About us

Growth

SENIOR-QUALITY PORTFOLIO, LEADING GROWTH POTENTIAL

 

  • Senior-quality precious metal portfolio
    • 23 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 ~50% based on current 5-year outlook for 2030E (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$992 million in available liquidity as of Dec. 31, 2025 – between cash and undrawn revolving credit facility (incl. C$200 million accordion)

 

+195

royalties, streams and offtakes

US$6.6B

market cap

80-90k

2026 GEO Delivery Guidance

97%

margin business

0.46%

dividend yield

1.65x

Consensus P/NAV
Notes:

(i) San Gabriel included for illustrative purposes only at this time, as transaction to acquire the Portfolio of royalties from Gold Fields Limited, including a 1.5% NSR Royalty isn’t expected to close until late in the first quarter of 2026
(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)

 

Notes:

  • 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