OR Royalties Inc. (TSX: OR) (NYSE: OR) 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 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., 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. 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.

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 pleased 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

OR ROYALTIES’ ANALYST & INVESTOR DAY 2025 DETAILS

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.

OR Royalties’ head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

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 

(2)   Three months ended September 30, 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.

A reconciliation of the cash margin per type of interests (in thousands of dollars and in percentage of revenues) is presented below:

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 operating 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.

A reconciliation of net earnings to adjusted net earnings is presented below: