{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Company Interviews","title":"Osisko Gold Royalties (TSX:OR) - New Strategy Pays off as Share Take Off","html":"","width":"100%","height":180,"duration":2696,"description":"Interview with Jason Attew, President & CEO of Osisko Gold RoyaltiesOur previous interview: https://www.cruxinvestor.com/posts/which-gold-miners-are-primed-for-a-re-rating-5309Recording date: 21st March 2025Osisko Gold Royalties has undergone a remarkable transformation under CEO Jason Attew, emerging as a pure-play precious metals royalty and streaming company with a strengthened balance sheet and simplified business model. With its 10th anniversary recently celebrated, the company now boasts a portfolio of 185 assets, including 21 producing properties.The most significant change has been abandoning the previous \"generator/incubator\" model, which involved purchasing and developing mining assets. According to Attew, this approach led to \"destruction of shareholder value\" due to the different skill sets required for development and the challenges of permitting and construction in today's inflationary environment. Instead, Osisko now focuses exclusively on providing capital through royalties and streams on high-quality assets managed by technically skilled teams in premium jurisdictions.Governance improvements have been another priority, with the elimination of the executive chair position, removal of related party transactions, and complete independence from other Osisko group companies. The company has also significantly reduced its net debt from over $250 million to approximately $35 million, while securing $750 million CAD in liquidity for future transactions.Osisko's portfolio is anchored by its crown jewel - a 5% royalty on Canadian Malartic operated by Agnico Eagle, representing approximately 37.5% of 2024 cash flow. Approximately 80% of the company's net asset value comes from tier-one jurisdictions in Canada, the US, and Australia, reducing geopolitical risk.Despite being a mid-tier player with about 5% of the sector's market capitalization, Osisko has captured approximately 10% of royalty deal flow, completing three transactions in 2024. These included...","thumbnail_url":"https://img.transistorcdn.com/1wv-MFlQAgnm-ca64e5kK4984dZB0os8-HJdRVsI74M/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzEzNTcyLzE2MjM5/NTQyMDctYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}