SENIOR-QUALITY PORTFOLIO, LEADING GROWTH POTENTIAL
- Senior-quality precious metal portfolio
- 22 producing assets(i) anchored by a 5% NSR royalty on Agnico Eagle’s Canadian Malartic Complex(ii)
- Peer-leading organic growth profile
- Attributable GEO delivery growth of ~40% based on current 5-year outlook for 2029E (110-125k GEOs)
- Highest concentration of assets in low-risk Tier-1 mining jurisdictions(iii)
- On a Net Asset Value basis and vs. relevant peers
- Strong balance sheet & disciplined capital allocation strategy
- US$510 million in available liquidity as of Mar 31, 2025 – between cash and undrawn revolving credit facility (incl. C$200 million accordion)
+195royalties, streams and offtakes |
US$4.6Bmarket cap |
80-88k2025 GEO Delivery Guidance |
97%margin business |
0.91%dividend yield |
1.45xConsensus P/NAV |
(i) Includes Cardinal Namdini Mining Ltd.’s Namdini mine in “trial production” with first meaningful royalty payment expected in H2 2025; G Mining Ventures Corp.’s Tocantinzinho (TZ) mine; Talisker Resources Ltd. Bralorne mine; and, Agnico Eagle Mines Ltd.’s Akasaba West satellite mine at Goldex
(ii) Canadian Malartic Open Pits 5.0% NSR Royalty; Canadian Malartic Odyssey Underground Blended 4.61% NSR Royalty
(iii) vs. precious metals royalty & streaming peers; ‘Tier-1’ mining jurisdictions defined as: Canada, USA, Australia
Entering an Important Phase of Growth
GEOs (gold equivalent ounces)
- This 2025 outlook replaces the previous outlook (published on February 20, 2024);
- This outlook (published on February 19, 2025) is based on publicly available forecasts from our operating partners. When publicly available forecasts on properties are not available, OR Royalties Inc obtains internal forecasts from the producers or uses management’s best estimate.
- The 2025 guidance uses current 2025 consensus commodity prices and a gold/silver price ratio of 83:1. The 5-year outlook uses current long-term consensus commodity prices and a gold/silver price ratio of 80:1.
- 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 2025E GEO Guidance & 2029E GEO Outlook Ranges, respectively