OR Royalties reports Q2 2025 results

Highlights

• 19,700 gold equivalent ounces (“GEOs¹”) earned (20,068 GEOs in Q2 2024²);
• Revenues from royalties and streams of $4 million ($47.4 million in Q2 2024);
• Cash flows generated by operating activities of $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 $4 million, $0.17 per basic share (net loss of $15.4 million, $0.08 per basic share in Q2 2024);
• Adjusted earnings³ of $1 million, $0.18 per basic share ($24.2 million, $0.13 per basic share in Q2 2024);
• Net repayments of $0 million under the revolving credit facility;
• Cash balance of $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 $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.”   

Further information is attached.

Forward-Looking Statements

Certain statements contained in this press release may be deemed “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, that OR Royalties will meet its guidance estimate, that development and milestones and ramping up to be achieved by operators of the properties in which the Company holds interest will be achieved in a timely manner, and that the CSA mine will be successfully optimized. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of OR Royalties, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which OR Royalties holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from resource estimates or production forecasts by operators, (d) differences in conversion rate from resources to reserves and ability to replace resources, (e) the unfavorable outcome of any challenges or litigation relating title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks, (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by OR Royalties, (b) a trade war or new tariff barriers, (c) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (d) regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies, regulations and political or economic developments in any of the countries where properties in which OR Royalties holds a royalty, stream or other interest are located or through which they are held, (e) continued availability of capital and financing and general economic, market or business conditions, and (f) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on OR Royalties’ business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by OR Royalties, (b) the integration of acquired assets or (c) the determination of OR Royalties’ PFIC status (d) that preliminary financial information may be subject to quarter end adjustments. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in OR Royalties’ ongoing income and assets relating to determination of its PFIC status, and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which OR Royalties holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets.

For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of OR Royalties filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. OR Royalties cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. OR Royalties believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward-looking statements and such forward-looking statements included in this press release are not guarantee of future performance and should not be unduly relied upon. In this press release, OR Royalties relies on information publicly disclosed by other issuers and third parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. These statements speak only as of the date of this press release. OR Royalties undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.