive effect of warrants and convertible debentures - - Diluted weighted average number of common shares 180,653 167,628 Net earnings per share from continuing operations Basic and diluted 0.47 0.46 Net loss per share Basic and diluted (0.66 ) (0.14 ) |
Additional information from c_2
Additional information from continuing operations on the consolidated statements of cash flows (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of cash flow statement [Abstract] | |
Disclosure of detailed information about cash flow information [Table Text Block] | 2022 2021 $ $ Interests received measured using the effective rate method 5,689 2,118 Interests paid on long-term debt 14,578 16,420 Income taxes paid 1,150 1,231 Changes in non-cash working capital items Increase in amounts receivable (4,844 ) (57 ) Increase in other current assets (76 ) (275 ) Increase (decrease) in accounts payable and accrued liabilities 1,689 (5,081 ) (3,231 ) (5,413 ) |
Financial risks (Tables)
Financial risks (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Risk Management [Abstract] | |
Disclosure of detailed information about foreign currency risk [Table Text Block] | December 31, 2022 2021 $ $ Cash 19,780 23,755 Amounts receivable 4,213 2,600 Other assets 1,194 1,319 Accounts payable and accrued liabilities (37 ) (117 ) Revolving credit facility - (50,000 ) Net exposure, in U.S. dollars 25,150 (22,443 ) Equivalent in Canadian dollars 34,063 (28,453 ) |
Disclosure of detailed information about liquidity risk [Table Text Block] | As at December 31, 2022 Total amount payable Estimated annual payments Maturity 2023 2024 2025 2026 2027-2029 $ $ $ $ $ $ Revolving credit facility (i) 191,059 September 29, 2026 10,949 10,949 10,949 158,212 - Lease liabilities 9,999 December 31, 2029 1,408 1,432 1,432 1,432 4,295 201,058 12,357 12,381 12,381 159,644 4,295 (i) |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of fair value measurement of assets [abstract] | |
Disclosure of significant observable inputs used in fair value measurement [Table Text Block] | December 31, 2022 Level 1 Level 2 Level 3 Total $ $ $ $ Recurring measurements Financial assets at fair value through profit or loss (i) Warrants on equity securities and convertible debentures and notes Publicly traded mining exploration and development companies Precious metals - - 18,026 18,026 Other minerals 844 - 5,347 6,191 Financial assets at fair value through other comprehensive (loss) income (i) Equity securities Publicly traded mining exploration and development companies Precious metals 6,288 - 3,530 9,818 Other minerals 8,519 - - 8,519 15,651 - 26,903 42,554 December 31, 2021 Level 1 Level 2 Level 3 Total $ $ $ $ Recurring measurements Financial assets at fair value through profit or loss (i) Warrants on equity securities and convertible debentures and notes Publicly traded mining exploration and development companies Precious metals - - 24,327 24,327 Other minerals 13,048 - 10,607 23,655 Financial assets at fair value through other comprehensive (loss) income (i) Equity securities Publicly traded mining exploration and development companies Precious metals 46,668 - - 46,668 Other minerals 47,562 - - 47,562 107,278 - 34,934 142,212 (i) |
Disclosure of detailed information about changes in fair value of level 3 investments [Table Text Block] | 2022 2021 $ $ Balance - January 1 34,934 25,063 Acquisitions 7,968 12,754 Warrants exercised (80 ) (1,122 ) Acquisition of Tintic by Osisko Development (Note 31) (10,827 ) - Change in fair value - warrants exercised (i) (322 ) 300 Change in fair value - warrants expired (i) (405 ) (15 ) Change in fair value - investments held at the end of the period (i) (4,304 ) (2,046 ) Foreign exchange revaluation impact 49 - Deconsolidation of Osisko Development (Note 31) (110 ) - Balance - December 31 26,903 34,934 (i) Recognized in the consolidated statements of loss under other (losses) gains, net |
Disclosure of detailed information about fair value of long-term debt [Table Text Block] | December 31, 2022 December 31, 2021 Fair value Carrying Fair Value Carrying amount $ $ Long-term debt - Level 1 - - 303,000 293,281 |
Segment disclosure (Tables)
Segment disclosure (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Disclosure of detailed information about geographic revenues segment reporting [Table Text Block] | North (i) South Australia Africa Europe Total $ $ $ $ $ $ 2022 Royalties 140,488 1,257 69 2,252 - 144,066 Streams 39,701 23,948 892 - 9,202 73,743 180,189 25,205 961 2,252 9,202 217,809 2021 Royalties 134,544 1,112 6 4,617 - 140,279 Streams 27,624 20,284 1,548 - 9,877 59,333 Offtakes 25,265 - - - - 25,265 187,433 21,396 1,554 4,617 9,877 224,877 (i) |
Disclosure of detailed information about geographic net assets [Table Text Block] | North (i) South Australia Africa Asia Europe Total $ $ $ $ $ $ $ December 31, 2022 Royalties 664,985 157,552 17,345 24,228 - 14,965 879,075 Streams 225,517 177,853 - - 30,203 51,017 484,590 Offtakes - - 9,572 - 5,016 - 14,588 890,502 335,405 26,917 24,228 35,219 65,982 1,378,253 December 31, 2021 Royalties 595,931 57,673 13,742 20,453 - 15,215 703,014 Streams 185,031 173,773 - - 28,272 51,055 438,131 Offtakes - - 8,960 - 4,696 - 13,656 780,962 231,446 22,702 20,453 32,968 66,270 1,154,801 (i) |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments [Abstract] | |
Disclosure of detailed information about significant commitments related to the acquisition of royalties and streams [Table Text Block] | Company Project (asset) Installments Triggering events Aquila Resources Inc. Back Forty project US$5.0 million Receipt of all material permits for the construction and operation of the project. US$25.0 million Pro rata to drawdowns with construction finance facility. Falco Resources Ltd. Horne 5 project $45.0 million Receipt of all necessary material third-party approvals, licenses, rights of way, surface rights on the property and all material construction permits, positive construction decision, and raising a minimum of $100.0 million in non-debt financing. $60.0 million Upon total projected capital expenditure having been demonstrated to be financed. $40.0 million Payable with fourth installment, at sole election of Osisko, to increase the silver stream to 100% of payable silver (from 90%). Metals Acquisition Corp. (i) CSA mine US$75.0 million Closing of the acquisition of the CSA mine by MAC. Metals Acquisition Corp. (i) CSA mine Up to US$75.0 million Closing of the acquisition of the CSA mine by MAC. (i) |
Disclosure of detailed information about significant commitments for streams and offtakes [Table Text Block] | Attributable payable production to be purchased Per ounce/carat cash payment (US$) Term of agreement Date of contract Interest Gold Silver Diamond Gold Silver Diamond Amulsar stream (1),(8) ,(9) 4.22% 62.5% $400 $4 40 years November 2015 Amulsar offtake (2),(8) ,(9) 81.91% Based on quotational period Until delivery of November 2015 Back Forty stream (3) ,(9) 18.5% 85% 30% spot price $4 Life of mine March 2015 (silver) Gibraltar stream (4) 75% nil Life of mine March 2018 Mantos Blancos (5) 100% 8% spot Life of mine September 2015 Renard stream 9.6% Lesser of 40% of sales price or $40 40 years July 2014 San Antonio stream 15% 15% 15% spot price 15% spot price Life of mine November 2020 Sasa stream (6) 100% $6.21 40 years November 2015 Tintic stream (7) 2.5% 2.5% 25% spot price 25% spot price Life of mine September 2022 (1) nd rd (2) (3) (4) (5) (6) (7) (8) Companies' Creditors Arrangement Act. (9) |
Deconsolidation of Osisko Dev_2
Deconsolidation of Osisko Development and discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Deconsolidation And Discontinued Operations [Abstract] | |
Disclosure of summarized balance sheet before inter company adjustments [Table Text Block] | As at $ Current assets 168,092 Current liabilities (51,330 ) Current net assets 116,762 Non-current assets 902,768 Non-current liabilities (105,757 ) Non-current net assets 797,011 Total net assets 913,773 Accumulated other comprehensive income (515 ) Non-controlling interest (443,295 ) |
Disclosure of results of operations presented as discontinued operations on the consolidated statements of loss [Table Text Block] | 2022 2021 $ $ Results from discontinued operations: Net loss on deconsolidation (140,910 ) - Results of discontinued operations: Revenues 44,820 7,275 Impairment of assets (Note 12) (81,000 ) (121,600 ) Other expenses, net (89,895 ) (31,948 ) Net loss before income taxes (126,075 ) (146,273 ) Deferred income tax (expense) recovery (see below) (1,490 ) 12,971 Net loss (127,565 ) (133,302 ) Net loss from discontinued operations (268,475 ) (133,302 ) Net loss per share from discontinued operations Basic and diluted (1.50 ) (0.80 ) |
Disclosure of preliminary purchase price allocation for Acquisition of Tintic by Osisko Development [Table Text Block] | Consideration paid $ Issuance of 12,049,449 common shares of Osisko Development (i) 109,656 Cash 63,881 Convertible instruments ( i i) 10,827 Fair value of deferred consideration of US$12.5 million ($15.9 million) 13,414 Fair value of other contingent payments, rights and obligations 1,695 199,473 Net assets acquired $ Current assets 2,705 Mining assets and plant and equipment 182,229 Exploration and evaluation 38,508 Other non-current assets 1,735 Current liabilities (1,322 ) Non-current liabilities (4,925 ) Deferred income tax liability (19,457 ) 199,473 (i) (ii) |
Disclosure of estimated useful life of property and equipment in discontinued operations [Table Text Block] | Leasehold improvements Lease term Furniture and office equipment 2-7 years Exploration equipment and facilities 2-20 years Mining plant and equipment (development) 3-20 years Right-of-use assets Shorter of useful life and lease term |
Nature of activities (Narrative
Nature of activities (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Canadian Malartic Mine [Member] | |
Nature Of Activities [Line Items] | |
Net smelter return | 5% |
Significant accounting polici_4
Significant accounting policies - Disclosure of geographic locations, related participation and principal operating segment (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Osisko Bermuda Limited [Member] | ||
Significant Accounting Policies [Line Items] | ||
Participation | 100% | 100% |
Osisko Mining (USA) Inc. [Member] | ||
Significant Accounting Policies [Line Items] | ||
Participation | 100% | 100% |
Osisko Development Corp. [Member] | ||
Significant Accounting Policies [Line Items] | ||
Participation | 75.10% |
Significant accounting polici_5
Significant accounting policies - Disclosure of detailed information about estimated useful life or depreciation rate (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Leasehold improvements [Member] | |
Significant Accounting Policies [Line Items] | |
Useful life of property, plant and equipment | Lease term |
Furniture and office equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Useful life of property, plant and equipment | 3-5 years |
Right-of-use assets [Member] | |
Significant Accounting Policies [Line Items] | |
Useful life of property, plant and equipment | Shorter of useful life and lease term |
Cash (Narrative) (Details)
Cash (Narrative) (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Information For Cash [Line Items] | ||||
Cash | $ 90,548 | $ 115,698 | $ 302,524 | |
Osisko Development Corp [Member] | ||||
Disclosure Of Information For Cash [Line Items] | ||||
Cash | $ 133,100 | $ 33,407 |
Cash - Disclosure of detailed i
Cash - Disclosure of detailed information about cash position (Details) $ in Thousands, $ in Thousands | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CAD ($) |
Disclosure Of Information For Cash [Line Items] | ||||||
Cash | $ 90,548 | $ 115,698 | $ 302,524 | |||
Osisko Gold Royalties [Member] | ||||||
Disclosure Of Information For Cash [Line Items] | ||||||
Cash | 90,548 | 82,291 | ||||
Osisko Development Corp. [Member] | ||||||
Disclosure Of Information For Cash [Line Items] | ||||||
Cash | $ 133,100 | 33,407 | ||||
Cash held in Canadian dollars [Member] | ||||||
Disclosure Of Information For Cash [Line Items] | ||||||
Cash | 24,192 | 53,485 | ||||
Cash held in Canadian dollars [Member] | Osisko Gold Royalties [Member] | ||||||
Disclosure Of Information For Cash [Line Items] | ||||||
Cash | 24,192 | 40,121 | ||||
Cash held in Canadian dollars [Member] | Osisko Development Corp. [Member] | ||||||
Disclosure Of Information For Cash [Line Items] | ||||||
Cash | 0 | 13,364 | ||||
Cash held in U.S. dollars [Member] | ||||||
Disclosure Of Information For Cash [Line Items] | ||||||
Cash | 66,356 | $ 48,993 | 62,213 | $ 49,072 | ||
Cash held in U.S. dollars [Member] | Osisko Gold Royalties [Member] | ||||||
Disclosure Of Information For Cash [Line Items] | ||||||
Cash | 66,356 | 48,993 | 42,170 | 33,262 | ||
Cash held in U.S. dollars [Member] | Osisko Development Corp. [Member] | ||||||
Disclosure Of Information For Cash [Line Items] | ||||||
Cash | $ 0 | $ 0 | $ 20,043 | $ 15,810 |
Amounts receivable (Narrative)
Amounts receivable (Narrative) (Details) $ in Millions | Dec. 31, 2021 CAD ($) |
Trade and other receivables [abstract] | |
Exploration tax credits | $ 6.4 |
Amounts receivable - Disclosure
Amounts receivable - Disclosure of detailed information about trade and other receivables (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other receivables [abstract] | ||
Revenues receivable from royalty, stream and other interests | $ 2,008 | $ 1,378 |
Interest income receivable | 8,834 | 4,655 |
Amounts receivable from associates | 388 | 743 |
Sales taxes and exploration tax credits | 121 | 7,358 |
Other receivables | 349 | 557 |
Amounts receivable | $ 11,700 | $ 14,691 |
Inventories and other assets -
Inventories and other assets - Disclosure of detailed information about inventories and other assets (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current | ||
Ore in stockpiles | $ 0 | $ 4,194 |
Gold-in-circuit and doré bars | 0 | 9,751 |
Supplies and others | 0 | 4,651 |
Total current inventories | 0 | 18,596 |
Prepaid expenses and deposits | 2,546 | 3,941 |
Total current other assets | 2,546 | 22,537 |
Non-current assets | ||
Sales taxes | 0 | 11,632 |
Deposits (reclamation and equipment) | 0 | 4,619 |
Deferred financing fees | 1,836 | 1,786 |
Total non-current other assets | $ 1,836 | $ 18,037 |
Investments in associates (Narr
Investments in associates (Narrative) (Details) - share | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Osisko Development Corp [Member] | ||
Disclosure of associates [line items] | ||
Shares held in associates | 33,333,366 | |
Proportion of ownership interest in associate | 44.10% | 75.10% |
Osisko Development Corp [Member] | Cariboo Gold [Member] | ||
Disclosure of associates [line items] | ||
NSR royalty percentage | 5% | |
Osisko Development Corp [Member] | San Antonio gold project [Member] | ||
Disclosure of associates [line items] | ||
NSR royalty percentage | 15% | |
Osisko Development Corp [Member] | Trixie property [Member] | ||
Disclosure of associates [line items] | ||
NSR royalty percentage | 2.50% | |
Osisko Mining [Member] | ||
Disclosure of associates [line items] | ||
Shares held in associates | 50,023,569 | |
Proportion of ownership interest in associate | 14.40% | 14.40% |
Osisko Mining [Member] | Windfall gold project [Member] | Minimum [Member] | ||
Disclosure of associates [line items] | ||
NSR royalty percentage | 2% | |
Osisko Mining [Member] | Windfall gold project [Member] | Maximum [Member] | ||
Disclosure of associates [line items] | ||
NSR royalty percentage | 3% | |
Osisko Metals [Member] | Other properties held by Osisko Mining [Member] | ||
Disclosure of associates [line items] | ||
NSR royalty percentage | 1% |
Investments in associates - Dis
Investments in associates - Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of associates [abstract] | ||
Balance - January 1 | $ 125,354 | $ 119,219 |
Acquisitions | 2,361 | 4,478 |
Exercise of warrants | 0 | 1,437 |
Share of loss | (2,438) | (3,950) |
Share of other comprehensive loss | (1,368) | (1,665) |
Net gain on ownership dilution | 3,604 | 1,847 |
Gain on deemed disposals | 11,854 | 0 |
Transfers to other investments | (15,343) | 0 |
Deemed issuance of Osisko common shares held by an associate | 0 | 6,100 |
Impairment | (2,361) | (2,112) |
Investments in associates held by Osisko Development and deconsolidated on September 30, 2022 | (8,900) | 0 |
Reclassification of interest held by the Company in Osisko Development | 207,000 | 0 |
Balance - December 31 | $ 319,763 | $ 125,354 |
Investments in associates - D_2
Investments in associates - Disclosure of associates (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of associates [line items] | ||
Current assets | $ 104,794 | $ 152,926 |
Current liabilities | 17,867 | 346,276 |
Revenue | 217,809 | 224,877 |
Net earnings from continuing operations | 85,285 | 76,627 |
Other comprehensive (loss) income | 9,080 | 2,177 |
Comprehensive loss | (174,110) | (54,498) |
Osisko Development Corp. [Member] | ||
Disclosure of associates [line items] | ||
Current assets | 168,104 | 61,425 |
Non-current assets | 839,811 | 641,699 |
Current liabilities | 53,275 | 41,854 |
Non-current liabilities | 160,802 | 77,068 |
Revenue | 47,801 | 4,681 |
Net earnings from continuing operations | (184,016) | (84,620) |
Other comprehensive (loss) income | 14,927 | (12,846) |
Comprehensive loss | (169,089) | (97,466) |
Carrying value of investment | 207,000 | |
Fair value of investment | 192,334 | |
Osisko Mining [Member] | ||
Disclosure of associates [line items] | ||
Current assets | 175,012 | 185,307 |
Non-current assets | 796,242 | 664,544 |
Current liabilities | 28,244 | 31,440 |
Non-current liabilities | 230,200 | 109,502 |
Revenue | 0 | 0 |
Net earnings from continuing operations | (2,947) | (8,149) |
Other comprehensive (loss) income | (4,570) | (9,816) |
Comprehensive loss | (7,517) | (17,965) |
Carrying value of investment | 99,714 | 98,885 |
Fair value of investment | $ 175,082 | 190,590 |
Osisko Metals [Member] | ||
Disclosure of associates [line items] | ||
Current assets | 5,659 | |
Non-current assets | 89,006 | |
Current liabilities | 2,676 | |
Non-current liabilities | 1,607 | |
Revenue | 0 | |
Net earnings from continuing operations | (4,618) | |
Other comprehensive (loss) income | (36) | |
Comprehensive loss | (4,654) | |
Carrying value of investment | 13,470 | |
Fair value of investment | $ 12,140 |
Investments in associates - D_3
Investments in associates - Disclosure of investments accounted for using equity method (Details) - Investments accounted for using equity method [Member] - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of associates [line items] | ||
Aggregate amount of the Company's share of net loss | $ 456 | $ (583) |
Aggregate amount of the Company's share of other comprehensive loss | 0 | 0 |
Aggregate carrying value of investments | 13,049 | 12,999 |
Aggregate fair value of investments | $ 6,676 | $ 45,426 |
Other investments - Disclosure
Other investments - Disclosure of detailed information about other investments (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Investments [Line Items] | ||
Total | $ 73,504 | $ 169,010 |
Fair value through profit or loss (warrants and convertible instruments) [Member] | ||
Other Investments [Line Items] | ||
Balance - January 1 | 47,981 | 25,063 |
Acquisitions | 4,438 | 17,754 |
Exercise of warrants | (80) | (1,122) |
Change in fair value | (17,236) | 6,286 |
Acquisition of Tintic by Osisko Development | (10,827) | 0 |
Foreign exchange impact revaluation | 50 | 0 |
Investments held by Osisko Development and deconsolidated on September 30, 2022 | (109) | 0 |
Balance - December 31 | 24,217 | 47,981 |
Fair value through other comprehensive (loss) income (common shares) [Member] | ||
Other Investments [Line Items] | ||
Balance - January 1 | 94,231 | 115,590 |
Acquisitions | 5,260 | 18,668 |
Exercise of warrants | 0 | 600 |
Transfer from associates | 15,343 | 0 |
Change in fair value | (43,486) | 7,303 |
Disposals | (21,634) | (47,930) |
Investments held by Osisko Development and deconsolidated on September 30, 2022 | (31,377) | 0 |
Balance - December 31 | 18,337 | 94,231 |
Amortized cost (notes) [Member] | ||
Other Investments [Line Items] | ||
Balance - January 1 | 26,798 | 16,861 |
Acquisitions | 5,175 | 12,849 |
Repayments | (2,960) | (3,007) |
Foreign exchange impact revaluation | 1,937 | 95 |
Balance - December 31 | $ 30,950 | $ 26,798 |
Royalty, stream and other int_3
Royalty, stream and other interests (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CAD ($) Rate | Dec. 31, 2022 USD ($) Rate | Dec. 31, 2021 CAD ($) Royalties | Dec. 31, 2021 USD ($) Royalties | |
Royalty, Stream And Other Interests [Line Items] | ||||
Number of royalties acquired | Royalties | 6 | 6 | ||
Investments in royalty, payment | $ 32.6 | $ 26,000,000 | ||
Long term gold price per ounce | $ 700 | |||
Marimaca Copper Project [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 1% | 1% | ||
Investments in royalty, payment | $ 20.3 | $ 15,500,000 | ||
Cascabel Copper Gold Project [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 0.60% | 0.60% | ||
Investments in royalty, payment | $ 67.2 | $ 50,000,000 | ||
Minimum annual royalty payments | $ 4,000,000 | |||
CSA Silver Stream [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 100% | 100% | ||
Description of revised binding agreement | Under the revised CSA Silver Stream agreement, the upfront cash payment payable by Osisko Bermuda to MAC has been reduced from US$90.0 million to US$75.0 million (the "Silver Deposit"). In the event the silver price averages at least US$25.50 per ounce over the ten business days immediately prior to the closing of the transaction, the Silver Deposit will be increased by US$15.0 million to a total of US$90.0 million. | Under the revised CSA Silver Stream agreement, the upfront cash payment payable by Osisko Bermuda to MAC has been reduced from US$90.0 million to US$75.0 million (the "Silver Deposit"). In the event the silver price averages at least US$25.50 per ounce over the ten business days immediately prior to the closing of the transaction, the Silver Deposit will be increased by US$15.0 million to a total of US$90.0 million. | ||
Investments in royalty, payment | $ 90,000,000 | |||
Equity of Metals Acquisition Corp | 15,000,000 | |||
Potential Backstop Copper Stream [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Payment of up-front cash deposit | 75,000,000 | |||
Equity of Metals Acquisition Corp | $ 25,000,000 | |||
Potential Backstop Copper Stream [Member] | First Threshold Stream [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 3% | 3% | ||
Potential Backstop Copper Stream [Member] | Second Threshold Stream [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | Rate | 4.875% | 4.875% | ||
Potential Backstop Copper Stream [Member] | Remaining life of mine [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 2.25% | 2.25% | ||
Cariboo Property [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 5% | 5% | ||
San Antonio Property [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 15% | 15% | ||
Description of cash payments | on-going per-ounce cash payments equal to 15% of the applicable spot metal price on the business day immediately preceding the date of delivery of such refined metal | on-going per-ounce cash payments equal to 15% of the applicable spot metal price on the business day immediately preceding the date of delivery of such refined metal | ||
Tintic Property [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Description of cash payments | on-going per-ounce cash payments equal to 25% of the applicable spot metal price on the business day immediately preceding the date of delivery of such refined metal | on-going per-ounce cash payments equal to 25% of the applicable spot metal price on the business day immediately preceding the date of delivery of such refined metal | ||
Tintic Property [Member] | First Threshold Stream [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 2.50% | 2.50% | ||
Tintic Property [Member] | Second Threshold Stream [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 2% | 2% | ||
Spring Valley Project [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 0.50% | 0.50% | ||
Number of royalties acquired | Royalties | 4 | 4 | ||
Spring Valley Project [Member] | Minimum [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 2.50% | 2.50% | ||
Spring Valley Project [Member] | Maximum [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 3% | 3% | ||
Moonlight Exploration Property [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 1% | 1% | ||
Almaden Project [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 0.50% | 0.50% | ||
Gold and silver offtake right acquired | 30% | 30% | ||
Sailfish Royalty Corp.[Member] | Tocantinzinho Gold Project [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Investments in royalty, payment | $ 12.6 | $ 10,000,000 | ||
Royalty interest after buy-down payment option | 0.75% | 0.75% | ||
Falco Resources Ltd. [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Additional investments in royalty, stream and other interests | $ 10 | |||
Amount of second installment payment | $ 20 | |||
Barrick TZ Limited [Member] | AfriOre and Gold Rim [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 2% | 2% | ||
Investments in royalty, payment | $ 11,800,000 | |||
Barrick TZ Limited [Member] | Frontier Project [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 1% | 1% | ||
Barrick TZ Limited [Member] | Central Hounde Project [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of NSR acquired | 1% | 1% | ||
GoGold Resources Inc [Member] | ||||
Royalty, Stream And Other Interests [Line Items] | ||||
Percentage of gold and silver from tailings piles | 2.40% | 2.40% | ||
Percentage of transfer price of gold and silver spot prices | 30% | 30% |
Royalty, stream and other int_4
Royalty, stream and other interests - Disclosure of detailed information about royalty interests (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Royalty, Stream And Other Interests [Line Items] | ||
Beginning balance | $ 1,154,801 | $ 1,116,128 |
Acquisitions | 124,209 | 90,936 |
Conversion of an offtake into a stream | 0 | |
Depletion | (51,355) | (48,361) |
Impairment | (1,818) | (2,288) |
Currency conversion adjustments | 30,363 | (1,614) |
Recognition of royalty and stream interests following the deconsolidation of Osisko Development | 122,053 | |
Ending balance | 1,378,253 | 1,154,801 |
Royalty interests [Member] | ||
Royalty, Stream And Other Interests [Line Items] | ||
Beginning balance | 703,113 | 656,661 |
Acquisitions | 123,359 | 77,702 |
Conversion of an offtake into a stream | 0 | |
Depletion | (27,362) | (28,958) |
Impairment | (1,818) | (2,288) |
Currency conversion adjustments | 8,282 | (4) |
Recognition of royalty and stream interests following the deconsolidation of Osisko Development | 73,501 | |
Ending balance | 879,075 | 703,113 |
Stream interests [Member] | ||
Royalty, Stream And Other Interests [Line Items] | ||
Beginning balance | 438,032 | 440,941 |
Acquisitions | 850 | 13,234 |
Conversion of an offtake into a stream | 4,682 | |
Depletion | (23,993) | (19,403) |
Impairment | 0 | 0 |
Currency conversion adjustments | 21,149 | (1,422) |
Recognition of royalty and stream interests following the deconsolidation of Osisko Development | 48,552 | |
Ending balance | 484,590 | 438,032 |
Offtake interests [Member] | ||
Royalty, Stream And Other Interests [Line Items] | ||
Beginning balance | 13,656 | 18,526 |
Acquisitions | 0 | 0 |
Conversion of an offtake into a stream | (4,682) | |
Depletion | 0 | 0 |
Impairment | 0 | 0 |
Currency conversion adjustments | 932 | (188) |
Recognition of royalty and stream interests following the deconsolidation of Osisko Development | 0 | |
Ending balance | 14,588 | 13,656 |
Producing [Member] | ||
Royalty, Stream And Other Interests [Line Items] | ||
Beginning balance | 538,521 | |
Cost | 1,200,406 | 1,145,279 |
Accumulated depletion and impairment | (662,572) | (606,758) |
Ending balance | 537,834 | 538,521 |
Producing [Member] | Royalty interests [Member] | ||
Royalty, Stream And Other Interests [Line Items] | ||
Beginning balance | 230,471 | |
Cost | 634,058 | 626,345 |
Accumulated depletion and impairment | (423,634) | (395,874) |
Ending balance | 210,424 | 230,471 |
Producing [Member] | Stream interests [Member] | ||
Royalty, Stream And Other Interests [Line Items] | ||
Beginning balance | 308,050 | |
Cost | 566,348 | 518,934 |
Accumulated depletion and impairment | (238,938) | (210,884) |
Ending balance | 327,410 | 308,050 |
Producing [Member] | Offtake interests [Member] | ||
Royalty, Stream And Other Interests [Line Items] | ||
Beginning balance | 0 | |
Cost | 0 | 0 |
Accumulated depletion and impairment | 0 | 0 |
Ending balance | 0 | 0 |
Development [Member] | ||
Royalty, Stream And Other Interests [Line Items] | ||
Beginning balance | 360,544 | |
Cost | 612,845 | 438,767 |
Accumulated depletion and impairment | (84,234) | (78,223) |
Ending balance | 528,611 | 360,544 |
Development [Member] | Royalty interests [Member] | ||
Royalty, Stream And Other Interests [Line Items] | ||
Beginning balance | 225,866 | |
Cost | 367,845 | 226,438 |
Accumulated depletion and impairment | (753) | (572) |
Ending balance | 367,092 | 225,866 |
Development [Member] | Stream interests [Member] | ||
Royalty, Stream And Other Interests [Line Items] | ||
Beginning balance | 129,982 | |
Cost | 211,755 | 181,209 |
Accumulated depletion and impairment | (55,252) | (51,227) |
Ending balance | 156,503 | 129,982 |
Development [Member] | Offtake interests [Member] | ||
Royalty, Stream And Other Interests [Line Items] | ||
Beginning balance | 4,696 | |
Cost | 33,245 | 31,120 |
Accumulated depletion and impairment | (28,229) | (26,424) |
Ending balance | 5,016 | 4,696 |
Exploration and evaluation | ||
Royalty, Stream And Other Interests [Line Items] | ||
Beginning balance | 255,736 | |
Cost | 314,934 | 256,640 |
Accumulated depletion | (3,126) | (904) |
Ending balance | 311,808 | 255,736 |
Exploration and evaluation | Royalty interests [Member] | ||
Royalty, Stream And Other Interests [Line Items] | ||
Beginning balance | 246,776 | |
Cost | 304,685 | 247,680 |
Accumulated depletion | (3,126) | (904) |
Ending balance | 301,559 | 246,776 |
Exploration and evaluation | Stream interests [Member] | ||
Royalty, Stream And Other Interests [Line Items] | ||
Beginning balance | 0 | |
Cost | 677 | 0 |
Accumulated depletion | 0 | 0 |
Ending balance | 677 | 0 |
Exploration and evaluation | Offtake interests [Member] | ||
Royalty, Stream And Other Interests [Line Items] | ||
Beginning balance | 8,960 | |
Cost | 9,572 | 8,960 |
Accumulated depletion | 0 | 0 |
Ending balance | $ 9,572 | $ 8,960 |
Mining interests and plant an_3
Mining interests and plant and equipment (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 CAD ($) | Sep. 30, 2021 CAD ($) $ / Ounce | Jun. 30, 2021 CAD ($) $ / Ounce | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | |
Mining exploration, evaluation and development and Royalty, Stream and other interest [line items] | |||||
Impairment loss | $ 1,818 | $ 2,948 | |||
Plant and equipment [Member] | |||||
Mining exploration, evaluation and development and Royalty, Stream and other interest [line items] | |||||
Right-of-use assets | $ 6,800 | $ 20,300 | |||
San Antonio gold project [Member] | |||||
Mining exploration, evaluation and development and Royalty, Stream and other interest [line items] | |||||
Impairment loss | $ 81,000 | ||||
Estimated recoverable amount | $ 35,000 | ||||
Pre-tax real discount rate | 19.90% | ||||
Additional impairment charge if gold price per ounce applied to cash flow projections had been 10% lower | $ 35,000 | ||||
Additional impairment charge if the pre-tax real discount rate had been 100 basis points higher | $ 5,800 | ||||
Bonanza Ledge Phase 2 Project [Member] | |||||
Mining exploration, evaluation and development and Royalty, Stream and other interest [line items] | |||||
Impairment loss | $ 22,400 | $ 36,100 | |||
Estimated recoverable amount | $ 12,400 | ||||
Average gold price per ounce | $ / Ounce | 1,787 | 1,797 | |||
Short-term remaining mine life | 18 months | 18 months | |||
Additional impairment charge if gold price per ounce applied to cash flow projections had been 10% lower | $ 9,300 | ||||
Additional impairment charge if the average gold grade or gold recovery had been 10% lower | $ 12,400 |
Mining interests and plant an_4
Mining interests and plant and equipment - Disclosure of detailed information about mining interests and plant and equipment (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Beginning balance | $ 635,655 | $ 489,512 |
Acquisition of Tintic by Osisko Development | 182,229 | 0 |
Additions | 50,986 | 190,100 |
Impairment | (81,000) | (58,417) |
Mining exploration tax credits | (6,275) | (1,585) |
Change in environmental rehabilitation assets | (3,797) | 19,522 |
Depreciation | (12,935) | (7,814) |
Depreciation capitalized | 896 | 4,136 |
Share-based compensation capitalized | 388 | 2,127 |
Transfers | 0 | 0 |
Disposals and others | (6,191) | (213) |
Currency translation adjustments | 24,567 | (1,713) |
Deconsolidation of development | (777,576) | 0 |
Closing balance | 6,947 | 635,655 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Beginning balance | 707,482 | |
Closing balance | 11,889 | 707,482 |
Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Beginning balance | (71,827) | |
Closing balance | (4,942) | (71,827) |
Mining interests [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Beginning balance | 543,953 | 459,303 |
Acquisition of Tintic by Osisko Development | 169,175 | 0 |
Additions | 36,754 | 131,908 |
Impairment | (81,000) | (58,417) |
Mining exploration tax credits | (6,275) | (1,585) |
Change in environmental rehabilitation assets | (3,797) | 19,522 |
Depreciation | (2,385) | 0 |
Depreciation capitalized | 896 | 4,136 |
Share-based compensation capitalized | 388 | 2,127 |
Transfers | 0 | (11,221) |
Disposals and others | (1,559) | 0 |
Currency translation adjustments | 21,183 | (1,820) |
Deconsolidation of development | (677,333) | 0 |
Closing balance | 0 | 543,953 |
Mining interests [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Beginning balance | 602,370 | |
Closing balance | 0 | 602,370 |
Mining interests [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Beginning balance | (58,417) | |
Closing balance | 0 | (58,417) |
Plant and equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Beginning balance | 91,702 | 30,209 |
Acquisition of Tintic by Osisko Development | 13,054 | 0 |
Additions | 14,232 | 58,192 |
Impairment | 0 | 0 |
Mining exploration tax credits | 0 | 0 |
Change in environmental rehabilitation assets | 0 | 0 |
Depreciation | (10,550) | (7,814) |
Depreciation capitalized | 0 | 0 |
Share-based compensation capitalized | 0 | 0 |
Transfers | 0 | 11,221 |
Disposals and others | (4,632) | (213) |
Currency translation adjustments | 3,384 | 107 |
Deconsolidation of development | (100,243) | 0 |
Closing balance | 6,947 | 91,702 |
Plant and equipment [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Beginning balance | 105,112 | |
Closing balance | 11,889 | 105,112 |
Plant and equipment [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Beginning balance | (13,410) | |
Closing balance | $ (4,942) | $ (13,410) |
Mining interests and plant an_5
Mining interests and plant and equipment - Disclosure of plant and equipment movements by category (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Acquisition of Tintic by Osisko Development | $ 182,229 | $ 0 |
Additions | 50,986 | 190,100 |
Depreciation | (12,935) | (7,814) |
Transfers | 0 | 0 |
Disposals and others | (6,191) | (213) |
Land and buildings [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Beginning balance | 24,332 | |
Acquisition of Tintic by Osisko Development | 6,940 | |
Additions | 1,418 | |
Depreciation | (2,387) | |
Transfers | (133) | |
Disposals and others | (964) | |
Currency translation adjustments | 550 | |
Deconsolidation of Osisko Development | (22,885) | |
Closing balance | 6,871 | 24,332 |
Land and buildings [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Closing balance | 10,877 | |
Land and buildings [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Closing balance | (4,006) | |
Machinery and equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Beginning balance | 43,121 | |
Acquisition of Tintic by Osisko Development | 4,420 | |
Additions | 9,592 | |
Depreciation | (8,163) | |
Transfers | 5,526 | |
Disposals and others | (3,668) | |
Currency translation adjustments | 2,060 | |
Deconsolidation of Osisko Development | (52,812) | |
Closing balance | 76 | 43,121 |
Machinery and equipment [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Closing balance | 1,012 | |
Machinery and equipment [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Closing balance | (936) | |
Construction-in-progress [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Beginning balance | 24,249 | |
Acquisition of Tintic by Osisko Development | 1,694 | |
Additions | 3,222 | |
Depreciation | 0 | |
Transfers | (5,393) | |
Disposals and others | 0 | |
Currency translation adjustments | 774 | |
Deconsolidation of Osisko Development | (24,546) | |
Closing balance | 0 | 24,249 |
Construction-in-progress [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Closing balance | 0 | |
Construction-in-progress [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Closing balance | 0 | |
Total Plant and equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Beginning balance | 91,702 | 30,209 |
Acquisition of Tintic by Osisko Development | 13,054 | 0 |
Additions | 14,232 | 58,192 |
Depreciation | (10,550) | (7,814) |
Transfers | 0 | 11,221 |
Disposals and others | (4,632) | (213) |
Currency translation adjustments | 3,384 | |
Deconsolidation of Osisko Development | (100,243) | |
Closing balance | 6,947 | 91,702 |
Total Plant and equipment [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Beginning balance | 105,112 | |
Closing balance | 11,889 | 105,112 |
Total Plant and equipment [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment and Mining interests [line items] | ||
Beginning balance | (13,410) | |
Closing balance | $ (4,942) | $ (13,410) |
Exploration and evaluation (Nar
Exploration and evaluation (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statements Line Items | ||
Impairment | $ 0 | $ 42,668 |
Impairment charge, net of income taxes | $ 34,600 |
Exploration and evaluation - Di
Exploration and evaluation - Disclosure of detailed information about exploration assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statements Line Items | ||
Beginning balance | $ 3,635 | $ 42,519 |
Acquisition of Tintic by Osisko Development | 38,508 | 0 |
Additions | 4,519 | 3,784 |
Impairment | 0 | (42,668) |
Other adjustments | (417) | 0 |
Currency translation adjustments | 3,138 | 0 |
Deconsolidation of Osisko Development | (49,383) | 0 |
Ending balance | 0 | 3,635 |
Cost [Member] | ||
Statements Line Items | ||
Beginning balance | 104,492 | |
Ending balance | 0 | 104,492 |
Accumulated depreciation [Member] | ||
Statements Line Items | ||
Beginning balance | (100,857) | |
Ending balance | $ 0 | $ (100,857) |
Goodwill - Disclosure of detail
Goodwill - Disclosure of detailed information about key assumptions for the CGU's (Details) - $ / ounce | Dec. 31, 2022 | Dec. 31, 2021 |
Statements Line Items | ||
Post-tax real discount rate | 5.30% | 4.30% |
Long-term gold price [Member] | ||
Statements Line Items | ||
Gold price per ounce | 1,645 | 1,600 |
Long-term silver price [Member] | ||
Statements Line Items | ||
Silver price per ounce | 21 | 21 |
Accounts payable and accrued _3
Accounts payable and accrued liabilities - Disclosure of detailed information about trade and other payables (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts payable and accrued liabilities [abstract] | ||
Trade payables | $ 648 | $ 9,678 |
Other payables | 3,745 | 13,568 |
Accrued interests on long-term debt | 131 | 142 |
Income taxes payable | 179 | 0 |
Other accrued liabilities | 2,122 | 6,661 |
Accounts payable and accrued liabilities | $ 6,825 | $ 30,049 |
Provisions and other liabilit_3
Provisions and other liabilities - Disclosure of other provisions (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of other provisions [line items] | ||
Balance - Beginning of period | $ 72,513 | $ 45,967 |
Acquisition of Tintic by Osisko Development | 20,804 | 0 |
New liabilities | 40,210 | 34,011 |
Revision of estimates | (6,762) | (1,457) |
Change in fair value | (21,483) | 0 |
Accretion | 2,518 | 1,192 |
Settlements/payments of liabilities | (9,729) | (7,822) |
Issuance of flow-through shares | 0 | 7,885 |
Recognition of deferred premium on flow-through shares | (914) | (6,971) |
Currency translation adjustments | 3,687 | (292) |
Deconsolidation of Osisko Development | (93,222) | 0 |
Balance - End of period | 7,622 | 72,513 |
Current portion | 921 | 12,179 |
Non-current portion | 6,701 | 60,334 |
Balance - End of period | 7,622 | 72,513 |
Environmental rehabilitation [Member] | ||
Disclosure of other provisions [line items] | ||
Balance - Beginning of period | 53,237 | |
Acquisition of Tintic by Osisko Development | 5,370 | |
New liabilities | 261 | |
Revision of estimates | (4,299) | |
Change in fair value | 0 | |
Accretion | 2,185 | |
Settlements/payments of liabilities | (2,549) | |
Issuance of flow-through shares | 0 | |
Recognition of deferred premium on flow-through shares | 0 | |
Currency translation adjustments | 1,193 | |
Deconsolidation of Osisko Development | (55,398) | |
Balance - End of period | 0 | 53,237 |
Current portion | 0 | |
Non-current portion | 0 | |
Balance - End of period | 0 | 53,237 |
Lease liabilities [Member] | ||
Disclosure of other provisions [line items] | ||
Balance - Beginning of period | 18,362 | |
Acquisition of Tintic by Osisko Development | 325 | |
New liabilities | 108 | |
Revision of estimates | (2,463) | |
Change in fair value | 0 | |
Accretion | 0 | |
Settlements/payments of liabilities | (7,180) | |
Issuance of flow-through shares | 0 | |
Recognition of deferred premium on flow-through shares | 0 | |
Currency translation adjustments | 12 | |
Deconsolidation of Osisko Development | (1,542) | |
Balance - End of period | 7,622 | 18,362 |
Current portion | 921 | |
Non-current portion | 6,701 | |
Balance - End of period | 7,622 | 18,362 |
Deferred premium on flow-through shares [Member] | ||
Disclosure of other provisions [line items] | ||
Balance - Beginning of period | 914 | |
Acquisition of Tintic by Osisko Development | 0 | |
New liabilities | 0 | |
Revision of estimates | 0 | |
Change in fair value | 0 | |
Accretion | 0 | |
Settlements/payments of liabilities | 0 | |
Issuance of flow-through shares | 0 | |
Recognition of deferred premium on flow-through shares | (914) | |
Currency translation adjustments | 0 | |
Deconsolidation of Osisko Development | 0 | |
Balance - End of period | 0 | 914 |
Current portion | 0 | |
Non-current portion | 0 | |
Balance - End of period | 0 | 914 |
Derivative financial instruments [Member] | ||
Disclosure of other provisions [line items] | ||
Balance - Beginning of period | 0 | |
Acquisition of Tintic by Osisko Development | 0 | |
New liabilities | 39,841 | |
Revision of estimates | 0 | |
Change in fair value | (21,483) | |
Accretion | 0 | |
Settlements/payments of liabilities | 0 | |
Issuance of flow-through shares | 0 | |
Recognition of deferred premium on flow-through shares | 0 | |
Currency translation adjustments | 1,333 | |
Deconsolidation of Osisko Development | (19,691) | |
Balance - End of period | 0 | 0 |
Current portion | 0 | |
Non-current portion | 0 | |
Balance - End of period | 0 | 0 |
Deferred consideration and contingent payments [Member] | ||
Disclosure of other provisions [line items] | ||
Balance - Beginning of period | 0 | |
Acquisition of Tintic by Osisko Development | 15,109 | |
New liabilities | 0 | |
Revision of estimates | 0 | |
Change in fair value | 0 | |
Accretion | 333 | |
Settlements/payments of liabilities | 0 | |
Issuance of flow-through shares | 0 | |
Recognition of deferred premium on flow-through shares | 0 | |
Currency translation adjustments | 1,149 | |
Deconsolidation of Osisko Development | (16,591) | |
Balance - End of period | 0 | 0 |
Current portion | 0 | |
Non-current portion | 0 | |
Balance - End of period | $ 0 | $ 0 |
Long-term debt (Narrative) (Det
Long-term debt (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2022 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2017 CAD ($) $ / shares | Dec. 31, 2016 CAD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||
Convertible debenture | $ 0 | $ 300,000 | |||
Accordion feature | 200,000 | 100,000 | |||
Repayment of revolving credit facility | 113,120 | 0 | |||
Revolving credit facility | 150,000 | 113,389 | |||
Convertible debenture (2016) [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Convertible debenture | $ 50,000 | ||||
Convertible debenture (2017) [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Convertible debenture | $ 300,000 | ||||
Borrowings, interest rate | 4% | ||||
Conversion price | $ / shares | 22.89 | ||||
Convertible debenture (2017) [Member] | Public offering [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Convertible debenture | $ 184,000 | ||||
Convertible debenture (2017) [Member] | Private placements offering [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Convertible debenture | $ 116,000 | ||||
Revolving credit facility [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Revolving credit facility, available balance | 550,000 | ||||
Accordion feature | 200,000 | $ 100,000 | |||
Repayment of revolving credit facility | $ 113,100 | ||||
Revolving credit facility drawn during period | $ 150,000 | ||||
Borrowings, interest rate | 6.30% | ||||
Revolving credit facility [Member] | Maximum [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Revolving credit facility, available balance | $ 750,000 |
Long-term debt - Disclosure of
Long-term debt - Disclosure of detailed information of long-term debt, activity (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | ||
Balance - January 1 | $ 410,435 | $ 400,429 |
Increase in revolving credit facility, net of discount | 147,833 | 50,000 |
Repayment of revolving credit facility | (113,120) | 0 |
Repayment of convertible debentures | (300,000) | (50,000) |
Mining equipment financings, net | 5,076 | 3,764 |
Amortization of transaction costs | 2,291 | 2,204 |
Amortization of discount on banker's acceptances | 117 | 0 |
Accretion expense | 4,427 | 4,308 |
Foreign exchange revaluation impact | 32 | (270) |
Deconsolidation of Osisko Development | (9,141) | 0 |
Balance - December 31 | $ 147,950 | $ 410,435 |
Long-term debt - Disclosure o_2
Long-term debt - Disclosure of detailed information about borrowings (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Borrowings [abstract] | |||
Convertible debentures | $ 0 | $ 300,000 | |
Revolving credit facility | 150,000 | 113,389 | |
Mining equipment financings | 0 | 3,764 | |
Long-term debt | 150,000 | 417,153 | |
Unamortized discount on banker's acceptances | (2,050) | 0 | |
Unamortized debt issuance costs | 0 | (2,291) | |
Unamortized accretion on convertible debentures | 0 | (4,427) | |
Long-term debt, net of issuance costs | (2,050) | 410,435 | |
Current portion | 0 | 294,891 | |
Non-current portion | 147,950 | 115,544 | |
Long-term debt | $ 147,950 | $ 410,435 | $ 400,429 |
Share capital (Narrative) (Deta
Share capital (Narrative) (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 CAD ($) share $ / shares Rate shares | Dec. 31, 2022 USD ($) $ / shares Rate shares | Dec. 31, 2021 CAD ($) $ / shares shares | |
Disclosure of classes of share capital [line items] | |||
Proceeds from issuing shares | $ 311,962 | $ 0 | |
Income taxes on share issue costs | 3,700 | ||
Exercise of share options and shares issued under the share purchase plan | $ 4,387 | $ 14,544 | |
NCIB description | In December 2022, Osisko renewed its normal course issuer bid ("NCIB") program. Under the terms of the 2022 NCIB program, Osisko may acquire up to 18,293,240 of its common shares from time to time in accordance with the normal course issuer bid procedures of the TSX. | In December 2022, Osisko renewed its normal course issuer bid ("NCIB") program. Under the terms of the 2022 NCIB program, Osisko may acquire up to 18,293,240 of its common shares from time to time in accordance with the normal course issuer bid procedures of the TSX. | Under the terms of the 2021 NCIB program, Osisko was allowed to acquire up to 16,530,688 of its common shares from time to time, from December 12, 2021 to December 11, 2022. |
Daily purchases of common shares, limit | shares | 81,963 | 81,963 | 87,264 |
Average daily trading volume | shares | 327,853 | 327,853 | 349,057 |
Normal course issuer bid purchase of common shares (shares) | shares | 1,694,658 | 1,694,658 | 2,103,366 |
Normal course issuer bid purchase of common shares | $ 22,135 | $ 30,791 | |
Average acquisition price per share | $ / shares | $ 13.06 | $ 14.64 | |
Accordion feature | $ 200,000 | $ 100,000 | |
Share capital [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | share | 184,037,728 | ||
Normal course issuer bid purchase of common shares | $ 18,911 | $ 22,471 | |
Bought deal private placement [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of common shares issued on a bought deal basis | shares | 18,600,000 | 18,600,000 | |
Price per share issued | $ / shares | $ 13.45 | ||
Proceeds from issuing shares | $ 312,000 | $ 250.2 | |
Share issue expenses | 13,900 | ||
Share issue expenses net | 10,200 | ||
Income taxes on share issue costs | $ 3,700 | ||
Underwriters commission | Rate | 4% | 4% | |
Dividend reinvestment plan [Member] | |||
Disclosure of classes of share capital [line items] | |||
Common shares elected to participate in dividend reinvestment plan | shares | 6.7 | 6.7 | |
Dividends payable | $ 400 | ||
Common shares issued under DRIP | shares | 118,639 | 118,639 | 120,523 |
Discount under dividend reinvestment plan | 3% | 3% | 3% |
Dividend reinvestment plan [Member] | January 16, 2023 [Member] | |||
Disclosure of classes of share capital [line items] | |||
Common shares issued under DRIP | shares | 22,012 | 22,012 | |
Discount under dividend reinvestment plan | 3% | 3% |
Share capital - Disclosure of d
Share capital - Disclosure of dividends (Details) - CAD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of classes of share capital [line items] | ||
Dividend per share | $ 0.22 | $ 0.21 |
Dividend payable | $ 40,574,000 | $ 35,085,000 |
February 24, 2022 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Dividend per share | $ 0.055 | |
Dividend payable | $ 10,167,000 | |
Dividend reinvestment plan | 7,498,987 | |
May 12, 2022 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Dividend per share | $ 0.055 | |
Dividend payable | $ 10,177,000 | |
Dividend reinvestment plan | 7,385,458 | |
August 9, 2022 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Dividend per share | $ 0.055 | |
Dividend payable | $ 10,109,000 | |
Dividend reinvestment plan | 7,780,634 | |
November 9, 2022 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Dividend per share | $ 0.055 | |
Dividend payable | $ 10,121,000 | |
Dividend reinvestment plan | 6,686,671 | |
February 21, 2021 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Dividend per share | $ 0.05 | |
Dividend payable | $ 8,364,000 | |
Dividend reinvestment plan | 8,989,709 | |
May 11, 2021 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Dividend per share | $ 0.05 | |
Dividend payable | $ 8,404,000 | |
Dividend reinvestment plan | 7,102,627 | |
August 8, 2021 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Dividend per share | $ 0.055 | |
Dividend payable | $ 9,160,000 | |
Dividend reinvestment plan | 8,005,584 | |
November 9, 2021 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Dividend per share | $ 0.055 | |
Dividend payable | $ 9,157,000 | |
Dividend reinvestment plan | 7,891,496 |
Share capital - Disclosure of o
Share capital - Disclosure of objectives, policies and processes for managing capital (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of classes of share capital [line items] | |||
Long-term debt | $ 147,950 | $ 410,435 | $ 400,429 |
Total equity | 1,737,211 | 1,780,061 | $ 1,841,032 |
Undrawn revolving credit facility | 400,000 | 436,610 | |
Total capital | $ 2,285,161 | $ 2,627,106 |
Warrants (Narrative) (Details)
Warrants (Narrative) (Details) | 1 Months Ended |
Feb. 18, 2022 $ / shares shares | |
Statements Line Items | |
Number of warrants expired during period | shares | 5,480,000 |
Exercise price of expired warrants | $ / shares | $ 36.5 |
Share-based compensation (Narra
Share-based compensation (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2022 CAD ($) Month shares $ / shares | Dec. 31, 2021 CAD ($) Month shares $ / shares | Dec. 31, 2019 $ / shares shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average share price | $ 16.26 | $ 16.04 | |
Share-based compensation related to share options | $ | $ 2,700,000 | $ 3,000,000 | |
Number of share options granted | shares | 684,100 | 763,700 | |
Weighted average exercise price of share options granted | $ 14.25 | $ 13.27 | |
Expected life | Month | 47 | 46 | |
Deferred share units [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average value of deferred share units granted | $ 14.71 | $ 15.54 | |
Restricted share units ("RSU") [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average value of restricted share units granted | $ 14.26 | $ 13.24 | |
Number of restricted stock units forfeited | shares | 215,812 | ||
Restricted share units ("RSU") [Member] | Officers [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of restricted stock units granted | shares | 150,000 | ||
Weighted average value of restricted share units granted | $ 12.7 | ||
Vesting period | 3 years | ||
Additional number of restricted stock units granted | shares | 75,000 | ||
Weighted average value of restricted share units granted | $ 12.7 | ||
Common shares acquired by an officer | shares | 75,000 | ||
DSU and RSU [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation | $ | $ 4,500,000 | $ 4,700,000 | |
Closing price of the common shares | $ | $ 16.32 | ||
Marginal income tax rate | 53.30% | ||
Employees tax obligations settlement amount related to vested RSU and DSU | $ | $ 3,100,000 | 2,600,000 | |
Employees tax obligations settlement amount related to outstanding RSU and DSU | $ | $ 11,200,000 | $ 10,400,000 |
Share-based compensation - Disc
Share-based compensation - Disclosure of number and weighted average exercise prices of share options (Details) | 12 Months Ended | |
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options outstanding, beginning of period | shares | 3,730,580 | 4,240,869 |
Weighted average exercise price share options, beginning of period | $ / shares | $ 14.09 | $ 14.22 |
Number of share options granted | shares | 684,100 | 763,700 |
Weighted average exercise price of share options granted | $ / shares | $ 14.25 | $ 13.27 |
Number of share options exercised | shares | (309,749) | (1,043,903) |
Weighted average exercise price of share options exercised | $ / shares | $ 13.56 | $ 13.75 |
Number of share options forfeited | shares | (35,135) | (58,866) |
Weighted average exercise price of share options forfeited | $ / shares | $ 13.48 | $ 13.45 |
Number of share options expired | shares | (557,874) | (171,220) |
Weighted average exercise price of share options expired | $ / shares | $ 18.02 | $ 16.04 |
Number of share options outstanding, end of period | shares | 3,511,922 | 3,730,580 |
Weighted average exercise price share options, end of period | $ / shares | $ 13.55 | $ 14.09 |
Number of share options exercisable | shares | 1,916,888 | 1,881,416 |
Weighted average exercise price of share options exercisable | $ / shares | $ 13.4 | $ 14.78 |
Share-based compensation - Di_2
Share-based compensation - Disclosure of range of exercise prices of outstanding share options (Details) | 12 Months Ended | ||
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options outstanding in share-based payment arrangement | shares | 3,511,922 | 3,730,580 | 4,240,869 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 13.55 | $ 14.09 | $ 14.22 |
Weighted average remaining contractual life of outstanding share options | 2 years 9 months 18 days | ||
Number of share options exercisable in share-based payment arrangement | shares | 1,916,888 | 1,881,416 | |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 13.4 | $ 14.78 | |
10.58 - 12.97 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options outstanding in share-based payment arrangement | shares | 1,209,007 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 12.72 | ||
Weighted average remaining contractual life of outstanding share options | 2 years 7 months 6 days | ||
Number of share options exercisable in share-based payment arrangement | shares | 714,175 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 12.73 | ||
10.58 - 12.97 [Member] | Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average exercise price of share options exercisable in share-based payment arrangement | 10.58 | ||
10.58 - 12.97 [Member] | Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 12.97 | ||
13.10 - 14.78 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options outstanding in share-based payment arrangement | shares | 2,136,101 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 13.77 | ||
Weighted average remaining contractual life of outstanding share options | 2 years 9 months 18 days | ||
Number of share options exercisable in share-based payment arrangement | shares | 1,106,165 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 13.56 | ||
13.10 - 14.78 [Member] | Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average exercise price of share options exercisable in share-based payment arrangement | 13.1 | ||
13.10 - 14.78 [Member] | Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 14.78 | ||
15.97 - 18.07 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options outstanding in share-based payment arrangement | shares | 166,814 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 16.67 | ||
Weighted average remaining contractual life of outstanding share options | 2 years 6 months | ||
Number of share options exercisable in share-based payment arrangement | shares | 96,548 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 16.57 | ||
15.97 - 18.07 [Member] | Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average exercise price of share options exercisable in share-based payment arrangement | 15.97 | ||
15.97 - 18.07 [Member] | Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 17.12 |
Share-based compensation - Di_3
Share-based compensation - Disclosure of detailed information about options, valuation assumptions (Details) | 12 Months Ended | |
Dec. 31, 2022 Month $ / shares | Dec. 31, 2021 Month $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Dividend per share | 1.50% | 1.50% |
Expected volatility | 41% | 40% |
Risk-free interest rate | 2.60% | 0.70% |
Expected life | Month | 47 | 46 |
Weighted average share price | $ 14.25 | $ 13.27 |
Weighted average fair value of options granted | $ 4.38 | $ 3.66 |
Share-based compensation - Di_4
Share-based compensation - Disclosure of deferred and restricted share units (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
DSU [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of units, beginning of period | 376,203 | 408,564 |
Number of units, granted | 78,200 | 64,720 |
Number of units reinvested dividends | 6,018 | 5,185 |
Number of units, settled | (30,846) | (102,266) |
Number of units, forfeited | 0 | 0 |
Number of units, end of period | 429,575 | 376,203 |
Number of units, vested | 350,822 | 311,010 |
RSU [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of units, beginning of period | 878,397 | 1,242,902 |
Number of units, granted | 275,520 | 293,610 |
Number of units reinvested dividends | 13,483 | 15,102 |
Number of units, settled | (278,806) | (398,173) |
Number of units, forfeited | (35,791) | (275,044) |
Number of units, end of period | 852,803 | 878,397 |
Number of units, vested | 0 | 0 |
Income taxes (Narrative) (Detai
Income taxes (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Major Components Of Tax Expense (Income) [Line Items] | ||
Statutory tax rate | 26.50% | 26.50% |
Unrecognized deferred tax liabilities | $ 53,900 | $ 114,600 |
Unrecognized deferred tax liabilities related to discontinued operations | 77,000 | |
Unrecognized deferred tax assets | $ 4,707 | 79,515 |
Unrecognized deferred tax assets related to discontinued operations | $ 75,200 |
Income taxes - Disclosure of de
Income taxes - Disclosure of detailed information about income taxes (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current income tax on continuing operations | ||
Expense for the year | $ 1,150 | $ 1,231 |
Current income tax expense on continuing operations | 1,150 | 1,231 |
Deferred income tax (Note 21 (b)) on continuing operations: | ||
Origination and reversal of temporary differences | 29,011 | 24,759 |
Change in unrecognized deductible temporary differences | (367) | (367) |
Other | (1,956) | 303 |
Deferred income tax expense on continuing operations | 26,688 | 24,695 |
Income tax expense on continuing operations | $ 27,838 | $ 25,926 |
Income taxes - Disclosure of re
Income taxes - Disclosure of reconciliation of statutory weighted average tax rate applicable to income (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes [Abstract] | ||
Income from continuing operations before income taxes | $ 113,123 | $ 102,553 |
Income tax provision on continuing operations calculated using the combined Canadian federal and provincial statutory income tax rate | 29,978 | 27,176 |
Increase (decrease) in income taxes resulting from: | ||
Non-deductible expenses, net | 1,568 | 255 |
(Non-deductible) non-taxable portion of capital losses, net | 2,189 | (806) |
Differences in foreign statutory tax rates | (4,056) | (2,770) |
Changed in unrecognized deferred tax assets | (367) | (367) |
Foreign withholding taxes | 482 | 864 |
Other | (1,956) | 1,574 |
Total income tax expense on continuing operations | $ 27,838 | $ 25,926 |
Income taxes - Disclosure of co
Income taxes - Disclosure of components of deferred income tax assets and liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | |||
Stream interests | $ 26,753 | $ 30,100 | $ 34,278 |
Non-capital losses | 14,375 | 7,663 | 8,195 |
Deferred and restricted share units | 3,644 | 3,401 | 4,008 |
Share and debt issue expenses | 2,720 | 2,935 | 4,562 |
Deferred tax assets | 47,492 | 44,099 | |
Deferred tax liabilities: | |||
Royalty interests and exploration and evaluation assets | (133,120) | (102,782) | (93,266) |
Investments | (706) | (8,077) | (9,437) |
Convertible debentures | 0 | (1,173) | (2,315) |
Other | (238) | (474) | (454) |
Deferred tax liabilities | (134,064) | (112,506) | |
Deferred tax liability, net | $ (86,572) | $ (68,407) | $ (54,429) |
Income taxes - Disclosure of _2
Income taxes - Disclosure of deferred taxes (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | |||
Stream interests | $ 26,753 | $ 30,100 | $ 34,278 |
Non-capital losses | 14,375 | 7,663 | 8,195 |
Deferred and restricted share units | 3,644 | 3,401 | 4,008 |
Share and debt issue expenses | 2,720 | 2,935 | 4,562 |
Deferred tax liabilities: | |||
Royalty interests and exploration and evaluation assets | (133,120) | (102,782) | (93,266) |
Investments | (706) | (8,077) | (9,437) |
Convertible debentures | 0 | (1,173) | (2,315) |
Other | (238) | (474) | (454) |
Deferred tax liability, net | (86,572) | (68,407) | $ (54,429) |
Statement of loss [Member] | |||
Deferred tax assets: | |||
Stream interests | (3,347) | (4,178) | |
Non-capital losses | 6,712 | (532) | |
Deferred and restricted share units | 84 | (328) | |
Share and debt issue expenses | (3,909) | (96) | |
Deferred tax liabilities: | |||
Royalty interests and exploration and evaluation assets | (29,778) | (9,543) | |
Investments | 2,141 | 1,831 | |
Convertible debentures | 1,173 | 1,142 | |
Other | 236 | (20) | |
Deferred tax liability, net | (26,688) | (11,724) | |
Equity [Member] | |||
Deferred tax assets: | |||
Stream interests | 0 | 0 | |
Non-capital losses | 0 | 0 | |
Deferred and restricted share units | 159 | (279) | |
Share and debt issue expenses | 3,694 | (1,531) | |
Deferred tax liabilities: | |||
Investments | 0 | 0 | |
Convertible debentures | 0 | 0 | |
Other | 0 | 0 | |
Deferred tax liability, net | 3,853 | (1,810) | |
Other comprehensive income (loss) [Member] | |||
Deferred tax assets: | |||
Stream interests | 0 | 0 | |
Non-capital losses | 0 | 0 | |
Deferred and restricted share units | 0 | 0 | |
Share and debt issue expenses | 0 | 0 | |
Deferred tax liabilities: | |||
Royalty interests and exploration and evaluation assets | 0 | 0 | |
Investments | 4,025 | (471) | |
Convertible debentures | 0 | 0 | |
Other | 0 | 0 | |
Deferred tax liability, net | 4,025 | (471) | |
Conversion adjustments [Member] | |||
Deferred tax assets: | |||
Stream interests | 0 | 0 | |
Non-capital losses | 0 | 0 | |
Deferred and restricted share units | 0 | 0 | |
Share and debt issue expenses | 0 | 0 | |
Deferred tax liabilities: | |||
Royalty interests and exploration and evaluation assets | (560) | 27 | |
Investments | 0 | 0 | |
Convertible debentures | 0 | 0 | |
Other | 0 | 0 | |
Deferred tax liability, net | (560) | $ 27 | |
Deconsolidation of Osisko Development [Member] | |||
Deferred tax assets: | |||
Stream interests | 0 | ||
Non-capital losses | 0 | ||
Deferred and restricted share units | 0 | ||
Share and debt issue expenses | 0 | ||
Deferred tax liabilities: | |||
Royalty interests and exploration and evaluation assets | 0 | ||
Investments | 1,205 | ||
Convertible debentures | 0 | ||
Other | 0 | ||
Deferred tax liability, net | $ 1,205 |
Income taxes - Disclosure of un
Income taxes - Disclosure of unrecognized deferred tax assets (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 4,707 | $ 79,515 |
Non-capital losses carried forward [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 0 | 64,650 |
Mineral stream interests - Foreign jurisdictions [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 0 | 7,446 |
Unrealized losses on investments [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 3,310 | 3,598 |
Capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 1,397 | 2,127 |
Other [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 0 | $ 1,694 |
Additional information on the_3
Additional information on the consolidated statements of loss - Disclosure of detailed information about revenues (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Information On Consolidated Statements Of Loss Line Items | ||
Revenues | $ 217,809 | $ 224,877 |
Royalty interests [Member] | ||
Additional Information On Consolidated Statements Of Loss Line Items | ||
Revenues | 144,066 | 140,279 |
Stream interests [Member] | ||
Additional Information On Consolidated Statements Of Loss Line Items | ||
Revenues | 73,743 | 59,333 |
Offtake interests [Member] | ||
Additional Information On Consolidated Statements Of Loss Line Items | ||
Revenues | $ 0 | $ 25,265 |
Additional information on the_4
Additional information on the consolidated statements of loss - Disclosure of detailed information about cost of sales (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Information On Consolidated Statements Of Loss Line Items | ||
Cost of sales | $ 16,076 | $ 37,646 |
Royalty interests [Member] | ||
Additional Information On Consolidated Statements Of Loss Line Items | ||
Cost of sales | 1,055 | 551 |
Stream interests [Member] | ||
Additional Information On Consolidated Statements Of Loss Line Items | ||
Cost of sales | 15,021 | 12,752 |
Offtake interests [Member] | ||
Additional Information On Consolidated Statements Of Loss Line Items | ||
Cost of sales | $ 0 | $ 24,343 |
Additional information on the_5
Additional information on the consolidated statements of loss - Disclosure of detailed information about depletion (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Information On Consolidated Statements Of Loss Line Items | ||
Depletion | $ 51,355 | $ 48,361 |
Royalty interests [Member] | ||
Additional Information On Consolidated Statements Of Loss Line Items | ||
Depletion | 27,362 | 28,958 |
Stream interests [Member] | ||
Additional Information On Consolidated Statements Of Loss Line Items | ||
Depletion | 23,993 | 19,135 |
Offtake interests [Member] | ||
Additional Information On Consolidated Statements Of Loss Line Items | ||
Depletion | $ 0 | $ 268 |
Additional information on the_6
Additional information on the consolidated statements of loss - Disclosure of expenses by nature (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Information On Consolidated Statements Of Income (Loss) [Abstract] | ||
Employee benefit expenses | $ 15,186 | $ 15,253 |
Professional fees | 4,633 | 3,602 |
Insurance costs | 2,005 | 2,156 |
Impairment of assets | 1,818 | 2,948 |
Amortization | 1,060 | 1,061 |
Communication and promotional expenses | 842 | 661 |
Public company expenses | 782 | 632 |
Travel expenses | 606 | 76 |
Rent and office expenses | 561 | 477 |
Cost recoveries | (552) | (552) |
Other expenses | 468 | 402 |
Expenses, by nature | $ 27,409 | $ 26,716 |
Additional information on the_7
Additional information on the consolidated statements of loss - Disclosure of employee benefits (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Information On Consolidated Statements Of Loss Line Items | ||
Employee benefit expenses | $ 15,186 | $ 15,253 |
Employee benefit expenses [Member] | ||
Additional Information On Consolidated Statements Of Loss Line Items | ||
Salaries and wages | 8,282 | 8,079 |
Share-based compensation | 7,124 | 7,726 |
Cost recoveries from associates | (220) | (552) |
Employee benefit expenses | $ 15,186 | $ 15,253 |
Additional information on the_8
Additional information on the consolidated statements of loss - Disclosure of other gains, net (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Information On Consolidated Statements Of Income (Loss) [Abstract] | ||
Change in fair value of financial assets at fair value through profit and loss | $ (16,848) | $ 6,987 |
Net gain on dilution of investments in associates | 3,604 | 0 |
Net gain on acquisition of investments | 48 | 7,416 |
Impairment of investments | (2,361) | (2,112) |
Other | 0 | 33 |
Other (losses) gains, net | $ (15,557) | $ 12,324 |
Key management - Disclosure of
Key management - Disclosure of compensation, key management (Details) - Key management personnel [Member] - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Information About Key Management [Line Items] | ||
Salaries and short-term employee benefits | $ 4,374 | $ 4,309 |
Share-based compensation | 5,475 | 6,078 |
Cost recoveries from associates | (538) | (716) |
Employee benefits expense | $ 9,311 | $ 9,671 |
Net earnings (loss) per share_2
Net earnings (loss) per share (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of earnings per share [Abstract] | ||
Description of anti-dilutive effect excluded from computation of earnings per share | For the year ended December 31, 2022, 0.9 million share options and the 13.1 million common shares underlying the convertible debentures (which were repaid on December 31, 2022) were excluded from the computation of diluted earnings per share as their effect was anti-dilutive. | For the year ended December 31, 2021, 0.8 million share options, 5.5 million outstanding warrants and the 15.7 million common shares underlying the convertible debentures were excluded from the computation of diluted earnings per share as their effect was antidilutive. |
Net earnings (loss) per share -
Net earnings (loss) per share - Disclosure of detailed information of earnings per share (Details) - CAD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of earnings per share [Abstract] | ||
Net earnings from continuing operations attributable to Osisko Gold Royalties Ltd's shareholders | $ 85,285 | $ 76,627 |
Net loss attributable to Osisko Gold Royalties Ltd's shareholders | $ (118,754) | $ (23,554) |
Basic weighted average number of common shares outstanding (in thousands) | 180,398 | 167,628 |
Dilutive effect of share options | 255 | 0 |
Dilutive effect of warrants and convertible debentures | 0 | 0 |
Diluted weighted average number of common shares | 180,653 | 167,628 |
Net earnings per share from continuing operations attributable to Osisko Gold Royalties Ltd's shareholders | ||
Net earnings per share from continuing operations - Basic | $ 0.47 | $ 0.46 |
Net earnings per share from continuing operations - Diluted | 0.47 | 0.46 |
Net loss per share - Basic | (0.66) | (0.14) |
Net loss per share - Diluted | $ (0.66) | $ (0.14) |
Additional information from c_3
Additional information from continuing operations on the consolidated statements of cash flows - Disclosure of detailed information about cash flow information (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of cash flow statement [Abstract] | ||
Interests received measured using the effective rate method | $ 5,689 | $ 2,118 |
Interests paid on long-term debt | 14,578 | 16,420 |
Income taxes paid | 1,150 | 1,231 |
Increase in amounts receivable | (4,844) | (57) |
Increase in other current assets | (76) | (275) |
Increase (decrease) in accounts payable and accrued liabilities | 1,689 | (5,081) |
Changes in non-cash working capital items | $ (3,231) | $ (5,413) |
Financial risks (Narrative) (De
Financial risks (Narrative) (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest rate risk [Member] | ||
Disclosure of Financial Risks [Line Items] | ||
Sensitivity analysis, variance, percentage | 1% | |
Effect of variance on net financial expenses | $ 1.5 | $ 1.1 |
Foreign exchange risk [Member] | ||
Disclosure of Financial Risks [Line Items] | ||
Sensitivity analysis, variance, percentage | 5% | |
Effect of variance on net earnings | $ 1.4 | $ 1.8 |
Other price risk [Member] | ||
Disclosure of Financial Risks [Line Items] | ||
Sensitivity analysis, variance, percentage | 10% | 10% |
Effect of variance on net earnings | $ 0.1 | $ 2.5 |
Effect of variance on other comprehensive income | 1.6 | 8.2 |
Credit risk [Member] | ||
Disclosure of Financial Risks [Line Items] | ||
Expected credit loss | $ 16.9 | $ 13.4 |
Financial risks - Disclosure of
Financial risks - Disclosure of detailed information about foreign currency risk (Details) $ in Thousands, $ in Thousands | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CAD ($) |
Disclosure of Financial Risks [Line Items] | |||||
Cash | $ 90,548 | $ 115,698 | $ 302,524 | ||
Amounts receivable | 11,700 | 14,691 | |||
Accounts payable and accrued liabilities | (6,825) | (30,049) | |||
Revolving credit facility | $ (150,000) | $ (113,389) | |||
Equivalent in CDN [Member] | |||||
Disclosure of Financial Risks [Line Items] | |||||
Net exposure in foreign currencies | $ 34,063 | $ (28,453) | |||
Amounts held in US dollars [Member] | |||||
Disclosure of Financial Risks [Line Items] | |||||
Cash | 19,780 | 23,755 | |||
Amounts receivable | 4,213 | 2,600 | |||
Other assets | 1,194 | 1,319 | |||
Accounts payable and accrued liabilities | (37) | (117) | |||
Revolving credit facility | 0 | (50,000) | |||
Net exposure in foreign currencies | $ 25,150 | $ (22,443) |
Financial risks - Disclosure _2
Financial risks - Disclosure of detailed information about liquidity risk (Details) $ in Thousands | Dec. 31, 2022 CAD ($) |
Disclosure of Financial Risks [Line Items] | |
Revolving credit facility | $ 191,059 |
Lease liabilities | 9,999 |
Financial liabilities | 201,058 |
2023 [Member] | |
Disclosure of Financial Risks [Line Items] | |
Revolving credit facility | 10,949 |
Lease liabilities | 1,408 |
Financial liabilities | 12,357 |
2024 [Member] | |
Disclosure of Financial Risks [Line Items] | |
Revolving credit facility | 10,949 |
Lease liabilities | 1,432 |
Financial liabilities | 12,381 |
2025 [Member] | |
Disclosure of Financial Risks [Line Items] | |
Revolving credit facility | 10,949 |
Lease liabilities | 1,432 |
Financial liabilities | 12,381 |
2026 [Member] | |
Disclosure of Financial Risks [Line Items] | |
Revolving credit facility | 158,212 |
Lease liabilities | 1,432 |
Financial liabilities | 159,644 |
2027-2029 [Member] | |
Disclosure of Financial Risks [Line Items] | |
Revolving credit facility | 0 |
Lease liabilities | 4,295 |
Financial liabilities | $ 4,295 |
Fair value of financial instr_3
Fair value of financial instruments (Narrative) (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of fair value measurement of assets [line items] | ||
Fair value of warrants transferred from Level 3 to Level 1 | $ 5.1 | |
Level 3 [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Sensitivity analysis, variance, percentage | 10% | 10% |
Fair value of financial instr_4
Fair value of financial instruments - Disclosure of significant observable inputs used in fair value measurement (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value measurement of assets [line items] | ||
Total financial assets | $ 42,554 | $ 142,212 |
Warrants on equity securities and convertible debentures and notes [Member] | Publicly traded mining exploration and development, precious metals [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 18,026 | 24,327 |
Warrants on equity securities and convertible debentures and notes [Member] | Publicly traded mining exploration and development, other minerals [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 6,191 | 23,655 |
Equity securities [Member] | Publicly traded mining exploration and development, precious metals [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through other comprehensive income | 9,818 | 46,668 |
Equity securities [Member] | Publicly traded mining exploration and development, other minerals [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through other comprehensive income | 8,519 | 47,562 |
Level 1 [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Total financial assets | 15,651 | 107,278 |
Level 1 [Member] | Warrants on equity securities and convertible debentures and notes [Member] | Publicly traded mining exploration and development, precious metals [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Level 1 [Member] | Warrants on equity securities and convertible debentures and notes [Member] | Publicly traded mining exploration and development, other minerals [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 844 | 13,048 |
Level 1 [Member] | Equity securities [Member] | Publicly traded mining exploration and development, precious metals [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through other comprehensive income | 6,288 | 46,668 |
Level 1 [Member] | Equity securities [Member] | Publicly traded mining exploration and development, other minerals [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through other comprehensive income | 8,519 | 47,562 |
Level 2 [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Total financial assets | 0 | 0 |
Level 2 [Member] | Warrants on equity securities and convertible debentures and notes [Member] | Publicly traded mining exploration and development, precious metals [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Level 2 [Member] | Warrants on equity securities and convertible debentures and notes [Member] | Publicly traded mining exploration and development, other minerals [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Level 2 [Member] | Equity securities [Member] | Publicly traded mining exploration and development, precious metals [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through other comprehensive income | 0 | 0 |
Level 2 [Member] | Equity securities [Member] | Publicly traded mining exploration and development, other minerals [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through other comprehensive income | 0 | 0 |
Level 3 [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Total financial assets | 26,903 | 34,934 |
Level 3 [Member] | Warrants on equity securities and convertible debentures and notes [Member] | Publicly traded mining exploration and development, precious metals [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 18,026 | 24,327 |
Level 3 [Member] | Warrants on equity securities and convertible debentures and notes [Member] | Publicly traded mining exploration and development, other minerals [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 5,347 | 10,607 |
Level 3 [Member] | Equity securities [Member] | Publicly traded mining exploration and development, precious metals [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through other comprehensive income | 3,530 | 0 |
Level 3 [Member] | Equity securities [Member] | Publicly traded mining exploration and development, other minerals [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through other comprehensive income | $ 0 | $ 0 |
Fair value of financial instr_5
Fair value of financial instruments - Disclosure of detailed information about changes in fair value of level 3 investments (Details) - Level 3 [Member] - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of fair value measurement of assets [line items] | ||
Balance - January 1 | $ 34,934 | $ 25,063 |
Acquisitions | 7,968 | 12,754 |
Warrants exercised | (80) | (1,122) |
Acquisition of investments through acquisition of Tintic | (10,827) | 0 |
Foreign exchange revaluation impact | 49 | 0 |
Deconsolidation of Osisko Development | (110) | 0 |
Balance - December 31 | 26,903 | 34,934 |
Warrants exercised [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Change in fair value | (322) | 300 |
Warrants expired [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Change in fair value | (405) | (15) |
Investments held at the end of the period [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Change in fair value | $ (4,304) | $ (2,046) |
Fair value of financial instr_6
Fair value of financial instruments - Disclosure of detailed information about fair value of long-term debt (Details) - Level 1 [Member] - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value measurement of assets [line items] | ||
Borrowings not measured at fair value | $ 0 | $ 293,281 |
Fair value [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Borrowings not measured at fair value | $ 0 | $ 303,000 |
Segment disclosure (Narrative)
Segment disclosure (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | ||
Revenues | $ 217,809 | $ 224,877 |
North America from Canada [Member] | ||
Disclosure of operating segments [line items] | ||
Percentage of entity's revenue | 91% | 83% |
Percentage of North America's net interests | 81% | 82% |
Three royalty/stream interests [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | $ 132,300 | $ 122,400 |
Percentage of entity's revenue | 61% | 61% |
One royalty interest [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | $ 78,800 | $ 81,300 |
Precious metals [Member] | ||
Disclosure of operating segments [line items] | ||
Percentage of entity's revenue | 85% | 89% |
Precious metals [Member] | Excluding offtakes [Member] | ||
Disclosure of operating segments [line items] | ||
Percentage of entity's revenue | 87% | |
Diamonds [Member] | ||
Disclosure of operating segments [line items] | ||
Percentage of entity's revenue | 14% | 9% |
Diamonds [Member] | Excluding offtakes [Member] | ||
Disclosure of operating segments [line items] | ||
Percentage of entity's revenue | 11% |
Segment disclosure - Disclosure
Segment disclosure - Disclosure of detailed information about geographical revenues segment reporting (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | ||
Revenues | $ 217,809 | $ 224,877 |
Royalties [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 144,066 | 140,279 |
Streams [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 73,743 | 59,333 |
Offtakes [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 0 | 25,265 |
North America [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 180,189 | 187,433 |
North America [Member] | Royalties [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 140,488 | 134,544 |
North America [Member] | Streams [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 39,701 | 27,624 |
North America [Member] | Offtakes [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 25,265 | |
South America [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 25,205 | 21,396 |
South America [Member] | Royalties [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 1,257 | 1,112 |
South America [Member] | Streams [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 23,948 | 20,284 |
South America [Member] | Offtakes [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 0 | |
Australia [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 961 | 1,554 |
Australia [Member] | Royalties [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 69 | 6 |
Australia [Member] | Streams [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 892 | 1,548 |
Australia [Member] | Offtakes [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 0 | |
Africa [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 2,252 | 4,617 |
Africa [Member] | Royalties [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 2,252 | 4,617 |
Africa [Member] | Streams [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 0 | 0 |
Africa [Member] | Offtakes [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 0 | |
Europe [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 9,202 | 9,877 |
Europe [Member] | Royalties [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 0 | 0 |
Europe [Member] | Streams [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | $ 9,202 | 9,877 |
Europe [Member] | Offtakes [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | $ 0 |
Segment disclosure - Disclosu_2
Segment disclosure - Disclosure of detailed information about geographic net assets (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | $ 1,378,253 | $ 1,154,801 |
Royalties [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 879,075 | 703,014 |
Streams [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 484,590 | 438,131 |
Offtakes [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 14,588 | 13,656 |
North America [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 890,502 | 780,962 |
North America [Member] | Royalties [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 664,985 | 595,931 |
North America [Member] | Streams [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 225,517 | 185,031 |
North America [Member] | Offtakes [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 0 | 0 |
South America [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 335,405 | 231,446 |
South America [Member] | Royalties [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 157,552 | 57,673 |
South America [Member] | Streams [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 177,853 | 173,773 |
South America [Member] | Offtakes [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 0 | 0 |
Australia [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 26,917 | 22,702 |
Australia [Member] | Royalties [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 17,345 | 13,742 |
Australia [Member] | Streams [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 0 | 0 |
Australia [Member] | Offtakes [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 9,572 | 8,960 |
Africa [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 24,228 | 20,453 |
Africa [Member] | Royalties [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 24,228 | 20,453 |
Africa [Member] | Streams [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 0 | 0 |
Africa [Member] | Offtakes [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 0 | 0 |
Asia [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 35,219 | 32,968 |
Asia [Member] | Royalties [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 0 | 0 |
Asia [Member] | Streams [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 30,203 | 28,272 |
Asia [Member] | Offtakes [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 5,016 | 4,696 |
Europe [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 65,982 | 66,270 |
Europe [Member] | Royalties [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 14,965 | 15,215 |
Europe [Member] | Streams [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | 51,017 | 51,055 |
Europe [Member] | Offtakes [Member] | ||
Disclosure of operating segments [line items] | ||
Royalty, stream and other interests | $ 0 | $ 0 |
Related party transactions (Nar
Related party transactions (Narrative) (Details) - CAD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | |||
Interest income receivable | $ 8,834 | $ 4,655 | |
Bonds issued | 17,900 | ||
Associates [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest income | 4,200 | 3,600 | |
Interest income receivable | 8,000 | 4,600 | |
Loans and notes receivable | $ 30,900 | $ 42,300 | |
Falco Resources Ltd. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest income receivable | $ 2,800 | ||
Convertible secured senior note | $ 17,600 | ||
Falco Resources Ltd. [Member] | Prior to Amendment [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest rate | 7% | ||
Conversion price per common share | $ 0.55 | ||
Falco Resources Ltd. [Member] | Amendment [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest rate | 8% | ||
Conversion price per common share | $ 0.5 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) Ounce | Sep. 30, 2022 Ounce | |
Amulsar stream [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Delivery of gold, ounces | 89,034 | |
Delivery of silver, ounces | 434,093 | |
Credit bid transaction percentage | 35.98% | |
Amulsar stream [Member] | 1st Anniversary [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Buy-back option, percentage | 50% | |
Buy-back option | $ | $ 34.4 | |
Amulsar stream [Member] | 2nd and 3rd anniversary [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Buy-back option, percentage | 50% | |
Buy-back option | $ | $ 31.3 | |
Amulsar offtake [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Potential offtake percentage | 84.87% | |
Delivery of gold, ounces | 2,110,425 | |
Description of offtake percentage increase | Offtake percentage will increase to 84.87% if the operator elects to reduce the gold stream | |
Gold per ounces, attributable to OBL (less any ounces delivered pursuant to the Amulsar stream) | 1,853,751 | |
Back Forty stream [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Delivery of gold, ounces | 105,000 | |
Back Forty stream [Member] | After reaching 105,000 ounces of gold [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Potential stream percentage | 9.25% | |
Gibraltar mine's production [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Delivery of silver, ounces | 5,900,000 | |
Silver ounces delivered as of September 30, 2022 | 1,000,000 | |
Gibraltar stream [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Attributable payable production to be purchased, percentage | 75% | |
Gibraltar stream [Member] | After reaching 5.9 million ounces of silver [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Potential stream percentage - Gibco's share | 35% | |
Mantos Blancos stream [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Delivery of silver, ounces | 19,300,000 | |
Silver ounces delivered as of September 30, 2022 | 3,400,000 | |
Potential stream percentage | 100% | |
Mantos Blancos stream [Member] | After reaching 19.3 million ounces of silver [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Potential stream percentage | 40% | |
Sasa stream [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Description of price escalation | 3% or consumer price index (CPI) per ounce price escalation after 2016. | |
Tintic stream [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Delivery of gold, ounces | 27,150 | |
Tintic stream [Member] | Until 27,150 ounces of refined gold have been delivered [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Attributable payable production to be purchased, percentage | 2.50% | |
Tintic stream [Member] | Thereafter [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Attributable payable production to be purchased, percentage | 2% |
Commitments - Disclosure of det
Commitments - Disclosure of detailed information about acquisition of royalties and streams (Details) $ in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | |
Aquila Resources Inc [Member] | Back Forty Project [Member] | First Installments [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Installments | $ 5 | |
Triggering events | Receipt of all material permits for the construction and operation of the project. | Receipt of all material permits for the construction and operation of the project. |
Aquila Resources Inc [Member] | Back Forty Project [Member] | Second Installments [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Installments | $ 25 | |
Triggering events | Pro rata to drawdowns with construction finance facility. | Pro rata to drawdowns with construction finance facility. |
Falco Resources Ltd. [Member] | Horne 5 project [Member] | First Installments [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Installments | $ 45 | |
Triggering events | Receipt of all necessary material third-party approvals, licenses, rights of way, surface rights on the property and all material construction permits, positive construction decision, and raising a minimum of $100.0 million in non-debt financing. | Receipt of all necessary material third-party approvals, licenses, rights of way, surface rights on the property and all material construction permits, positive construction decision, and raising a minimum of $100.0 million in non-debt financing. |
Falco Resources Ltd. [Member] | Horne 5 project [Member] | Second Installments [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Installments | $ 60 | |
Triggering events | Upon total projected capital expenditure having been demonstrated to be financed. | Upon total projected capital expenditure having been demonstrated to be financed. |
Falco Resources Ltd. [Member] | Horne 5 project [Member] | Third Installments [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Installments | $ 40 | |
Triggering events | Payable with fourth installment, at sole election of Osisko, to increase the silver stream to 100% of payable silver (from 90%). | Payable with fourth installment, at sole election of Osisko, to increase the silver stream to 100% of payable silver (from 90%). |
Metals Acquisition Corp. [Member] | CSA mine (silver stream) [Member] | First Installments [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Installments | $ 75 | |
Triggering events | Closing of the acquisition of the CSA mine by MAC. | Closing of the acquisition of the CSA mine by MAC. |
Metals Acquisition Corp. [Member] | CSA mine (copper stream) [Member] | First Installments [Member] | ||
Disclosure Of Commitments [Line Items] | ||
Installments | $ 75 | |
Triggering events | Closing of the acquisition of the CSA mine by MAC. | Closing of the acquisition of the CSA mine by MAC. |
Commitments - Disclosure of d_2
Commitments - Disclosure of detailed information about significant commitments for streams and offtakes (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Amulsar stream [Member] | |
Disclosure Of Commitments [Line Items] | |
Term of agreement | 40 years |
Amulsar stream [Member] | Gold [Member] | |
Disclosure Of Commitments [Line Items] | |
Attributable payable production to be purchased, percentage | 4.22% |
Per ounce/carat price | 400 |
Amulsar stream [Member] | Silver [Member] | |
Disclosure Of Commitments [Line Items] | |
Attributable payable production to be purchased, percentage | 62.50% |
Per ounce/carat price | 4 |
Amulsar offtake [Member] | |
Disclosure Of Commitments [Line Items] | |
Term of agreement | Until delivery of 2,110,425 ounces Au |
Amulsar offtake [Member] | Gold [Member] | |
Disclosure Of Commitments [Line Items] | |
Attributable payable production to be purchased, percentage | 81.91% |
Per ounce/carat price | Based on quotational period |
Back Forty stream [Member] | |
Disclosure Of Commitments [Line Items] | |
Term of agreement | Life of mine |
Back Forty stream [Member] | Gold [Member] | |
Disclosure Of Commitments [Line Items] | |
Attributable payable production to be purchased, percentage | 18.50% |
Per ounce/carat price | 30% spot price (max $600) |
Back Forty stream [Member] | Silver [Member] | |
Disclosure Of Commitments [Line Items] | |
Attributable payable production to be purchased, percentage | 85% |
Per ounce/carat price | 4 |
Gibraltar stream [Member] | |
Disclosure Of Commitments [Line Items] | |
Attributable payable production to be purchased, percentage | 75% |
Gibraltar stream [Member] | Silver [Member] | |
Disclosure Of Commitments [Line Items] | |
Attributable payable production to be purchased, percentage | 75% |
Per ounce/carat price | nil |
Term of agreement | Life of mine |
Mantos Blancos stream [Member] | Silver [Member] | |
Disclosure Of Commitments [Line Items] | |
Attributable payable production to be purchased, percentage | 100% |
Per ounce/carat price | 8% spot |
Term of agreement | Life of mine |
Renard stream [Member] | |
Disclosure Of Commitments [Line Items] | |
Term of agreement | 40 years |
Renard stream [Member] | Diamond [Member] | |
Disclosure Of Commitments [Line Items] | |
Attributable payable production to be purchased, percentage | 9.60% |
Per ounce/carat price | Lesser of 40% of sales price or $40 |
San Antonio stream [Member] | |
Disclosure Of Commitments [Line Items] | |
Term of agreement | Life of mine |
San Antonio stream [Member] | Gold [Member] | |
Disclosure Of Commitments [Line Items] | |
Attributable payable production to be purchased, percentage | 15% |
Per ounce/carat price | 15% spot price |
San Antonio stream [Member] | Silver [Member] | |
Disclosure Of Commitments [Line Items] | |
Attributable payable production to be purchased, percentage | 15% |
Per ounce/carat price | 15% spot price |
Sasa stream [Member] | |
Disclosure Of Commitments [Line Items] | |
Term of agreement | 40 years |
Sasa stream [Member] | Silver [Member] | |
Disclosure Of Commitments [Line Items] | |
Attributable payable production to be purchased, percentage | 100% |
Per ounce/carat price | 6.21 |
Tintic stream [Member] | |
Disclosure Of Commitments [Line Items] | |
Term of agreement | Life of mine |
Tintic stream [Member] | Gold [Member] | |
Disclosure Of Commitments [Line Items] | |
Attributable payable production to be purchased, percentage | 2.50% |
Per ounce/carat price | 25% spot price |
Tintic stream [Member] | Silver [Member] | |
Disclosure Of Commitments [Line Items] | |
Attributable payable production to be purchased, percentage | 2.50% |
Per ounce/carat price | 25% spot price |
Deconsolidation of Osisko Dev_3
Deconsolidation of Osisko Development and discontinued operations (Narrative) (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2022 CAD ($) Rate | May 31, 2022 CAD ($) share | May 31, 2022 CAD ($) share $ / shares | Apr. 30, 2022 CAD ($) shares | Apr. 30, 2022 USD ($) $ / shares shares | Mar. 31, 2022 CAD ($) $ / shares Rate shares | Mar. 31, 2022 USD ($) $ / shares Rate shares | Mar. 31, 2021 CAD ($) $ / shares shares | Feb. 28, 2021 CAD ($) $ / shares shares | Jan. 31, 2021 CAD ($) $ / shares shares | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) Rate | Dec. 31, 2020 CAD ($) | May 31, 2022 USD ($) share | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||||||
Investments in associates | $ 319,763 | $ 125,354 | ||||||||||||
Recognized royalty and stream interests on assets held | 122,053 | |||||||||||||
Net loss from discontinued operations | (268,475) | $ (133,302) | ||||||||||||
Osisko Development Corp [Member] | ||||||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||||||
Proportion of ownership interest in subsidiary | Rate | 44.10% | 75.10% | ||||||||||||
Investments in associates | $ 207,000 | |||||||||||||
Recognized royalty and stream interests on assets held | 122,100 | |||||||||||||
Net non-cash loss on deconsolidation | $ 140,900 | |||||||||||||
Share consolidation ratio of ODV shares | a three for one basis (3:1) | |||||||||||||
First tranche of non-brokered private placement [Member] | ||||||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||||||
Number of units issued of ODV | shares | 9,346,464 | |||||||||||||
Price per unit issued of ODV | $ / shares | $ 7.5 | |||||||||||||
Gross proceeds from issuance of units of ODV | $ 68,600 | |||||||||||||
Description of units issued of ODV | Each unit consisted of one common share of Osisko Development and one-half of one common share purchase warrant of Osisko Development, | |||||||||||||
Exercise price for warrants issued of ODV | $ / shares | $ 10 | |||||||||||||
Final tranche of non-brokered private placement [Member] | ||||||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||||||
Number of units issued of ODV | shares | 1,515,731 | |||||||||||||
Price per unit issued of ODV | $ / shares | $ 7.5 | |||||||||||||
Gross proceeds from issuance of units of ODV | $ 11,200 | |||||||||||||
Description of units issued of ODV | Each unit consisted of one common share of Osisko Development and one-half of one common share purchase warrant of Osisko Development, | |||||||||||||
Exercise price for warrants issued of ODV | $ / shares | $ 10 | |||||||||||||
Non-brokered private placement [Member] | ||||||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||||||
Proceeds from private placements received by ODV | $ 73,900 | |||||||||||||
Share issue expenses from the non-brokered private placement of ODV | 1,100 | |||||||||||||
Share issue expenses, net of tax from the non-brokered private placement of ODV | $ 800 | |||||||||||||
Bought deal brokered private placement of flow-through shares [Member] | ||||||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||||||
Proceeds from private placements received by ODV | $ 33,600 | |||||||||||||
Share issue expenses from the non-brokered private placement of ODV | 1,500 | |||||||||||||
Share issue expenses, net of tax from the non-brokered private placement of ODV | $ 1,100 | |||||||||||||
Number of flow-through shares issued from the brokered private placement of ODV | shares | 2,055,742 | |||||||||||||
Price per flow-through share issued from brokered private placement | $ / shares | $ 9.05 | |||||||||||||
Number of charity flow-through shares issued from the brokered private placement of ODV | shares | 1,334,500 | |||||||||||||
Price per charity flow-through shares issued from the brokered private placement of ODV | $ / shares | $ 11.24 | |||||||||||||
Recognition of deferred premium on flow-through shares from brokered private placement of ODV | $ 7,900 | |||||||||||||
Share issue costs attributed on deferred premium from brokered private placement of ODV | $ 500 | |||||||||||||
ODV bought deal private placement [Member] | ||||||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||||||
Description of units issued of ODV | Each ODV Unit was comprised of one common share of the company (each, an "ODV Common Share") and one common share purchase warrant (each, an "ODV Warrant"), with each ODV Warrant entitling the holder thereof to purchase one additional ODV Common Share at a price of $7.60 per ODV Common Share for a period of 60 months following the date hereof. | Each ODV Unit was comprised of one common share of the company (each, an "ODV Common Share") and one common share purchase warrant (each, an "ODV Warrant"), with each ODV Warrant entitling the holder thereof to purchase one additional ODV Common Share at a price of $7.60 per ODV Common Share for a period of 60 months following the date hereof. | ||||||||||||
Exercise price for warrants issued of ODV | $ / shares | $ 7.6 | |||||||||||||
Proceeds from private placements received by ODV | $ 103,500 | |||||||||||||
Number of ODV Subscription Receipts | shares | 13,732,900 | 13,732,900 | ||||||||||||
Price per Offered Security (ODV Subscription Receipts and ODV Units) | $ / shares | $ 4.45 | |||||||||||||
Number of ODV Units | shares | 9,525,850 | 9,525,850 | ||||||||||||
Percentage of cash commission paid to the underwriters | Rate | 5% | 5% | ||||||||||||
First tranche of ODV non-brokered private placement [Member] | ||||||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||||||
Proceeds from private placements received by ODV | $ 108,100 | $ 84.8 | ||||||||||||
Number of ODV Subscription Receipts | shares | 24,215,099 | 24,215,099 | ||||||||||||
Price per Offered Security (ODV Subscription Receipts and ODV Units) | $ / shares | $ 3.5 | |||||||||||||
Second tranche of ODV non-brokered private placement [Member] | ||||||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||||||
Proceeds from private placements received by ODV | $ 41,000 | $ 32.8 | ||||||||||||
Number of ODV Subscription Receipts | shares | 9,365,689 | 9,365,689 | ||||||||||||
Price per Offered Security (ODV Subscription Receipts and ODV Units) | $ / shares | $ 3.5 | |||||||||||||
Third tranche of the ODV non-brokered private placement [Member] | ||||||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||||||
Proceeds from private placements received by ODV | $ 2,200 | $ 1.8 | ||||||||||||
Number of ODV Subscription Receipts | shares | 512,980 | 512,980 | ||||||||||||
Price per Offered Security (ODV Subscription Receipts and ODV Units) | $ / shares | $ 3.5 | |||||||||||||
ODV non-brokered private placement [Member] | ||||||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||||||
Description of units issued of ODV | Each ODV Unit was comprised of one ODV Common Share and one ODV Warrant, with each ODV Warrant entitling the holder thereof to purchase one additional ODV Common Share at a price of US$6.00 per ODV Common Share for a period of five years following the date of issue. | |||||||||||||
Exercise price for warrants issued of ODV | $ / shares | $ 6 | |||||||||||||
Osisko Development, discontinued operations [Member] | ||||||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||||||
Revenues of discontinued operations | 44,820 | $ 7,275 | ||||||||||||
Net loss from discontinued operations | (268,475) | $ (133,302) | ||||||||||||
Tintic Consolidated Metals LLC [Member] | Osisko Development Corp [Member] | ||||||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||||||
Number of ODV shares issued for Tintic acquisition | share | 12,049,449 | 12,049,449 | 12,049,449 | |||||||||||
Cash transfered for Tintic acquisition by ODV | $ 74,700 | $ 74,700 | $ 58.7 | |||||||||||
NSR royalty percentage | 2% | |||||||||||||
Buyback right percentage | 50% | |||||||||||||
Deferred consideration | $ 15,900 | 15,900 | 12.5 | |||||||||||
Transaction costs related to acquisition | 4,700 | |||||||||||||
Consideration paid | 199,473 | 199,473 | 156.6 | |||||||||||
Convertible instruments | $ 10,800 | $ 10,800 | $ 8.5 | |||||||||||
Tintic Consolidated Metals LLC [Member] | Osisko Development, discontinued operations [Member] | ||||||||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||||||||
Revenues of discontinued operations | 11,500 | |||||||||||||
Net loss from discontinued operations | $ 1,600 |
Deconsolidation of Osisko Dev_4
Deconsolidation of Osisko Development and discontinued operations - Disclosure of summarized balance sheet before inter-company adjustments (Details) - Osisko Development Corp [Member] $ in Thousands | Sep. 30, 2022 CAD ($) |
Disclosure of information related to Osisko Development on September 30, 2022, immediately prior to deconsolidation [line items] | |
Current assets | $ 168,092 |
Current liabilities | (51,330) |
Current net assets | 116,762 |
Non-current assets | 902,768 |
Non-current liabilities | (105,757) |
Non-current net assets | 797,011 |
Total net assets | 913,773 |
Accumulated other comprehensive income | (515) |
Non-controlling interests | $ (443,295) |
Deconsolidation of Osisko Dev_5
Deconsolidation of Osisko Development and discontinued operations - Disclosure of results of operations presented as discontinued operations on the consolidated statements of loss (Details) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Results of discontinued operations: | ||
Net loss from discontinued operations | $ (268,475) | $ (133,302) |
Osisko Development, discontinued operations [Member] | ||
Results from discontinued operations: | ||
Net loss on deconsolidation | (140,910) | 0 |
Results of discontinued operations: | ||
Revenues of discontinued operations | 44,820 | 7,275 |
Impairment of assets | (81,000) | (121,600) |
Other expenses, net | (89,895) | (31,948) |
Net loss before income taxes | (126,075) | (146,273) |
Deferred income tax (expense) recovery | (1,490) | 12,971 |
Net loss | (127,565) | (133,302) |
Net loss from discontinued operations | $ (268,475) | $ (133,302) |
Net loss per share from discontinued operations | ||
Basic and diluted | $ (1.5) | $ (0.8) |
Deconsolidation of Osisko Dev_6
Deconsolidation of Osisko Development and discontinued operations - Disclosure of preliminary purchase price allocation for Acquisition of Tintic by Osisko Development (Details) - Osisko Development Corp [Member] - Tintic Consolidated Metals LLC [Member] $ in Thousands, $ in Millions | May 31, 2022 CAD ($) share | May 31, 2022 USD ($) share |
Consideration paid | ||
Issuance of common shares | $ 109,656 | |
Number of shares issued | share | 12,049,449 | 12,049,449 |
Cash | $ 63,881 | |
Convertible instruments | 10,800 | $ 8.5 |
Fair value of deferred consideration of US$12.5 million ($15.9 million) | 13,414 | |
Deferred consideration | 15,900 | 12.5 |
Fair value of other contingent payments, rights and obligations | 1,695 | |
Consideration paid | 199,473 | $ 156.6 |
Net assets acquired | ||
Current assets | 2,705 | |
Mining assets and plant and equipment | 182,229 | |
Exploration and evaluation | 38,508 | |
Other non-current assets | 1,735 | |
Current liabilities | (1,322) | |
Non-current liabilities | (4,925) | |
Deferred income tax liability | (19,457) | |
Net assets acquired | $ 199,473 |
Deconsolidation of Osisko Dev_7
Deconsolidation of Osisko Development and discontinued operations - Disclosure of estimated useful life of property and equipment in discontinued operations (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Leasehold improvements [Member] | |
Disclosure of analysis of single amount of discontinued operations [line items] | |
Useful life of property, plant and equipment | Lease term |
Right-of-use assets [Member] | |
Disclosure of analysis of single amount of discontinued operations [line items] | |
Useful life of property, plant and equipment | Shorter of useful life and lease term |
Osisko Development, discontinued operations [Member] | Leasehold improvements [Member] | |
Disclosure of analysis of single amount of discontinued operations [line items] | |
Useful life of property, plant and equipment | Lease term |
Osisko Development, discontinued operations [Member] | Furniture and office equipment [Member] | |
Disclosure of analysis of single amount of discontinued operations [line items] | |
Useful life of property, plant and equipment | 2-7 years |
Osisko Development, discontinued operations [Member] | Exploration equipment and facilities [Member] | |
Disclosure of analysis of single amount of discontinued operations [line items] | |
Useful life of property, plant and equipment | 2-20 years |
Osisko Development, discontinued operations [Member] | Mining plant and equipment (development) [Member] | |
Disclosure of analysis of single amount of discontinued operations [line items] | |
Useful life of property, plant and equipment | 3-20 years |
Osisko Development, discontinued operations [Member] | Right-of-use assets [Member] | |
Disclosure of analysis of single amount of discontinued operations [line items] | |
Useful life of property, plant and equipment | Shorter of useful life and lease term |
Subsequent events (Narrative) (
Subsequent events (Narrative) (Details) - Subsequent events [Member] | 1 Months Ended |
Feb. 23, 2023 $ / shares | |
Disclosure of non-adjusting events after reporting period [line items] | |
Dividends payable amount per share | $ 0.055 |
Date on which dividends are payable | April 14, 2023 |