OBNNF - Osisko Mining: Expensive For A Reason

• Osisko Mining is one of the worst-performing gold stocks year-to-date, and continues to build a multi-year base after reaching its peak in April 2017.
• The underperformance in the past 3 years is likely due to the increasing share count rather than a reflection on progress, as Osisko has added ounces at a rapid pace.
• Currently, Osisko is valued at $116.92/oz which looks expensive relative to its peer group, but it's worth noting that there's a dearth of large-scale high-grade projects not owned by majors.
• While not a buy at current levels, I would view any pullbacks to the US$2.40 area as low-risk buying opportunities.

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