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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a bleak 59-121-130 as the TSX Venture Exchange lost eight points to 607. Sean Roosen and Sandeep Singh's Osisko Gold Royalties Ltd. (OR) fell 63 cents to $22.82 on 625,000 shares. The company had a productive first quarter, reporting a $20.8-million profit aided by the meandering stream of diamonds flowing from the company's 35.1-per-cent-owned Renard diamond mine in the Otish Mountains of north-central Quebec.

Osisko was plenty pleased with itself in the early 2010s, when it acquired the stream as part of a financing package put together by Stornoway Diamond Corp. so it (Stornaway) could build the $800-million mine, but the investment soured in 2019 when, after over two years of mining, Stornoway was unable to get its operation running properly and succumbed to bankruptcy, drowned in a torrent of red ink.

And so, the secured creditors became the not-so-secure owners: Investissement Quebec, an arm of the Quebec government also holds a 35.1 per cent share, while the remaining 29.8-per-cent share is held by La Caisse de Depot et Placement du Quebec and Triple Flag Mining Finance. For about two years, Osisko reinvested its streaming proceeds back into the mine as part of the bankruptcy settlement, but it has been collecting the payments since last spring.

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