The company has a strong pipeline of assets in Osisko Development (as well as Osisko Mining, Metals and O3), in which it holds royalty interests as well as equity. This pipeline is important when competition for royalty assets is so strong and prices so high. On a recent call, CEO Sandeep Singh emphasized the significance of the accelerator model, which had been "wildly successful" both financially and in developing the pipeline. He said he continues to like what he described as "the pure accelerator model," but said there are fewer good assets available after last year's market rally.
The company provided guidance for this coming year of between 78,000 to 82,000 GEOs (gold equivalent ounces), which was self-described as fairly conservative and deliberately so after several disappointments in recent years. In particular, Eleonore appears to have stabilized and now has upside, as does the diamond mine Renard, though it is not in the guidance.
It has the lowest valuation among the larger companies, justifiably so perhaps, though too wide a gap in my view. It is the highest yielding at 1.5%. Osisko is not receiving credit for the progress it has made, including turning around diamond mine Renard, as well as its no-cost inbuilt pipeline. Osisko is a buy.
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