Revenues Up 26% and Operating Cash Flow Per Share Up 21%, Year-Over-Year

On Track to Achieve 2026 GEO Guidance; Windfall Project Receives Québec Environmental Approval

OR Royalties Inc. (TSX:OR) (NYSE:OR) announced strong consolidated financial results for the third quarter of 2026. Revenues of $90.2 million and cash flows from operating activities of $77.6 million increased 26% and 20%, respectively, over the third quarter of 2025 on a comparable 20,237 gold equivalent ounces² earned, as the Company’s 96.8% cash margin³ converted higher precious metals prices almost entirely into cash. With 63,734 GEOs earned over the first nine months of 2026, OR Royalties remains on track for approximately the mid-point of its 2026 guidance of 80,000 to 90,000 GEOs. Amounts are presented in United States dollars unless otherwise noted.

Third Quarter 2026 Highlights (compared to Q3 2025)

• Revenues of $90.2 million, up 26% ($71.6 million) on 20,237 GEOs earned (20,326 GEOs);
• Cash flows from operating activities of $77.6 million, or $0.42 per basic share³, up 21% per basic share ($64.6 million, or $0.34 per basic share);
• Cash margin of $87.3 million, or 96.8% of revenues, up 26% ($69.3 million, or 96.7%);
• Net earnings of $55.4 million, or $0.30 per basic share, down 33% ($82.8 million, or $0.44 per basic share; Q3 2025 included a $54.4 million non-cash gain on the deemed disposal of an associate);
• Adjusted earnings³ of $53.9 million, or $0.29 per basic share, up 28% ($42.3 million, or $0.22 per basic share);
• Record nine-month revenues of $290.9 million (up 56%), cash flows from operating activities of $232.6 million, or $1.24 per basic share (up 44%), cash margin of $281.5 million (up 56%), net earnings of $190.3 million, or $1.02 per basic share (up 35%), and adjusted earnings of $189.5 million, or $1.01 per basic share (up 79%);
• 63,734 GEOs earned in the first nine months of 2026 (up 8%), tracking to approximately the mid-point of the Company’s previously published 2026 guidance range of 80,000 to 90,000 GEOs;
• Closing of $43.0 million from previously announced acquisitions: the Canadian Copper Inc. precious metals stream on the Murray Brook and Caribou assets ($28.0 million) and the extension of the Costa Fuego royalties to Hot Chili Limited’s La Verde project ($15.0 million);
• Three new mines in the portfolio entered production in 2026: Ramelius Resources Limited’s Dalgaranga (first royalty payment received in April 2026), Cabral Gold Inc.’s Cuiú Cuiú (first gold pour September 10, 2026) and United Gold’s Amulsar (first gold pour October 10, 2026);
• Repurchase and cancellation of 1,007,496 common shares for $29.1 million (C$40.8 million) under the normal course issuer bid, bringing 2026 repurchases to 1,555,678 common shares;
• Revolving credit facility increased to $850.0 million from $650.0 million, uncommitted accordion increased to $350.0 million from $200.0 million, and maturity extended to August 4, 2030;
• Cash of $76.7 million and debt of $228.2 million at September 30, 2026, for a net debt position³ of $151.5 million and available liquidity⁴ of approximately $1.0 billion; and,
• Declaration of the 48^th consecutive quarterly dividend of $0.065 per common share paid on October 15, 2026 to shareholders of record on September 30, 2026.

Summary of Results

Subsequent to September 30, 2026

• Windfall environmental approval. On November 2, 2026, Gold Fields Limited announced that the Québec Ministry of Environment, Fight Against Climate Change, Wildlife and Parks issued the certificate of authorization required to begin construction of the Windfall project. Gold Fields expects to publish its Final Investment Decision by February 2027; Windfall is expected to produce approximately 300,000 ounces of gold per year once ramped up. OR Royalties holds a 2.0% to 3.0% net smelter return (“NSR”) royalty on Windfall;
• Amulsar first gold. On October 10, 2026, United Gold announced first gold production at the Amulsar heap-leach gold mine in Armenia, on which OR Royalties International Ltd. holds gold and silver streams;
• Cascabel NSR royalty partial buy-back. The Company received notice from SolGold Finance AG of its intention to exercise its option to buy back one-third of the Company’s NSR royalty on the Cascabel project for cash consideration of $35.0 million, expected to be effective on November 30, 2026. Following the buy-back, the Company will retain a 0.4% NSR royalty on Cascabel;
• Galiano Gold Inc. deferred payment. The first of two deferred payments of $30.0 million acquired as part of the Gold Fields portfolio acquisition announced in February 2026 is due from Galiano Gold Inc. on or before December 31, 2026. Together with the Cascabel buy-back, approximately $65.0 million of cash inflows are expected in the fourth quarter of 2026 in addition to operating cash flows;
• Japan Gold Corp. On November 4, 2026, the Company closed the previously announced exercise of its right to increase its NSR royalty on all properties being advanced by Japan Gold Corp. by 0.5% to 2.0%, for $3.0 million;
• Eagle mine. On October 22, 2026, Boroo Pte. Ltd. announced an agreement to acquire Victoria Gold Corp., owner of the Eagle gold mine in Yukon, from the court-appointed receiver, with closing targeted on or about December 31, 2026, subject to court approval and other conditions. OR Royalties holds a 5.0% NSR royalty on Eagle, which has been on care and maintenance since mid-2024; and,
• Declaration of a quarterly dividend of $0.065 per common share payable on January 15, 2027 to shareholders of record as of the close of business on December 31, 2026.

Portfolio Additions

During the quarter, OR Royalties closed the $28.0 million precious metals stream with Canadian Copper Inc. on its New Brunswick assets, comprising the Murray Brook properties and the Caribou property, including the Caribou Processing Plant ($5.0 million paid on closing), together with a $3.9 million (C$5.5 million) equity purchase in Canadian Copper, and the $15.0 million extension of the Company’s 1.0% copper and 3.0% NSR gold royalties on Hot Chili Limited’s Costa Fuego project to the adjacent La Verde project in Chile. In September, the Company exercised its $3.0 million option to increase its NSR royalty on all properties advanced by Japan Gold Corp. from 1.5% to 2.0%. Royalty, stream and other interests grew to $1.49 billion at September 30, 2026 from $1.14 billion at year-end 2025, and the portfolio includes royalties and streams on 25 producing assets (including two assets that are expected to start generating revenues for the Company in 2027).

Portfolio Updates

Selected disclosures from operating partners’ third quarter of 2026 reporting, or other recent releases:

• Canadian Malartic Complex (Agnico Eagle Mines Limited (“Agnico Eagle”), October 28). Production of 111,202 ounces in Q3 2026. Remediation of the Barnat pit north wall was completed during the quarter and mining in unaffected areas of the pit resumed on September 27, 2026. Odyssey mined a record 391,000 tonnes in the quarter, East Gouldie produced 27,250 ounces of gold, and the first phase of shaft sinking was completed on July 9, 2026 at a depth of 1,586 metres, with shaft-hoisted production from East Gouldie planned for the second quarter of 2027. Agnico Eagle expects to submit a decree modification application for a second shaft in the first quarter of 2027 and will host a Capital Markets Day on November 18, 2026;
• Island Gold District (Alamos Gold Inc., October 28). Record quarterly production of 68,700 ounces of gold; underground mining rates averaged a record 1,790 tonnes per day, 35% higher than the prior-year period, and remain on track to reach 2,000 tonnes per day by the end of 2026. Shaft commissioning is now expected mid-2027;
• Lamaque (Eldorado Gold Corporation, October 28). Production of 52,748 ounces of gold, up 13% year-over-year, with Ormaque described as an increasingly important source of high-grade ore;
• Dalgaranga (Ramelius Resources Limited, October 26). Ramp-up continued with 214,000 tonnes processed at 3.47 grams per tonne (“g/t”) gold and 89% recovery, compared to 84% assumed in Ramelius’ four-year outlook; the Never Never underground mine is on track to mine 500,000 tonnes at 6.2 g/t gold in fiscal 2027;
• Mantos Blancos (Capstone Copper Corp., October 29). Capstone expects Mantos Blancos to trend towards the mid-point of its 2026 production guidance with higher copper grades in the fourth quarter; the Phase II expansion has been submitted to the Environmental Impact Assessment process;
• Hermosa (South32 Ltd., October 19). Both shafts are expected to reach the primary production level in the December 2026 quarter. In addition, on September 2, Hermosa achieved a significant permitting milestone with the completion of the U.S. federal permitting process under FAST-41, the first mining project ever completed under this expedited process;
• Costa Fuego and La Verde (Hot Chili Limited, October 30). A second porphyry discovery was confirmed at La Verde South, within the area added to the Company’s royalty coverage during the quarter; the maiden La Verde Mineral Resource Estimate and the revised Costa Fuego Pre-Feasibility Study remain on track for delivery in 2027, along with Environmental Permit submission for the updated Costa Fuego project;
• Upper Beaver (Agnico Eagle Mines Limited, October 28). Shaft sinking passed the halfway mark at 732 metres and the Environmental Impact Statement is expected to be submitted in the fourth quarter of 2026;
• Cariboo (Osisko Gold Group Inc., October 27). Construction approximately 28% complete and on schedule for first gold in the first quarter of 2029; and,
• Cuiú Cuiú (Cabral Gold Inc., September 10). Cabral expects to declare commercial production in the fourth quarter of 2026; first royalty payments to the Company are expected in the fourth quarter of 2026 or the first quarter of 2027.

Jason Attew, President and Chief Executive Officer, commented: “This is what the model looks like when it works. On essentially the same GEOs earned as in the third quarter last year, this year we generated 26% more revenue and 20% more operating cash flow, with a 96.8% cash margin converting higher gold prices almost entirely into cash. We also remain on track for approximately the mid-point of our 2026 guidance, even after absorbing the Barnat pit disruption at Canadian Malartic. More importantly, 2026 is the year our development pipeline turned into production: Dalgaranga, Cuiú Cuiú and Amulsar have all poured first gold in 2026, taking the portfolio to 25 producing assets. And with Windfall now holding its principal environmental approval and Cariboo already in construction, the two largest Canadian projects in our 2030 outlook have moved from permitting to execution. We could not be better placed to deliver on our peer-leading, fully-funded growth through the end of the decade.”

2026 Guidance

The Company reaffirms its 2026 guidance of 80,000 to 90,000 GEOs earned. With 63,734 GEOs earned through September 30, 2026, deliveries are tracking to approximately the mid-point of the range, after accounting for the reduced open-pit production at Canadian Malartic (Barnat pit) in the second half of 2026 disclosed by Agnico Eagle. The Company’s growth outlook through 2030 remains fully funded, with no contingent capital required.

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 portfolio 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.