OR Royalties Reports 62% Year-over-Year Increase IN Revenues and Cash Flows from Operations IN Q2 2026 and Continued Share Repurchases Under the Normal Course Issuer Bid
1
OR ROYALTIES REPORTS 62% YEAR-OVER-YEAR INCREASE
IN REVENUES AND CASH FLOWS FROM OPERATIONS IN Q2 2026
AND CONTINUED SHARE REPURCHASES UNDER THE NORMAL COURSE ISSUER BID
Montréal, August 5, 2026 – OR Royalties Inc. (" OR Royalties" or the " Company") (OR: TSX & NYSE)
today announced its consolidated financial results for the second quarter of 2026. Quarterly revenues grew
62% year-over-year on a 5% increase in gold equivalent ounces earned, due in part to contributions from
recently acquired assets. With 96.8% of revenues converting to cash margin, this growth in revenues and
cash flows reflects the peer -leading leverage of the Company's royalty and streaming model to higher
precious metals prices. Amounts presented are in United States dollars unless otherwise noted.
Financial Highlights
• Revenues from royalties and streams of $97.8 million ($60.4 million in Q2 20251);
• Cash flows generated by operating activities of $83.2 million ($51.4 million in Q2 2025);
• Cash margin2 of $94.7 million or 96.8% ($57.8 million or 95.8% in Q2 2025);
• Net earnings of $61.4 million, $0.33 per basic share ($32.4 million, $0.17 per basic share in Q2 2025);
• Adjusted earnings2 of $60.5 million, $ 0.32 per basic share ($34.1 million, $ 0.18 per basic share in
Q2 2025);
• 20,757 gold equivalent ounces (“GEOs3”) earned (19,700 GEOs in Q2 2025);
o GEO deliveries were modestly lower than the first quarter, primarily reflecting an unscheduled
six-day mill shutdown at Canadian Malartic as well as planned mine sequencing at Mantos
Blancos, partially offset by initial GEO contributions from newer assets in the portfolio;
• Cash balance of $75.6 million and debt outstanding of $215.0 million as at June 30, 2026, for a net
debt position2 of $139.4 million;
• Purchase for cancellation, under the normal course issuer bid, of a total of 225,712 common shares
for $8.0 million (C$11.2 million); and,
• Declaration of a quarterly dividend of $0.065 per common share paid 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.
Portfolio Growth
During the quarter, OR Royalties closed $335.0 million of previously announced acquisitions: Terraco Gold
Corp., holder of net smelter return (“NSR”) royalties covering Solidus Resources LLC's Spring Valley Gold
Project in Nevada ($168.0 million); a portfolio of eight royalties acquired from Gold Fields Limited (“Gold
Fields”) anchored by a 1.5% NSR on Compañia de Minas Buenaventura S.A.A. ’s producing San Gabriel
gold-silver mine in Peru ($115.0 million); and finally, as part of the same transaction with Gold Fields,
deferred payment obligations from Galiano Gold Inc. ($52.0 million for $60.0 million of scheduled
payments). Royalty, stream and other interests grew to $1.48 billion as at June 30, 2026 from $1.14 billion
at year-end 2025.
2
Subsequent to quarter -end, the Company closed the $28.0 million Murray Brook precious metals stream
(with a C$5.5 million equity subscription) with Canadian Copper Inc., and entered into a binding agreement
with Hot Chili Limited (“Hot Chili”) pursuant to which Hot Chili agreed to extend the Company’s NSR
royalties to cover the La Verde project at Costa Fuego in consideration for cash payment of $15.0 million.
Subsequent to June 30, 2026
• Closing of the previously announced $28.0 million precious metals stream with Canadian Copper Inc.
(“Canadian Copper”) with respect to its New Brunswick assets, comprising the Murray Brook properties
and the Caribou property, including the Caribou Processing Plant, concurrently with a $3.9 million
(C$5.5 million) equity subscription in Canadian Copper;
• Binding agreement with Hot Chili pursuant to which Hot Chili agreed to extend the Company’s royalties
(1.0% of payable copper production and 3.0% of payable gold production) to the La Verde project,
which is part of the broader Costa Fuego copper -gold project, in consideration for cash payment of
$15.0 million payable on closing, which is expected to occur in the third quarter of 2026;
• Following Agnico Eagle Mines Limited’s July 2, 2026 disclosure regarding the Barnat open pit at
Canadian Malartic, the Company increased the pace of repurchases under its normal course issuer
bid, acquiring 1,007,496 common shares for $29.1 million (C$40.8 million) in July — more than four
times the number of shares repurchased during the entire second quarter — bringing total 2026
repurchases to 1,555,678 shares;
• Increase in the amount available under the revolving credit facility from $650.0 million to $850.0 million
and the additional uncommitted accordion from $200.0 million to $350.0 million, as well as extension
of the maturity date from May 30, 2029 to August 4, 2030; and,
• Declaration of a quarterly dividend of $0.065 per common share payable on October 15, 2026 to
shareholders of record as of the close of business on September 30, 2026.
Management Commentary
Jason Attew, President & CEO of O R Royalties commented: “Revenues and operating cash flows each
grew 62% year-over-year — the arithmetic of a 96.8% cash margin business in a stronger precious metals
market — and we remain on track for our 2026 guidance of 80,000 to 90,000 GEOs. We also closed
$335.0 million of acquisitions in the quarter, including NSR royalties on San Gabriel, already producing and
paying, and Spring Valley, amongst others.
When our shares sold off following Agnico Eagle's July 2 disclosure on the Barnat pit, we bought back over
one million shares in early July, more than four times the number of shares repurchased in the entire second
quarter, and at meaningfully lower prices. Along these lines, our conviction in Canadian Malartic remains
unchanged. And this is what shareholders should expect from us: cash generation strong enough to fund
a growing dividend, execute on buybacks when the market misprices our shares, and invest in a still-robust
pipeline of new opportunities, all at once.”
3
Q2 2026 RESULTS CONFERENCE AND WEBCAST CALL DETAILS
Conference Call: Thursday, August 6, 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 6, 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
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 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]
4
Notes:
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.
(1) Three months ended June 30, 2025 (“Q2 2025”).
(2) 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 profit 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.
5
A reconciliation of the cash margin (in thousands of dollars and in percentage of revenues) is presented below:
Three months ended
June 30,
Six months ended
June 30,
2026 2025 2026 2025
$ $ $ $
Royalty interests
Revenues 62,779 42,185 125,176 78,975
Less: cost of sales (excluding depletion) (403) (171) (729) (316)
Cash margin (in dollars) 62,376 42,014 124,447 78,659
Depletion (7,207) (3,408) (13,427) (6,118)
Gross profit 55,169 38,606 111,020 72,541
Stream interests
Revenues 35,041 18,179 75,476 36,305
Less: cost of sales (excluding depletion) (2,688) (2,389) (5,703) (3,863)
Cash margin (in dollars) 32,353 15,790 69,773 32,442
Depletion (5,305) (4,205) (9,736) (9,239)
Gross profit 27,048 11,585 60,037 23,203
Royalty and stream interests
Total cash margin (in dollars) 94,729 57,804 194,220 111,101
Divided by: total revenues 97,820 60,364 200,652 115,280
Cash margin (in percentage of revenues) 96.8% 95.8% 96.8% 96.4%
Total – Gross profit 82,217 50,191 171,057 95,744
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 royalty, stream and other interests (excluding gains
(losses) on buy-down and buy-back of royalty, stream and other interests), gains (losses) on investments, share of income (loss)
of associates, transaction costs and certain 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 operating
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.
6
A reconciliation of net earnings to adjusted net earnings is presented below:
Three months ended
June 30,
Six months ended
June 30,
2026 2025 2026 2025
(in thousands of dollars,
except per share amounts)
$ $ $ $
Net earnings 61,392 32,358 134,974 57,998
Adjustments:
Foreign exchange loss (gain) 3,996 (665) 3,356 (825)
Share of loss of associates - 2,113 - 5,865
Net (gain) loss on investments (4,739) 24 (2,843) 310
Tax impact of adjustments (148) 305 37 264
Adjusted earnings 60,501 34,135 135,524 63,612
Weighted average number of
common shares outstanding (000’s) 187,714 187,746 187,328 187,362
Adjusted earnings per basic share 0.32 0.18 0.72 0.34
Net cash/(net debt) position (in dollars)
Net cash/(net debt) position is a non-IFRS financial measure and is defined by OR Royalties by the cash balance minus the long-term
debt balance at the end of a period.
Management uses the net cash/(net debt) position to evaluate OR Royalties’ current net liquidity position (i.e. total cash less total
long-term debt). Management and certain investors also use this information, together with measures determined in accordance with
IFRS Accounting Standards such as operating cash flows and undrawn balances available under credit facilities, to evaluate OR
Royalties’ investment capacity. Net cash/(net debt) position is 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. It does 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 net cash/(net debt) position is presented below:
June 30,
2026
December 31,
2025
(in thousands of dollars) $ $
Cash 75,605 142,131
Long-term debt (215,000) -
Net (debt)/cash position (139,395) 142,131
(3) 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.
7
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 conditions for the closing of the
transaction with Hot Chili will be met in a timely manner, that the 2026 guidance on GEOs will be achieved and the
ability of the Company to continue to invest in a pipeline of new opportunities . 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. All
statements in this press release, other than statements of historical fact, are forward-looking statements, includin g
statements that address, without limitation: future events, the closing of the recently announce d transaction with Hot
Chili. 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 R esources,
(e) the unfavorable outcome of any challenges or litigation relating to 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 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 potential 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 may not become available to, or are pursued by OR Royalties, (b) the integration of acquired assets , (c) the
determination of OR Royalties’ PFIC status or (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 int ended 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
risks 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 in 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 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 June 30, 2026 and December 31, 2025
(Unaudited)
(tabular amounts expressed in thousands of U.S. dollars)
8
June 30, December 31,
2026 2025
$ $
Assets
Current assets
Cash 75,605 142,131
Amounts receivable 2,957 3,227
Deferred consideration receivable 30,000 -
Other assets 2,300 2,326
110,862 147,684
Non-current assets
Investments 179,038 189,260
Royalty, stream and other interests 1,479,303 1,140,026
Goodwill 78,254 81,134
Other assets 8,371 8,375
1,855,828 1,566,479
Liabilities
Current liabilities
Accounts payable and accrued liabilities 24,837 7,477
Dividends payable 12,174 10,293
Income tax liabilities 10,374 13,655
Lease liabilities 1,211 1,207
48,596 32,632
Non-current liabilities
Lease liabilities 3,066 3,795
Long-term debt 215,000 -
Deferred income taxes 105,258 98,011
371,920 134,438
Equity
Share capital 1,694,146 1,688,122
Contributed surplus 59,856 65,873
Accumulated other comprehensive loss (115,172) (51,780)
Deficit (154,922) (270,174)
1,483,908 1,432,041
1,855,828 1,566,479