Osisko sees Q1 net earnings greatly improve y/y

TSX-listed Osisko Gold Royalties has declared first-quarter net earnings from continuing operations of $10.2-million, or $0.15 a share, for the first quarter of 2015. This was a marked improvement on the $3.5-million net loss, or $0.08 a share loss, in the corresponding period of 2014. The company achieved revenues for the period under review of $10.6-million. This was owing to the sale of gold and silver from the 5% net smelter royalty (NSR) received from the Canadian Malartic mine, in Quebec, compared with nil in the first quarter of 2014. The mine produced 135 786 oz of gold during the period under review, as a result of higher than expected recovery rates partially offset by lower than expected grades.