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Osisko Gold swings to C$60,000 net loss

Osisko Gold RoyaltiesLtd. said May 4 that it has swung to a net loss attributable to shareholdersof C$60,000 in the first quarter, from attributable net earnings of C$10.3 million,or 15 cents per share, a year earlier.

Despite the net loss, the board declared the seventh quarterlydividend of 4 cents per common share, payable July 15.

This was in line with the previous quarter, but up from the 3cents per share declared in the comparable period in 2015.

The company's revenue growth to C$15.6 million from C$10.6 millionwas unable to offset the C$3.0 million depletion in royalty interests and the foreignexchange loss of C$13.7 million booked during the three-month period.

The company earned 9,404 ounces of gold and sold 9,417 ouncesin the quarter, versus 6,985 ouncesearned and sold the previous year. Earned and sold silver was 8,092 ounces and 8,100ounces, respectively, higher than the 7,825 ounces earned and sold in the firstquarter of 2015.

Cash and cash equivalents totaled C$439 million and net workingcapital stood at C$438.1 million.