OR Royalties Reports Strong Third Quarter 2026 Results

A 96.8% quarterly cash margin accompanied higher metals prices, while three portfolio mines entered production in 2026.

Rhea-AI Summary

OR Royalties (OR) reported third-quarter 2026 revenue of $90.2 million, up 26% year over year as higher metals prices supported cash generation. Operating cash flow rose 20% to $77.6 million, while net earnings fell 33% to $55.4 million; the prior-year quarter included a $54.4 million non-cash gain. Gold equivalent ounces, a measure combining metals deliveries, slipped 0.4% to 20,237.

The company reaffirmed 80,000–90,000 gold equivalent ounces for 2026 and expects approximately the midpoint. It closed $43.0 million of stream and royalty acquisitions and repurchased $29.1 million of shares. September-end cash was $76.7 million against debt of $228.2 million. Windfall received environmental authorization to begin construction, with its investment decision expected by February 2027. OR Royalties expects approximately $65.0 million of fourth-quarter cash inflows beyond operating cash flow.

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Positive

• Moderate pointQ3 revenue increased 26% year over year to $90.2 million.
• Moderate pointQ3 operating cash flow rose 20% to $77.6 million; per basic share increased 21% to $0.42.
• Moderate pointQ3 adjusted earnings rose 28% to $53.9 million; adjusted earnings per basic share rose 29% to $0.29.
• Moderate pointNine-month revenue increased 56% to $290.9 million year over year.
• Moderate pointNine-month operating cash flow rose 44% to $232.6 million, or $1.24 per basic share.
• Moderate pointNine-month net earnings rose 35% to $190.3 million, or $1.02 per basic share.
• Moderate pointNine-month adjusted earnings rose 79% to $189.5 million, or $1.01 per basic share.
• Moderate pointNine-month gold equivalent ounces increased 8% to 63,734.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Reaffirmed 2026 guidance of 80,000–90,000 gold equivalent ounces; the company expects approximately the midpoint.
• Moderate pointGrowth through 2030 remains fully funded, with no contingent capital required, the company said.
• Moderate pointRevolving credit capacity increased to $850.0 million from $650.0 million, with maturity extended to August 4, 2030.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Cascabel's partial royalty buy-back is expected to provide $35.0 million, effective November 30, 2026.

22 minor points

• Minor pointQ3 cash margin reached $87.3 million, up 26%, representing 96.8% of revenue versus 96.7%.
• Minor pointQ3 realized gold price increased 25% to $4,304 per ounce year over year.
• Minor pointNine-month cash margin rose 56% to $281.5 million, reaching 96.8% of revenue versus 96.5%.
• Minor pointNine-month realized gold price increased 43% to $4,559 per ounce year over year.
• Minor pointCanadian Copper stream acquisition closed for $28.0 million, with $5.0 million paid at closing.
• Minor pointCanadian Copper equity investment added $3.9 million (C$5.5 million) of exposure.
• Minor pointLa Verde royalty extension closed for $15.0 million, adding 1.0% copper and 3.0% gold net smelter return royalties.
• Minor pointJapan Gold royalty increase closed on November 4 for $3.0 million, raising coverage from 1.5% to 2.0%.
• Minor pointDalgaranga, Cuiú Cuiú and Amulsar entered production in 2026; Dalgaranga's first royalty payment arrived in April.
• Minor point. Forward-looking: it has not happened yet and may not happen.Cuiú Cuiú's first royalty payments are expected in Q4 2026 or Q1 2027.
• Minor pointQ3 repurchases cancelled 1,007,496 shares for $29.1 million; 2026 repurchases reached 1,555,678 shares.
• Minor pointUncommitted credit accordion increased to $350.0 million from $200.0 million.
• Minor pointSeptember-end available liquidity was approximately $1.0 billion, including $76.7 million of cash.
• Minor pointWindfall received environmental authorization to begin construction; OR Royalties holds a 2.0%–3.0% net smelter return royalty.
• Minor point. Forward-looking: it has not happened yet and may not happen.Galiano's first deferred payment of $30.0 million is due on or before December 31, 2026.
• Minor pointCanadian Malartic's Barnat remediation was completed; mining in unaffected pit areas resumed September 27, 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.East Gouldie's shaft-hoisted production is planned for Q2 2027, following completion of first-phase shaft sinking.
• Minor point. Forward-looking: it has not happened yet and may not happen.Hermosa completed U.S. federal permitting; both shafts are expected to reach the primary production level in December-quarter 2026.
• Minor pointLa Verde South's second porphyry discovery was confirmed within OR Royalties' newly extended royalty coverage.
• Minor point. Forward-looking: it has not happened yet and may not happen.La Verde's initial resource estimate and revised Costa Fuego study remain targeted for 2027, alongside environmental permit submission.
• Minor point. Forward-looking: it has not happened yet and may not happen.Upper Beaver's shaft sinking passed halfway; its environmental impact statement is expected in Q4 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Cariboo construction was approximately 28% complete, on schedule for first gold in Q1 2029.

Negative

• Moderate pointQ3 net earnings fell 33% to $55.4 million; Q3 2025 included a $54.4 million non-cash disposal gain.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Cascabel's planned buy-back removes one-third of OR Royalties' royalty, leaving a 0.4% net smelter return interest.
• Minor pointQ3 gold equivalent ounces fell 0.4% to 20,237 from 20,326 a year earlier.
• Minor pointSeptember-end debt was $228.2 million, leaving net debt of $151.5 million.
• Minor pointWindfall's Final Investment Decision remains pending; Gold Fields expects publication by February 2027.

5 minor points

• Minor pointEagle remains on care and maintenance since mid-2024; OR Royalties holds a 5.0% net smelter return royalty.
• Minor point. Forward-looking: it has not happened yet and may not happen.Eagle owner's proposed acquisition targets December 31, 2026, subject to court approval and other conditions.
• Minor pointCanadian Malartic's reduced second-half 2026 open-pit production is incorporated into OR Royalties' guidance.
• Minor point. Forward-looking: it has not happened yet and may not happen.Island Gold shaft commissioning is now expected in mid-2027.
• Minor pointMantos Blancos' Phase II expansion remains in the Environmental Impact Assessment process.

News Explained

The expected Cascabel payment is linked to reducing OR Royalties’ royalty to 0.4%; the buy-back was not yet effective.

OR Royalties increased its revolving credit facility from $650.0 million to $850.0 million, expanded the explicitly uncommitted accordion from $200.0 million to $350.0 million, and extended the facility’s maturity to August 4, 2030.

The company received notice of an intention to buy back one-third of its Cascabel royalty for $35.0 million, with the change expected to take effect November 30, 2026; afterward, it would retain a 0.4% royalty.

Key Figures

Revenue: $90.2 million, up 26% Operating cash flow: $77.6 million, up 20% Operating cash flow per basic share: $0.42, up 21% +5 more

Revenue

$90.2 million, up 26%

Q3 2026 vs. Q3 2025

Operating cash flow

$77.6 million, up 20%

Q3 2026 vs. Q3 2025

Operating cash flow per basic share

$0.42, up 21%

Q3 2026 vs. Q3 2025

Cash margin

96.8% of revenues

Q3 2026

Net earnings

$55.4 million, down 33%

Q3 2026 vs. Q3 2025

Adjusted earnings

$53.9 million, up 28%

Q3 2026 vs. Q3 2025

GEOs earned

63,734, up 8%

First nine months of 2026

2026 GEO guidance

80,000 to 90,000 GEOs

Full-year guidance reaffirmed

Previous Earnings Reports

1 past event · Latest: Nov 05

Same Type 1 event

1. Nov 05

   Q3 earnings

   24h Move

   -0.7%

   Reported Q3 2025 revenue of $71.6 million and operating cash flow of $64.6 million; shares fell 0.67%.

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, net smelter return

2 terms

gold equivalent ounces technical

"on a comparable 20,237 gold equivalent ounces earned"

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.

net smelter return financial

"holds a 2.0% to 3.0% net smelter return royalty on Windfall"

Net smelter return is the percentage of revenue from selling a mineral or metal that a mining company or project owner receives after deducting costs like refining and transportation. It functions like a share of the profits from the mineral's sale, giving investors an idea of how much money the project generates. This measure helps investors assess the potential profitability of a mining asset.

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

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Revenues Up 26% and Operating Cash Flow Per Share Up 21%, Year-Over-Year

On Track to Achieve 2026 GEO Guidance; Windfall Project Receives Québec Environmental Approval

MONTRÉAL, Nov. 11, 2026 (GLOBE NEWSWIRE) -- OR Royalties Inc. ("OR Royalties" or the "Company") (OR: TSX & NYSE) today announced strong consolidated financial results for the third quarter of 2026 ("Q3 2026¹"). Revenues of $90.2 million and cash flows from operating activities of $77.6 million increased 26% and 20%, respectively, over the third quarter of 2025 ("Q3 2025¹") on a comparable 20,237 gold equivalent ounces² ("GEOs") earned, as the Company's 96.8% cash margin³ converted higher precious metals prices almost entirely into cash. With 63,734 GEOs earned over the first nine months of 2026, OR Royalties remains on track for approximately the mid-point of its 2026 guidance of 80,000 to 90,000 GEOs. Amounts are presented in United States dollars unless otherwise noted.

Third Quarter 2026 Highlights (compared to Q3 2025)

• Revenues of $90.2 million, up 26% ($71.6 million) on 20,237 GEOs earned (20,326 GEOs);
• Cash flows from operating activities of $77.6 million, or $0.42 per basic share³, up 21% per basic share ($64.6 million, or $0.34 per basic share);
• Cash margin of $87.3 million, or 96.8% of revenues, up 26% ($69.3 million, or 96.7%);
• Net earnings of $55.4 million, or $0.30 per basic share, down 33% ($82.8 million, or $0.44 per basic share; Q3 2025 included a $54.4 million non-cash gain on the deemed disposal of an associate);
• Adjusted earnings³ of $53.9 million, or $0.29 per basic share, up 28% ($42.3 million, or $0.22 per basic share);
• Record nine-month revenues of $290.9 million (up 56%), cash flows from operating activities of $232.6 million, or $1.24 per basic share (up 44%), cash margin of $281.5 million (up 56%), net earnings of $190.3 million, or $1.02 per basic share (up 35%), and adjusted earnings of $189.5 million, or $1.01 per basic share (up 79%);
• 63,734 GEOs earned in the first nine months of 2026 (up 8%), tracking to approximately the mid-point of the Company’s previously published 2026 guidance range of 80,000 to 90,000 GEOs;
• Closing of $43.0 million from previously announced acquisitions: the Canadian Copper Inc. precious metals stream on the Murray Brook and Caribou assets ($28.0 million) and the extension of the Costa Fuego royalties to Hot Chili Limited's La Verde project ($15.0 million);
• Three new mines in the portfolio entered production in 2026: Ramelius Resources Limited’s Dalgaranga (first royalty payment received in April 2026), Cabral Gold Inc.'s Cuiú Cuiú (first gold pour September 10, 2026) and United Gold's Amulsar (first gold pour October 10, 2026);
• Repurchase and cancellation of 1,007,496 common shares for $29.1 million (C$40.8 million) under the normal course issuer bid, bringing 2026 repurchases to 1,555,678 common shares;
• Revolving credit facility increased to $850.0 million from $650.0 million, uncommitted accordion increased to $350.0 million from $200.0 million, and maturity extended to August 4, 2030;
• Cash of $76.7 million and debt of $228.2 million at September 30, 2026, for a net debt position³ of $151.5 million and available liquidity⁴ of approximately $1.0 billion; and,
• Declaration of the 48^th consecutive quarterly dividend of $0.065 per common share paid on October 15, 2026 to shareholders of record on September 30, 2026.

Summary of Results

(in thousands of dollars, except GEOs and per share amounts)	Q3 2026		Q3 2025		Change		9M 2026		9M 2025		Change
GEOs earned	20,237		20,326		(0.4%)		63,734		59,040		8%
Revenues	90,205		71,625		26%		290,857		186,905		56%
Cash flows from operating activities	77,564		64,604		20%		232,596		162,058		44%
per basic share	0.42		0.34		21%		1.24		0.86		44%
Cash margin (in dollars)	87,288		69,258		26%		281,508		180,359		56%
Cash margin (% of revenues)	96.8%		96.7%				96.8%		96.5%
Net earnings5	55,367		82,845		(33%)		190,341		140,843		35%
per basic share	0.30		0.44		(33%)		1.02		0.75		35%
Adjusted earnings	53,940		42,267		28%		189,464		105,879		79%
per basic share	0.29		0.22		29%		1.01		0.56		79%
Realized gold price (LBMA PM, $/oz)	4,304		3,434		25%		4,559		3,188		43%

Subsequent to September 30, 2026

• Windfall environmental approval. On November 2, 2026, Gold Fields Limited (“Gold Fields”) announced that the Québec Ministry of Environment, Fight Against Climate Change, Wildlife and Parks issued the certificate of authorization required to begin construction of the Windfall project. Gold Fields expects to publish its Final Investment Decision by February 2027; Windfall is expected to produce approximately 300,000 ounces of gold per year once ramped up. OR Royalties holds a 2.0% to 3.0% net smelter return (“NSR”) royalty on Windfall;
• Amulsar first gold. On October 10, 2026, United Gold announced first gold production at the Amulsar heap-leach gold mine in Armenia, on which OR Royalties International Ltd. holds gold and silver streams;
• Cascabel NSR royalty partial buy-back. The Company received notice from SolGold Finance AG of its intention to exercise its option to buy back one-third of the Company's NSR royalty on the Cascabel project for cash consideration of $35.0 million, expected to be effective on November 30, 2026. Following the buy-back, the Company will retain a 0.4% NSR royalty on Cascabel;
• Galiano Gold Inc. deferred payment. The first of two deferred payments of $30.0 million acquired as part of the Gold Fields portfolio acquisition announced in February 2026 is due from Galiano Gold Inc. on or before December 31, 2026. Together with the Cascabel buy-back, approximately $65.0 million of cash inflows are expected in the fourth quarter of 2026 in addition to operating cash flows;
• Japan Gold Corp. On November 4, 2026, the Company closed the previously announced exercise of its right to increase its NSR royalty on all properties being advanced by Japan Gold Corp. by 0.5% to 2.0%, for $3.0 million;
• Eagle mine. On October 22, 2026, Boroo Pte. Ltd. announced an agreement to acquire Victoria Gold Corp., owner of the Eagle gold mine in Yukon, from the court-appointed receiver, with closing targeted on or about December 31, 2026, subject to court approval and other conditions. OR Royalties holds a 5.0% NSR royalty on Eagle, which has been on care and maintenance since mid-2024; and,
• Declaration of a quarterly dividend of $0.065 per common share payable on January 15, 2027 to shareholders of record as of the close of business on December 31, 2026.

Portfolio Additions

During the quarter, OR Royalties closed the $28.0 million precious metals stream with Canadian Copper Inc. on its New Brunswick assets, comprising the Murray Brook properties and the Caribou property, including the Caribou Processing Plant ($5.0 million paid on closing), together with a $3.9 million (C$5.5 million) equity purchase in Canadian Copper, and the $15.0 million extension of the Company's 1.0% copper and 3.0% NSR gold royalties on Hot Chili Limited's Costa Fuego project to the adjacent La Verde project in Chile. In September, the Company exercised its $3.0 million option to increase its NSR royalty on all properties advanced by Japan Gold Corp. from 1.5% to 2.0%. Royalty, stream and other interests grew to $1.49 billion at September 30, 2026 from $1.14 billion at year-end 2025, and the portfolio includes royalties and streams on 25 producing assets (including two assets that are expected to start generating revenues for the Company in 2027).

Portfolio Updates

Selected disclosures from operating partners' third quarter of 2026 reporting, or other recent releases:

• Canadian Malartic Complex (Agnico Eagle Mines Limited (“Agnico Eagle”), October 28). Production of 111,202 ounces in Q3 2026. Remediation of the Barnat pit north wall was completed during the quarter and mining in unaffected areas of the pit resumed on September 27, 2026. Odyssey mined a record 391,000 tonnes in the quarter, East Gouldie produced 27,250 ounces of gold, and the first phase of shaft sinking was completed on July 9, 2026 at a depth of 1,586 metres, with shaft-hoisted production from East Gouldie planned for the second quarter of 2027. Agnico Eagle expects to submit a decree modification application for a second shaft in the first quarter of 2027 and will host a Capital Markets Day on November 18, 2026;
• Island Gold District (Alamos Gold Inc., October 28). Record quarterly production of 68,700 ounces of gold; underground mining rates averaged a record 1,790 tonnes per day, 35% higher than the prior-year period, and remain on track to reach 2,000 tonnes per day by the end of 2026. Shaft commissioning is now expected mid-2027;
• Lamaque (Eldorado Gold Corporation, October 28). Production of 52,748 ounces of gold, up 13% year-over-year, with Ormaque described as an increasingly important source of high-grade ore;
• Dalgaranga (Ramelius Resources Limited, October 26). Ramp-up continued with 214,000 tonnes processed at 3.47 grams per tonne (“g/t”) gold and 89% recovery, compared to 84% assumed in Ramelius' four-year outlook; the Never Never underground mine is on track to mine 500,000 tonnes at 6.2 g/t gold in fiscal 2027;
• Mantos Blancos (Capstone Copper Corp., October 29). Capstone expects Mantos Blancos to trend towards the mid-point of its 2026 production guidance with higher copper grades in the fourth quarter; the Phase II expansion has been submitted to the Environmental Impact Assessment process;
• Hermosa (South32 Ltd., October 19). Both shafts are expected to reach the primary production level in the December 2026 quarter. In addition, on September 2, Hermosa achieved a significant permitting milestone with the completion of the U.S. federal permitting process under FAST-41, the first mining project ever completed under this expedited process;
• Costa Fuego and La Verde (Hot Chili Limited, October 30). A second porphyry discovery was confirmed at La Verde South, within the area added to the Company's royalty coverage during the quarter; the maiden La Verde Mineral Resource Estimate and the revised Costa Fuego Pre-Feasibility Study remain on track for delivery in 2027, along with Environmental Permit submission for the updated Costa Fuego project;
• Upper Beaver (Agnico Eagle Mines Limited, October 28). Shaft sinking passed the halfway mark at 732 metres and the Environmental Impact Statement is expected to be submitted in the fourth quarter of 2026;
• Cariboo (Osisko Gold Group Inc., October 27). Construction approximately 28% complete and on schedule for first gold in the first quarter of 2029; and,
• Cuiú Cuiú (Cabral Gold Inc., September 10). Cabral expects to declare commercial production in the fourth quarter of 2026; first royalty payments to the Company are expected in the fourth quarter of 2026 or the first quarter of 2027.

Jason Attew, President and Chief Executive Officer, commented: “This is what the model looks like when it works. On essentially the same GEOs earned as in the third quarter last year, this year we generated 26% more revenue and 20% more operating cash flow, with a 96.8% cash margin converting higher gold prices almost entirely into cash. We also remain on track for approximately the mid-point of our 2026 guidance, even after absorbing the Barnat pit disruption at Canadian Malartic. More importantly, 2026 is the year our development pipeline turned into production: Dalgaranga, Cuiú Cuiú and Amulsar have all poured first gold in 2026, taking the portfolio to 25 producing assets. And with Windfall now holding its principal environmental approval and Cariboo already in construction, the two largest Canadian projects in our 2030 outlook have moved from permitting to execution. We could not be better placed to deliver on our peer-leading, fully-funded growth through the end of the decade.”

2026 Guidance

The Company reaffirms its 2026 guidance of 80,000 to 90,000 GEOs earned. With 63,734 GEOs earned through September 30, 2026, deliveries are tracking to approximately the mid-point of the range, after accounting for the reduced open-pit production at Canadian Malartic (Barnat pit) in the second half of 2026 disclosed by Agnico Eagle. The Company's growth outlook through 2030 remains fully funded, with no contingent capital required.

Q3 2026 RESULTS CONFERENCE AND WEBCAST CALL DETAILS

Conference Call:	Thursday, November 12, 2026 at 10:00 am ET
Dial-in Numbers: (Option 1)	North American Toll-Free: 1 (800) 717-1738 Local – Montréal: 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 12, 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

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 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 Mobile: (365) 275-1954 Email: gmoenting@ORroyalties.com	Heather Taylor Vice President, Sustainability and Communications Tel: (647) 477-2087 Email: htaylor@ORroyalties.com

Notes:

(1)	Three months ended September 30, 2026 (“Q3 2026”) and three months ended September 30, 2025 (“Q3 2025”).
(2)	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 earned by the average gold price for the period.

Average Metal Prices

	Three months ended September 30,							Nine months ended September 30,
		2026			2025				2026			2025
Gold (i)	$4,262			$3,457				$4,545			$3,201
Silver (ii)	$62.59			$39.40				$73.24			$35.05
Copper (iii)	$14,104			$9,797				$13,434			$9,556

	(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.

(3) Non-IFRS Measures

Cash Margin (in dollars and in percentage of revenues)

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 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 (in thousands of dollars and in percentage of revenues) is presented below:

	Three months ended September 30,						Nine months ended September 30,
	2026			2025			2026			2025
	$			$			$			$
Royalty interests
Revenues	55,964			42,734			181,140			121,709
Less: cost of sales (excluding depletion)	(371	)		(251	)		(1,100	)		(567	)
Cash margin (in dollars)	55,593			42,483			180,040			121,142
Depletion	(6,558	)		(2,697	)		(19,985	)		(8,815	)
Gross profit	49,035			39,786			160,055			112,327
Stream interests
Revenues	34,241			28,891			109,717			65,196
Less: cost of sales (excluding depletion)	(2,546	)		(2,116	)		(8,249	)		(5,979	)
Cash margin (in dollars)	31,695			26,775			101,468			59,217
Depletion	(5,527	)		(7,462	)		(15,263	)		(16,701	)
Gross profit	26,168			19,313			86,205			42,516
Royalty and stream interests Total cash margin (in dollars)	87,288			69,258			281,508			180,359
Divided by: total revenues	90,205			71,625			290,857			186,905
Cash margin (in percentage of revenues)	96.8	%		96.7	%		96.8	%		96.5	%
Total – Gross profit	75,203			59,099			246,260			154,843

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 net earnings (loss) per basic share: foreign exchange gains (losses), impairment charges and reversals related to royalty, stream and other interests, changes in allowance for expected credit losses, write-offs and impairments of investments, gains (losses) on disposal of royalty, stream and other interests (excluding gains (losses) on buy-down and buy-back of royalty, stream and other interests), gains (losses) on investments, share of income (loss) of associates, transaction costs and certain 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 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 earnings and adjusted 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 earnings is presented below:

	Three months ended September 30,						Nine months ended September 30,
	2026			2025			2026			2025
(in thousands of dollars, except per share amounts)	$			$			$			$
Net earnings	55,367			82,845			190,341			140,843
Adjustments:
Foreign exchange (gain) loss	(599	)		(300	)		2,757			(1,125	)
Share of loss of associates	-			8,313			-			14,178
Net (gain) loss on investments	(1,064	)		56			(3,907	)		366
Impairment of royalty, stream and other interests	-			5,495			-			5,495
Gain on deemed disposal of an associate	-			(54,439	)		-			(54,439	)
Reclassification of accumulated other comprehensive loss to the statement of income on the deemed disposal of an associate	-			1,147			-			1,147
Tax impact of adjustments	236			(850	)		273			(586	)
Adjusted earnings	53,940			42,267			189,464			105,879
Divided by: basic weighted average number of common shares outstanding (000’s)	186,641			188,312			187,268			187,685
Adjusted earnings per basic share	0.29			0.22			1.01			0.56

Net cash/(net debt) position (in dollars)

Net cash/(net debt) position is a non-IFRS financial measure and is defined by OR Royalties by the cash balance minus the long-term debt balance at the end of a period.

Management uses the net cash/(net debt) position to evaluate OR Royalties’ current net liquidity position (i.e. total cash less total long-term debt). Management and certain investors also use this information, together with measures determined in accordance with IFRS Accounting Standards such as operating cash flows and undrawn balances available under credit facilities, to evaluate OR Royalties’ investment capacity. Net cash/(net debt) position is 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. It does 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 net cash/(net debt) position is presented below:

	September 30,		December 31,
	2026		2025
(in thousands of dollars)	$		$
Cash	76,718		142,131
Long-term debt	(228,189	)	-
Net (debt)/cash position	(151,471	)	142,131

Cash flows from operating activities per basic share

Cash flows from operating activities per basic share is a non-IFRS financial measure and is defined by OR Royalties as cash flows provided by operating activities divided by the basic weighted average number of common shares outstanding for the period.

Management uses cash flows from operating activities per basic share to evaluate OR Royalties’ ability to generate cash from its royalty, stream and other interests on a per share basis. Management and certain investors also use this information, together with measures determined in accordance with IFRS Accounting Standards such as cash flows provided by operating activities, to evaluate OR Royalties’ performance relative to peers in the mining industry who present this measure on a similar basis. Cash flows from operating activities per basic share is 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. It does 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 flows from operating activities per basic share is presented below:

	Three months ended September 30,								Nine months ended September 30,
		2026				2025				2026				2025
(in thousands, except per share amounts)
Cash flows provided by operating activities	$77,564				$64,604				$232,596				$162,058
Divided by: basic weighted average number of common shares outstanding (000’s)		186,641				188,312				187,268				187,685
Cash flows from operating activities per basic share	$0.42				$0.34				$1.24				$0.86

(4)	Includes all available cash on the Company’s balance sheet ($76.7 million), as well as any undrawn amount(s) available on the Company’s revolving credit facility ($621.8 million) plus the accordion ($350.0 million), which is uncommitted and subject to acceptance by the lenders, all as at September 30, 2026.
(5)	Q3 2025 included a non-recurring gain of $54.4 million on deemed disposal of an associate.

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 the 2026 guidance on GEOs will be achieved, that the buy back option by SolGold Finance AG will be made in a timely manner, that the deferred payments will be timely made by Galiano Gold Inc., 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, that cash inflows of $65 million will be achieved in the fourth quarter, and the ability of the Company to continue to invest in new opportunities. 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. All statements in this press release, other than statements of historical fact, are forward-looking statements, including statements that address, without limitation: future events. 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 to 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, (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, and (g) geopolitical uncertainties; (iii) with respect to internal factors: (a) business opportunities that may or may not become available to, or are pursued by OR Royalties, (b) the integration of acquired assets, (c) the determination of OR Royalties’ PFIC status or (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 risks 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 in 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. 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 September 30, 2026 and December 31, 2025 (Unaudited)
(tabular amounts expressed in thousands of U.S. dollars)
	September 30,			December 31,
	2026			2025
	$			$
Assets
Current assets
Cash	76,718			142,131
Amounts receivable	2,160			3,227
Deferred consideration receivable	30,000			-
Other assets	881			2,326
	109,759			147,684
Non-current assets
Investments	204,088			189,260
Royalty, stream and other interests	1,489,407			1,140,026
Goodwill	78,376			81,134
Other assets	9,751			8,375
	1,891,381			1,566,479
Liabilities
Current liabilities
Accounts payable and accrued liabilities	6,003			7,477
Dividends payable	12,114			10,293
Income tax liabilities	14,996			13,655
Lease liabilities	1,236			1,207
	34,349			32,632
Non-current liabilities
Lease liabilities	2,752			3,795
Long-term debt	228,189			-
Deferred income taxes	107,891			98,011
	373,181			134,438
Equity
Share capital	1,687,558			1,688,122
Contributed surplus	61,447			65,873
Accumulated other comprehensive loss	(97,646	)		(51,780	)
Deficit	(133,159	)		(270,174	)
	1,518,200			1,432,041
	1,891,381			1,566,479

OR Royalties Inc. Consolidated Statements of Income For the three and nine months ended September 30, 2026 and 2025 (Unaudited)
(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)
	Three months ended September 30,						Nine months ended September 30,
	2026			2025			2026			2025
	$			$			$			$
Revenues	90,205			71,625			290,857			186,905
Cost of sales	(2,917	)		(2,367	)		(9,349	)		(6,546	)
Depletion	(12,085	)		(10,159	)		(35,248	)		(25,516	)
Gross profit	75,203			59,099			246,260			154,843
Other operating expenses
General and administrative	(4,534	)		(4,902	)		(15,503	)		(15,799	)
Business development	(3,100	)		(2,015	)		(7,624	)		(6,920	)
Impairment of royalty, stream and other interests	-			(5,495	)		-			(5,495	)
Gain on the buy-down of a stream interest	-			-			7,161			-
Gain on sale of gold bullion	-			-			419			-
Operating income	67,569			46,687			230,713			126,629
Interest income	1,365			1,062			4,810			2,278
Finance costs	(3,621	)		(886	)		(7,598	)		(3,740	)
Foreign exchange gain (loss)	599			300			(2,757	)		1,125
Share of loss of associates	-			(8,313	)		-			(14,178	)
Other gains, net	1,064			53,236			3,907			52,926
Earnings before income taxes	66,976			92,086			229,075			165,040
Income tax expense	(11,609	)		(9,241	)		(38,734	)		(24,197	)
Net earnings	55,367			82,845			190,341			140,843
Net earnings per share
Basic	0.30			0.44			1.02			0.75
Diluted	0.30			0.44			1.01			0.74

OR Royalties Inc. Consolidated Statements of Cash Flows For the three and nine months ended September 30, 2026 and 2025 (Unaudited)
(tabular amounts expressed in thousands of U.S. dollars)
	Three months ended September 30,						Nine months ended September 30,
	2026			2025			2026			2025
	$			$			$			$
Operating activities
Net earnings	55,367			82,845			190,341			140,843
Adjustments for:
Share-based compensation	1,850			2,056			5,533			6,316
Depletion and amortization	12,422			10,493			36,260			26,434
Impairment of royalty, stream and other interests	-			5,495			-			5,495
Gain on the buy-down of a stream interest	-			-			(7,161	)		-
Gain on sale of gold bullion	-			-			(419	)		-
Share of loss of associates	-			8,313			-			14,178
Gain on shares received under an anti-dilution provision	-			-			(794	)		-
Change in fair value of financial assets at fair value through profit and loss	(1,064	)		56			(3,131	)		366
Gain on deemed disposal of an associate	-			(54,439	)		-			(54,439	)
Reclassification to the statement of income of other comprehensive loss on the deemed disposal of an investment in associate	-			1,147			-			1,147
Foreign exchange (gain) loss	(317	)		(291	)		2,984			(1,170	)
Deferred income tax expense	2,556			5,598			8,634			13,905
Other	(615	)		(74	)		(1,691	)		196
Net cash flows provided by operating activities before changes in non-cash working capital items	70,199			61,199			230,556			153,271
Changes in non-cash working capital items	7,365			3,405			2,040			8,787
Net cash flows provided by operating activities	77,564			64,604			232,596			162,058
Investing activities
Acquisitions of deferred payment obligations	-			-			(52,000	)		-
Acquisitions of investments	(7,420	)		-			(17,420	)		(12,359	)
Proceeds on disposal of investments	-			805			34,748			805
Acquisitions of royalty and stream interests	(40,208	)		(13,655	)		(421,642	)		(36,869	)
Proceeds from the sale of gold bullion	-			-			17,875			-
Proceeds on the exercise of a buy-down right	-			2,051			-			2,051
Other	(57	)		(371	)		(134	)		(844	)
Net cash flows used in investing activities	(47,685	)		(11,170	)		(438,573	)		(47,216	)
Financing activities
Increase in long-term debt	28,496			-			277,496			10,437
Repayment of long-term debt	(15,000	)		(35,372	)		(49,000	)		(105,372	)
Exercise of share options and shares issued under the share purchase plan	250			38			4,772			11,514
Normal course issuer bid purchase of common shares	(29,094	)		-			(50,016	)		-
Dividends paid	(11,328	)		(9,700	)		(30,514	)		(25,163	)
Withholding taxes on settlement of restricted and deferred share units	(271	)		-			(10,102	)		(6,464	)
Other	(1,565	)		(361	)		(2,158	)		(1,836	)
Net cash flows (used in) provided by financing activities	(28,512	)		(45,395	)		140,478			(116,884	)
Increase (decrease) in cash before effects of exchange rate changes on cash	1,367			8,039			(65,499	)		(2,042	)
Effects of exchange rate changes on cash	(254	)		(623	)		86			(12	)
Net increase (decrease) in cash	1,113			7,416			(65,413	)		(2,054	)
Cash – beginning of period	75,605			49,626			142,131			59,096
Cash – end of period	76,718			57,042			76,718			57,042

FAQ

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

What were OR Royalties' Q3 2026 earnings and revenue?

OR Royalties reported $90.2 million of revenue, up 26% year over year, and net earnings of $55.4 million, down 33%. Net earnings were $0.30 per basic share versus $0.44 a year earlier. Q3 2025 included a $54.4 million non-cash gain on the deemed disposal of an associate.

What is OR Royalties' 2026 production guidance?

OR Royalties reaffirmed guidance of 80,000 to 90,000 gold equivalent ounces and expects approximately the midpoint. It earned 63,734 gold equivalent ounces through September 30, 2026. The outlook accounts for reduced second-half open-pit production at Canadian Malartic's Barnat pit.

When is OR Royalties' next quarterly dividend payable?

The next quarterly dividend of $0.065 per common share is payable on January 15, 2027 to shareholders of record at the close of business on December 31, 2026.

How does OR Royalties calculate gold equivalent ounces?

OR Royalties converts silver and copper deliveries into gold equivalent ounces using average quarterly metal prices. Silver ounces or copper tonnes are multiplied by the corresponding average metal price and divided by the average gold price. Cash royalties and other metals or commodities are converted by dividing associated revenue by the average gold price.