2025 Financial Highlights
80,775 gold equivalent ounces ("GEOs1") earned (80,740 GEOs in 2024);
Record revenues from royalties and streams of $277.4 million ($191.2 million in 2024);
Record cash flows generated by operating activities of $245.6 million ($159.9 million in 2024);
Record cash margin2 of $268.3 million or 96.7% ($184.4 million or 96.5% in 2024);
Record net earnings of $206.1 million, $1.10 per basic share ($16.3 million, $0.09 per basic share in 2024);
Record adjusted earnings2 of $165.5 million, $0.88 per basic share ($97.3 million, $0.52 per basic share in 2024);
Debt-free following the full repayment of the revolving credit facility (net repayments of $94.9 million in 2025);
Purchased for cancellation, under the normal course issuer bid, a total of 1.1 million common shares for $36.7 million (C$50.8 million; average acquisition price per share of C$47.86) in 2025;
Cash balance of $142.1 million as at December 31, 2025; and
Increase in the revolving credit facility to $650.0 million plus an uncommitted accordion of $200.0 million, and extension of the maturity date to May 30, 2029.
Other Highlights
First payment received from Cardinal Namdini Mining Ltd. under the Namdini Gold Mine ("Namdini") 1.0% net smelter return ("NSR") royalty;
First payment received from Talisker Resources Ltd. under the Bralorne 1.7% NSR royalty;
Acquisition by OR Royalties International Ltd. ("OR Royalties International"), a wholly-owned subsidiary of the Company, of a 100% silver stream on Orla Mining Ltd.'s South Railroad project in Nevada, United States, for cash consideration of $13.0 million;
Acquisition of a 1.5% NSR royalty from Japan Gold Corp. ("Japan Gold") on Japan Gold's wholly-controlled properties in Japan for cash consideration of $5.0 million;
Acquisition of a basket of royalties across various projects in British Columbia, Canada, from Sable Resources Ltd. ("Sable Resources") for cash consideration of C$3.8 million ($2.8 million), as well as certain rights in relation to the future acquisition of similar interests from Sable Resources;
Second payment of $10.0 million made by OR Royalties International on the Cascabel gold stream;
Receipt of $49.0 million from Harmony Gold Mining Company Limited ("Harmony") for shares held by OR Royalties International upon closing of Harmony's transaction to acquire MAC Copper Limited;
Publication of the fifth edition of the Company's sustainability report, Growing Responsibly, in addition to the OR Royalties 2025 Asset Handbook; and
Declaration of quarterly dividends totaling $0.211 per common share (C$0.255, or US$0.182, per common share in 2024).
Subsequent to December 31, 2025
The appointment of Mr. Kevin Thomson as an Independent Director to the Company's Board of Directors. Concurrently, OR Royalties announced that Mr. William Murray John has resigned as a director of the Company, effective immediately;
Acquisition of an additional 1.0% NSR royalty covering the producing Namdini mine in Ghana, with an effective date of October 1, 2025. OR Royalties has closed the transaction with Savannah Mining Limited ("Savannah"), acquiring Savannah's remaining 50% interest in the 2.0% NSR royalty for total cash consideration of up to $103.5 million;
Acquisition of a portfolio of precious metals assets from Gold Fields Limited ("Gold Fields") consisting of eight royalties for a total consideration of $115.0 million, and anchored by a 1.5% NSR royalty on Compañía de Minas Buenaventura S.A.A.'s ("Buenaventura") producing San Gabriel gold and silver mine ("San Gabriel") located in Peru; and
Declaration of a quarterly dividend of $0.055 per common share payable on April 15, 2026 to shareholders of record as of the close of business on March 31, 2026.
Guidance for 2026 and 5-Year Outlook
2026 Guidance
OR Royalties expects GEOs earned to range between 80,000 to 90,000 in 2026 at an average cash margin of approximately 97%. For the 2026 guidance, deliveries of silver, copper, and cash royalties were converted to GEOs using commodity prices based on February 2026 consensus commodity prices and a gold/silver price ratio of 73:1.
The 2026 guidance assumes ramp-ups at both the Dalgaranga and San Gabriel mines, as well as first payments received under those gross revenue and NSR royalties from Ramelius Resources Ltd. and Buenaventura, respectively. The guidance also assumes increased payments associated with GEOs earned from the Company's 2.0% NSR royalty covering Cardinal Namdini Mining Ltd.'s Namdini mine. In addition, the guidance assumes relatively consistent year-over-year GEO deliveries from Capstone Copper Corp.'s Mantos Blancos mine. Finally, the guidance assumes conservative estimates of GEOs expected to be earned from Harmony Gold Mining Ltd.'s ("Harmony") CSA mine, as Harmony's ownership transition continues and the Harmony team continues to condition the asset for optimized performance over the long-term.
OR Royalties' 2026 guidance on royalty and stream interests is largely based on publicly available forecasts from its operating partners. When publicly available forecasts on properties are not available, OR Royalties obtains internal forecasts from the producers or uses management's best estimate.
5-Year Outlook
OR Royalties expects its portfolio to generate between 120,000 and 135,000 GEOs in 2030. The outlook assumes the commencement of production at Gold Fields' Windfall, South32 Limited's Hermosa/Taylor Osisko Development Corp.'s Cariboo, Solidus Resources LLC's Spring Valley, United Gold's Amulsar and Orla Mining Ltd.'s South Railroad projects, respectively. It also assumes increased production from certain other operators that are advancing expansions including Alamos Gold Inc.'s Island Gold District Expansion, amongst others. The 5-year outlook assumes there will be no GEO contribution from the Eagle Gold mine, which remains in receivership.
Beyond this growth profile, OR Royalties owns several other growth assets, which have not been factored into the 5-year outlook, as their respective development timelines are either longer, or difficult to reasonably forecast at this time. As these operators provide additional clarity on these respective assets, OR Royalties will seek to include them in future long-term outlooks.
The 5-year outlook is based on internal judgements of publicly available forecasts and other disclosures by the third-party owners and operators of the Company's assets and could differ materially from actual results. When publicly available forecasts on properties are not available, OR Royalties obtains internal forecasts from the operators or uses management's best estimate. The commodity price assumptions that were used in the 5-year outlook are based on current long-term consensus and a gold/silver price ratio of 82:1.
This 5-year outlook replaces the 5-year outlook previously released in February 2025, the latter of which should be considered as withdrawn. Investors should not use the current 5-year outlook to extrapolate forecast results to any year within the 5-year period (2026-2030).
Management Commentary
Jason Attew, President & CEO of OR Royalties commented: "2025 was a landmark year for OR Royalties, delivering a 'triple crown' of records in revenues, cash flow, and earnings. We closed the year debt-free, providing the Company with the financial flexibility to add to our already peer-leading growth profile. Our 2026 guidance reflects the immediate benefit of production ramp-ups at Namdini, Dalgaranga, and San Gabriel, all of which serve to offset ongoing transitional impacts at CSA. Our long-term thesis remains best-in-class: with fully-financed mine expansions and new builds coming online starting in 2027, we are positioned to deliver 50% GEO growth by 2030."
Q4 AND YEAR-END 2025 RESULTS CONFERENCE CALL AND WEBCAST DETAILS
Conference Call:
Thursday, February 19th, 2026 at 10:00am ET
Dial-in Numbers:(Option 1)
North American Toll-Free: 1 (800) 717-1738Local, Montreal: 1 (514) 400-3792Local, Toronto: 1 (289) 514-5100Local, New York: 1 (646) 307-1865Conference ID: 83967
Webcast link:(Option 2)
https://viavid.webcasts.com/starthere.jsp?ei=1748335&tp_key=ffb84495c6
Replay (available until Thursday, March 19th, 2026 at 11:59pm ET):
North American Toll-Free: 1 (888) 660-6264Local, Toronto: 1 (289) 819-1325Local, New York: 1 (646) 517-3975Playback Passcode: 83967#
Replay also available on our website at www.ORroyalties.com
Qualified Person
The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, Ph.D., P.Geo., Vice President, Project Evaluation at OR Royalties Inc., who is a "qualified person" as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101").
About OR Royalties Inc.
OR Royalties is a precious metals royalty and streaming company focused on Tier-1 mining jurisdictions defined as Canada, the United States, and Australia. OR Royalties commenced activities in June 2014 with a single producing asset, and today holds a portfolio of over 195 royalties, streams and similar interests. OR Royalties' portfolio is anchored by its cornerstone asset, the 3-5% net smelter return royalty on Agnico Eagle Mines Ltd.'s Canadian Malartic Complex, one of the world's largest gold mines.
OR Royalties' head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.
For further information, please contact OR Royalties Inc.:
Grant MoentingVice President, Capital MarketsCell: (365) 275-1954Email: [email protected]
Heather TaylorVice President, Sustainability and CommunicationsTel: (647) 477-2087Email: [email protected]
Notes:
(1) Gold Equivalent OuncesGEOs are calculated on a quarterly basis and include royalties and streams. Silver ounces and copper tonnes earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces or copper tonnes earned by the average silver price per ounce or copper price per tonne for the period and dividing by the average gold price per ounce for the period. Cash royalties, other metals and commodities are converted into gold equivalent ounces by dividing the associated revenue by the average gold price per ounce for the period.
Average Metal Prices and Exchange Rate
Three months ended December 31,
Years endedDecember 31,
2025
2024
2025
2024
Gold (i)
$4,135
$2,663
$3,432
$2,386
Silver (ii)
$54.73
$31.38
$40.03
$28.27
Copper (iii)
$11,092
$9,193
$9,945
$9,147
Exchange rate (C$/US$) (iv)
0.7170
0.7154
0.7157
0.730
(i)
The average price represents the London Bullion Market Association's PM price in U.S. dollars per ounce.
(ii)
The average price represents the London Bullion Market Association's price in U.S. dollars per ounce.
(iii)
The average price represents the London Metal Exchange's price in U.S. dollars per tonne.
(iv)
Bank of Canada daily rate.
(2) Non-IFRS MeasuresCash Margin (in dollars and in percentage of revenues)
Cash margin in dollars and in percentage of revenues are non-IFRS financial measures. Cash margin (in dollars) is defined by OR Royalties as revenues less cost of sales (excluding depletion). Cash margin (in percentage of revenues) is obtained by dividing the cash margin (in dollars) by the revenues.
Management uses cash margin in dollars and in percentage of revenues to evaluate OR Royalties' ability to generate positive cash flow from its royalty, stream and other interests. Management and certain investors also use this information, together with measures determined in accordance with IFRS Accounting Standards such as gross margin and operating cash flows, to evaluate OR Royalties' performance relative to peers in the mining industry who present these measures on a similar basis. Cash margin in dollars and in percentage of revenues are only intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.
A reconciliation of the cash margin (in thousands of dollars and in percentage of revenues) is presented below:
Three months endedDecember 31,
Years ended December 31,
2025
2024
2025
2024
$
$
$
$
Royalty interests
Revenues
55,555
35,349
177,264
130,375
Less: cost of sales (excluding depletion)
(134
)
(180
)
(701
)
(413
)
Cash margin (in dollars)
55,421
35,169
176,563
129,962
Depletion
(4,419
)
(2,160
)
(13,234
)
(12,208
)
Gross profit
51,002
33,009
163,329
117,754
Stream interests
Revenues
34,910
21,393
100,106
60,782
Less: cost of sales (excluding depletion)
(2,435
)
(2,001
)
(8,414
)
(6,325
)
Cash margin (in dollars)
32,475
19,392
91,692
54,457
Depletion
(5,835
)
(7,315
)
(22,536
)
(20,399
)
Gross profit
26,640
12,077
69,156
34,058
Royalty and stream interestsTotal cash margin (in dollars)
87,896
54,561
268,255
184,419
Divided by: total revenues
90,465
56,742
277,370
191,157
Cash margin (in percentage of revenues)
97.2%
96.2%
96.7%
96.5%
Total, Gross profit
77,642
45,086
232,485
151,812
Adjusted earnings and adjusted earnings per basic share
Adjusted earnings and adjusted earnings per basic share are non-IFRS financial measures and are defined by OR Royalties by excluding the following items from net earnings (loss) and net earnings (loss) per share: foreign exchange gains (losses), impairment charges and reversals related to royalty, stream and other interests, changes in allowance for expected credit losses, write-offs and impairments of investments, gains (losses) on disposal of assets, gains (losses) on investments, share of income (loss) of associates, transaction costs and other items such as non-cash gains (losses), as well as the impact of income taxes on these items. Adjusted earnings per basic share is obtained from the adjusted earnings divided by the weighted average number of common shares outstanding for the period.
Management uses adjusted earnings and adjusted earnings per basic share to evaluate the underlying operating performance of OR Royalties as a whole for the reporting periods presented, to assist with the planning ...
