Climate change is one of the defining challenges of our time and can significantly impact people and the environment. To support a sustainable future, we are committed to integrating climate considerations into our decision-making.

We are a small office-based organization with leased offices in Montréal and Toronto, Canada, and Hamilton, Bermuda. As a royalty and streaming company, our direct impacts are relatively limited and we do not have direct financial or operational control over the assets within our investment portfolio. However, we remain committed to engaging with our mining partners and supporting their decarbonization efforts.

Governance

OR’s Board and its Committees exercise oversight over climate change risks and opportunities through multiple avenues. As discussed in more detail in the Corporate Governance section, OR Royalties’ Board bears ultimate responsibility over the Company’s climate-related matters. The Audit and Risk Committee and the Governance, Nomination and Sustainability Committee of the Board both oversee climate-related factors and/or risks. Material ESG risks are identified by our Enterprise Risk Assessment and are escalated to the Board via the Audit and Risk Committee. The Executive Team is responsible for the Company’s day-to-day operations, including the management of financial risks, and the ERA. The Governance, Nomination and Sustainability Committee oversees environmental, social and governance matters including climate change risk and reviews our Climate Change Strategy and Policy, practices and disclosure in this area.

In 2025, in response to the potential heightened risks that climate change may pose to our business, our mining partners, and the evolving landscape of climate-related regulations and global frameworks, OR Royalties introduced a Climate Change Policy. This Policy outlines our commitment to responsible investment by integrating climate risk assessments, monitoring, and sustainable practices across our business and investments. Although not directly involved in mining operations, OR seeks to collaborate with mining partners to manage climate-related risks and to align with industry best practices and internationally recognized frameworks.

The Executive Team has a shared responsibility for implementing the policies set by the Board and achieving ESG performance objectives. The ESG Management Committee provides further oversight of sustainability topics, including climate change. The Vice President, Sustainability and Communications is responsible for managing sustainability-related issues and initiatives, with support provided by the ESG Management Committee.

Strategy

OR Royalties is committed to understanding the climate-related risks and opportunities that may impact its strategy, business model, and value chain. Our direct operations, consisting of three offices, are limited and have a relatively low environmental impact. Due to the nature of these direct operations, the associated climate-related financial risks are low. The environmental impact of our investment portfolio and mining partner operations is more significant and may be subject to material climate-related financial risks.

In early 2024, OR’s Board approved a Climate Change Strategy, which covers the 2024 – 2027 period, and a summary of which is provided below. We recognize that this strategy is a dynamic process with targets and plans being revisited and updated, as necessary. In this regard, OR revisited and updated the Climate Change Strategy in early 2025 to reflect emerging regulatory developments and evolving stakeholder expectations.

The updated climate strategy places less emphasis on prescriptive commitments, in favour of a more flexible, risk-based approach. This shift reflects a focus on integrating climate considerations into decision-making in a manner proportionate to our role as a royalty and streaming company. It also reflects an evolution in governance and disclosure, with closer alignment to applicable regulatory frameworks and a broader approach to industry collaboration in support of mining and decarbonization efforts.