OR Royalties Announces Preliminary Q3 2026 GEO Deliveries

Quarterly cash margin increased from $69.258 million to $87.288 million, while cost of sales excluding depletion also rose.

Rhea-AI Summary

OR Royalties (OR) reported preliminary third-quarter 2026 royalty and stream revenues of $90.205 million, up from $71.625 million a year earlier. Deliveries totaled 20,237 gold equivalent ounces, a measure combining gold and other royalty and stream proceeds. Cost of sales excluding depletion rose to $2.917 million from $2.367 million. Cash margin, a non-IFRS measure, reached $87.288 million, versus $69.258 million; its revenue share increased to 96.8% from 96.7%.

At September 30, cash was approximately $76.7 million, after $29.1 million in quarterly share repurchases. The $15.0 million La Verde royalty transaction with Hot Chili closed during the quarter using balance-sheet cash. Credit-facility borrowings totaled $228.2 million, with $621.8 million available and an uncommitted accordion of up to $350.0 million. The figures are unaudited and subject to quarter-end adjustments that may materially change them.

4 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 4 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointPreliminary Q3 2026 revenues rose to $90.205 million from $71.625 million in Q3 2025.
• Moderate pointPreliminary Q3 2026 cash margin increased to $87.288 million from $69.258 million; margin rose to 96.8% from 96.7%.
• Moderate pointRevolving credit facility available capacity totaled $621.8 million at September 30, 2026. 9.6% of market cap
• Minor pointThe $15.0 million La Verde royalty transaction with Hot Chili closed in Q3 using balance-sheet cash.

Negative

• Minor pointRevolving credit facility borrowings totaled $228.2 million at September 30, 2026.
• Minor pointPreliminary Q3 2026 cost of sales excluding depletion rose to $2.917 million from $2.367 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Preliminary figures are unaudited and subject to quarter-end adjustments that may materially change them.
• Minor pointAdditional credit-facility capacity of up to $350.0 million under the accordion is uncommitted.

News Explained

OR Royalties says its preliminary quarter-end figures may change materially, with the Q3 results release scheduled for November 11, 2026 after market close.

Key Figures

Gold equivalent ounces: 20,237 GEOs Revenue: $90.2 million Cash margin: $87.3 million +5 more

Gold equivalent ounces

20,237 GEOs

Q3 2026 preliminary deliveries

Revenue

$90.2 million

Q3 2026 preliminary royalties and streams revenue

Cash margin

$87.3 million

Q3 2026 preliminary

Cash margin as a percentage of revenue

96.8%

Q3 2026 preliminary

Cash position

$76.7 million

As at September 30, 2026

Share repurchases

$29.1 million (C$40.8 million)

Under the normal course issuer bid during Q3 2026

Revolving credit facility drawn

$228.2 million

As at September 30, 2026

Available credit capacity

$621.8 million

As at September 30, 2026; excludes uncommitted accordion

Historical Context

2 past events · Latest: Jul 08

2 events

1. Jul 08

   Preliminary Q2 results

   24h Move

   -2.9%

   Reported 20,757 GEOs, $97.8 million revenue and $94.7 million cash margin.

2. Aug 05

   Q2 earnings report

   24h Move

   -0.3%

   Reported Q2 revenue growth, operating cash flow, and a 96.8% cash margin.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gold equivalent ounces, normal course issuer bid, revolving credit facility, net smelter return royalty, +1 more

5 terms

gold equivalent ounces technical

"OR Royalties earned 20,237 attributable gold equivalent ounces"

Gold equivalent ounces express the combined output or reserves of a mine by converting other metals (like silver, copper or zinc) into the amount of gold they would be worth at current market prices, so everything is shown as a single “gold” number. For investors this provides a common yardstick to compare production, value and growth across projects that produce multiple metals—like converting several currencies into one familiar money unit.

normal course issuer bid financial

"repurchases of common shares made under the normal course issuer bid"

A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

revolving credit facility financial

"OR Royalties' revolving credit facility was drawn by $228.2 million"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

net smelter return royalty technical

"the 3-5% net smelter return royalty on Agnico Eagle Mines Limited’s"

A net smelter return (NSR) royalty is a contractual right to receive a percentage of the revenue from minerals sold after they are processed and refined, with common deductions for transportation and refining fees. Investors care because an NSR provides a predictable slice of mining project income without owning the mine, so it affects expected cash flow, risk exposure to commodity prices, and the valuation of both the royalty and the operating project—similar to collecting a portion of rent after paying building maintenance costs.

non-ifrs financial measures financial

"Cash margin in dollars and in percentage of revenues are non-IFRS financial measures."

Non-IFRS financial measures are company-reported numbers that modify or exclude items from standard accounting results so management can highlight what it sees as underlying business performance—common examples are adjusted EBITDA or adjusted earnings per share. They matter to investors because they can make trends clearer by removing unusual or noncash items, like cleaning lens smudges off a camera, but they require scrutiny since companies decide what to exclude and comparisons across firms may not be uniform.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

MONTRÉAL, Oct. 07, 2026 (GLOBE NEWSWIRE) -- OR Royalties Inc. (“OR Royalties” or the “Company”) (OR: TSX & NYSE) is pleased to announce its third quarter 2026 preliminary deliveries, revenues and cash margin, as well as to provide an update on its cash and debt positions as at September 30, 2026. All monetary amounts included in this report are expressed in United States dollars, unless otherwise noted.

PRELIMINARY Q3 2026 RESULTS

OR Royalties earned 20,237 attributable gold equivalent ounces¹ (“GEOs”) in the third quarter of 2026. OR Royalties recorded preliminary revenues from royalties and streams of $90.2 million during the third quarter and preliminary cost of sales (excluding depletion) of $2.9 million, resulting in a quarterly cash margin² of approximately $87.3 million (96.8%).

As at September 30, 2026, OR Royalties’ cash position was approximately $76.7 million, after repurchases of common shares made under the normal course issuer bid of $29.1 million (C$40.8 million) during the third quarter. The La Verde royalty transaction with Hot Chili Limited closed during the third quarter for a total amount of $15.0 million and was financed using cash available on the balance sheet.

OR Royalties' revolving credit facility was drawn by $228.2 million at September 30, 2026, leaving $621.8 million of available capacity, plus an uncommitted accordion of up to $350.0 million.

Q3 2026 RESULTS CONFERENCE AND WEBCAST CALL DETAILS

Results Release:	Wednesday, November 11th, 2026 after market close
Conference Call:	Thursday, November 12th, 2026 at 10:00 am 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: 75234
Webcast link: (Option 2)	https://viavid.webcasts.com/starthere.jsp?ei=1777759&tp_key=f1a0b01c30
Replay (available until Saturday, December 12th, 2026 at 11:59 PM ET):	North American Toll-Free: 1 (888) 660-6264 Local – Toronto: 1 (289) 819-1325 Local – New York: 1 (646) 517-3975 Playback Passcode: 75234#
	Replay also available on our website at www.ORroyalties.com

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
		2026			2025
Gold (i)	$	4,262		$	3,457
Silver (ii)	$	62.59		$	39.40
Copper (iii)	$	14,104		$	9,797

(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
		2026				2025
Revenues	$	90,205			$	71,625
Less: Cost of sales (excluding depletion)	$	(2,917	)		$	(2,367	)
Cash margin (in dollars)	$	87,288			$	69,258
Cash margin (in percentage of revenues)		96.8%				96.7%

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 200 royalties, streams and similar interests. OR Royalties’ portfolio is anchored by its cornerstone asset, the 3-5% net smelter return royalty on Agnico Eagle Mines Limited’s Canadian Malartic Complex, one of the world’s largest gold mines.

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 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, as amended 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 presented in this press release 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 (collectively an “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 to title, permits or licenses, (f) hazards and uncertainty associated with the business of exploration, 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 an 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. 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 an 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 under such forward-looking statements and such forward-looking statements included in this press release are not a guarantee of future performance and should not be unduly relied upon. In this press release, OR Royalties relies on information publicly disclosed by other issuers and third parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many gold equivalent ounces did OR Royalties earn in Q3 2026?

OR Royalties earned 20,237 attributable gold equivalent ounces in the third quarter of 2026. This measure includes royalties and streams and expresses proceeds from gold and other metals or commodities in gold-equivalent terms.

How does OR Royalties calculate its cash margin?

OR Royalties defines cash margin as revenues minus cost of sales excluding depletion; the percentage divides that amount by revenues. It is a non-IFRS measure without a standardized meaning under IFRS and may not be comparable with similarly named measures from other issuers.

When will OR Royalties release its full Q3 2026 results?

OR Royalties will release its Q3 2026 results after market close on November 11, 2026. The results conference call is scheduled for November 12, 2026, at 10:00 a.m. ET.