OR Royalties Inc. (TSX:OR) (NYSE:OR) 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 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 Marc h 31, 2026.

Other Highlights

• Acquisition of an additional 1.0% net smelter return 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 to acquire a high-quality portfolio of precious metals assets consisting of eight royalties 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. ($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;
• Exercise by SolGold plc and Jiangxi Copper Company Limited of a buy-down right to buy back 50% of the Casc abel 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 Incorporated 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% compa red to the previous quarterly dividend.

Management Commentary

Jason Attew, President & CEO of OR 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.”

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.

About OR Royalties Inc.

OR Royaltie s 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 Ltd.’s Canadian Malartic Complex, one of the world’s largest gold mines.