gold mining stocks 2016

Gold Mining Stocks to watch in

July 2016

Coeur Mining

HudBay Minerals Inc.

Sirios Resources

Goldcorp Inc.

Osisko Gold Royalties Ltd

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Gold drives up and pushes the value of

gold mining stocks

Gold Chart – Date: 05-07-2016Gold Chart; 1.345,49 $; Date 05-07-2016

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Coeur Mining

Coeur has been a star performer YTD.

Coeur has slashed costs and refocused its operations on the higher grade portions of its Palmarejo and

Kensington mines. The company expects to access these higher margin ore sources by late 2016 and

this should deliver better margins, for as long as this ore lasts. Progress with this initiative and deep

cuts to costs seem to have encouraged investors and led to stocks outperformance.

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Coeur Mining – Strong Portfolio

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Coeur Mining is the largest U.S.-based primary silver producer and a significant gold producer with five precious

metals mines in the Americas. Coeur produces from its wholly-owned operations: the Palmarejo silver-gold mine in Mexico,

the San Bartolome silver mine in Bolivia, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska,

and the Wharf gold mine in South Dakota.

The company also has a non-operating interest in the Endeavor mine in Australia, and royalties on the Cerro Bayo mine in

Chile, the El Gallo complex in Mexico, the Zaruma mine in Ecuador, and the Correnso mine in New Zealand. In addition,

the Company has two silver-gold feasibility stage projects - the La Preciosa project in Mexico and the Joaquin project in

Argentina.

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Coeur Mining

Coeur Mining Inc. (CDE.N)

11.26USD; 1 July 2016

Coeur has been a star performer YTD. Coeur has slashed costs and refocused its operations on the higher grade portions of its Palmarejo and

Kensington mines. The company expects to access these higher margin ore sources by late 2016 and this should deliver better margins, for as

long as this ore lasts. Progress with this initiative and deep cuts to costs seem to have encouraged investors and led to stocks outperformance.

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Coeur Mining - Interim Income Statement

Coeur Mining Inc

Interim Income Statement

[Standardized in USD Millions]

31-Mar-2016 31-Dec-2015 30-Sep-2015 30-Jun-2015 31-Mar-2015

Period Length 3 Months 3 Months 3 Months 3 Months 3 Months

Total Revenue 148,4 164,3 162,6 166,3 153

Cost of Revenue 101,6 125,3 120,2 119,1 115,1

Gross Profit 46,8 39,1 42,3 47,2 37,9

Exploration, Development and Mineral Property Lease 1,7 1,7 2,1 3,6 4,3

General and Administrative Expense 8,3 8,9 6,7 8,5 8,8

Selling, General and Administrative Expenses 8,3 8,9 6,7 8,5 8,8

Development Expense 4,2 - 4,9 2,3 6,8

Research and Development 4,2 - 4,9 2,3 6,8

Depreciation, Amortization and Depletion 28 36,2 35,5 39 33,1

Write-Down 4,4 - - - -

Special Income Charges 4,4 - - - -

Total Operating Expense 46,6 363,9 49,2 53,3 53

Total Expenses 148,2 489,2 169,5 172,4 168

Operating Income 0,2 -324,8 -6,9 -6,1 -15,1

Interest Expense - Non-Operating 9,8 11,8 12,4 13,6 8,4

Net Non-Operating Interest Income (Expense) -9,8 -11,8 -12,4 -13,6 -8,4

Income Before Tax -18,3 -320,8 -22,5 -16,9 -33,2

Total Income Tax 2,1 -17,8 -8,3 -0,3 0,1

Income After Tax -20,4 -303 -14,2 -16,7 -33,3

Net Income -20,4 -303 -14,2 -16,7 -33,3

EBITDA 19,5 -272,9 25,5 39,1 8,3

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Coeur Mining owns : a Diversified Geographical Presence

Geographically diverse operations helps Coeur mitigate the various risks associated with an over dependence on a

particular market. The company is a silver and gold mining company. It owns operational properties in Mexico, the US and

Bolivia. It also owns development projects; and streaming and royalty interests in Mexico, Australia, New Zealand Chile

and Ecuador. Geographically, the company classifies its operations into five regions: the US, Mexico, Bolivia, Australia and

Others. In FY 2015, these regions accounted for 58%, 27.%, 13 %, 1.4 % and 0.6% of the company’s total revenue

respectively. A wide geographical presence enables the company to enhance its brand equity, and provides new growth

opportunities.

Coeur Mining owns : Huge Reserves

Strong reserves help the company to cater the increasing demand in the market. As of December 2015, the company’s

San Bartolome mine has proven and probable reserves of 27.9 ounces of silver at the mine. Its Palmarejo silver and gold

mine has total proven and probable reserves of 9.09Mt, with 44.9 Moz of silver at 4.94 oz./ton of silver grade. . In addition,

the Rochester Mine has total proven and probable reserves of 150.6 Mt with 79.3 ounces of silver at 0.53 oz./ton of silver

grade and 0.003 oz./ton of gold grade. Kensington mine has total proven and probable reserves of 26.7 Mt with 560,301

ounces of gold at 0.198 oz./ton of gold grade. Therefore, the company’s reserves and resources enhance its business

operations and generate higher revenues.

Coeur Mining owns : Strong Asset Base

Strong asset base enables the company to enhance its business growth objectives. The company involves in the

production and exploration of silver and gold mining assets. Coeur owns and operates San Bartolome mine; Palmarejo

mine; Rochester mine; Wharf mine; and the Kensington Gold Mine. Coeur also owns streaming and royalty interests in

Endeavor mine which produces silver, lead and zinc; El Gallo complex; Zaruma gold mine; Cerro Bayo silver-gold mine;

Correnso gold mine; and other non-producing properties. The company also owns development projects including Joaquin

in Argentina and La Preciosa in Mexico. In Fy2015, the company produced 15.9 million ounces (Moz) of silver and 327,908

ounces of gold. Therefore, strong asset base helps the company in attracting larger customer base, while improving the

top-line performance.

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Coeur Mining

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Assets:

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HudBay Minerals Inc. is a Canada-based mining company. The Company is engaged in the production of copper

concentrate, consisting of copper, gold and silver, as well as zinc metal. The Company is focused on the discovery,

production and marketing of base and precious metals. The Company has assets in North and South America. Through its

subsidiaries, the Company owns approximately four polymetallic mines, four ore concentrators and a zinc production

facility in northern Manitoba and Saskatchewan (Canada) and Cusco (Peru), and a copper project in Arizona (the United

States). The Company owns Constancia mine, an open pit copper mine in Peru. It owns 777 mine, an underground copper,

zinc, gold and silver mine in Flin Flon, Manitoba. It owns Lalor mine, an underground zinc, copper and gold mine near

Snow Lake, Manitoba. It also owns Rosemont project, a copper development project in Pima County, Arizona, in the United

States.

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HBM.TO on Toronto Stock Exchange

6.64 CAD; 4th of July 2016

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HudBay Minerals Inc. - Interim Income Statement

HudBay Minerals Inc





Total Revenue 253,6 336,6 269,8 149,7 128,7

Cost of Revenue 225,7 277,8 227,8 145,5 115,7

Gross Profit 27,9 58,8 42 4,2 13



Total Operating Expense 13,8 354,7 42,3 33,9 15,3

Total Expenses 239,5 632,9 270,1 179,4 131,1

Operating Income 14,2 -295,9 -0,3 -29,8 -2,3

Income Before Tax -16,9 -325,6 -16,1 -46 -11,5

Total Income Tax -1,1 -70,1 -4,3 -1,5 8,4

Income After Tax -15,8 -255,5 -11,8 -44,5 -19,8

Net Income -15,8 -255,5 -11,8 -44,5 -19,8

Net Income Available to Common Stockholders -15,8 -255,5 -11,8 -44,5 -19,8

EBITDA 80,6 -206,3 74,7 -1,9 14,3

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HudBay is a mining company, involved in the exploration and production of copper, zinc, gold and silver. The

company’s strong asset base and reserves and resources are its key strengths, even as limited liquidity position

remains an area of concern. Going forward, operational risks, stringent Canadian regulations and shortage of

skilled labor in Canada may impact the company’s performance. However, increasing demand for silver and gold

and strategic growth initiatives may provide new growth opportunities for the company.

Strong Asset Base

HudBay asset portfolio enables the company to increase its revenues. The company owns 100% interest in two material

mineral projects in Canada including 777 mine, an underground mine in Flin Flon, Manitoba and Lalor project, located near

Snow Lake, Manitoba. In addition, it owns a 70% interest in the Reed mine located near Snow Lake, Manitoba. The

company owns 100% interest in Constancia project in Peru. In addition, the company also includes other exploration

properties such as Tom and Jason project and Grassroots projects. HudBay also holds minority equity interest several

junior exploration companies, as part of its strategy to occupy a pipeline of projects with the potential for development. The

company’s early stage opportunity pipeline projects are located in Canada, the US, Chile, Peru and Colombia. Such strong

asset portfolio enables the company to expand its production.

Strong Reserves and Resources

Strong reserves and resources help the company to cater the increasing demand in the market. As of January, 2016, the

mine had total proven and probable mineral reserves of 6.3 million tonnes, at 1.8% Cu grade, 4.9% of Zn grade, 1.8 g/t

(Au) grade and 26.7 g/t silver (Ag) grade. Lalor project had total proven and probable mineral reserves of 15.3 million

tonnes, at 0.7% of Cu, 5.7% of Zn grade, 2.54 of Au (g/t) and grade of 25.2 Ag (g/t). Reed mine had total mineral reserves

of 1.2 million tonnes, at 4.1% of copper grade, 0.4% of Zn, 0.4 g/t of Au and 5.3 g/t of Ag. Constancia project the project

had total mineral reserves of 614 million tonnes at 0.3% of Cu, 93% of Mo(g/t), 0.05% of Au (g/t) and 2.3% of Ag (g/t).

Therefore, the company’s reserves and resources enhance its business operations and generate higher revenues.

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HudBay – Strategic Overview

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Limited Liquidity Position

HudBay's current ratio was 1.2 in FY2015. This was lower than its close competitors, Centerra Gold Inc. and Eldorado

Gold Corporation, with respective current ratios of 5.7 and 4.2. This suggests that the company is less able to meet its

short-term obligations than some of its peers. At the end of the review year, the company had total current assets worth

US$435.2 million, a decrease of 5.6%. Its total current liabilities stood at US$377.6 million, an increase of 1% over the

previous year. Its current portfolio of long-term debt or capital leases also increased from US$20.1 million in FY2014 to

US$75.6 million in FY2015. The company’s and liquidity position puts it at a disadvantage when funding any potential

opportunities in the market.

Strategic Growth Initiatives

HudBay supports growth across diversified portfolio through acquisition and integration of firms apart from organic growth.

In October 2015, the company and Northern Zinc, LLC signed a purchase agreement with Star Mountain Resources, Inc.,

whereby Star Mountain announced to acquire Balmat Holding Corporation. In June 2015, the company signed a three year

collective agreements with the members of United Steelworkers Local 7106 and USW Local 9338. Such strategic

acquisitions are likely to strengthen the company's position in the market, in turn increasing its revenues.

Increase in Demand for Copper

Increasing global demand for Copper may lead to a potential increase in demand for company’s products. According to in-

house sources, global demand for copper is expected to be fueled by countries such as China, India, Japan, Germany and

the US. China is currently the largest consumer of refined copper accounting for 40% of world consumption. Its

consumption is expected to increase from 8.5 Mt in 2015 to 10 Mt in 2020. Germany’s copper consumption is expected to

increase from 1.7 Mt in 2015 to 2.2 Mt in 2020. Copper consumption in Japan is expected to increase from 1.2 Mt in 2015

to 1.3 Mt in 2020. India’s copper imports are expected to increase from 4.2 Mt in 2015 to 5.2 Mt in 2020. Therefore,

HudBay mining may benefit from this growing demand by gaining new projects or increased business activities and

enhance its revenues.

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Increasing Demand for Gold

Increasing global demand for gold may lead to a potential increase in demand for company’s products. According to in-

house research, global demand for gold is expected to be fueled by countries such as China, India and the US. China is

the largest consumer of gold and its gold consumption is expected to increase from 47.8 million ounces in 2015 to 61.5

million ounces in 2020. India’s gold consumption is expected to increase from 40.6 million ounces in 2015 to 54.6 million

ounces in 2020. In the medium term, the rise in demand for refined gold from Asian countries is mainly expected from its

jewelry sector, with factors such as wealthy citizens and a supportive government playing major roles. HudBay is involved

in the exploration and mining of gold and hence may benefit from this growing demand by gaining new projects or

increased business activities and enhance its revenues.

Rising Demand for Silver

Increasing global demand for silver may lead to a potential increase in demand for mining activities offering significant

growth opportunities for the company. According to the Silver Institute, Silver industrial demand which is the major

component of total silver offtake is expected to expand its share of total demand in 2016. In addition, in 2015, the industrial

fabrication demand accounted for 54% of total physical silver demand. Moreover Silver’s use in photovoltaic’s for solar

energy is expected to increase in 2016 and exceed the 75.8 Moz (million ounces) which was set in 2011, due to increase in

solar panel installations globally. Silver’s use in this application is expected to account for over 13% of total silver industrial

demand in 2016. The demand for silver from producers of ethylene oxide (EO) is anticipated to increase by 25% to more

than 10 Moz in 2016 annually. This demand is expected to appear from establishment of new EO plants and expansions

primarily in China, which is expected to account for 80% of silver supplies for new EO capacity in 2016. Jewelry fabrication

is also expected to grow by 5% in 2016; and coin demand which accounted for 12% of the total physical demand of silver

with 130 Moz is also expected to increase in 2016. HudBay can consider diversifying its portfolio to cater to the rising

demand for silver, and increase its revenue.

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Sirios Resources Inc.

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Sirios Resources soars 300% in 2016, outperforming 99% of its global peers

Sirios Resources Inc., Canada's 223rd largest Metals & Mining company by market cap, has soared 30.0c

(or 300%) year to date in 2016 to close at 40.0c. The stock has a 6-month USD relative strength of 99 which

means in USD terms it is outperforming 99% of its 46,178 global peers.


SOI.V on TSX Venture Exchange

0.39CAD; 30 Jun 2016

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Company Overview

Sirios Resources Inc. (Sirios Resources) is a mineral exploration company. The company explores silver

and gold deposits in the James Bay region of Quebec in eastern Canada. Its projects include Cheechoo

project, Pontax project, Aquilon project, and Kukames project. Sirios Resources’ Cheechoo gold project

comprises 145 claims covering approximately 75 sq km adjacent to the property of the Eleonore gold mine

of Goldcorp. The company’s Pontax property is located in James Bay, Quebec, approximately 350 km north

of Matagami which includes 497 claims covering close to 250 sq km.

Its Kukames gold property totals about 242 claims covering approximately 130 sq km. Sirios Resources is

headquartered in Montreal, Quebec, Canada

What talks for them:

They have Osisko Royalties (TSX:OR) as an investor and Goldcorp (TSX:G) as a 19 percent investor.

They exactly know where to invest!!


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The Cheechoo gold property consists of 145

claims covering 75 km2 in two adjacent blocks to

the gold mine Eleonore owned by Goldcorp which

itself is located 320 km north of Matagami (Qc).

The Pontax property is located in James

Bay, Quebec, approximately 350 km north of

Matagami. It consists of 497 claims covering

close to 250 sq km. The project's purpose is to

test the potential for diamond and metals in a

previously unexplored region.

Aquilon

This 104 claims gold property covering

approximately 50 sq km, is located ten

kilometres south of the LA-1 hydro-

electrical complex, James Bay region,

Quebec. An outfitter with a landing strip is

situated less than 40 minutes from the

property by an all-weather road leading to

LA-1 dam.

The Kukames gold property, owned at 100%

by the Company, totals 242 claims covering

approximately 130 sq km. It is located

approximately 25 km southeast of the Eleonore

gold deposit owned by Goldcorp. It covers

approximately 35 km of favorable strike length

close to the limit between the La Grande and the

Opinaca geological sub-provinces where a gold

bearing corridor has been delineated by Sirios in

2006 within mineralized altered paragneiss.

Many gold showings showed grades such as

2.44 g/t Au; 1.65 g/t Ag; 22 ppm Bi and 0.14% W

(Tungsten) over 2.0 m. as well as 0.71 g/t Au;

0.6 g/t Ag; 0.7 % W over 1.0 m.

Sirios Resources Inc. - Projects

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Sirios Resources Inc. – Annual Income Statement

Sirios Resources Inc

Annual Income Statement


30-Jun-2015 30-Jun-2014 30-Jun-2013 30-Jun-2012 30-Jun-2011


Exploration, Development and Mineral Property Lease - - 0,1 - -

Wages and Salaries 0,3 0,3 0,3 0,2 0,2

Rent and Landing Fees 0 0 0 0 0

Insurance and Claims Expense 0 0 0 0 0


Promotion and Advertising - - 0 0 0,1

Selling and Marketing - - 0 0 0,1


Depreciation 0 0 0 0 0

Depreciation and Amortization 0 0 0 0 0

Depreciation, Amortization and Depletion 0 0 0 0 0

Write-Off 0 0 1,1 0,4 0,4

Special Income Charges 0 0 1,1 0,4 0,4

Other Taxes 0 0 - - -

Interest Expense - Operating 0 0 0 0 0

Net Operating Interest Income (Expense) 0 0 0 0 0


Operating Income -0,6 -0,6 -2,1 -0,8 -0,8

Earnings from Equity Interest 0,2 -0,1 -0,3 -0,1 -

Miscellaneous Other Special Charges -0,4 0,4 -0,2 -0,7 -

Other Income (Expense) -0,2 0,3 -0,5 -0,5 -

Income Before Tax -0,8 -0,3 -2,7 -1,3 -0,8

Total Income Tax -0,1 -0,2 -0,1 0 -0,2

Income After Tax -0,7 -0,1 -2,6 -1,3 -0,7

Net Income from Continuing Operations -0,7 -0,1 -2,6 -1,3 -0,7

Net Income -0,7 -0,1 -2,6 -1,3 -0,7

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Sirios Resources Inc. – Interim Balance Sheet

Sirios Resources Inc

Interim Balance Sheet



Cash 0,4 0,5 1 0,6 0,2

Cash and Cash Equivalents 0,4 0,5 1 0,6 0,2

Short-Term Investments 0,1 0 0 0 0

Cash, Cash Equivalents and Short-Term Investments 0,4 0,5 1 0,7 0,2

Loans Receivable - - - 0 -

Taxes Receivable 0,1 0,1 0,1 0 0

Other Receivables 0,1 - 0 - 0

Total Receivables 0,2 0,1 0,1 0 0

Prepaid Assets 0 0 0 0 0

Total Current Assets 0,6 0,6 1,1 0,7 0,2

Mineral Properties 7 5,8 5,6 5,8 5,6

Machinery and Equipment 0,1 0 0 0,1 0

Leases - - - - 0

Property/Plant/Equipment - Gross 7,1 5,8 5,7 5,9 5,7

Accumulated Depreciation 0 0 0 0 0

Property/Plant/Equipment - Net 7,1 5,8 5,7 5,8 5,6

Long-Term Investments 0,3 0,3 0,3 0,3 0,5

Total Non-Current Assets 7,4 6,1 5,9 6,1 6,1

Total Assets 8 6,7 7 6,9 6,4

Payables 0,3 0,1 0,1 0,1 0

Current Provisions 0,2 0,2 0,2 0,3 0,2

Current Debt - - - 0 0

Current Debt and Capital Lease Obligation - - - 0 0

Other Current liabilities - - 0,2 0,2 0

Total Current Liabilities 0,6 0,4 0,5 0,6 0,3

Total Non-Current Liabilities - 0,1 - - -

Total Liabilities 0,6 0,4 0,5 0,6 0,3

Retained Earnings (Accumulated Deficit) -14,1 -13,1 -13,4 -14,4 -13,7

Additional Paid-In Capital 21,5 19,4 19,9 20,7 19,7

Stockholders' Equity 7,4 6,2 6,5 6,3 6

Total Equity 7,4 6,2 6,5 6,3 6

Total Liabilities and Shareholders &Equity 8 6,7 7 6,9 6,4

Net Tangible Assets 7,4 6,2 6,5 6,3 6

Working Capital 0,1 0,2 0,6 0,1 -0,1

Invested Capital 7,4 6,2 6,5 6,3 6,1

Total Debt - - - 0 0

Total Capitalization 7,4 6,2 6,5 6,3 6

Common Stock Equity 7,4 6,2 6,5 6,3 6

Total Common Shares Outstanding 75,1 67,2 57,4 57,4 51,9

Total Preferred Shares Outstanding - - 0,1 0,1 0,1

Shares Issued 75,1 67,2 57,4 57,4 51,9

Tangible Book Value 7,4 6,2 6,5 6,3 6

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Major competitors of Sirios Resources Inc.:

Critical Elements Corporation (Ticker: CRE)

Dios Exploration Inc.

Integra Gold Corp (Ticker: ICG)

Pelangio Exploration Inc. (Ticker: PX)

Investors of Sirios Resources Inc.:

Goldcorp Inc. (Ticker: G), Investor in Sirios Ressources

Osisko Royalties (TSX:OR)


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Goldcorp Inc

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Goldcorp Inc

666 Burrard Street

Suite 3400

Vancouver, BC V6C 2X8

Canada

Business Description

Goldcorp Inc. is a gold producer engaged in the operation, exploration, development and acquisition of

precious metal properties in Canada, the United States, Mexico, and Central and South America. The

Company is engaged in the sale of gold, silver, lead, zinc and copper. The Company's segments include

Red Lake Gold Mines Ontario Partnership (Red Lake), Goldcorp Canada Ltd./Goldcorp Inc. (Porcupine),

Musselwhite, Les Mines Opinaca Ltee (Eleonore), Minera Penasquito S.A. de C.V. and Camino Rojo S.A. de

C.V. (Penasquito), Desarrollos Mineros San Luis S.A. de C.V. (Los Filos), Montana Exploradora de

Guatemala S.A. (Marlin), Oroplata S.A. (Cerro Negro), Corredor SpA (Project Corridor), Minera Alumbrera

Limited (Alumbrera), El Morro and Pueblo Viejo Dominicana Corporation (Pueblo Viejo). The Red Lake

Mines are situated approximately 180 kilometers north of the town of Dryden, District of Kenora,

northwestern Ontario.

Goldcorp Inc

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Goldcorp Inc – Share price

GG.N on New York Stock Exchange

19.68USD; 1 Jul 2016

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Goldcorp Inc – Interim Income Statement

Goldcorp Inc





Operating Revenue 944 1072 1098 1188 1017

Total Revenue 944 1072 1098 1188 1017

Cost of Revenue 799 1083 1052 996 942

Gross Profit 145 -11 46 192 75

Exploration, Development and Mineral Property Lease 10 12 11 14 14

General and Administrative Expense 57 48 51 53 55

Selling, General and Administrative Expenses 57 48 51 53 55

Restructuring and M&A 23 - - - -

Non-Recurring Operation Expense 23 - - - -

Impairment of Capital Assets - 4906 - - -

Special Income Charges 23 4906 - - -

Total Operating Expense 54 4990 55 86 34

Total Expenses 889 6049 1114 1063 1011

Operating Income 91 -5001 -9 106 41

Interest Expense - Non-Operating 34 7 34 43 27

Net Non-Operating Interest Income (Expense) -34 -7 -34 -43 -27

Gain on Sale of Property/Plant/Equipment - - - 315 -

Gain on Sale of Security - - - 99 -

Miscellaneous Other Special Charges - -103 - 11 -

Other Income (Expense) -17 -103 -12 425 -24

Income Before Tax 40 -5111 -55 488 -10

Total Income Tax -40 -840 136 90 129

Income After Tax 80 -4271 -191 398 -139

Net Income from Continuing Operations 80 -4271 -191 398 -139

Net Income Available to Common Stockholders 80 -4271 -192 392 -87

Basic Average Shares 831 - 830,2 830 817

Diluted Average Shares 835 - 830,2 830 817

EBITDA 345 -4683 373 887 339

EBIT 74 -5104 -21 531 17

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1100, avenue des Canadiens-de-Montréal

Suite 300, P.O. Box 211

Montreal, QC H3B 2S2

Canada

Business Description

Osisko Gold Royalties Ltd (Osisko) is a Canada-based company engaged in the business of acquiring and

managing precious metal and other interests in Canada and across the world. The Company's assets

include the Canadian Malartic mine, located in Malartic, Quebec and Eleonore mine, located in the James

Bay area in Quebec. It invests in equities of exploration and royalty companies, as well as holds interest in

exploration and evaluation projects in over four prolific gold camps: the Abitibi Gold Belt, the James Bay

area, the Cariboo mining district and the Guerrero Gold Belt in Mexico. It holds interest in Vezza gold

property, which is located over 20 kilometers from Matagami, Quebec, and Cariboo Gold Project, which

covers an area of approximately 1,160 square kilometers. It owns a portfolio of royalties, options on royalties

and exclusive rights to participate in future royalty/stream financings on various projects, in Canada and the

United States.


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Osisko Gold Royalties Ltd – Share Price

OR.TO on Toronto Stock Exchange

17.44CAD; 4 Jul 2016

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Osisko Gold Royalties Ltd – Interim Income Statement






Total Revenue 11,4 9,6 9 8,3 8,6

Gross Profit - 9,6 9 8,3 -




Development Expense 1,6 2,6 1,7 1,3 3

Research and Development 1,6 2,6 1,7 1,3 3

Depletion 2,2 - - - -

Depreciation, Amortization and Depletion 2,2 - - - -

Special Income Charges - 0,1 - - -


Total Expenses 6,2 6,6 3,6 4,7 6,5

Operating Income 5,2 3 5,4 3,6 2,1

Interest Income - Non-Operating 0,4 0,6 0,8 1 0,9

Interest Expense - Non-Operating 0,4 0,1 0,1 0,1 0,1

Net Non-Operating Interest Income (Expense) 0 0,4 0,6 0,9 0,8

Earnings from Equity Interest -0,7 -0,9 -0,4 -1,2 -0,3

Miscellaneous Other Special Charges -5,1 2,4 4,5 0,9 6,8

Other Income (Expense) -5,8 1,4 4,1 -0,3 6,6

Income Before Tax -0,6 4,9 10,2 4,3 9,5

Total Income Tax -0,6 1,5 2,7 1,1 1,2

Income After Tax -0,1 3,4 7,5 3,2 8,3

Net Income from Continuing Operations -0,1 3,4 7,5 3,2 8,3

Minority Interest 0 0 0 0,1 0

Net Income 0 3,5 7,6 3,2 8,3

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Disclaimer

The study is not intended as an offer to sell, or to solicit an offer to buy or form any basis of

investment decision for any class of securities of the company in any jurisdiction. All such

information should not be used or relied on without professional advice. The study is a brief

summary in nature and do not purport to be a complete description of the Company, its

business, its current or historical operating results or its future prospects.

This study contains forward-looking statements that involve risks and uncertainties. All

statements other than statements of historical facts are forward-looking statements. These

statements involve known and unknown risks, uncertainties and other factors that may cause

that actual results, performance or achievements to be materially different from those

expressed or implied by the forward-looking statements.

This study is provided without any warranty or representation of any kind, either expressed or

implied.