OR Royalties Reports 56% Year-over-Year Increase IN Cash Flows from Operations IN Q1 2026
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OR ROYALTIES REPORTS 56% YEAR-OVER-YEAR INCREASE IN CASH
FLOWS FROM OPERATIONS IN Q1 2026
Montréal, May 6th, 2026 – OR Royalties Inc. (“OR Royalties” or the “Company”) (OR: TSX & NYSE) is
pleased to announce its consolidated financial results for the first quarter of 2026. Amounts presented are
in United States dollars, except where otherwise noted.
Financial Highlights
• 22,740 gold equivalent ounces (“GEOs1”) earned (19,014 GEOs in Q1 20252);
• Record revenues from royalties and streams of $102.8 million ($54.9 million in Q1 2025);
• Robust cash flows generated by operating activities of $71.9 million ($46.1 million in Q1 2025), even
after payment of 2025 income taxes in Canada of $13.7 million;
• Cash margin3 of $99.5 million or 96.8% ($53.3 million or 97.1% in Q1 2025);
• Net earnings of $73.6 million, $0.39 per basic share ($25.6 million, $0.14 per basic share in Q1 2025);
• Record adjusted earnings3 of $75.0 million, $0.40 per basic share ($29.5 million, $0.16 per basic share
in Q1 2025);
• Cash balance of $94.9 million as at March 31, 2026;
• Acquisition for cancellation, under the normal course issuer bid, of a total of 322,470 common shares
for $12.9 million (C$17.7 million; average acquisition price per share of C$54.84); and,
• Declaration of a quarterly dividend of $0.055 per common share paid on April 15, 2026 to shareholders
of record as of the close of business on March 31, 2026.
Other Highlights
• Acquisition of an additional 1.0% net smelter return (“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 for total cash consideration of up to $103.5 million, of which $98.5 million
was paid during the first quarter;
• Definitive agreement to acquire Terraco Gold Corp. (“Terraco”), a wholly -owned subsidiary of Sailfish
Royalty Corp., which indirectly owned NSR royalty assets, largely consisting of royalties that cover
Solidus Resources LLC’s Spring Valley Gold Project located in Pershing County, Nevada, USA , for a
total cash consideration of $168.0 million;
• Definitive agreement with Gold Fields Limited (“Gold Fields”) to acquire a high -quality portfolio of
precious metals assets consisting of eight royalties (the “GFL Portfolio”) for a total cash consideration
of $115.0 million, anchored by a 1.5% NSR royalty on Compañía de Minas Buenaventura S.A.A.’s
producing San Gabriel gold and silver mine located in the Province of General Sánchez Cerro, Peru.
In addition to the GFL Portfolio, the Company has agreed to pay Gold Fields $52.0 million in exchange
for deferred payment obligations totaling $60.0 million payable by Galiano Gold Inc. (“Galiano”)
($30.0 million on or before December 31, 2026 and $30.0 million upon production of an aggregate of
100,000 ounces of gold from the Nkran deposit at Galiano’s Asanko Gold Mine in Ghana). The
transaction is expected to close in the second quarter of 2026;
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• Exercise by SolGold plc and Jiangxi Copper Company Limited of a buy-down right to buy back 50% of
the Cascabel gold stream. Consequently, OR Royalties International Ltd. received 4,290 ounces of
gold (which are not included in the 22,740 GEOs earned for the first quarter as disclosed above),
subject to a transfer price of 20%, as a one- time payment for the 50% stream buy-down, representing
a net value of approximately $17.5 million on the delivery date; and,
• Appointment of Messrs. Kevin Thomson and Patrick Godin as Independent Directors to the Company’s
Board of Directors. Concurrently with the appointment of Mr. Thomson, the Company announced that
Mr. William Murray John has resigned as a Director of the Company.
Subsequent to March 31, 2026
• Publication of the sixth edition of the Company’s sustainability report, Growing Responsibly, in addition
to the OR Royalties 2026 Asset Handbook;
• Closing of the Terraco acquisition in April 2026, which was financed by a drawdown on the credit facility;
• Definitive agreement to acquire a $28.0 million precious metals stream on Canadian Copper Inc.’s New
Brunswick assets, comprising the Murray Brook properties and the Caribou property, including the
Caribou Processing Plant;
• Sale of the entire non-core equity position in Osisko Metals Inc orporated for net proceeds of $34.8
million;
• First royalty payment from Ramelius Resources Limited’s Dalgaranga mine was received on April 30,
2026; and,
• Declaration of a quarterly dividend of $0.065 per common share payable on July 15, 2026 to
shareholders of record as of the close of business on June 30, 2026, an increase of 18.2% compared
to the previous quarterly dividend.
Management Commentary
Jason Attew, President & CEO of O R Royalties commented: “OR Royalties delivered solid operational
performance across our asset base in the first quarter, establishing a strong foundation to achieve our 2026
guidance range of 80,000 to 90,000 GEOs.
Following a disciplined 2025, corporate development activity accelerated significantly this past quarter. We
committed to deploying $438.5 million during the period to acquire 13 new royalties. Several of these
additions will immediately contribute to our 2026 cash flows, while others further complement our five-year
growth outlook out to 2030. Most importantly, we secured these assets at above- average industry returns,
ensuring that these transactions were highly accretive to our shareholders.”
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Q1 2026 RESULTS CONFERENCE AND WEBCAST CALL DETAILS
Conference Call: Thursday, May 7th, 2026 at 10:00 am EDT
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: 23492
Webcast link:
(Option 2)
https://viavid.webcasts.com/starthere.jsp?ei=1759380&tp_key=8724546b09
Replay (available until
Sunday, June 7th, 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: 23492#
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 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 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 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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Notes:
(1) Gold Equivalent Ounces
GEOs 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 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
March 31
2026 2025
Gold (i) $4,873 $2,860
Silver (ii) $84.33 $31.88
Copper (iii) $12,844 $9,340
(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) Three months ended March 31, 2025 (“Q1 2025”).
(3) Non-IFRS Measures
Cash 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.
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A reconciliation of the cash margin (in thousands of dollars and in percentage of revenues) is presented below:
Three months ended
March 31,
2026 2025
$ $
Royalty interests
Revenues 62,397 36,790
Less: cost of sales (excluding depletion) (326) (145)
Cash margin (in dollars) 62,071 36,645
Depletion (6,220) (2,710)
Gross profit 55,851 33,935
Stream interests
Revenues 40,435 18,126
Less: cost of sales (excluding depletion) (3,015) (1,474)
Cash margin (in dollars) 37,420 16,652
Depletion (4,431) (5,034)
Gross profit 32,989 11,618
Royalty and stream interests
Total cash margin (in dollars) 99,491 53,297
Divided by: total revenues 102,832 54,916
Cash margin (in percentage of revenues) 96.8% 97.1%
Total – Gross profit 88,840 45,553
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 and forecasting of future operati ng
results, and to supplement information in its consolidated financial statements. Management believes that in addition to measures
prepared in accordance with IFRS Accounting Standards such as net earnings (loss) and net earnings (loss) per basic share,
investors and analysts use adjusted earnings and adjusted earnings per basic share to evaluate the results of the underlying
business of OR Royalties, particularly since the excluded items are typically not included in OR Royalties’ annual guidance. While
the adjustments to net earnings (loss) and net earnings (loss) per basic share in these measures include items that are both
recurring and non-recurring, management believes that adjusted earnings and adjusted net earnings per basic share are useful
measures of OR Royalties’ performance because they adjust for items which may not relate to or have a disproportionate effect
on the period in which they are recognized, impact the comparability of the core operating results from period to period, are not
always reflective of the underlying operating performance of the business and/or are not necessarily indicative of future operating
results. Adjusted net earnings and adjusted net earnings per basic share are 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.
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A reconciliation of net earnings to adjusted net earnings is presented below:
Three months ended
March 31,
2026 2025
(in thousands of dollars,
except per share amounts)
$ $
Net earnings
73,582 25,640
Adjustments:
Foreign exchange gain (640) (160)
Share of loss of associates - 3,752
Net loss (gain) on investments 1,896 (286)
Tax impact of adjustments 185 (41)
Adjusted earnings 75,023 29,477
Weighted average number of common shares outstanding (000’s) 187,607 186,979
Adjusted earnings per basic share 0.40 0.16
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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 applicable Canadian 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”, “bel ieves”, “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. All statements in this press release, other than statements of historical fact,
are forward-looking statements, including statements that address, without limitation: future events, the closing of the
recently announces transactions with Gold Fields Limited and Sailfish Royalty Corp. 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 ri sk
factors include, without limitation, (i) with respect 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 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 title, permit or license, (f) hazards and uncertainty associated with the business of
exploring, development and mining including, but not lim ited 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 value 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 a royalty, stream or other interest are located or through
which they are held, (e) continued availability of capital and financing and general economic, market or business
conditions, (f) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such
response and the pote ntial impact of such outbreaks on OR Royalties’ business, operations and financial condition ,
and (g) geopolitical uncertainties; (iii) with respect to internal factors: (a) business opportunities that may or not become
available to, or are pursued by OR R oyalties, (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 anticipated, 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.
OR Royalties Inc.
Consolidated Balance Sheets
As at March 31, 2026 and December 31, 2025
(Unaudited)
(tabular amounts expressed in thousands of U.S. dollars)
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March 31, December 31,
2026 2025
$ $
Assets
Current assets
Cash 94,941 142,131
Amounts receivable 5,633 3,227
Other assets 2,951 2,326
103,525 147,684
Non-current assets
Investments 209,800 189,260
Royalty, stream and other interests 1,203,240 1,140,026
Goodwill 79,778 81,134
Other assets 8,341 8,375
1,604,684 1,566,479
Liabilities
Current liabilities
Accounts payable and accrued liabilities 5,556 7,477
Dividends payable 10,309 10,293
Income tax liabilities 8,141 13,655
Lease liabilities 1,209 1,207
25,215 32,632
Non-current liabilities
Lease liabilities 3,430 3,795
Deferred income taxes 102,873 98,011
131,518 134,438
Equity
Share capital 1,694,084 1,688,122
Contributed surplus 59,037 65,873
Accumulated other comprehensive loss (55,827) (51,780)
Deficit (224,128) (270,174)
1,473,166 1,432,041
1,604,684 1,566,479