34% Increase in Year-Over-Year Cash Flows from Operating Activities to $51.4 Million

OR Royalties Inc. (TSX:OR) (NYSE:OR) announced its consolidated financial results for the second quarter of 2025. Amounts presented are in United States dollars, except where otherwise noted.

Highlights

• 19,700 gold equivalent ounces ¹” earned (20,068 GEOs in Q2 2024²);
• Revenues from royalties and streams of $60.4 million ($47.4 million in Q2 2024);
• Cash flows generated by operating activities of $51.4 million ($38.2 million in Q2 2024);
• Cash margin³ of $57.8 million or 95.8% ($45.8 million or 96.6% in Q2 2024);
• Net earnings of $32.4 million, $0.17 per basic share (net loss of $15.4 million, $0.08 per basic share in Q2 2024);
• Adjusted earnings³ of $34.1 million, $0.18 per basic share ($24.2 million, $0.13 per basic share in Q2 2024);
• Net repayments of $40.0 million under the revolving credit facility;
• Cash balance of $49.6 million and debt outstanding of $35.7 million as at June 30, 2025;
• Increase in the revolving credit facility to $650.0 million plus an uncommitted accordion of $200.0 million, and extension of the maturity date to May 30, 2029;
• First payment received from Cardinal Namdini Mining Ltd. under the Namdini 1.0% NSR royalty;
• First payment received from Talisker Resources Ltd. under the Bralorne 1.7% NSR royalty;
• Acquisition by OR Royalties International Ltd. (“ORIL”) of a 100% silver stream on Orla Mining Ltd.’s South Railroad project in Nevada, United States for total cash consideration of $13.0 million;
• Acquisition of a basket of royalties across various projects in British Columbia, Canada, from Sable Resources Ltd. (“Sable Resources”) for consideration of C$3.8 million ($2.8 million), as well as certain rights in relation to the future acquisition of similar interests from Sable Resources;
• Completed a corporate name change to “OR Royalties Inc.” and “Redevances OR Inc.” (in French) following receipt of shareholder approval at the annual and special meeting of shareholders held on May 8, 2025;
• Publication of the fifth edition of the Company’s sustainability report, Growing Responsibly, in addition to the OR Royalties 2025 Asset Handbook; and,
• Declaration of a quarterly dividend of $0.055 per common share payable on July 15, 2025 to shareholders of record as of the close of business on June 30, 2025, an increase of 20% over the previous quarterly dividend, based on the foreign currency rate (C$/US$) on the declaration date of the first quarter dividend.

Subsequent to June 30, 2025

• Additional repayments of $21.0 million under the revolving credit facility;
• Declaration of a quarterly dividend of $0.055 per common share payable on October 15, 2025 to shareholders of record as of the close of business on September 30, 2025;
• Osisko Development Corp. raising $645 million to start construction activities at Cariboo; and,
• As expected, an early buyback notice received from Ramelius Resources Limited, for 20% of the Dalgaranga Gross Revenue Royalty (“GRR”), reducing the GRR rate on Dalgaranga from 1.8% to 1.44%, and reducing the GRR rate on Benz Mining Corp.’s Glenburgh and Mt Egerton projects from 1.35% to 1.08%.

Management Commentary

Jason Attew, President & CEO of OR Royalties commented: “OR Royalties’ is on track to achieve its 2025 annual guidance of 80,000-88,000 GEOs, as we expect a slightly stronger second half in terms of GEOs earned. Looking a bit closer at some of our major GEO contributors over the past six months, we have seen continued outperformance at Canadian Malartic largely offsetting silver grade-related underperformance at Mantos Blancos.

Elsewhere, we were pleased to have received our first royalty payments during the second quarter from both Cardinal Namdini Mining’s Namdini gold mine in Ghana, as well as Talisker Resources’ Bralorne gold mine in British Columbia, bringing the total number of producing assets in our portfolio to 22. We wish both operators the best going forward as they ramp up their respective operations over the balance of the year.

As stated previously in our June 2, 2025, press release, through the first seven months of the year, there have been a number of positive advancements on several portfolio assets that sit outside of our current 5-year outlook. In addition to all of that progress, we are also expecting the following key portfolio catalysts before year-end: Capstone Copper’s Phase II Expansion Feasibility Study for Mantos Blancos; Alamos Gold’s Island Gold District Expansion Study; Gold Fields’ updated Feasibility Study for Windfall, along with the project’s final permits; Ramelius Resources’ Integrated Feasibility Study for Dalgaranga, as well as potential for first gold production from the mine later this year; Orla Mining’s Updated Feasibility Study for South Railroad; updates from Osisko Development as it commences mine construction activities at Cariboo; and, finally, the closing of Harmony Gold’s acquisition of MAC Copper, resulting in CSA being subsequently optimized by one of the best deep underground mining operators in the world.

Finally, I would like to acknowledge the present strength of the Company’s balance sheet, not only due to our recently increased revolving credit facility, but also given the fact that as of June 30, 2025, OR Royalties was in a net-cash position for the first time in several years. This enhanced liquidity provides the Company with the financial capacity to pursue accretive growth opportunities.”

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