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Segment disclosure | 12 Months Ended
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Dec. 31, 2021
Disclosure of operating segments [abstract] |
Segment disclosure [Text Block] | 31. Segment disclosure The chief operating decision-maker organizes and manages the business under two operating segments: (i) acquiring and managing precious metals and other royalties, streams and other interests, and (ii) the exploration, evaluation and development of mining projects. The assets, liabilities, revenues, expenses and cash flows of Osisko and its subsidiaries, other than Osisko Development and its subsidiaries, are attributable to the precious metals and other royalties, streams and other interests operating segment. The assets, liabilities, revenues, expenses and cash flows of Osisko Development and its subsidiaries are attributable to the exploration, evaluation and development of mining projects operating segment. The following table presents the main assets, liabilities, revenues, expenses and cash flows per operating segment:
|  |  |  | As at December 31, 2021 and 2020 |
| Osisko Gold | Osisko |  |  |  |  |  |
| Royalties (i) | Development (ii) |  |  |  |  |  |
|  | (Mining exploration, |  |  |  |  |  |
| (Royalties, streams | evaluation and |  | Intersegment |  |  |  |
| and other interests) | development) |  | transactions (iii) |  |  | Consolidated |
| $ | $ |  | $ |  |  | $ |
Assets and liabilities |  |  |  |  |  |  |  |
As at December 31, 2021 |  |  |  |  |  |  |  |
Cash | 82,291 | 33,407 |  | - |  |  | 115,698 |
Current assets | 91,594 | 61,422 |  | (90 | ) |  | 152,926 |
Investments in associates and other investments | 231,884 | 62,480 |  | - |  |  | 294,364 |
Royalty, stream and other interests | 1,247,489 | - |  | (92,688 | ) |  | 1,154,801 |
Mining interests and plant and equipment | 7,991 | 559,332 |  | 68,332 |  |  | 635,655 |
Exploration and evaluation assets | - | 3,635 |  | - |  |  | 3,635 |
Goodwill | 111,204 | - |  | - |  |  | 111,204 |
Total assets | 1,691,958 | 703,110 |  | (24,446 | ) |  | 2,370,622 |
Total liabilities (excluding long-term debt) | 89,416 | 115,156 |  | (24,446 | ) |  | 180,126 |
Long-term debt | 406,671 | 3,764 |  | - |  |  | 410,435 |
As at December 31, 2020 |  |  |  |  |  |  |  |
Cash | 105,097 | 197,427 |  | - |  |  | 302,524 |
Current assets | 117,592 | 218,478 |  | (882 | ) |  | 335,188 |
Investments in associates and other investments | 166,589 | 110,144 |  | - |  |  | 276,733 |
Royalty, stream and other interests | 1,203,781 | - |  | (87,653 | ) |  | 1,116,128 |
Mining interests and plant and equipment | 9,011 | 407,000 |  | 73,501 |  |  | 489,512 |
Exploration and evaluation assets | - | 41,869 |  | 650 |  |  | 42,519 |
Goodwill | 111,204 | - |  | - |  |  | 111,204 |
Total assets | 1,609,344 | 802,144 |  | (14,384 | ) |  | 2,397,104 |
Total liabilities (excluding long-term debt) | 67,449 | 102,578 |  | (14,384 | ) |  | 155,643 |
Long-term debt | 400,429 | - |  | - |  |  | 400,429 |
|  |  |  |  |  |  |  | Years ended December 31, 2021 and 2020 |
|  | Osisko Gold |  |  | Osisko |  |  |  |  |  |  |
|  | Royalties (i) |  |  | Development (ii) |  |  |  |  |  |  |
|  |  |  |  | (Mining exploration, |  |  |  |  |  |  |
|  | (Royalties, streams |  |  | evaluation and |  |  | Intersegment |  |  |  |
|  | and other interests) |  |  | development) |  |  | transactions (iii) |  |  | Consolidated |
|  | $ |  |  | $ |  |  | $ |  |  | $ |
Revenues, expenses and cash flows |  |  |  |  |  |  |  |  |  |  |  |
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 224,877 |  |  | 7,275 |  |  | (7,275 | ) |  | 224,877 |
Gross profit |  | 138,870 |  |  | - |  |  | - |  |  | 138,870 |
Operating expenses (G&A, bus. dev and exploration) |  | (23,778 | ) |  | (22,852 | ) |  | - |  |  | (46,630 | )
Mining operating expenses |  | - |  |  | (12,919 | ) |  | - |  |  | (12,919 | )
Impairments |  | (4,400 | ) |  | (122,250 | ) |  | - |  |  | (126,650 | )
Net earnings (loss) |  | 77,277 |  |  | (133,952 | ) |  | - |  |  | (56,675 | )
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |
Before working capital items |  | 158,632 |  |  | (21,828 | ) |  | (5,710 | ) |  | 131,094 |
Working capital items |  | (5,413 | ) |  | (19,586 | ) |  | - |  |  | (24,999 | )
After working capital items |  | 153,219 |  |  | (41,414 | ) |  | (5,710 | ) |  | 106,095 |
Cash flows from investing activities |  | (120,766 | ) |  | (156,982 | ) |  | 5,710 |  |  | (272,038 | )
Cash flows from financing activities |  | (54,339 | ) |  | 34,738 |  |  | - |  |  | (19,601 | )
Year ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | 213,630 |  |  | - |  |  | - |  |  | 213,630 |
Gross profit |  | 104,325 |  |  | - |  |  | - |  |  | 104,325 |
Operating expenses (G&A, bus. dev and exploration) |  | (28,021 | ) |  | (8,301 | ) |  | - |  |  | (36,322 | )
Impairments |  | (36,298 | ) |  | - |  |  | - |  |  | (36,298 | )
Net earnings (loss) |  | 23,501 |  |  | (7,272 | ) |  | - |  |  | 16,229 |
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |
Before working capital items |  | 116,631 |  |  | (10,387 | ) |  | - |  |  | 106,244 |
Working capital items |  | (2,669 | ) |  | 4,403 |  |  | - |  |  | 1,734 |
After working capital items |  | 113,962 |  |  | (5,984 | ) |  | - |  |  | 107,978 |
Cash flows from investing activities |  | (161,131 | ) |  | (61,968 | ) |  | - |  |  | (223,099 | )
Cash flows from financing activities |  | 109,444 |  |  | 207,417 |  |  | - |  |  | 316,861 |
(i) Osisko Gold Royalties Ltd and its subsidiaries, excluding Osisko Development Corp. and its subsidiaries. (ii) Osisko Development Corp. and its subsidiaries (carve-out of the mining activities of Osisko Gold Royalties prior to the reverse take-over transaction completed on November 25, 2020 and creating Osisko Development). (iii) The adjustments are related to intersegment transactions and to royalties and streams held by Osisko Gold Royalties on assets held by Osisko Development, which are reclassified on consolidation, as well as adjustments related to an accounting policy difference on revenues recognition. Royalty, stream and other interests - Geographic revenues All of the Company's revenues are attributable to the precious metals and other royalties, streams and other interests operating segment. Geographic revenues from the sale of metals and diamonds received or acquired from in-kind royalties, streams and other interests are determined by the location of the mining operations giving rise to the royalty, stream or other interest. For the years ended December 31, 2021 and 2020, royalty, stream and other interest revenues were earned from the following jurisdictions:
|  | North |  |  | South |  |  |  |  |  |  |  |  |  |  |  |  |
|  | America(i) |  |  | America |  |  | Australia |  |  | Africa |  |  | Europe |  |  | Total |
|  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Royalties |  | 134,544 |  |  | 1,112 |  |  | 6 |  |  | 4,617 |  |  | - |  |  | 140,279 |
Streams |  | 27,624 |  |  | 20,284 |  |  | 1,548 |  |  | - |  |  | 9,877 |  |  | 59,333 |
Offtakes |  | 25,265 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 25,265 |
|  | 187,433 |  |  | 21,396 |  |  | 1,554 |  |  | 4,617 |  |  | 9,877 |  |  | 224,877 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Royalties |  | 106,780 |  |  | 554 |  |  | 52 |  |  | 3,919 |  |  | - |  |  | 111,305 |
Streams |  | 13,999 |  |  | 19,862 |  |  | 2,098 |  |  | - |  |  | 9,310 |  |  | 45,269 |
Offtakes |  | 57,056 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 57,056 |
|  | 177,835 |  |  | 20,416 |  |  | 2,150 |  |  | 3,919 |  |  | 9,310 |  |  | 213,630 |
(i) 83% of the North America's revenues are generated from Canada in 2021 (65% in 2020). In 2021, one royalty interest generated revenues of $81.3 million ($66.8 million in 2020), which represented 41% of revenues (43% of revenues in 2020) (excluding revenues generated from the offtake interests). In 2021, revenues generated from precious metals and diamonds represented 89% and 9%, respectively, of total revenues (87% and 11% excluding offtakes, respectively). In 2020, revenues generated from precious metals and diamonds represented 94% and 4%, respectively, of total revenues (92% and 6% excluding offtakes, respectively). Royalty, stream and other interests - Geographic net assets The following table summarizes the royalty, stream and other interests by jurisdictions, as at December 31, 2021 and 2020, which is based on the location of the property related to the royalty, stream or other interests:
|  | North |  |  | South |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | America(i) |  |  | America |  |  | Australia |  |  | Africa |  |  | Asia |  |  | Europe |  |  | Total |
|  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Royalties |  | 595,931 |  |  | 57,673 |  |  | 13,742 |  |  | 20,453 |  |  | - |  |  | 15,215 |  |  | 703,014 |
Streams |  | 185,031 |  |  | 173,773 |  |  | - |  |  | - |  |  | 28,272 |  |  | 51,055 |  |  | 438,131 |
Offtakes |  | - |  |  | - |  |  | 8,960 |  |  | - |  |  | 4,696 |  |  | - |  |  | 13,656 |
|  | 780,962 |  |  | 231,446 |  |  | 22,702 |  |  | 20,453 |  |  | 32,968 |  |  | 66,270 |  |  | 1,154,801 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Royalties |  | 576,835 |  |  | 46,374 |  |  | 9,924 |  |  | 8,313 |  |  | - |  |  | 15,215 |  |  | 656,661 |
Streams |  | 172,879 |  |  | 183,679 |  |  | 1,481 |  |  | - |  |  | 28,392 |  |  | 54,510 |  |  | 440,941 |
Offtakes |  | 5,690 |  |  | - |  |  | 8,119 |  |  | - |  |  | 4,717 |  |  | - |  |  | 18,526 |
|  | 755,404 |  |  | 230,053 |  |  | 19,524 |  |  | 8,313 |  |  | 33,109 |  |  | 69,725 |  |  | 1,116,128 |
(i) 82% of the North America's net interests are located in Canada as at December 31, 2021 (86% as at December 31, 2020). Exploration, evaluation and development of mining projects The inventories, mining interests, plant and equipment and exploration and evaluation assets related to the exploration, evaluation and development of mining projects (excluding the intersegment transactions) are located in Canada and in Mexico, and are detailed as follow as at December 31, 2021 and 2020:
|  |  |  |  |  |  |  | December 31, 2021 |  |  |  |  |  |  |  |  | December 31, 2020 |
|  | Canada |  |  | Mexico |  |  | Total |  |  | Canada |  |  | Mexico |  |  | Total |
|  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Inventories |  | 13,933 |  |  | 4,663 |  |  | 18,596 |  |  | 1,599 |  |  | 25,705 |  |  | 27,304 |
Mining interests, plant and equipment |  | 455,849 |  |  | 103,483 |  |  | 559,332 |  |  | 344,903 |  |  | 62,097 |  |  | 407,000 |
Exploration and evaluation assets |  | 3,635 |  |  | - |  |  | 3,635 |  |  | 40,680 |  |  | 1,189 |  |  | 41,869 |
Total assets |  | 627,937 |  |  | 75,173 |  |  | 703,110 |  |  | 704,998 |  |  | 97,146 |  |  | 802,144 |

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