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Gold Summary for Feb. 21, 2024

2024-02-21 18:37 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $1.10 to $2,022.90 on Wednesday. The TSX Venture Exchange fell 1.6 points to 550.02 while the TSX gold index lost 2.30 points to 250.42. Among those Canadian golds losing ground today was Osisko Gold Royalties Ltd. (OR). It fell 35 cents to $18.71 on 1.23 million shares on word it lost $48.3-million last year. The company also declared a quarterly dividend, unchanged at six cents. The loss was the result of a $150-million impairment charge, only part of which pertained to the latest bankruptcy of Stornoway Diamonds and its currently mothballed Renard mine in Quebec.

Much of the impairment was the result of a writedown in the company's investment in Sean Roosen's Osisko Development Corp. (ODV). Today, Osisko Development had some disquieting impairment news of its own, as it warned the market that a preliminary analysis suggests that a non-cash impairment charge of between $80-million and $120-million will be recorded against the company's Trixie mine in central Utah. The charge relates only to Trixie, the company says, and not to the underlying Tintic property. Not to worry, says Mr. Roosen, chairman and chief executive officer, the accounting entry will have no impact on cash flow. Osisko Development fell 20 cents to $2.73 on 146,000 shares today.

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