v3.25.2

Share capital | 12 Months Ended
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Dec. 31, 2025
Disclosure of classes of share capital [Abstract] |
Share capital [Text Block] | 16. Share capital Shares Authorized Unlimited number of common shares, without par value Unlimited number of preferred shares, issuable in series Normal Course Issuer Bid In December 2025, OR Royalties renewed its normal course issuer bid ("NCIB") program. Under the terms of the NCIB program, OR Royalties may acquire up to 9,399,294 of its common shares from time to time in accordance with the normal course issuer bid procedures of the TSX. Repurchases under the 2025 NCIB program are authorized from December 12, 2025 until December 11, 2026. Daily purchases will be limited to 107,496 common shares, other than block purchase exemptions. Under the terms of the previous NCIB program, OR Royalties was allowed to acquire up to 9,331,275 of its common shares from time to time, from December 12, 2024 to December 11, 2025. Daily purchases were limited to 73,283 common shares. During the year ended December 31, 2025, the Company purchased for cancellation a total of 1.1 million common shares for $36.7 million (C$50.8 million; average acquisition price per share of C$47.86). During the year ended December 31, 2024, the Company purchased for cancellation a total of 26,000 common shares for $0.4 million (C$0.6 million; average acquisition price per share of C$22.48). Dividends The following table provides details on the dividends declared by the Company for the years ended December 31, 2025 and 2024:
Declaration date |  | Dividend per share |  | Record date |  | Payment date |  | Dividends declared |
|  | $ |  |  |  |  |  | $ |
February 19, 2025 (i) |  | $0.046 |  | March 31, 2025 |  | April 15, 2025 |  | 8,475,000 |
May 7, 2025 |  | $0.055 |  | June 30, 2025 |  | July 15, 2025 |  | 10,201,000 |
August 5, 2025 |  | $0.055 |  | September 30, 2025 |  | October 15, 2025 |  | 10,492,000 |
November 5, 2025 |  | $0.055 |  | December 31, 2025 |  | January 15, 2026 |  | 10,116,000 |
Year 2025 |  | $0.211 |  |  |  |  |  | 39,284,000 |
February 20, 2024 |  | C$0.060 |  | March 28, 2024 |  | April 15, 2024 |  | 8,271,000 |
May 8, 2024 |  | C$0.065 |  | June 28, 2024 |  | July 15, 2024 |  | 8,843,000 |
August 6, 2024 |  | C$0.065 |  | September 30, 2024 |  | October 15, 2024 |  | 8,878,000 |
November 6, 2024 |  | C$0.065 |  | December 31, 2024 |  | January 15, 2025 |  | 8,673,000 |
Year 2024 |  | C$0.255 |  |  |  |  |  | 34,665,000 |
(i) Prior to May 2025, the dividends were declared in Canadian dollars. From May 2025, the quarterly dividend is declared in United States dollars. On February 19, 2025, the Board of Directors declared a quarterly dividend of C$0.065 to shareholders of record as of the close of business on March 31, 2025. Based on the foreign currency rate (C$/US$) on the declaration date, the corresponding dividend per share in U.S. dollars was $0.046. Dividend reinvestment plan The Company offers a dividend reinvestment plan ("DRIP") that allows Canadian and U.S. shareholders to reinvest their cash dividends into additional common shares either purchased on the open market through the facilities of the TSX or the NYSE, or issued directly from treasury by the Company, or acquired by a combination thereof. In the case of a treasury issuance, the price will be the weighted average price of the common shares on the TSX or the NYSE during the five trading days immediately preceding the dividend payment date, less a discount, if any, of up to 5%, at the Company's sole election. As at December 31, 2025, the holders of 13.3 million common shares had elected to participate in the DRIP, representing dividends payable of $0.7 million. During the year ended December 31, 2025, the Company issued 128,684 common shares under the DRIP, at a discount rate of 3% (205,741 common shares in 2024 at a discount rate of 3%). On January 15, 2026, 18,705 common shares were issued under the DRIP at a discount rate of 3%. Capital management The Company's primary objective when managing capital is to maximize returns for its shareholders by growing its asset base, mostly through accretive acquisitions of high-quality royalties, streams and other similar interests, while ensuring capital protection. The Company defines capital as long-term debt and total equity, including the undrawn portion of the revolving credit facility. Capital is managed by the Company's management and governed by the Board of Directors.
|  | December 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
|  | $ |  |  | $ |
Long-term debt |  | - |  |  | 93,900 |
Total equity |  | 1,432,041 |  |  | 1,188,953 |
Undrawn revolving credit facility (i) |  | 650,000 |  |  | 288,336 |
|  | 2,082,041 |  |  | 1,571,189 |
(i) Excluding the potential additional available credit (accordion) of $200.0 million as at December 31, 2025 (C$200.0 million as at December 31, 2024) (Note 15). There were no changes in the Company's approach to capital management during the year ended December 31, 2025, compared to the prior year. The Company is not subject to material externally imposed capital requirements.

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