Or Royalties Announces Preliminary Q3 2025 Geo Deliveries Along With Record Quarterly Revenues
OR Royalties (OR) reported preliminary Q3 2025 results with record quarterly revenues of $71.6M and 20,326 attributable GEOs. Preliminary cost of sales (excluding depletion) was $2.4M, producing a $69.3M cash margin (96.7%). As of Sept 30, 2025 cash was approximately $57.0M after repayment of a $35.4M revolver balance; the $650M revolving facility (plus $200M accordion) was undrawn. Results are preliminary, unaudited and subject to quarter-end adjustments that may change the figures materially.
OR Royalties (OR) ha riportato risultati preliminari del Q3 2025 con ricavi trimestrali record di 71,6 milioni di dollari e 20.326 GEO attribuibili. Il costo preliminare delle vendite (esclusa l'ammortizzazione) è stato di 2,4 milioni di dollari, producendo un margine di cassa di 69,3 milioni di dollari (96,7%). Al 30 settembre 2025 la liquidità era di circa 57,0 milioni di dollari dopo il rimborso di un saldo di linea revolving di 35,4 milioni di dollari; la facilità revolving di 650 milioni di dollari (più 200 milioni di accordion) non è stata utilizzata. I risultati sono preliminari, non auditati e soggetti a aggiustamenti di fine trimestre che potrebbero modificare significativamente le cifre.
OR Royalties (OR) presentó resultados preliminares del tercer trimestre de 2025 con ingresos trimestrales récord de 71,6 millones de dólares y 20.326 GEO atribuidos. El costo preliminar de ventas (excluido la agotamiento) fue de 2,4 millones de dólares, produciendo un margen de caja de 69,3 millones de dólares (96,7%). Al 30 de septiembre de 2025, el efectivo era aproximadamente de 57,0 millones de dólares tras el reembolso de un saldo de revolver de 35,4 millones de dólares; la facilidad revolving de 650 millones de dólares (más 200 millones en acordeón) no fue utilizada. Los resultados son preliminares, no auditados y sujetos a ajustes de fin de trimestre que podrían cambiar las cifras de forma material.
OR Royalties (OR) 는 2025년 3분기 예비 실적을 발표했으며 분기 매출 기록 7,160만 달러와 귀속 GEO 20,326개를 달성했습니다. 예비 매출원가(감가상각 제외)는 240만 달러였고, 현금 마진 6,930만 달러(96.7%)를 창출했습니다. 2025년 9월 30일 기준 현금은 약 5700만 달러로, 3,540만 달러의 리볼버 잔액 상환 후입니다. 6억 5천만 달러 회전신용 한도(plus 2억 달러 어코디온 포함)은 사용되지 않았습니다. 결과는 예비적이며, 감사받지 않았고 분기말 조정으로 수치가 실질적으로 변경될 수 있습니다.
OR Royalties (OR) a publié des résultats préliminaires pour le T3 2025 avec des revenus trimestriels record de 71,6 millions de dollars et 20 326 GEO attribuables. Le coût des ventes préliminaire (hors déplétion) était de 2,4 millions de dollars, ce qui a généré une marge de trésorerie de 69,3 millions de dollars (96,7%). Au 30 septembre 2025, la trésorerie s’élevait à environ 57,0 millions de dollars après le remboursement d’un solde revolver de 35,4 millions de dollars; la facilité revolving de 650 millions de dollars (avec 200 millions d’accord d’expansion) restait non utilisée. Les résultats sont préliminaires, non audités et soumis à des ajustements en fin de trimestre qui pourraient modifier les chiffres de manière significative.
OR Royalties (OR) meldete vorläufige Ergebnisse für das Q3 2025 mit rekordmäßigen Quartalsumsätzen von 71,6 Mio. USD und 20.326 zuordnungsfähigen GEOs. Die vorläufigen Kosten des Umsatzes (ohne Abnutzung) betrugen 2,4 Mio. USD, was zu einer Barverzinsung von 69,3 Mio. USD (96,7%) führte. Zum 30. September 2025 betrieb die Bar ca. 57,0 Mio. USD nach Rückzahlung eines revolvierenden Restbetrags von 35,4 Mio. USD; die 650 Mio. USD revolving Facility (plus 200 Mio. USD Accordion) war ungenutzt. Die Ergebnisse sind vorläufig, ungeprüft und unterliegen quartalsabschließenden Anpassungen, die die Zahlen erheblich ändern können.
OR Royalties (OR) أصدرت نتائج أولية للربع الثالث من 2025 مع إيرادات ربع سنوية قياسية قدرها 71.6 مليون دولار و 20,326 GEO منسوبة. كانت تكلفة المبيعات الأولية (باستثناء الاستهلاك) 2.4 مليون دولار، مما أدى إلى هامش نقدي قدره 69.3 مليون دولار (96.7%). اعتباراً من 30 سبتمبر 2025، كان النقد يقارب 57.0 مليون دولار بعد سداد رصيد خط الأمريكية القابلة للدوران بمقدار 35.4 مليون دولار؛ ولم يتم سحب تسهيل دوّار بقيمة 650 مليون دولار (مع 200 مليون دولار إضافي). النتائج أولية وغير مدققة وتخضع لتعديلات في نهاية الربع قد تغير الأرقام بشكل جوهري.
OR Royalties (OR) 报告了2025年第三季度的初步业绩，季度收入创纪录，为7160万美元，以及20,326名可归因的GEO。初步销售成本（不含折耗）为240万美元，由此产生现金利润6900万美元（96.7%）。截至2025年9月30日，现金约为5700万美元，在偿付了3540万美元的循环信贷余额后；6.5亿美元循环信贷额度（加上2亿美元扩容）尚未使用。结果为初步、未经审计，且可能在季度末调整后发生重大变动。
- Record preliminary revenues of $71.6M in Q3 2025
- Attributable 20,326 GEOs earned in Q3 2025
- Preliminary cash margin of $69.3M (96.7%)
- Revolving credit facility $650M fully undrawn as at Sept 30, 2025
- All figures are preliminary and unaudited and may change materially
- Cash position ~$57.0M after repaying a $35.4M revolver balance in Q3
Insights
OR Royalties reported record preliminary Q3 revenues, very high cash margin, and fully repaid its revolver, strengthening liquidity.
OR Royalties generated
Key dependencies and risks include that these amounts are preliminary and unaudited and may change materially during quarter-end procedures; the cash margin and GEO conversion depend on the period average metal prices shown and the company’s accounting treatment. Watch the final audited Q3 release on
Revolving Credit Facility Fully Repaid and Undrawn
MONTRÉAL, Oct. 07, 2025 (GLOBE NEWSWIRE) -- OR Royalties Inc. (“OR Royalties” or the “Company”) (OR: TSX & NYSE) is pleased to provide an update on its third quarter 2025 preliminary deliveries, revenues and cash margin, as well as on its cash and debt positions as at September 30th, 2025. All monetary amounts included in this report are expressed in United States dollars, unless otherwise noted.
PRELIMINARY Q3 2025 RESULTS
OR Royalties earned 20,326 attributable gold equivalent ounces1 (“GEOs”) in the third quarter of 2025.
OR Royalties recorded preliminary revenues from royalties and streams of
As at September 30th, 2025, OR Royalties’ cash position was approximately
Q3 2025 RESULTS CONFERENCE AND WEBCAST CALL DETAILS
| Results Release: | Wednesday, November 5th, 2025 after market close |
| Conference Call: | Thursday, November 6th, 2025 at 10:00am ET |
| Dial-in Numbers: (Option 1) | North American Toll-Free: 1 (800) 717-1738 Local – Montreal: 1 (514) 400-3792 Local – Toronto: 1 (289) 514-5100 Local – New York: 1 (646) 307-1865 Conference ID: 08442 |
| Webcast link: (Option 2) | https://viavid.webcasts.com/starthere.jsp?ei=1738147&tp_key=0e761fc1ca |
| Replay (available until Saturday, December 6th, 2025 at 11:59pm ET): | North American Toll-Free: 1 (888) 660-6264 Local – Toronto: 1 (289) 819-1325 Local – New York: 1 (646) 517-3975 Playback Passcode: 08442# |
| Replay also available on our website at www.ORroyalties.com |
OR ROYALTIES’ ANALYST & INVESTOR DAY 2025 DETAILS
| In-Person: | Monday, November 10th, 2025 at 1:00pm ET Vantage Venues 150 King Street West – 16th Floor Toronto, ON |
| Live Webcast: | Monday, November 10th, 2025 at 1:00pm ET Please RSVP to gmoenting@orroyalties.com as the Live Webcast details will be provided to interested parties closer to the event. A recording of the Webcast will also be made available at www.ORroyalties.com shortly after the event. |
Notes
The figures presented in this press release, including the cash and debt balances, and the revenues and costs of sales, have not been audited and are subject to change. As the Company has not yet finished its quarter end procedures, the anticipated financial information presented in this press release is preliminary, subject to quarter end adjustments, and may change materially.
(1) Gold Equivalent Ounces
GEOs are calculated on a quarterly basis and include royalties and streams. Silver and copper earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces or copper tonnes earned by the average silver price or copper price for the period and dividing by the average gold price for the period. Cash royalties and other metals and commodities are converted into gold equivalent ounces by dividing the associated revenue earned by the average gold price for the period.
Average Metal Prices
| Three months ended September 30 | ||||||
| 2025 | 2024 | |||||
| Gold (i) | ||||||
| Silver (ii) | ||||||
| Copper (iii) | ||||||
| (i) | The London Bullion Market Association’s pm price in U.S. dollars per ounce. | |
| (ii) | The London Bullion Market Association’s price in U.S. dollars per ounce. | |
| (iii) | The London Metal Exchange’s price in U.S. dollars per tonne. | |
(2) Non-IFRS Measures
Cash margin in dollars and in percentage of revenues are non-IFRS financial measures. Cash margin (in dollars) is defined by OR Royalties as revenues less cost of sales (excluding depletion). Cash margin (in percentage of revenues) is obtained by dividing the cash margin (in dollars) by the revenues.
Management uses cash margin in dollars and in percentage of revenues to evaluate OR Royalties’ ability to generate positive cash flow from its royalty, stream and other interests. Management and certain investors also use this information, together with measures determined in accordance with IFRS Accounting Standards such as gross margin and operating cash flows, to evaluate OR Royalties’ performance relative to peers in the mining industry who present these measures on a similar basis. Cash margin in dollars and in percentage of revenues are only intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.
A reconciliation of the cash margin (in thousands of dollars and in percentage of revenues) is presented below:
| Three months ended September 30 | |||||||
| 2025 | 2024 | ||||||
| Revenues | |||||||
| Less: Cost of sales (excluding depletion) | (2,367 | ) | (1,570 | ) | |||
| Cash margin (in dollars) | |||||||
| Cash margin (in percentage of revenues) | |||||||
About OR Royalties Inc.
OR Royalties is a precious metals royalty and streaming company focused on Tier-1 mining jurisdictions defined as Canada, the United States, and Australia. OR Royalties commenced activities in June 2014 with a single producing asset, and today holds a portfolio of over 195 royalties, streams and similar interests. OR Royalties’ portfolio is anchored by its cornerstone asset, the 3
OR Royalties’ head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.
| For further information, please contact OR Royalties Inc.: | |
| Grant Moenting Vice President, Capital Markets Tel: (514) 940-0670 x116 Cell: (365) 275-1954 Email: gmoenting@orroyalties.com | Heather Taylor Vice President, Sustainability and Communications Tel: (647) 477-2087 Email: htaylor@orroyalties.com |
Forward-Looking Statements
Certain statements contained in this press release may be deemed “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, that preliminary financial information may be subject to quarter-end adjustments, and the availability of the uncommitted accordion of the credit facility. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of OR Royalties, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which OR Royalties holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from Mineral Resource Estimates or production forecasts by operators, (d) differences in conversion rate from Mineral Resources to Mineral Reserves and ability to replace Mineral Resources, (e) the unfavorable outcome of any challenges or litigation relating title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks, (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by OR Royalties, (b) a trade war or new tariff barriers, (c) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (d) regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies, regulations and political or economic developments in any of the countries where properties in which OR Royalties holds a royalty, stream or other interest are located or through which they are held, (e) continued availability of capital and financing and general economic, market or business conditions, and (f) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on OR Royalties’ business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by OR Royalties, (b) the integration of acquired assets or (c) the determination of OR Royalties’ PFIC status (d) that preliminary financial information may be subject to quarter end adjustments. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in OR Royalties’ ongoing income and assets relating to determination of its PFIC status, and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which OR Royalties holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets.
For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of OR Royalties filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. OR Royalties cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. OR Royalties believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward-looking statements and such forward-looking statements included in this press release are not guarantee of future performance and should not be unduly relied upon. These statements speak only as of the date of this press release. OR Royalties undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.
FAQ
What were OR Royalties (OR) preliminary revenues for Q3 2025?
How many gold equivalent ounces did OR Royalties report for Q3 2025?
What was OR Royalties' preliminary cash margin in Q3 2025?
What is OR Royalties' cash and debt position as of September 30, 2025?
Are OR Royalties' Q3 2025 results final and audited?
When will OR Royalties release final Q3 2025 results and host the conference call?
