MONTRÉAL, December 28, 2022 (GLOBE NEWSWIRE) — Osisko Gold Royalties Ltd (the “group” or “Osisko“) TSX is pleased to announce that its wholly owned subsidiary, Osisko Bermuda Limited (“OBL“), has a revised binding agreement with Metals Acquisition Corp. (“MAC“) NYSE in relation to the purchase of a 100% silver stream (the “stream of silver“) at the producing CSA mine in New South Wales, Australia (“CSA” or the “mine“) to partially fund MAC’s acquisition of the mine. MAC has filed a preliminary Form F-4 with the Securities and Exchange Commission for their review, which includes details of the proposed acquisition of 100% of the shares owner of CSA from a subsidiary of Glencore plc (the “acquisition transaction“).

Separately, OBL and MAC have a backstop funding agreement in respect of a copper stream of up to $75 million (the “Backstop copper current“). The Backstop Copper Stream may be used in whole or in part by MAC to fund a shortfall in equity funding required to complete the acquisition transaction, subject to certain conditions precedent.

Completion of the Acquisition Transaction and, as a result, the Silver Stream and Backstop Copper Stream are subject to a number of conditions precedent, including MAC’s raising of the financing necessary to complete the Acquisition Transaction.

Sandeep Singh, President and Chief Executive Officer of Osisko, commented, “CSA is one of the highest grade copper mines in Australia with a decades-long operating history of consistent production and a track record of replacing reserves and resources. The Silver Stream and its backstop copper stream contingent meets all of Osisko’s stringent investment criteria and will deliver short-term and long-term cash flows in a prime jurisdiction.MAC has committed approximately $500 million in aggregate debt and stream financing from international mine financiers ( including Osisko) to complete…