It recorded cash operating margins of 90% from royalty and stream interests, "maintaining the highest margin in the metals and mining sector, generating $28.1 million in addition to a cash operating margin of $0.8 million from offtake interests," the company said.

It said it had earned 20,006 gold-equivalent ounces for the quarter and expected to meet its 2018 forecast of 77,500-82,500oz AuEq.

Osisko reported adjusted earnings of $5.7 million (US$4.3 million) or 4c per share, compared with 6c a year earlier, and declared its 17^th consecutive dividend.

The fourth quarter dividend of 5c per share will be paid in January, or shareholders can opt into a dividend reinvestment plan at a 3% discount.   

"With the payment of this dividend, we will have distributed approximatively C$78.5 million (US$60 million) since 2014," chair and CEO Sean Roosen said.

The company said it had $137.2 million (US$104 million) in cash and equivalents and $364.5 million (US$277 million) in equity investments at the end of September, and up to $364 million in available credit after repaying US$10 million into a revolving credit facility last month.

Roosen said Osisko had continued to increase its royalty and overall exposure to the most prospective exploration camps in Canada, while its investment in Falco Resources' Horne 5 project brought in "a new generation of assets that will become anchor assets".

"Osisko's performance during the first nine months of 2018 demonstrates its unique approach to investing in all areas of the mine development cycle and its dedication to creating its own high-return and high-margin investment opportunities, adding near, medium and long-term cash flow to its growth pipeline," Roosen said.

Osisko shares were worth above C$15 a year ago but lost 10c yesterday to close at $10.29, capitalising it at $1.6 billion.