Osisko Gold names Jason Attew as CEO, shares rally

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Osisko Gold Royalties Ltd. (TSX-OR, NYSE-OR) has announced the appointment of Jason Attew as President and CEO, a move that will take effect on January 2, 2024, the company said.

Attew was most recently President and CEO of Liberty Gold Corp. [TSX-LGD]. He is an accomplished mining executive with 30 years of experience in the industry.

Osisko Gold shares advanced on the news, rising 4.6% or 79 cents to $18.09 on volume of 330,800. The shares trade in a 52-week range of $24.51 and $15.16.

Osisko recently announced the appointment of Paul Martin as interim CEO following the departure of former President and CEO Sandeep Singh.

“After careful consideration, the independent directors unanimously concluded that a change of CEO was necessary to best position Osisko for continued long-term success,’’ Joanne Ferstman, Osisko’s Lead Director, on behalf of the Board, said in a recent statement.

In a press release shortly after the close of trading on November 8, 2023, Osisko said Norman MacDonald has been named Chair of the Board effective immediately. He will succeed Sean Roosen, who will continue as a director with the title “Chair Emeritus” to honour his legacy as founder of Osisko and his continuing contribution to the corporation.

The change reflects Roosen’s desire to focus on his role as CEO of Osisko Development Corp. [TSXV-ODV] while continuing to contribute as a director of Osisko. Roosen was founder of Osisko Mining Inc. [TSX-OSK], where he was instrumental in the discovery and development of the Canadian Malartic mine. He also led the efforts that resulted in the Creation of the corporation.

Osisko Gold Royalties is an intermediate precious metal royalty company with a focus on the Americas. It holds a portfolio of over 160 royalties, streams and precious metal offtakes. Its portfolio is anchored by a 5% NSR royalty on the Canadian Malartic Mine in Quebec, which ranks as the largest gold mine in Canada.

The company recently added to its portfolio via a binding agreement to acquire a 1.0% copper net smelter return (NSR) royalty and a 3.0% gold NSR royalty from Australian company Hot Chili Ltd. [TSXV-HCH, ASX, OTCQX-HHLKF] covering the Costa Fuego copper and gold project in Chile.

Costa Fuego has the potential to be a long-life, lower-cost copper mine in Chile, with significant byproduct credits, importantly situated at low elevation and in close proximity to key infrastructure.

The project is estimated to contain an indicated resource of 725 million tonnes of grade 0.47% copper equivalent (CuEq), grading 0.38% copper, 0.11 g/t gold, 0.45 g/t silver, and 93 ppm molybdenum. That material is hosted in both the open pit and underground portions of the Cortadera and Productora deposits.

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