OR Royalties Announces Preliminary Q4 2025 GEO Deliveries Along With Record Annual Revenues and C$50.8 Million of Share Repurchases Under the Normal Course Issuer Bid in 2025
Rhea-AI Summary
OR Royalties (OR) reported preliminary Q4 and full-year 2025 operating and financial metrics. OR earned 21,735 GEOs in Q4 and 80,775 GEOs in 2025, meeting guidance of 80,000–88,000 GEOs. Preliminary revenues were $90.5M in Q4 and a record $277.4M for 2025. Preliminary cash margin was $87.9M (97.2%) in Q4 and $268.3M (96.7%) for 2025. Cash at Dec 31, 2025 was approximately $142.1M after net repayment of $94.9M on the revolving credit facility and $36.7M of share repurchases (C$50.8M) under the NCIB. The revolving facility was fully undrawn with $650M available plus an uncommitted $200M accordion. Results release and webcast are scheduled Feb 18–19, 2026.
Figures are preliminary and unaudited and may change materially.
Positive
- Record 2025 revenues of $277.4M
- Q4 revenue of $90.5M
- High cash margin of 96.7% for 2025
- GEO guidance met: 80,775 GEOs in 2025
- Strong liquidity: $142.1M cash and $650M undrawn facility
- Share buybacks of $36.7M (C$50.8M) in 2025
Negative
- Preliminary figures unaudited and may change materially
- Cost of sales (ex-depletion) rose to $9.1M in 2025 from $6.7M in 2024
News Market Reaction – OR
In the Jan 7 session, OR gained 4.10%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Dec 16 | Buybacks and assets | Positive | +3.1% | Detailed asset progress and C$43.9M of NCIB share repurchases. |
| Dec 08 | NCIB renewal | Positive | -1.2% | TSX renewal of NCIB allowing repurchase of up to 9.4M shares. |
| Nov 05 | Dividend declaration | Positive | -0.7% | Announced Q4 2025 dividend of US$0.055 per share payable Jan 15, 2026. |
| Nov 05 | Q3 2025 earnings | Positive | -0.7% | Record Q3 revenues, strong cash flow, full debt repayment and dividends. |
| Oct 07 | Prelim Q3 results | Positive | +1.1% | Preliminary Q3 results with record revenues and high cash margins. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent history shows strong fundamental updates and capital returns often met with muted or negative immediate reactions, with only two of five positive releases seeing aligned price gains.
Over the last few months, OR Royalties has consistently reported strong fundamentals and shareholder returns. Preliminary Q3 2025 results on Oct 7 highlighted record revenues and a $69.3M cash margin with an undrawn $650M facility. Q3 earnings on Nov 5 showed record results, full debt repayment and a $0.055 dividend, followed by a renewal of the normal course issuer bid on Dec 8. A Dec 16 update detailed significant 2025 buybacks and asset progress. Today’s preliminary Q4 2025 update extends this pattern with record annual revenues and substantial repurchases.
Key Terms
gold equivalent ounces technical
normal course issuer bid financial
revolving credit facility financial
non-IFRS financial measures financial
London Bullion Market Association financial
London Metal Exchange financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
MONTRÉAL, Jan. 06, 2026 (GLOBE NEWSWIRE) -- OR Royalties Inc. (“OR Royalties” or the “Company”) (OR: TSX & NYSE) is pleased to provide an update on its fourth quarter and full year 2025 preliminary deliveries, revenues and cash margin, as well as on its cash and debt positions as at December 31st, 2025. All monetary amounts included in this report are expressed in United States dollars, unless otherwise noted.
PRELIMINARY Q4 AND FULL YEAR 2025 RESULTS
OR Royalties earned 21,735 gold equivalent ounces1 (“GEOs”) in the fourth quarter of 2025, for a total of 80,775 GEOs in 2025, thereby achieving the Company’s GEO delivery guidance range of 80,000-88,000 GEOs.
OR Royalties recorded record preliminary revenues from royalties and streams of
For the full year 2025, preliminary revenues from royalties and streams reached a record
As at December 31st, 2025, OR Royalties’ cash position was approximately
Q4 AND FULL YEAR 2025 RESULTS CONFERENCE AND WEBCAST CALL DETAILS
| Results Release: | Wednesday, February 18th, 2026 after market close |
| Conference Call: | Thursday, February 19th, 2026 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: 83967 |
| Webcast link: (Option 2) | https://viavid.webcasts.com/starthere.jsp?ei=1748335&tp_key=ffb84495c6 |
| Replay (available until Thursday, March 19th, 2026 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: 83967# |
| 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 year-end procedures, the anticipated financial information presented in this press release is preliminary, subject to year-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 December 31, | Years ended December 31, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Gold (i) | |||||||||||||
| Silver (ii) | |||||||||||||
| Copper (iii) | |||||||||||||
| (i) | The average price represents the London Bullion Market Association’s PM price in U.S. dollars per ounce. |
| (ii) | The average price represents the London Bullion Market Association’s price in U.S. dollars per ounce. |
| (iii) | The average price represents 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 December 31, | Year ended December 31, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Revenues | |||||||||||||
| Less: Cost of sales (excluding depletion) | ( | ) | ( | ) | ( | ) | ( | ) | |||||
| Cash margin (in dollars) | |||||||||||||
| Cash margin (in percentage of revenues) | 97.2 | % | 96.2 | % | 96.7 | % | 96.5 | % | |||||
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 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 and year-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 and year-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.
