OR Royalties Announces Preliminary Q2 2026 Geo Deliveries
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OR ROYALTIES ANNOUNCES PRELIMINARY Q2 2026 GEO DELIVERIES
Montréal, July 8th, 2026 – OR Royalties Inc. (“OR Royalties” or the “Company”) (OR: TSX & NYSE) is
pleased to announce its second quarter 2026 preliminary deliveries, revenues and cash margin, as well as
to provide an update on its cash and debt positions as at June 30th, 2026. All monetary amounts included
in this report are expressed in United States dollars, unless otherwise noted.
PRELIMINARY Q2 2026 RESULTS
OR Royalties earned 20,757 attributable gold equivalent ounces1 (“GEOs”) in the second quarter of 2026.
OR Royalties recorded preliminary revenues from royalties and streams of $97.8 million during the second
quarter and preliminary cost of sales (excluding depletion) of $ 3.1 million, resulting in a quarterly cash
margin2 of approximately $94.7 million (96.8%).
As at June 30th, 2026, OR Royalties’ cash position was approximately $75.6 million, after repurchases of
common shares made under the normal course issuer bid of $8.0 million (C$11.2 million) during the second
quarter. The Murray Brook precious metals stream transaction with Canadian Copper Inc. , along with the
concurrent equity investment, both originally announced in April 2026, are expected to close in the third
quarter for a total amount of $9.0 million, which is expected to be financed using cash available on the
balance sheet.
OR Royalties' revolving credit facility was drawn by $215.0 million at June 30, 2026, leaving $435.0 million
of available capacity, plus an uncommitted accordion of up to $200.0 million. Following debt repayments of
$18.0 million during the quarter, the Company's net debt position was reduced to $139.4 million as at
June 30, 2026.
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Q2 2026 RESULTS CONFERENCE AND WEBCAST CALL DETAILS
Results Release: Wednesday, August 5th, 2026 after market close
Conference Call: Thursday, August 6th, 2026 at 10:00 am ET
Dial-in Numbers:
(Option 1)
North American Toll-Free: 1 (800) 717-1738
Local – Montreal: 1 (514) 400-3792
Local – Toronto: 1 (289) 514-5100
Local – New York: 1 (646) 307-1865
Conference ID: 25235
Webcast link:
(Option 2)
https://viavid.webcasts.com/starthere.jsp?ei=1767963&tp_key=5d45fdb7bc
Replay (available until
Sunday, September 6th, 2026
at 11:59 PM ET):
North American Toll-Free: 1 (888) 660-6264
Local – Toronto: 1 (289) 819-1325
Local – New York: 1 (646) 517-3975
Playback Passcode: 25235#
Replay also available on our website at www.ORroyalties.com
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Notes
The figures presented in this press release, including the cash and debt balances, and the revenues and costs of sales, have not
been audited and are subject to change. As the C ompany has not yet finished its quarter end procedures, the anticipated financial
information presented in this press release is preliminary, subject to quarter end adjustments, and may change materially.
(1) Gold Equivalent Ounces
GEOs are calculated on a quarterly basis and include royalties and streams. Silver and copper 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 or copper price for the period and dividing by the average gold price for the period. Cash royalties and other metals
and commodities are converted into gold equivalent ounces by dividing the associated revenue earned by the average gold price
for the period.
Average Metal Prices
Three months ended
June 30
2026 2025
Gold (i) $4,506 $3,280
Silver (ii) $73.15 $33.68
Copper (iii) $13,329 $9,524
(i) The London Bullion Market Association’s pm price in U.S. dollars per ounce.
(ii) The London Bullion Market Association’s price in U.S. dollars per ounce.
(iii) The London Metal Exchange’s price in U.S. dollars per tonne.
(2) Non-IFRS Measures
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 ended
June 30
2026 2025
Revenues $97,820 $60,364
Less: Cost of sales (excluding depletion) $(3,091) $(2,560)
Cash margin (in dollars) $94,729 $57,804
Cash margin (in percentage of revenues) 96.8% 95.8%
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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 port folio of over 200 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 Limited’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 Moenting
Vice President, Capital Markets
Cell: (365) 275-1954
Email: [email protected]
Heather Taylor
Vice President, Sustainability and Communications
Tel: (647) 477-2087
Email: [email protected]
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Forward-Looking Statements
Certain statements contained in this press release may be deemed “forward-looking statements” within the meaning of
the United States Private Securities Litigation Reform Act of 1995, as amended and “forward-looking information” within
the meaning of appli cable Canadian securities legislation. Forward-looking statements are statements other than
statements of historical fact, that address, without limitation, future events, closing of the Murray Brook precious metals
stream transaction with Canadian Copper Inc. and expected timing and volume of production, and development and
growth catalysts to be achieved by the operators of the properties in which the Company holds interest. Forward-looking
statements are statements that are not historical facts and are gener ally, but not always, identified by the words
“expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar
expressions or variations (including negative variations), or that events or condition s “will”, “would”, “may”, “could” or
“should” occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors,
most of which are beyond the control of OR Royalties, and actual results may accordingly differ materially from those
in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which OR
Royalties holds a royalty, stream or other interest (collectively an “Interest”); risks related to: (a) the operators of the
properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including
operating and technical challenges), (c) differences in rate and timing of production from Mineral Resource Estimates
or production forecasts by operators, (d) differences in conversion rate from Mineral Resources to Mineral Reserves
and ability to replace Mineral Resources, (e) the unfavorable outcome of any challenges or litigation relating to title,
permits or licenses, (f) hazards and uncert ainty associated with the business of exploration, development and mining
including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave- ins,
flooding and other natural disasters or civil unrest or other uninsured risks, (ii) with respect to other external factors: (a)
fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by OR
Royalties, (b) a trade war or new tariff barriers, (c) fluctuations in the v alue of the Canadian dollar relative to the U.S.
dollar, (d) regulatory changes by national and local governments, including permitting and licensing regimes and
taxation policies, regulations and political or economic developments in any of the countries where properties in which
OR Royalties holds an Interest are located or through which they are held, (e) continued availability of capital and
financing and general economic, market or business conditions, and (f) responses of relevant governments to infectious
diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on OR Royalties’
business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or
not become available to, or are pursued by OR Royalties, (b) the integration of acquired assets or (c) the determination
of OR Royalties’ PFIC status. The forward-looking statements contained in this press release are based upon
assumptions management believes to be reasonable, including, without limitation: the absence of significant change in
OR Royalties’ ongoing income and assets relating to determination of its PFIC status, and the absence of any other
factors that could cause actions, events or results to di ffer from those anticipated, estimated or intended and, with
respect to properties in which OR Royalties holds an Interest, (i) the ongoing operation of the properties by the owners
or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast
of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such
underlying properties (including expectations for the development of underlying properties that ar e not yet in
production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates
relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an
adequate plan for integration of acquired assets.
For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information
Form of OR Royalties filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov which also provides
additional general assumptions in connection with these statements. OR Royalties cautions that the foregoing list of
risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the
uncertainties they represent and the risk they entail. OR Royalties believes that the assumptions reflected in those
forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be
accurate as actual re sults and prospective events could materially differ from those anticipated under such forward-
looking statements and such forward-looking statements included in this press release are not a guarantee of future
performance and should not be unduly relied u pon. In this press release, OR Royalties relies on information publicly
disclosed by other issuers and third parties pertaining to its assets and, therefore, assumes no liability for such third-
party public disclosure. These statements speak only as of the date of this press release. OR Royalties undertakes no
obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, other than as required by applicable law.