OR ROYALTIES REPORTS Q3 2025 RESULTS Record Quarterly Revenues and an 87% Year-Over-Year Increase in Cash Flows from Operating Activities to $64.6 Million
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OR ROYALTIES REPORTS Q3 2025 RESULTS
Record Quarterly Revenues and an 87% Year-Over-Year
Increase in Cash Flows from Operating Activities to $64.6 Million
Montréal, November 5, 2025 – OR Royalties Inc. (“OR Royalties” or the “Company”) (OR: TSX & NYSE)
today announced its consolidated financial results for the third quarter of 2025. Amounts presented are in
United States dollars, except where otherwise noted.
Highlights
• 20,326 gold equivalent ounces (“GEOs1”) earned (18,408 GEOs in Q3 20242);
• Revenues from royalties and streams of $71.6 million ($42.0 million in Q3 2024);
• Cash flows generated by operating activities of $64.6 million ($34.6 million in Q3 2024);
• Cash margin3 of $69.3 million or 96.7% ($40.4 million or 96.3% in Q3 2024);
• Net earnings of $82.8 million, $0.44 per basic share ($13.4 million, $0.07 per basic share in Q3 2024);
• Adjusted earnings3 of $42.3 million, $0.22 per basic share ($21.2 million, $0.11 per basic share in Q3
2024);
• Debt free as result of full repayment of the revolving credit facility (repayments of $35.4 million in the
third quarter of 2025);
• Cash balance of $57.0 million as at September 30, 2025;
• Payment of an additional C$5.0 million to Sable Resources Ltd. related to a discovery milestone
associated with TDG Gold Corp.’s AuWest target in northern British Columbia;
• Second payment of $10.0 million on the Cascabel gold stream made by OR Royalties International Ltd.
(“OR Royalties International”), a subsidiary of the Company; and,
• Declaration of a quarterly dividend of $0.055 per common share paid on October 15, 2025 to
shareholders of record as of the close of business on September 30, 2025.
Subsequent to September 30, 2025
• Receipt of $49.0 million from Harmony Gold Mining Co Ltd. ( “Harmony”) for shares held by OR
Royalties International upon closing of Harmony’s transaction to acquire MAC Copper Limited
(4,000,000 shares at $12.25 per share); and,
• Declaration of a quarterly dividend of $0.055 per common share payable on January 15, 2026 to
shareholders of record as of the close of business on December 31, 2025.
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Management Commentary
Jason Attew, President & CEO of OR Royalties commented: “ The strength of our third quarter cash flows
has enabled us to pay off the remaining balance of our revolving credit facility. We are debt free for the first
time in 10+ years. With an aggregate liquidity profile of approximately one billion dollars, we remain hard at
work in our disciplined pursuit of additional accretive growth opportunities.
Looking across our portfolio, we’re excited to have had the Dalgaranga Integration Study released by
Ramelius Resources, which now calls for first gold production in early calendar 2026, and also for
Dalgaranga to play an integral role in Ramelius’ path towards becoming a 500,000 ounces gold producer
over the next five years. Also in Australia, we couldn’t be more please d to now officially count Harmony
Gold as our newest operating partner at the CSA mine, with Harmony’s acquisition of MAC Copper having
now closed. Needless to say, we are very excited to see how Harmony plans to further optimize the mine
going forward. In terms of what we’re expecting as key portfolio catalysts due before year-end, we’ll be
watching for Orla Mining’s Updated Feasibility Study for South Railroad as well as updates from both Osisko
Development and Solidus Resources as it relates to plans for near -term mine construction activities at
Cariboo and Spring Valley, respectively. Shortly after that, and now pushed into early next year, we’re
expecting Alamos Gold’s Island Gold District Expansion Study.”
Q3 2025 RESULTS CONFERENCE AND WEBCAST CALL DETAILS
Conference Call: Thursday, November 6th, 2025 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: 08442
Webcast link:
(Option 2)
https://viavid.webcasts.com/starthere.jsp?ei=1738147&tp_key=0e761fc1ca
Replay (available until
Saturday, December 6th, 2025
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: 08442#
Replay also available on our website at www.ORroyalties.com
OR ROYALTIES’ ANALYST & INVESTOR DAY 2025 DETAILS
In-Person: Monday, November 10th, 2025 at 1:00pm ET
Vantage Venues
150 King Street West – 16th Floor
Toronto, ON
Live Webcast: Monday, November 10th, 2025 at 1:00pm ET
Webcast Link
(requires registration):
https://webinars.vantagevenues.com/or-royalties-analyst-
and-investor-day-2025/
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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
Tel: (514) 940-0670 x116
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 by the average gold price per ounce for the period.
Average Metal Prices
Three months ended
September 30,
Nine months ended
September 30,
2025 2024 2025 2024
Gold (i) $3,457 $2,474 $3,021 $2,296
Silver (ii) $39.40 $29.43 $32.76 $27.22
Copper (iii) $9,797 $9,210 $9,556 $9,131
Exchange rate (C$/US$) (iv) 0.7261 0.7332 0.7152 0.7351
(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) Three months ended September 30, 2024 (“Q3 2024”).
(3) Non-IFRS Measures
Cash margin
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 from the
cash margin (in dollars) divided by 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.
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A reconciliation of the cash margin per type of interests (in thousands of dollars and in percentage of revenues) is presented
below:
Three months ended
September 30,
Nine months ended
September 30,
2025 2024 2025 2024
$ $ $ $
Royalty interests
Revenues 42,734 28,207 121,709 95,026
Less: cost of sales (excluding depletion) (251) (49) (567) (233)
Cash margin (in dollars) 42,483 28,158 121,142 94,793
Depletion (2,697) (2,026) (8,815) (10,048)
Gross profit 39,786 26,132 112,327 84,745
Stream interests
Revenues 28,891 13,770 65,196 39,389
Less: cost of sales (excluding depletion) (2,116) (1,521) (5,979) (4,324)
Cash margin (in dollars) 26,775 12,249 59,217 35,065
Depletion (7,462) (4,951) (16,701) (13,084)
Gross profit 19,313 7,298 42,516 21,981
Royalty and stream interests
Total cash margin (in dollars) 69,258 40,407 180,359 129,858
Divided by: total revenues 71,625 41,977 186,905 134,415
Cash margin (in percentage of revenues) 96.7% 96.3% 96.5% 96.6%
Total – Gross profit 59,099 33,430 154,843 106,726
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
September 30,
Nine months ended
September 30,
2025 2024 2025 2024
(in thousands of dollars,
except per share amounts)
$ $ $ $
Net earnings 82,845 13,409 140,843 9,162
Adjustments:
Impairment of royalty, stream and
other interests 5,495 - 5,495 49,558
Foreign exchange (gain) loss (300) (540) (1,125) 2,653
Share of loss of associates 8,313 8,203 14,178 20,534
Changes in allowance for expected
credit losses and write-offs - - - (1,399)
Loss (gain) on investments 56 76 366 (3)
Gain on deemed disposal of an associate (54,439) - (54,439) -
Reclassification of accumulated other
comprehensive loss to the statement
of income on the deemed disposal of
an associate 1,147 - 1,147 -
Tax impact of adjustments (850) 3 (586) (13,083)
Adjusted earnings 42,267 21,151 105,879 67,422
Weighted average number of
common shares outstanding (000’s) 188,312 186,408 187,685 186,145
Adjusted earnings per basic share 0.22 0.11 0.56 0.36
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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, the fact that all conditions for payment of the dividend will
be met, that development and miles tones and ramping up to be achieved by operators of the properties in which the
Company holds interest will be achieved in a timely manner, and that the CSA mine will be successfully optimized.
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 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 resource estimates or production forecasts by
operators, (d) differences in conversion rate from resources to reserves and ability to replace 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 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 ro yalty, 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, 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 (d) that preliminary financial information may be subject to quarter 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 pro perties (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. 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.
OR Royalties Inc.
Consolidated Balance Sheets
As at September 30, 2025 and December 31, 2024
(Unaudited)
(tabular amounts expressed in thousands of United States dollars)
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September 30, December 31,
2025 2024
$ $
Assets
Current assets
Cash 57,042 59,096
Amounts receivable 3,448 3,106
Other assets 723 1,612
Investment held for sale 48,840 -
110,053 63,814
Non-current assets
Investments in associates - 43,262
Other investments 178,559 74,043
Royalty, stream and other interests 1,140,218 1,113,855
Goodwill 79,878 77,284
Other assets 8,045 5,376
1,516,753 1,377,634
Liabilities
Current liabilities
Accounts payable and accrued liabilities 5,451 5,331
Dividends payable 10,349 8,433
Income tax liabilities 8,120 -
Lease liabilities 1,249 852
25,169 14,616
Non-current liabilities
Lease liabilities 4,027 3,931
Long-term debt - 93,900
Deferred income taxes 91,368 76,234
120,564 188,681
Equity
Share capital 1,696,038 1,675,940
Contributed surplus 64,327 63,567
Accumulated other comprehensive loss (57,328) (141,841)
Deficit (306,848) (408,713)
1,396,189 1,188,953
1,516,753 1,377,634