2026 Asset Handbook
OR Royalties is a mid-tier, precious metals-focused, pure-play royalty and streaming company with a high-quality portfolio of production, development and exploration assets, and a peer-leading gold-equivalent ounce growth trajectory. We provide investors exposure to a premium precious metals-focused portfolio of royalty and stream assets predominantly located in the Tier-1 mining jurisdictions of Canada, Australia, and the United States. Our asset base is anchored by a 3-5% NSR royalty on the Canadian Malartic Complex, located in Québec, Canada – one of the world’s largest gold mines, and operated by Agnico Eagle Mines Limited.
OR Royalties holds a portfolio of over 200 royalties and streams, at least 25 of which are expected to be in production by the end of 2026. As our portfolio continues to mature, a significant number of our top-producing assets are undergoing planned expansions, while formerly advanced development projects are moving into construction; this speaks directly to OR Royalties’ ability to invest in high-quality assets that attract additional investment, and our ability to provide our shareholders with “no-cost” upside to our mining partners’ exploration success.
OR Royalties’ business model is designed to complement the capital-intensive needs of the mining industry, with OR’s capital supporting new mine construction, existing mine expansions, balance sheet repair, M&A, all the way down to early-stage exploration. Our goal is to provide our shareholders with sustainable, lower-risk precious metals exposure via a diversified portfolio of assets located in low-risk mining jurisdictions. Our investors benefit from our robust internal due-diligence methodologies, primarily underpinned by our in-house technical expertise in coordination with our strong relationships across the global mining sector. Further to this, OR Royalties’ best-in-class cash and gross margins provide shareholders with direct exposure to elevated precious metals prices, while also providing them with insulation from the margin contraction experienced by producers during inflationary cycles or commodity price retracement periods.
In the pursuit of its goals, OR Royalties continued to thrive throughout 2025, reaping the benefits of increasing precious metals prices and the performance of its underlying asset base, as evidenced by our record annual cash flows and cash margins. On the corporate development front, OR Royalties remained disciplined amidst a backdrop of rapidly increasing commodity prices, while also holding the line in our unwillingness to relax the structural features of any new potential investment contracts, including security over the assets in question. Underpinned by a robust balance sheet, our Company remains financially well-positioned to continue deploying capital in a disciplined manner into new and accretive royalties and streams, with a strong focus on growing the Company’s net-asset-value and cash flow per share.