SCHEDULE 13G: BlackRock Discloses 5.6% Passive Stake in Osisko Gold Royalties LTD

BlackRock Portfolio Management LLC has filed a Schedule 13G, disclosing a passive beneficial ownership of 5.6% of Osisko Gold Royalties LTD's common stock as of March 31, 2025.

Summary

• BlackRock Portfolio Management LLC, a Delaware-organized entity, has reported beneficial ownership of 10,501,363 shares of Osisko Gold Royalties LTD's common stock.
• This aggregate ownership represents 5.6% of the total outstanding common shares of Osisko Gold Royalties LTD.
• The filing indicates that BlackRock Portfolio Management LLC holds sole voting power over 10,072,150 shares and sole dispositive power over 10,501,363 shares.
• The stake is classified as a passive investment, acquired and held in the ordinary course of business, without the purpose or effect of changing or influencing the control of the issuer.
• The filing was made by BlackRock Portfolio Management LLC as a parent holding company or control person.
• While BlackRock as a whole holds 5.6%, no single underlying person or fund within BlackRock's managed assets holds more than 5% of the total outstanding common shares, as stated in Item 6.
• However, Exhibit 99 identifies BlackRock Fund Managers Ltd, a subsidiary of BlackRock, as an entity that beneficially owns 5% or greater of the outstanding shares of the security class.

Sentiment

Score: 5

Explanation: The document is a factual regulatory filing disclosing a passive ownership stake. It contains no explicit positive or negative performance indicators or forward-looking statements from the issuer, thus maintaining a neutral sentiment.

Positives

• The disclosure of a significant passive stake by a major institutional investor like BlackRock can signal confidence in the long-term value of Osisko Gold Royalties LTD.
• The passive nature of the investment indicates that BlackRock is not seeking to influence or change the control of the company, suggesting stability in the ownership structure.

Negatives

• NA

Risks

• As a passive investment, BlackRock's stake does not imply active engagement in the company's operational or strategic decisions, meaning the company's performance remains subject to its own management and market conditions.
• The value of the investment is subject to market fluctuations inherent in common stock ownership, particularly in the gold royalties sector which can be influenced by commodity prices and mining industry performance.

Future Outlook

This Schedule 13G filing is a disclosure of current beneficial ownership and does not contain any forward-looking statements or guidance regarding Osisko Gold Royalties LTD's future performance or BlackRock's future investment intentions beyond the passive nature of the current stake.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing reflects a routine disclosure by a major institutional asset manager, BlackRock, regarding its passive investment in a company within the gold royalties sector. Such disclosures are common for large funds that cross the 5% ownership threshold, indicating a significant, but non-controlling, position in a publicly traded company. For Osisko Gold Royalties LTD, having a prominent institutional investor like BlackRock as a shareholder can be viewed positively, potentially enhancing its visibility and perceived stability within the mining and royalties investment community.

Stakeholder Impact

• Shareholders: The presence of a large, passive institutional investor like BlackRock can provide a degree of stability to the shareholder base and potentially enhance liquidity.
• Management: Management can continue to focus on the company's strategic objectives without immediate pressure from this specific large shareholder to alter control or operations.

Next Steps

• BlackRock Portfolio Management LLC will continue to monitor its beneficial ownership in Osisko Gold Royalties LTD and file amendments to this Schedule 13G as required by SEC regulations if its ownership percentage changes significantly or if its investment intent shifts from passive to active.

Key Dates

Keywords

Osisko Gold Royalties LTD, BlackRock, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Passive Investment, Gold Royalties, SEC Filing, Investment Management