Release of the 2025 Sustainability Report:Growing Responsibly |
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Dear Fellow Stakeholders,
I am pleased to share our 2025 Growing Responsibly Report, which highlights OR Royalties’ continued dedication to transparency, responsible investment and community engagement. In 2025, we demonstrated that strong Environmental, Social, and Governance (“ESG”) practices support disciplined decision-making and strong business performance.
A Year of Record Financial and Strategic Performance
Financially, 2025 was a milestone year for OR Royalties. We earned a total of 80,775 gold equivalent ounces, driving record revenues from royalties and streams of $277.4 million. This yielded a record annual cash margin of $268.3 million, or 96.7%. Our robust financial position is a direct result of our disciplined capital allocation.
Supporting responsible operators is a key part of how we deploy capital. All new royalty and streaming agreements in 2025 were screened for ESG risks as part of our investment process. In alignment with our investment criteria, we chose not to pursue $650 million of potential transactions last year, primarily due to ESG-related factors.
Environmental Stewardship
While we do not operate the assets within our portfolio, we maintain active dialogue with our mining partners and monitor the management of environmental risks at the operations from which we derive revenue. In 2025, we implemented a Climate Change Policy to formally integrate climate risk into our investment decision-making and responded to the CDP Climate SME questionnaire for a second year, continuing to enhance our climate-related disclosures.
We are proud to report that we acquired Gold Standard verified carbon credits to offset the Scope 2 and Scope 3 emissions related to our own workforce and footprint. Furthermore, through the efforts of our mining partners, 88% of our Scope 3 financed emissions from producing operations are now covered by emissions reduction targets, with 61% covered by forward-looking net zero aspirations, representing an increase from 76% and 42%, respectively, in the prior year.
Our People and Communities
The strength of our business lies in our people and the communities we support both directly and indirectly. For the second consecutive year, OR Royalties was proudly certified as a Great Place to Work®, reflecting our high-trust workplace culture.
Beyond our internal operations, we significantly expanded our social impact. In 2025, we contributed $625,000 to community investments, a 73% increase from 2024, bringing our total community contributions to over $1.5 million since 2021.
Governance and Accountability
Our approach to governance and business ethics, as well as our broader ESG initiatives, continues to be recognized by leading independent organizations. In 2025, we maintained our ‘AA’ rating from MSCI, achieved Prime rating status from ISS ESG, and were recognized as an ESG Leader receiving Global, Regional and Industry Top Rated distinctions from Sustainalytics. We proudly maintained a zero-incident record of material breaches of our Code of Ethics and whistleblower reports while also achieving our updated target of 30% female representation on our Board of Directors.
As we look ahead, we remain focused on disciplined capital deployment, meaningful partnerships and community support, and responsible investment in the mining sector. I would like to extend sincere gratitude to our Board of Directors, employees, mining partners, and shareholders for your continued support.
Jason Attew
President, Chief Executive Officer and Director