QUALITY.
DISCIPLINE.
GROWTH.

OR Royalties Inc. is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. OR Royalties Inc. holds a North American focused portfolio of over 200 royalties, streams and precious metal offtakes. OR Royalties Inc.’s portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, one of Canada’s largest gold mines.

Our Corporate Values

OR Royalties' corporate values define who we are and shape everything we do. Each value is woven into our daily work, guiding our decisions, partnerships, and long-term vision. These values are embedded in our culture and fundamental to our success.

Principled

We do the right thing. Ethical business practices, transparency, and responsible decision-making guide us in everything we do.

Excellence

We hold ourselves to the highest standards through disciplined capital allocation, strategic insights, and an unwavering commitment to quality.

Partnership

We succeed together. By fostering strong partnerships and embracing diverse perspectives, we create a culture of trust, innovation, and shared success.

Focused

With a clear vision, we make deliberate choices to drive sustainable growth and long-term value.

Innovation

We embrace the future. By leveraging creative and forward-thinking strategies, we continuously evolve to stay ahead in a dynamic and competitive industry.

Highly Efficient and Scalable Business Model

OR Royalties provides capital to mine operators in exchange for a percentage of future production. The operator funds and runs the mine; the Company receives revenue over the life of the asset.

Capital Provided

OR Royalties provides an upfront payment in exchange for a royalty or stream interest covering a mining operation or project.

Mine Built and Operated

The operator is responsible for construction, operating and sustaining capital costs, and also manages the site.

Metal Produced

The mine’s operator recovers metals from the area of interest covered by OR Royalties’ royalty or stream.

Revenue Received

OR Royalties receives its percentage of metal produced or revenue generated; for streams, it also pays a set amount per unit of metal upon delivery.

Revenue continues for the life of the asset
Why the model works
✦
High asset and cash flow diversification
✦
No capital cost requirements
✦
Predictable operating costs
✦
Insultated from direct rising geopolitical risks
✦
High leverage to precious metals
✦
Free upside to additional ounces found

Guidance and 5-Year Outlook

GEOs (oz AuEq)
GEO Growth Through to the End of the Decade
80,740
2024A
80,775
2025A
80,000 - 90,000
2026E Guidance
120,000 - 135,000
2030E Outlook
Illustrative
Nearer-Term & Longer-Term Optionality
2024A
2025A
2026E
Guidance
2030E
Outlook
Nearer-Term &
Longer-Term Optionality
✦
Peer-leading organic growth profile
✦
24 producing assets anchored by a 3-5% NSR royalty on Agnico Eagle’s Canadian Malartic Complex
✦
Attributable GEO delivery growth of ~50% based on current 5-year outlook for 2030E (120-135k GEOs)
✦
Highest concentration of assets in low-risk Tier-1 mining jurisdictions
2026E Guidance
Existing assets, plus
  • AK Deposit (Macassa)
  • Dalgaranga
  • Namdini @ 2.0% NSR Royalty
  • San Gabriel
2030E Outlook

2030E outlook represents 50% GEO growth(i) over 2026E with no contingent capital required

Existing assets, plus expansions
  • Island Gold District Expansion
  • Others
Development
  • Amulsar
  • Cariboo
  • Hermosa (Taylor)
  • Marimaca MOD
  • South Railroad
  • Nkran
  • Spring Valley
  • Windfall
  • Others
Note

2030E Outlook does not include any potential additional GEOs from increased Spring Valley Royalty coverage, or any potential additional GEOs from Murray Brook.*

* New transactions announced in H1 2026.

Nearer-Term & Longer-Term Optionality
Expansions
  • Malartic Odyssey Shaft #2
  • Mantos Blancos Phase II
Development
  • Altar
  • Back Forty
  • Costa Fuego
  • Casino
  • Cascabel
  • Copperwood
  • Eagle
  • Hammond Reef
  • Horne 5
  • Marban
  • Shaakichiuwaanaan
  • Upper Beaver
  • West Kenya
  • WKP
Exploration
  • AntaKori
  • Mt Egerton/Glenburgh
  • San Antonio
  • Upper Canada/Anoki McBean
  • Whistler
  • Others
  • This outlook replaces the previous outlook (published on February 19, 2025).
  • The 2026 outlook (published on February 18, 2026) is based on publicly available forecasts from our operating partners. When publicly available forecasts on properties are not available, OR Royalties obtains internal forecasts from the producers or uses management's best estimate.
  • The 2026 guidance uses current 2026 consensus commodity prices and a gold/silver price ratio of 73:1. The 5-year outlook uses current long-term consensus commodity prices and a gold/silver price ratio of 82:1.
  • Optionality bar is illustrative only:
    • – "Development" defined as partner having at least completed a Preliminary Economic Assessment (or more) on the project;
    • – "Exploration" defined as partner having completed a Mineral Resource Estimate (MRE) on the project or is in the process of exploratory drilling in or to be working towards an initial MRE.

(i) Based on mid-points of 2026E GEO Guidance & 2030E GEO Outlook Ranges, respectively.