OR Royalties Reports Q2 2025 Results
OR Royalties (NYSE:OR) reported strong Q2 2025 financial results, with significant year-over-year improvements. The company generated 19,700 gold equivalent ounces (GEOs) and revenues of $60.4 million from royalties and streams, up from $47.4 million in Q2 2024.
Key financial highlights include cash flows from operating activities of $51.4 million (34% increase), net earnings of $32.4 million ($0.17 per share), and a robust cash margin of 95.8%. The company strengthened its balance sheet with net repayments of $40.0 million on its credit facility and increased the facility limit to $650.0 million.
Notable operational developments include first royalty payments from Namdini and Bralorne mines, acquisition of a silver stream on South Railroad project, and a 20% dividend increase to $0.055 per share. The company maintains its 2025 guidance of 80,000-88,000 GEOs.
OR Royalties (NYSE:OR) ha riportato risultati finanziari solidi nel secondo trimestre del 2025, con miglioramenti significativi rispetto allo stesso periodo dell'anno precedente. La società ha prodotto 19.700 once equivalenti d'oro (GEO) e ricavi per 60,4 milioni di dollari derivanti da royalties e flussi, in aumento rispetto ai 47,4 milioni di dollari del secondo trimestre 2024.
I principali dati finanziari evidenziano flussi di cassa dalle attività operative pari a 51,4 milioni di dollari (incremento del 34%), utili netti di 32,4 milioni di dollari (0,17 dollari per azione) e un solido margine di cassa del 95,8%. L'azienda ha rafforzato il proprio bilancio con rimborsi netti di 40,0 milioni di dollari sulla linea di credito e ha aumentato il limite della stessa a 650,0 milioni di dollari.
Tra gli sviluppi operativi rilevanti si segnalano i primi pagamenti di royalties dalle miniere Namdini e Bralorne, l'acquisizione di un flusso d'argento sul progetto South Railroad e un incremento del dividendo del 20% a 0,055 dollari per azione. La società conferma la guidance per il 2025 di 80.000-88.000 GEO.
OR Royalties (NYSE:OR) reportó sólidos resultados financieros en el segundo trimestre de 2025, con mejoras significativas interanuales. La compañía generó 19,700 onzas equivalentes de oro (GEO) e ingresos por $60.4 millones provenientes de regalías y flujos, frente a $47.4 millones en el segundo trimestre de 2024.
Los aspectos financieros clave incluyen flujos de efectivo de actividades operativas por $51.4 millones (aumento del 34%), ganancias netas de $32.4 millones ($0.17 por acción) y un sólido margen de efectivo del 95.8%. La empresa fortaleció su balance con pagos netos de $40.0 millones en su línea de crédito y aumentó el límite de la misma a $650.0 millones.
Entre los desarrollos operativos destacados están los primeros pagos de regalías de las minas Namdini y Bralorne, la adquisición de un flujo de plata en el proyecto South Railroad y un incremento del dividendo del 20% a $0.055 por acción. La compañía mantiene su guía para 2025 de 80,000-88,000 GEO.
OR Royalties (NYSE:OR)는 2025년 2분기에 전년 대비 크게 개선된 강력한 재무 실적을 보고했습니다. 회사는 19,700 골드 등가 온스(GEO)를 생산했으며, 로열티 및 스트림에서 6,040만 달러의 수익을 올려 2024년 2분기의 4,740만 달러에서 증가했습니다.
주요 재무 하이라이트로는 영업활동 현금흐름 5,140만 달러(34% 증가), 순이익 3,240만 달러(주당 0.17달러), 견고한 현금 마진 95.8%가 있습니다. 회사는 신용 한도에서 4,000만 달러를 순상환하며 재무구조를 강화했고, 신용 한도를 6억 5,000만 달러로 증액했습니다.
주요 운영 발전 사항으로는 Namdini 및 Bralorne 광산에서 첫 로열티 지급, South Railroad 프로젝트에 대한 은 스트림 인수, 그리고 배당금 20% 인상으로 주당 0.055달러를 지급하기로 했습니다. 회사는 2025년 생산 가이던스를 80,000-88,000 GEO로 유지하고 있습니다.
OR Royalties (NYSE:OR) a publié de solides résultats financiers pour le deuxième trimestre 2025, avec des améliorations significatives d'une année sur l'autre. La société a généré 19 700 onces équivalentes or (GEO) et des revenus de 60,4 millions de dollars provenant des redevances et des flux, contre 47,4 millions de dollars au deuxième trimestre 2024.
Les principaux faits financiers incluent des flux de trésorerie provenant des activités opérationnelles de 51,4 millions de dollars (augmentation de 34 %), un bénéfice net de 32,4 millions de dollars (0,17 dollar par action) et une marge de trésorerie robuste de 95,8 %. La société a renforcé son bilan avec des remboursements nets de 40,0 millions de dollars sur sa facilité de crédit et a augmenté la limite de cette facilité à 650,0 millions de dollars.
Parmi les développements opérationnels notables figurent les premiers paiements de redevances des mines Namdini et Bralorne, l'acquisition d'un flux d'argent sur le projet South Railroad, ainsi qu'une augmentation de dividende de 20 % à 0,055 dollar par action. La société maintient ses prévisions pour 2025 entre 80 000 et 88 000 GEO.
OR Royalties (NYSE:OR) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit deutlichen Verbesserungen im Jahresvergleich. Das Unternehmen erzeugte 19.700 Goldäquivalent-Unzen (GEOs) und erzielte Einnahmen von 60,4 Millionen US-Dollar aus Lizenzgebühren und Streams, gegenüber 47,4 Millionen US-Dollar im zweiten Quartal 2024.
Wesentliche finanzielle Highlights umfassen Cashflows aus operativer Tätigkeit von 51,4 Millionen US-Dollar (34 % Steigerung), einen Nettogewinn von 32,4 Millionen US-Dollar (0,17 US-Dollar je Aktie) und eine starke Cash-Marge von 95,8 %. Das Unternehmen stärkte seine Bilanz durch Nettorückzahlungen von 40,0 Millionen US-Dollar auf seine Kreditfazilität und erhöhte das Kreditlimit auf 650,0 Millionen US-Dollar.
Bemerkenswerte operative Entwicklungen sind die ersten Lizenzzahlungen von den Minen Namdini und Bralorne, der Erwerb eines Silberstreams am South Railroad-Projekt sowie eine 20%ige Dividendenerhöhung auf 0,055 US-Dollar je Aktie. Das Unternehmen bestätigt seine Prognose für 2025 von 80.000 bis 88.000 GEOs.
- 34% increase in operating cash flows to $51.4 million
- Strong cash margin of 95.8% on revenues
- Net earnings turnaround from $15.4M loss to $32.4M profit
- Credit facility increased to $650M with $200M accordion option
- First royalty payments received from two new producing assets
- 20% increase in quarterly dividend
- Net cash position achieved for first time in several years
- Slight decrease in GEOs from 20,068 in Q2 2024 to 19,700 in Q2 2025
- Underperformance at Mantos Blancos due to silver grade issues
- Reduction in Dalgaranga royalty rate from 1.8% to 1.44% due to early buyback
Insights
OR Royalties shows strong Q2 performance with 34% increase in operating cash flow and solid earnings despite slightly lower production.
OR Royalties delivered impressive financial results in Q2 2025, highlighted by a 34% year-over-year increase in cash flows from operating activities to
The company's financial discipline is evident with
OR Royalties maintained exceptional profit margins with a cash margin of
The portfolio continued to diversify with first royalty payments from Cardinal Namdini Mining's Namdini gold mine in Ghana and Talisker Resources' Bralorne gold mine in British Columbia, bringing the total producing assets to 22. The company also completed strategic acquisitions, including a 100% silver stream on Orla Mining's South Railroad project and a basket of royalties from Sable Resources.
Management has reaffirmed its 2025 guidance of 80,000-88,000 GEOs, anticipating stronger production in the second half of the year. OR Royalties increased its quarterly dividend by
MONTRÉAL, Aug. 05, 2025 (GLOBE NEWSWIRE) -- OR Royalties Inc. (“OR Royalties” or the “Company”) (OR: TSX & NYSE) today announced its consolidated financial results for the second quarter of 2025. Amounts presented are in United States dollars, except where otherwise noted.
Highlights
- 19,700 gold equivalent ounces (“GEOs1”) earned (20,068 GEOs in Q2 20242);
- Revenues from royalties and streams of
$60.4 million ($47.4 million in Q2 2024); - Cash flows generated by operating activities of
$51.4 million ($38.2 million in Q2 2024); - Cash margin3 of
$57.8 million or95.8% ($45.8 million or96.6% in Q2 2024); - Net earnings of
$32.4 million ,$0.17 per basic share (net loss of$15.4 million ,$0.08 per basic share in Q2 2024); - Adjusted earnings3 of
$34.1 million ,$0.18 per basic share ($24.2 million ,$0.13 per basic share in Q2 2024); - Net repayments of
$40.0 million under the revolving credit facility; - Cash balance of
$49.6 million and debt outstanding of$35.7 million as at June 30, 2025; - Increase in the revolving credit facility to
$650.0 million plus an uncommitted accordion of$200.0 million , and extension of the maturity date to May 30, 2029; - First payment received from Cardinal Namdini Mining Ltd. under the Namdini
1.0% NSR royalty; - First payment received from Talisker Resources Ltd. under the Bralorne
1.7% NSR royalty; - Acquisition by OR Royalties International Ltd. (“ORIL”) of a
100% silver stream on Orla Mining Ltd.’s South Railroad project in Nevada, United States for total cash consideration of$13.0 million ; - Acquisition of a basket of royalties across various projects in British Columbia, Canada, from Sable Resources Ltd. (“Sable Resources”) for consideration of C
$3.8 million ($2.8 million ), as well as certain rights in relation to the future acquisition of similar interests from Sable Resources; - Completed a corporate name change to “OR Royalties Inc.” and “Redevances OR Inc.” (in French) following receipt of shareholder approval at the annual and special meeting of shareholders held on May 8, 2025;
- Publication of the fifth edition of the Company’s sustainability report, Growing Responsibly, in addition to the OR Royalties 2025 Asset Handbook; and,
- Declaration of a quarterly dividend of
$0.05 5 per common share payable on July 15, 2025 to shareholders of record as of the close of business on June 30, 2025, an increase of20% over the previous quarterly dividend, based on the foreign currency rate (C$/US$) on the declaration date of the first quarter dividend.
Subsequent to June 30, 2025
- Additional repayments of
$21.0 million under the revolving credit facility; - Declaration of a quarterly dividend of
$0.05 5 per common share payable on October 15, 2025 to shareholders of record as of the close of business on September 30, 2025; - Osisko Development Corp. raising
$645 million to start construction activities at Cariboo; and, - As expected, an early buyback notice received from Ramelius Resources Limited, for
20% of the Dalgaranga Gross Revenue Royalty (“GRR”), reducing the GRR rate on Dalgaranga from1.8% to1.44% , and reducing the GRR rate on Benz Mining Corp.’s Glenburgh and Mt Egerton projects from1.35% to1.08% .
Management Commentary
Jason Attew, President & CEO of OR Royalties commented: “OR Royalties’ is on track to achieve its 2025 annual guidance of 80,000-88,000 GEOs, as we expect a slightly stronger second half in terms of GEOs earned. Looking a bit closer at some of our major GEO contributors over the past six months, we have seen continued outperformance at Canadian Malartic largely offsetting silver grade-related underperformance at Mantos Blancos.
Elsewhere, we were pleased to have received our first royalty payments during the second quarter from both Cardinal Namdini Mining’s Namdini gold mine in Ghana, as well as Talisker Resources’ Bralorne gold mine in British Columbia, bringing the total number of producing assets in our portfolio to 22. We wish both operators the best going forward as they ramp up their respective operations over the balance of the year.
As stated previously in our June 2, 2025, press release, through the first seven months of the year, there have been a number of positive advancements on several portfolio assets that sit outside of our current 5-year outlook. In addition to all of that progress, we are also expecting the following key portfolio catalysts before year-end: Capstone Copper’s Phase II Expansion Feasibility Study for Mantos Blancos; Alamos Gold’s Island Gold District Expansion Study; Gold Fields’ updated Feasibility Study for Windfall, along with the project’s final permits; Ramelius Resources’ Integrated Feasibility Study for Dalgaranga, as well as potential for first gold production from the mine later this year; Orla Mining’s Updated Feasibility Study for South Railroad; updates from Osisko Development as it commences mine construction activities at Cariboo; and, finally, the closing of Harmony Gold’s acquisition of MAC Copper, resulting in CSA being subsequently optimized by one of the best deep underground mining operators in the world.
Finally, I would like to acknowledge the present strength of the Company’s balance sheet, not only due to our recently increased revolving credit facility, but also given the fact that as of June 30, 2025, OR Royalties was in a net-cash position for the first time in several years. This enhanced liquidity provides the Company with the financial capacity to pursue accretive growth opportunities.”
Q2 2025 RESULTS CONFERENCE AND WEBCAST CALL DETAILS
| Conference Call: | Wednesday, August 6th, 2025 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: 57040 |
| Webcast link: (Option 2) | https://viavid.webcasts.com/starthere.jsp?ei=1725297&tp_key=efb4711705 |
| Replay (available until Saturday, September 6th, 2025 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: 57040# |
| Replay also available on our website at www.ORroyalties.com | |
Qualified Person
The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, Ph.D., P.Geo., Vice President, Project Evaluation at OR Royalties Inc., who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
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: (514) 940-0670 x105 Email: htaylor@ORroyalties.com |
Notes:
(1) Gold Equivalent Ounces
GEOs are calculated on a quarterly basis and include royalties and streams. Silver ounces and copper tonnes 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 per ounce or copper price per tonne for the period and dividing by the average gold price per ounce for the period. Cash royalties and other metals and commodities are converted into gold equivalent ounces by dividing the associated revenue by the average gold price per ounce for the period.
Average Metal Prices
| Three months ended June 30, | |||
| 2025 | 2024 | ||
| Gold (i) | |||
| Silver (ii) | |||
| Copper (iii) | |||
| Exchange rate (C$/US$) (iv) | 0.7226 | 0.7308 | |
- The average price represents the London Bullion Market Association’s PM price in U.S. dollars per ounce.
- The average price represents the London Bullion Market Association’s price in U.S. dollars per ounce.
- The average price represents the London Metal Exchange’s price in U.S. dollars per tonne.
- Bank of Canada daily rate.
(2) Three months ended June 30, 2024 (“Q2 2024”).
(3) Non-IFRS Measures
Cash margin
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 from the cash margin (in dollars) divided by 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 profit 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 per type of interests (in thousands of dollars and in percentage of revenues) is presented below:
| Three months ended June 30, | Six months ended June 30, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| $ | $ | $ | $ | ||||||||
| Royalty interests | |||||||||||
| Revenues | 42,185 | 33,790 | 78,975 | 66,819 | |||||||
| Less: cost of sales (excluding depletion) | (171 | ) | (106 | ) | (316 | ) | (184 | ) | |||
| Cash margin (in dollars) | 42,014 | 33,684 | 78,659 | 66,635 | |||||||
| Depletion | (3,408 | ) | (3,918 | ) | (6,118 | ) | (8,022 | ) | |||
| Gross profit | 38,606 | 29,766 | 72,541 | 58,613 | |||||||
| Stream interests | |||||||||||
| Revenues | 18,179 | 13,601 | 36,305 | 25,619 | |||||||
| Less: cost of sales (excluding depletion) | (2,389 | ) | (1,522 | ) | (3,863 | ) | (2,803 | ) | |||
| Cash margin (in dollars) | 15,790 | 12,079 | 32,442 | 22,816 | |||||||
| Depletion | (4,205 | ) | (3,691 | ) | (9,239 | ) | (8,133 | ) | |||
| Gross profit | 11,585 | 8,388 | 23,203 | 14,683 | |||||||
| Royalty and stream interests Total cash margin (in dollars) | 57,804 | 45,763 | 111,101 | 89,451 | |||||||
| Divided by: total revenues | 60,364 | 47,391 | 115,280 | 92,438 | |||||||
| Cash margin (in percentage of revenues) | 95.8 | % | 96.6 | % | 96.4 | % | 96.8 | % | |||
| Total – Gross profit | 50,191 | 38,154 | 95,744 | 73,296 | |||||||
Adjusted earnings and adjusted earnings per basic share
Adjusted earnings and adjusted earnings per basic share are non-IFRS financial measures and are defined by OR Royalties by excluding the following items from net earnings (loss) and earnings (loss) per share: foreign exchange gains (losses), impairment charges and reversal related to royalty, stream and other interests, changes in allowance for expected credit losses, write-offs and impairment of investments, gains (losses) on disposal of assets, gains (losses) on investments, share of income (loss) of associates, transaction costs and other items such as non-cash gains (losses), as well as the impact of income taxes on these items. Adjusted earnings per basic share is obtained from the adjusted earnings divided by the weighted average number of common shares outstanding for the period.
Management uses adjusted earnings and adjusted earnings per basic share to evaluate the underlying operating performance of OR Royalties as a whole for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its consolidated financial statements. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards such as net earnings (loss) and net earnings (loss) per basic share, investors and analysts use adjusted earnings and adjusted earnings per basic share to evaluate the results of the underlying business of OR Royalties, particularly since the excluded items are typically not included in OR Royalties’ annual guidance. While the adjustments to net earnings (loss) and net earnings (loss) per basic share in these measures include items that are both recurring and non-recurring, management believes that adjusted earnings and adjusted net earnings per basic share are useful measures of OR Royalties’ performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of the core operating results from period to period, are not always reflective of the underlying operating performance of the business and/or are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per basic share are 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 net earnings to adjusted net earnings is presented below:
| Three months ended June 30, | Six months ended June 30, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| (in thousands of dollars, except per share amounts) | $ | $ | $ | $ | |||||||
| Net earnings (loss) | 32,358 | (15,416 | ) | 57,998 | (4,247 | ) | |||||
| Adjustments: | |||||||||||
| Impairment of royalty interests | - | 49,558 | - | 49,558 | |||||||
| Foreign exchange (gain) loss | (665 | ) | 782 | (825 | ) | 3,193 | |||||
| Share of loss of associates | 2,113 | 2,278 | 5,865 | 12,331 | |||||||
| Changes in allowance for expected credit losses and write-offs | - | - | - | (1,399 | ) | ||||||
| Loss (gain) on investments | 24 | 259 | 310 | (79 | ) | ||||||
| Tax impact of adjustments | 305 | (13,223 | ) | 264 | (13,087 | ) | |||||
| Adjusted earnings | 34,135 | 24,238 | 63,612 | 46,270 | |||||||
| Weighted average number of common shares outstanding (000’s) | 187,746 | 186,217 | 187,362 | 186,009 | |||||||
| Adjusted earnings per basic share | 0.18 | 0.13 | 0.34 | 0.25 | |||||||
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 OR Royalties will meet its guidance estimate, that development and milestones and ramping up to be achieved by operators of the properties in which the Company holds interest will be achieved in a timely manner, and that the CSA mine will be successfully optimized. 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 resource estimates or production forecasts by operators, (d) differences in conversion rate from resources to reserves and ability to replace 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. 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.
| OR Royalties Inc. Consolidated Balance Sheets As at June 30, 2025 and December 31, 2024 (Unaudited) | |||||
| (tabular amounts expressed in thousands of United States dollars) | |||||
| June 30, | December 31, | ||||
| 2025 | 2024 | ||||
| $ | $ | ||||
| Assets | |||||
| Current assets | |||||
| Cash | 49,626 | 59,096 | |||
| Amounts receivable | 3,012 | 3,106 | |||
| Other assets | 980 | 1,612 | |||
| Investment held for sale | 48,360 | - | |||
| 101,978 | 63,814 | ||||
| Non-current assets | |||||
| Investments in associates | 39,849 | 43,262 | |||
| Other investments | 54,997 | 74,043 | |||
| Royalty, stream and other interests | 1,156,275 | 1,113,855 | |||
| Goodwill | 81,512 | 77,284 | |||
| Other assets | 7,580 | 5,376 | |||
| 1,442,191 | 1,377,634 | ||||
| Liabilities | |||||
| Current liabilities | |||||
| Accounts payable and accrued liabilities | 4,505 | 5,331 | |||
| Dividends payable | 10,349 | 8,433 | |||
| Income tax liabilities | 5,482 | - | |||
| Lease liabilities | 1,228 | 852 | |||
| 21,564 | 14,616 | ||||
| Non-current liabilities | |||||
| Lease liabilities | 4,419 | 3,931 | |||
| Long-term debt | 35,655 | 93,900 | |||
| Deferred income taxes | 90,193 | 76,234 | |||
| 151,831 | 188,681 | ||||
| Equity | |||||
| Share capital | 1,695,357 | 1,675,940 | |||
| Contributed surplus | 59,209 | 63,567 | |||
| Accumulated other comprehensive loss | (90,890 | ) | (141,841 | ) | |
| Deficit | (373,316 | ) | (408,713 | ) | |
| 1,290,360 | 1,188,953 | ||||
| 1,442,191 | 1,377,634 | ||||
| OR Royalties Inc. Consolidated Statements of Income (Loss) For the three and six months ended June 30, 2025 and 2024 (Unaudited) | |||||||||||
| (tabular amounts expressed in thousands of United States dollars, except per share amounts) | |||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| $ | $ | $ | $ | ||||||||
| (restated) | (restated) | ||||||||||
| Revenues | 60,364 | 47,391 | 115,280 | 92,438 | |||||||
| Cost of sales | (2,560 | ) | (1,628 | ) | (4,179 | ) | (2,987 | ) | |||
| Depletion | (7,613 | ) | (7,609 | ) | (15,357 | ) | (16,155 | ) | |||
| Gross profit | 50,191 | 38,154 | 95,744 | 73,296 | |||||||
| Other operating expenses | |||||||||||
| General and administrative | (5,938 | ) | (4,649 | ) | (10,897 | ) | (9,193 | ) | |||
| Business development | (2,826 | ) | (1,528 | ) | (4,905 | ) | (2,539 | ) | |||
| Impairment of royalty interests | - | (49,558 | ) | - | (49,558 | ) | |||||
| Operating income (loss) | 41,427 | (17,581 | ) | 79,942 | 12,006 | ||||||
| Interest income | 618 | 909 | 1,216 | 1,843 | |||||||
| Finance costs | (1,124 | ) | (2,075 | ) | (2,854 | ) | (4,842 | ) | |||
| Foreign exchange gain (loss) | 665 | (782 | ) | 825 | (3,193 | ) | |||||
| Share of loss of associates | (2,113 | ) | (2,278 | ) | (5,865 | ) | (12,331 | ) | |||
| Other (losses) gains, net | (24 | ) | (259 | ) | (310 | ) | 1,478 | ||||
| Earnings (loss) before income taxes | 39,449 | (22,066 | ) | 72,954 | (5,039 | ) | |||||
| Income tax (expense) recovery | (7,091 | ) | 6,650 | (14,956 | ) | 792 | |||||
| Net earnings (loss) | 32,358 | (15,416 | ) | 57,998 | (4,247 | ) | |||||
| Net earnings (loss) per share | |||||||||||
| Basic and diluted | 0.17 | (0.08 | ) | 0.31 | (0.02 | ) | |||||
| OR Royalties Inc. Consolidated Statements of Cash Flows For the three and six months ended June 30, 2025 and 2024 (Unaudited) | |||||||||||
| (tabular amounts expressed in thousands of United States dollars) | |||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| $ | $ | $ | $ | ||||||||
| (restated) | (restated) | ||||||||||
| Operating activities | |||||||||||
| Net earnings (loss) | 32,358 | (15,416 | ) | 57,998 | (4,247 | ) | |||||
| Adjustments for: | |||||||||||
| Share-based compensation | 2,171 | 1,651 | 4,260 | 3,220 | |||||||
| Depletion and amortization | 7,909 | 7,850 | 15,941 | 16,640 | |||||||
| Impairment of royalty interests | - | 49,558 | - | 49,558 | |||||||
| Changes in expected credit losses of other investments | - | - | - | (1,399 | ) | ||||||
| Share of loss of associates | 2,113 | 2,278 | 5,865 | 12,331 | |||||||
| Change in fair value of financial assets at fair value through profit and loss | 24 | 259 | 310 | (79 | ) | ||||||
| Foreign exchange (gain) loss | (787 | ) | 770 | (879 | ) | 3,207 | |||||
| Deferred income tax expense (recovery) | 1,065 | (6,967 | ) | 8,307 | (1,504 | ) | |||||
| Other | 166 | 111 | 270 | 225 | |||||||
| Net cash flows provided by operating activities before changes in non-cash working capital items | 45,109 | 40,094 | 92,072 | 77,952 | |||||||
| Changes in non-cash working capital items | 6,356 | (1,860 | ) | 5,382 | (2,356 | ) | |||||
| Net cash flows provided by operating activities | 51,375 | 38,234 | 97,454 | 75,596 | |||||||
| Investing activities | |||||||||||
| Acquisitions of short-term investments | - | (3,703 | ) | - | (4,370 | ) | |||||
| Acquisitions of investments | (995 | ) | - | (12,359 | ) | - | |||||
| Proceeds on disposal of investments | - | - | - | 3,847 | |||||||
| Acquisitions of royalty and stream interests | (17,929 | ) | - | (23,214 | ) | - | |||||
| Other | (456 | ) | (2 | ) | (473 | ) | (5 | ) | |||
| Net cash flows used in investing activities | (19,380 | ) | (3,705 | ) | (36,046 | ) | (528 | ) | |||
| Financing activities | |||||||||||
| Increase in long-term debt | - | - | 10,437 | - | |||||||
| Repayment of long-term debt | (40,000 | ) | (32,327 | ) | (70,000 | ) | (64,721 | ) | |||
| Exercise of share options and shares issued under the share purchase plan | 8,889 | 2,000 | 11,476 | 5,609 | |||||||
| Dividends paid | (7,853 | ) | (7,403 | ) | (15,463 | ) | (15,083 | ) | |||
| Withholding taxes on settlement of restricted and deferred share units | (5,732 | ) | - | (6,385 | ) | (2,204 | ) | ||||
| Other | (1,344 | ) | (714 | ) | (1,554 | ) | (1,002 | ) | |||
| Net cash flows used in financing activities | (46,040 | ) | (38,444 | ) | (71,489 | ) | (77,401 | ) | |||
| Decrease in cash before effects of exchange rate changes on cash | (14,045 | ) | (3,915 | ) | (10,081 | ) | (2,333 | ) | |||
| Effects of exchange rate changes on cash | 601 | (171 | ) | 611 | (853 | ) | |||||
| Net decrease in cash | (13,444 | ) | (4,086 | ) | (9,470 | ) | (3,186 | ) | |||
| Cash – beginning of period | 63,070 | 52,104 | 59,096 | 51,204 | |||||||
| Cash – end of period | 49,626 | 48,018 | 49,626 | 48,018 | |||||||
FAQ
What were OR Royalties' Q2 2025 earnings per share?
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