start here

start here

The Daily IKN email digest, get all daily posts sent to you next day (& no ads)


Osisko Gold Royalties ( Devils, details, things like that

What is it about this morning's NR from Sean Roosen's latest plaything, Osisko Gold Royalties (, that irritates me so much? It might be because I'm a curmudgeonly bar steward at the best of times, but I don't see why the dude feels the need to smudge, fudge and spin the numbers on his obviously successful company in order to put it in the absolute mega best light possible. 

The main point of the missive (except perhaps to try and prop up a share price that's dropped 15% in the last quarter) was for OR to toot its horn on the Aurico Metals deal, as now that Centerra has bought that one out, the OR position has realized strong gains. All fair enough, but when my eye got to the table presented at the bottom of the NR there was one line that caught it most:

Yeah, that "Other", down $16.3m or so. WTF?

Now if I were a shareholder of OR I'd be really but REALLY interested in the contents of "Other" and why it was down this much, but instead of line items we get a whitewash. And once that had caught my beady little eye, the "3" note at the top of the chart got it too, so it took about five minutes of rootling around the interwebnetpipes to see that the $411m in "current" value is only around $402m today January 9th 2018 if you want to be really current. Which is what OR wanted to do, what with all the Aurico Metals horntootin' an' falutin' in paragraph one.

My annoyance about this OR NR isn't about OR itself, undoubtedly successful to date and run by one of the smartest and feared/respected dudes in the industry. It's more about the way the Canadian mining industry feels is has, at all costs, to pretend they're "killing it" ay any given moment and the slightest weakness or imperfection must always be swept under the carpet. Perhaps that's why the blow-ups, when they happen, are as spectacular as they are. So c'mon Sean, tell us what's in "Other" and give us the respect you demand from us, too. Full transparency won't hurt you, in fact unless you're deliberately courting the mouthbreather end of the marketplace it'll make you look a lot better in the eyes of the world.