OR Royalties Inc. (TSX:OR) (NYSE:OR) 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 31^st, 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 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, OR 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.

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 Company 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

(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:

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 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.