OR Royalties Announces Preliminary Q4 2025 Geo Deliveries Along with Record Annual Revenues and C$50.8 Million of Share Repurchases Under the Normal Course Issuer Bid IN 2025
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OR ROYALTIES ANNOUNCES PRELIMINARY Q4 2025 GEO DELIVERIES
ALONG WITH RECORD ANNUAL REVENUES
AND C$50.8 MILLION OF SHARE REPURCHASES UNDER THE NORMAL
COURSE ISSUER BID IN 2025
Montréal, January 6th, 2026 – OR Royalties Inc. (“OR Royalties” or the “Company”) (OR: TSX & NYSE)
is pleased to provide an update on its fourth quarter and full year 2025 preliminary deliveries, revenues and
cash margin, as well as on its cash and debt positions as at December 31st, 2025. All monetary amounts
included in this report are expressed in United States dollars, unless otherwise noted.
PRELIMINARY Q4 AND FULL YEAR 2025 RESULTS
OR Royalties earned 21,735 gold equivalent ounces1 (“GEOs”) in the fourth quarter of 2025 , for a total of
80,775 GEOs in 2025, thereby achieving the Company’s GEO delivery guidance range of 80,000-88,000
GEOs.
OR Royalties recorded record preliminary revenues from royalties and streams of $90.5 million during the
fourth quarter and preliminary cost of sales (excluding depletion) of $2.6 million, resulting in a quarterly
cash margin2 of approximately $87.9 million (or 97.2%).
For the full year 2025, preliminary revenues from royalties and streams reached a record $277.4 million
and preliminary cost of sales (excluding depletion) are estimated at $9.1 million, resulting in an annual cash
margin2 of $268.3 million (or 96.7%).
As at December 31 st, 2025, O R Royalties’ cash position was approximately $142.1 million, after full
repayment of the outstanding amount under the Company’s revolving credit facility in 2025 (net repayment
of $94.9 million) and repurchases of common shares made under the normal course issuer bid of
$36.7 million (C$50.8 million) in 2025. OR Royalties’ revolving credit facility was completely undrawn as at
the end of 2025, with an amount of $650.0 million available to be drawn plus the uncommitted accordion of
up to $200.0 million.
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Q4 AND FULL YEAR 2025 RESULTS CONFERENCE AND WEBCAST CALL DETAILS
Results Release: Wednesday, February 18th, 2026 after market close
Conference Call: Thursday, February 19th, 2026 at 10:00am 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: 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) 660-6264
Local – Toronto: 1 (289) 819-1325
Local – New York: 1 (646) 517-3975
Playback Passcode: 83967#
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 year-end procedures, the anticipated financial
information presented in this press release is preliminary, subject to year-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
December 31,
Years ended
December 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
(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.
(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
December 31,
Year ended
December 31,
2025 2024 2025 2024
Revenues $90,465 $56,742 $277,370 $191,157
Less: Cost of sales (excluding depletion) ($2,569) ($2,181) ($9,115) ($6,738)
Cash margin (in dollars) $87,896 $54,561 $268,255 $184,419
Cash margin (in percentage of revenues) 97.2% 96.2% 96.7% 96.5%
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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 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 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 and “forward-looking information” within the meaning
of applicable Canadi an securities legislation. Forward- looking statements are statements other than statements of
historical fact, that address, without limitation, future events, that preliminary financial information may be subject to
quarter-end and year-end adjustments, and the availability of the uncommitted accordion of the credit facility. Forward-
looking statements are statements that are not historical facts and are generally, 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 conditions “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 res pect to properties in which
OR Royalties holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely
development, permitting, construction, commencement of production, ramp-up (including operating and techni cal
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 title, permit or license, (f)
hazards and uncertainty associated with the business of exploring, 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 pric es
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 value of the Canadian dollar relative to the U.S. dollar, (d) regulatory changes by
national and local governments, including permitting and l icensing regimes and taxation policies, regulations and
political or economic developments in any of the countries where properties in which OR Royalties holds a royalty,
stream or other interest are located or through which they are held, (e) continued av ailability 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 Roya lties’
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 (d) that preliminary financial information may be subject to quarter-end and year-end
adjustments. 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 differ from those ant icipated, estimated or intended and, with respect to properties
in which OR Royalties holds a royalty, stream or other 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 are 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 results and prospective events could materially differ from those anticipated such the forward-looking
statements and such forward-looking statements included in this press release are not guarantee of future performance
and should not be unduly relied upon. 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.