Osisko Gold Royalties(NYSE:OR) reported record-breaking preliminary financial results for the first quarter of 2026 on April 8, bolstered by strong production across its core royalty portfolio and high precious metal prices.
The Montreal-based company delivered 22,740 Gold Equivalent Ounces (GEOs) for the quarter, generating a record $102.8 million in revenue.
Osisko’s business model continues to demonstrate exceptional operating leverage, reporting a cash margin of $99.5 million, representing a 96.8% margin on its royalty and stream interests.
The company ended the quarter on March 31, 2026, with approximately $94.9 million in cash.
This liquidity follows significant capital allocation throughout the quarter, including the funding of the Namdini Net Smelter Return (NSR) royalty and the repurchase of shares totaling $12.9 million (C$17.7 million) under its ongoing buyback program.
Meanwhile, Osisko enters the second quarter with a formidable balance sheet.
Its $650 million revolving credit facility remains entirely undrawn, providing substantial dry powder for future acquisitions.
The company also confirmed that two previously announced acquisitions are on track to close in early Q2 2026, which are expected to further diversify its jurisdictional exposure and add immediate GEO production.