OR Royalties Q3 net earnings fall to $55.4M

Q: What were OR Royalties’ Q3 2026 revenue and earnings?

Revenue was $90.2 million, compared with $71.6 million in Q3 2025. Net earnings were $55.4 million, versus $82.8 million; adjusted earnings were $53.9 million, compared with $42.3 million. Cash flows from operating activities were $77.6 million, versus $64.6 million.

Q: When will OR Royalties pay its next quarterly dividend?

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

Available on EDGAR 11/12/2026 - 06:06 AM EST Accepted by SEC EDGAR 11/12/2026 - 06:03 AM EST

Filing Impact

(Moderate)

Filing Sentiment

(Negative)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

6-K

Rhea-AI Filing Summary

OR Royalties Inc. reported third-quarter revenue of $90.2 million, compared with $71.6 million a year earlier, while net earnings were $55.4 million versus $82.8 million. Adjusted earnings were $53.9 million, compared with $42.3 million, and operating cash flow was $77.6 million versus $64.6 million.

During the first nine months, the company acquired Spring Valley royalty assets for $168.0 million and a portfolio of eight royalties from Gold Fields for $115.0 million. As of September 30, cash was $76.7 million and long-term debt was $228.2 million. Its amended revolving credit facility provides $850.0 million, plus an additional uncommitted accordion of up to $350.0 million, and extends to August 4, 2030.

OR Royalties expects 80,000 to 90,000 GEOs in 2026 at an average cash margin of approximately 97%; its 2030 outlook is 120,000 to 135,000 GEOs. The company received notice that SolGold Finance AG intends to exercise a buy-back option on one-third of its 0.6% Cascabel NSR royalty for $35.0 million. The buy-back is expected to take effect November 30, 2026, or earlier with the company’s consent, leaving a 0.4% royalty.

2 points · 0 major

How this balance works

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

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

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

How the balance works How Sentiment works

0 major · 1 point

How the balance works

Positive

Moderate pointQ3 revenue increased to $90.2 million from $71.6 million a year earlier.
Moderate pointQ3 operating cash flow reached $77.6 million, versus $64.6 million.

Negative

Moderate pointQ3 net earnings fell to $55.4 million from $82.8 million.

Filing Explained

By September 30, 2026, $50.0 million had funded cancellation of 1,555,678 shares; a newly declared quarterly dividend is payable January 15, 2027.

This Form 6-K furnishes third-quarter interim statements and MD&A; by September 30, 2026, OR Royalties had repurchased 1,555,678 common shares for cancellation at a cost of $50.0 million. Those cancellations remove the repurchased shares from the outstanding share base; 186,375,632 common shares were outstanding at September 30, 2026.

The 2025 normal-course issuer bid authorized purchases of up to 9,399,294 shares through December 11, 2026; that ceiling did not commit the company to purchase all of them.

Separately, on November 11, 2026, the board declared a quarterly dividend of $0.065 per share, payable January 15, 2027 to holders of record December 31, 2026.

Key Figures

Q3 revenue: $90.2 million Q3 net earnings: $55.4 million Q3 adjusted earnings: $53.9 million +5 more

8 metrics

Q3 revenue $90.2 million Three months ended September 30, 2026; $71.6 million in Q3 2025

Q3 net earnings $55.4 million Three months ended September 30, 2026; $82.8 million in Q3 2025

Q3 adjusted earnings $53.9 million Three months ended September 30, 2026; $42.3 million in Q3 2025

Q3 operating cash flow $77.6 million Three months ended September 30, 2026; $64.6 million in Q3 2025

Cash $76.7 million As of September 30, 2026

Long-term debt $228.2 million As of September 30, 2026

2026 GEO guidance 80,000 to 90,000 GEOs 2026 outlook; average cash margin of approximately 97%

2030 GEO outlook 120,000 to 135,000 GEOs Five-year outlook for 2030

Key Terms

gold equivalent ounces, cash margin, net smelter return, normal course issuer bid

4 terms

gold equivalent ounces technical

"20,237 gold equivalent ounces (GEOs)"

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.

cash margin financial

"at an average cash margin of approximately 97%"

net smelter return technical

"a 3-5% net smelter return ("NSR") royalty"

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.

normal course issuer bid financial

"under the normal course issuer bid"

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

FAQ

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

What were OR Royalties’ Q3 2026 revenue and earnings?

Revenue was $90.2 million, compared with $71.6 million in Q3 2025. Net earnings were $55.4 million, versus $82.8 million; adjusted earnings were $53.9 million, compared with $42.3 million. Cash flows from operating activities were $77.6 million, versus $64.6 million.

What is OR Royalties’ 2026 production guidance?

OR Royalties expects 80,000 to 90,000 GEOs in 2026 at an average cash margin of approximately 97%. The forecast assumes ramp-ups at Dalgaranga and San Gabriel, first royalty payments from Ramelius and Buenaventura, increased Namdini payments, and relatively consistent GEO deliveries from Mantos Blancos.

What conditions apply to OR Royalties’ Canadian Copper stream payments?

The $28.0 million precious-metals stream on Canadian Copper’s New Brunswick assets included $5.0 million paid at closing; the remaining $23.0 million is to be funded through quarterly construction-budget installments. Funding is conditional on project milestones, including material environmental permits, necessary First Nations approvals and a formal construction decision by Canadian Copper’s board.

When will OR Royalties pay its next quarterly dividend?

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

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

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2026

Commission File Number: 001-37814

OR Royalties Inc.
(Translation of registrant's name into English)

1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Qc H3B 2S2
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[ ] Form 20-F [X] Form 40-F

SUBMITTED HEREWITH

Exhibits

Exhibit		Description

99.1		Interim Consolidated Financial Statements for the three and nine months ended September 30, 2026
99.2		Management’s Discussion and Analysis for the three and nine months ended September 30, 2026
99.3		Form 52-109F2 Certification of Interim Filings Full Certificate - CEO
99.4		Form 52-109F2 Certification of Interim Filings Full Certificate – CFO
99.5		Press Release of Dividends
99.6		Press Release of Q3 2026 Results

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	OR Royalties Inc.
	(Registrant)

Date: November 11, 2026	By:	/s/ André Le Bel
		André Le Bel
	Title:	Vice President, Legal Affairs and Corporate Secretary

Unaudited Condensed Interim

Consolidated Financial Statements

For the three and nine months

ended

September 30, 2026

OR Royalties Inc.
Consolidated Balance Sheets
(Unaudited)

(tabular amounts expressed in thousands of U.S. dollars)

		September 30,		December 31,
		2026		2025
	Notes	$		$

Assets

Current assets

Cash	3	76,718		142,131
Amounts receivable		2,160		3,227
Deferred consideration receivable	5	30,000		-
Other assets		881		2,326
		109,759		147,684

Non-current assets

Investments	4	204,088		189,260
Royalty, stream and other interests	5	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	6	228,189		-
Deferred income taxes		107,891		98,011
		373,181		134,438

Equity

Share capital	7	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

The notes are an integral part of these unaudited condensed interim consolidated financial statements.

OR Royalties Inc.
Consolidated Statements of Income
For the three and nine months ended September 30, 2026 and 2025

(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
	Notes	$		$		$		$

Revenues	9	90,205		71,625		290,857		186,905

Cost of sales	9	(2,917	)	(2,367	)	(9,349	)	(6,546	)
Depletion	9	(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	5	-		-		7,161		-
Gain on sale of gold bullion	5	-		-		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	9	1,064		53,236		3,907		52,926
Earnings before income taxes		66,976		92,086		229,075		165,040
Income tax expense	9	(11,609	)	(9,241	)	(38,734	)	(24,197	)
Net earnings		55,367		82,845		190,341		140,843


Net earnings per share	10
Basic		0.30		0.44		1.02		0.75
Diluted		0.30		0.44		1.01		0.74

The notes are an integral part of these unaudited condensed interim consolidated financial statements.

OR Royalties Inc.
Consolidated Statements of Comprehensive Income
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars)

		Three months ended September 30,				Nine months ended September 30,
		2026		2025		2026		2025
	Notes	$		$		$		$

Net earnings		55,367		82,845		190,341		140,843

Other comprehensive income (loss)

Items that will not be reclassified to the consolidated statements of income

Changes in fair value of financial assets at fair value through other comprehensive income	4	16,376		42,221		6,345		57,636
Income tax effect		(282	)	(379	)	(2,866	)	(2,061	)

Share of other comprehensive loss of an associate		-		(847	)	-		(964	)

Items that may be reclassified to the consolidated statements of income

Cumulative translation adjustments		1,432		(14,424	)	(22,858	)	22,241

Share of other comprehensive (loss) income of an associate		-		(41	)	-		363
Deemed disposal of an investment in associate
Reclassification to the statement of income of other comprehensive loss		-		1,147		-		1,147
Other comprehensive income (loss)		17,526		27,677		(19,379	)	78,362
Comprehensive income		72,893		110,522		170,962		219,205

The notes are an integral part of these unaudited condensed interim consolidated financial statements.

OR Royalties Inc.
Consolidated Statements of Cash Flows
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars)

		Three months ended September 30,				Nine months ended September 30,
		Three months ended September 30,				Nine months ended September 30,
	Notes	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	11	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	5	-		-		(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	5	(40,208	)	(13,655	)	(421,642	)	(36,869	)
Proceeds from the sale of gold bullion	5	-		-		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	6	28,496		-		277,496		10,437
Repayment of long-term debt	6	(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	7	(29,094	)	-		(50,016	)	-
Dividends paid	7	(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	3	76,718		57,042		76,718		57,042

Additional information on the consolidated statements of cash flows is presented in Note 11.

The notes are an integral part of these unaudited condensed interim consolidated financial statements.

OR Royalties Inc.
Consolidated Statement of Changes in Equity
For the nine months ended September 30, 2026

(tabular amounts expressed in thousands of U.S. dollars)

	Number of						Accumulated
	common				Contributed surplus		other
	shares		Share				comprehensive
	outstanding		capital				loss ⁽ⁱ⁾		Deficit		Total
			$		$		$		$		$

Balance - January 1, 2026	187,152,235		1,688,122		65,873		(51,780	)	(270,174	)	1,432,041

Net earnings	-		-		-		-		190,341		190,341
Other comprehensive loss	-		-		-		(19,379	)	-		(19,379	)
Comprehensive (loss) income	-		-		-		(19,379	)	190,341		170,962
					.		.		.
Dividends declared	-		-		-		-		(35,268	)	(35,268	)
Shares issued - Dividends reinvestment plan	69,366		2,363		-		-		-		2,363
Shares issued - Employee share purchase plan	5,910		204		-		-		-		204
Share options - Share-based compensation	-		-		155		-		-		155
Share options exercised	441,368		6,018		(1,371	)	-		-		4,647
Restricted share units to be settled in common shares:
Share-based compensation	-		-		4,719		-		-		4,719
Settlements	206,416		2,893		(5,467	)	-		(5,962	)	(8,536	)
Income tax impact	-		-		(1,403	)	-		-		(1,403	)
Deferred share units to be settled in common shares:
Share-based compensation	-		-		659		-		-		659
Settlements	56,015		741		(1,221	)	-		(1,011	)	(1,491	)
Income tax impact	-		-		(497	)	-		-		(497	)
Normal course issuer bid purchase of common shares, including share buyback taxes of $0.3 million	(1,555,678	)	(12,783	)	-		-		(37,572	)	(50,355	)
Transfer of realized gain on financial assets at fair value through other comprehensive income, net of income taxes of $3.0 million	-		-		-		(26,487	)	26,487		-
Balance - September 30, 2026	186,375,632		1,687,558		61,447		(97,646	)	(133,159	)	1,518,200

(i) As at September 30, 2026, accumulated other comprehensive loss comprises items that will not be recycled to the consolidated statement of income amounting to a net accumulated income of $18.9 million and items that may be recycled to the consolidated statement of income amounting to a net accumulated loss of $116.5 million.

The notes are an integral part of these unaudited condensed interim consolidated financial statements.

OR Royalties Inc.
Consolidated Statement of Changes in Equity
For the nine months ended September 30, 2025

(tabular amounts expressed in thousands of U.S. dollars)

	Number of				Accumulated
	common		Contributed surplus		other
	shares	Share			comprehensive
	outstanding	capital			loss ⁽ⁱ⁾		Deficit		Total
		$	$		$		$		$

Balance - January 1, 2025	186,679,202	1,675,940	63,567		(141,841	)	(408,713	)	1,188,953

Net earnings	-	-	-		-		140,843		140,843
Other comprehensive income	-	-	-		78,362		-		78,362
Comprehensive income	-	-	-		78,362		140,843		219,205

Dividends declared	-	-	-		-		(29,168	)	(29,168	)
Shares issued - Dividends reinvestment plan	113,082	2,362	-		-		-		2,362
Shares issued - Employee share purchase plan	8,967	190	-		-		-		190
Share options - Share-based compensation	-	-	566		-		-		566
Share options exercised	1,105,109	14,658	(3,264	)	-		-		11,394
Restricted share units to be settled in common shares:
Share-based compensation	-	-	5,095		-		-		5,095
Settlements	204,887	2,244	(4,218	)	-		(2,628	)	(4,602	)
Income tax impact	-	-	1,897		-		-		1,897
Deferred share units to be settled in common shares:
Share-based compensation	-	-	655		-		-		655
Settlements	65,400	644	(1,397	)	-		(1,031	)	(1,784	)
Income tax impact	-	-	1,426		-		-		1,426
Transfer of realized loss on financial assets at fair value through other comprehensive income, net of income taxes of $nil	-	-	-		6,151		(6,151	)	-
Balance - September 30, 2025	188,176,647	1,696,038	64,327		(57,328	)	(306,848	)	1,396,189

(i) As at September 30, 2025, accumulated other comprehensive loss comprises items that will not be recycled to the consolidated statements of income amounting to a net accumulated income of $49.3 million and items that may be recycled to the consolidated statements of income amounting to a net accumulated loss of $106.6 million.

The notes are an integral part of these unaudited condensed interim consolidated financial statements.

OR Royalties Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)

1. Nature of activities

OR Royalties Inc. and its subsidiaries (together, "OR Royalties" or the "Company") are engaged in the business of acquiring and managing royalties, streams and similar interests on precious metals and other commodities that fit the Company's risk/reward objectives. OR Royalties is a public company domiciled in the Province of Québec, Canada, whose shares trade on the Toronto Stock Exchange and the New York Stock Exchange and is constituted under the Business Corporations Act (Québec). The address of its registered office is 1100, avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec. The Company owns a portfolio of royalties, streams, options on royalty/stream financings and exclusive rights to participate in future royalty/stream financings on various projects. The Company's cornerstone asset is a 3-5% net smelter return ("NSR") royalty on the Canadian Malartic Complex, located in Québec, Canada.

2. Material accounting policy information

Basis of presentation

These unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") applicable to the preparation of interim financial statements under IAS 34, Interim Financial Reporting. The condensed interim consolidated financial statements should be read in conjunction with the Company's annual consolidated financial statements for the years ended December 31, 2025 and 2024, which have been prepared in accordance with IFRS Accounting Standards as issued by the IASB. The accounting policies, methods of computation and presentation applied in these unaudited condensed interim consolidated financial statements are consistent with those of the previous financial year, except as indicated below for new standards and amendments. The Board of Directors approved these condensed interim consolidated financial statements for issue on November 11, 2026.

The condensed interim consolidated financial statements included herein reflect all adjustments, consisting only of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the three and nine months ended September 30, 2026 are not necessarily indicative of the results to be expected for the full year. Income taxes in the respective interim periods have been accrued using the tax rates that would be applicable to expected total annual income.

Certain new accounting standards and interpretations have been published that are currently effective requirements or forthcoming requirements. These standards are not expected to have a material impact on the Company's current or future reporting periods and are therefore not discussed herein, with the exception of the amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures, and IFRS 18, Presentation and Disclosure in Financial Statements, which are discussed below.

Amendments - IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures

On May 30, 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7, which respond to recent questions arising in practice. The amendments were notably issued to:

clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; and,
update disclosures for equity instruments designated at fair value through other comprehensive income.

The amendments were adopted on January 1, 2026 and were applied retrospectively in accordance with IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, with no restatement of comparatives per the initial transition requirements of these amendments. For financial liabilities settled in cash using an electronic cash transfer system, the Company applied the election to deem these financial liabilities to be discharged before the settlement date.

The amendments did not have an impact on the Company's condensed interim consolidated financial statements for the three and nine months ended September 30, 2026.

OR Royalties Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)

2. Material accounting policy information (continued)

IFRS 18 Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. IFRS 18 was issued in response to investors' concerns about the comparability and transparency of entities' performance reporting. The new requirements introduced in IFRS 18 will help to achieve comparability of the financial performance of similar entities, especially related to how 'operating profit or loss' is defined. The new disclosures required for some management-defined performance measures will also enhance transparency. The key new concepts introduced in IFRS 18 relate to:

the structure of the statement of profit or loss;
required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and,
enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its 'operating profit or loss'.

IFRS 18 will apply for reporting periods beginning on or after January 1, 2027 and shall be applied retrospectively. Management is continuing to assess the impact of the new standard on its consolidated financial statements.

Critical accounting estimates and significant judgements

The preparation of consolidated financial statements in conformity with IFRS Accounting Standards requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company also makes estimates and assumptions concerning the future. The areas of judgement and estimation are consistent with those reported in the annual consolidated financial statements for the years ended December 31, 2025 and 2024.

3. Cash

As at September 30, 2026 and December 31, 2025, the consolidated cash position was as follows:

	September 30,	December 31,
	2026	2025
	$	$

Cash held in U.S. dollars	64,613	130,509
Cash held in Canadian dollars ⁽ⁱ⁾	12,105	11,622
Total cash	76,718	142,131

(i) Cash held in Canadian dollars amounted to C$17.2 million as at September 30, 2026 (C$15.9 million as at December 31, 2025).

OR Royalties Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)

4. Investments

			Nine months ended September 30, 2026		Year ended December 31, 2025
			$		$

Fair value through profit or loss (warrants, convertible instruments and contingent consideration receivable)
	Balance - Beginning of period		12,275		6,548
		Acquisition (Note 5)	22,000		-
		Change in fair value	3,131		5,315
		Foreign exchange revaluation impact	(461	)	412
	Balance - End of period		36,945		12,275
Fair value through other comprehensive income (common shares)
	Balance - Beginning of period		162,843		55,313
		Acquisitions	17,420		11,004
		Common shares received in consideration for amendments to a stream interest (Note 5)	4,159		-
		Common shares received under an anti-dilution provision	794		-
		Change in fair value ⁽ⁱ⁾	6,345		59,673
		Disposals	(34,748	)	(49,805	)
		Transfer from associates	-		84,502
		Foreign exchange revaluation impact	(4,422	)	2,156
	Balance - End of period		152,391		162,843

Amortized cost (notes)
	Balance - Beginning of period		14,142		12,182
		Additions	-		1,595
		Effective interests	610		365
	Balance - End of period		14,752		14,142
Total			204,088		189,260

Investments comprise common shares, warrants, convertible instruments and a contingent consideration receivable, mostly from companies publicly traded in Canada and in the United States of America, as well as loans receivable (notes).

(i) In April 2026, the Company sold an equity investment for net proceeds of $34.7 million. The change in the fair value of the investment between January 1, 2026 and the date of disposal amounted to a gain of $17.4 million ($15.1 million, net of taxes). As a result of the disposal, the Company transferred the related cumulative gain on the equity investment, amounting to $29.5 million ($26.5 million, net of taxes), from accumulated other comprehensive loss to deficit.

OR Royalties Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)

5. Royalty, stream and other interests

			Nine months ended September 30, 2026
			Royalty interests		Stream interests		Offtake interests	Total
			$		$		$	$

Balance - January 1			659,436		469,819		10,771	1,140,026
	Additions		416,437		5,205		-	421,642
	Exercise of a buy-down right		-		(10,295	)	-	(10,295	)
	Amendment to a stream agreement		-		(4,159	)	-	(4,159	)
	Depletion		(19,985	)	(15,263	)	-	(35,248	)
	Foreign exchange revaluation impact		(19,954	)	(2,605	)	-	(22,559	)
Balance - September 30			1,035,934		442,702		10,771	1,489,407

Producing
		Cost	660,381		564,250		-	1,224,631
		Accumulated depletion and impairments	(342,099	)	(262,081	)	-	(604,180	)
		Net book value - September 30	318,282		302,169		-	620,451

Development
		Cost	466,485		153,037		-	619,522
		Accumulated depletion and impairments	(70,466	)	(40,406	)	-	(110,872	)
		Net book value - September 30	396,019		112,631		-	508,650

Exploration and evaluation
		Cost	327,812		47,334		10,771	385,917
		Accumulated depletion and impairments	(6,179	)	(19,432	)	-	(25,611	)
		Net book value - September 30	321,633		27,902		10,771	360,306
Total net book value - September 30			1,035,934		442,702		10,771	1,489,407

Main acquisitions - 2026

Acquisition of an additional 1% NSR royalty on the Namdini Gold mine

In January 2026, the Company acquired an additional 1.0% NSR royalty covering the producing Namdini gold mine ("Namdini") in Ghana, with an effective date of October 1, 2025. OR Royalties has closed the transaction with Savannah Mining Limited ("Savannah"), acquiring Savannah's remaining 50% interest in the 2.0% NSR royalty for total cash consideration of up to $103.5 million (excluding value-added tax and other levies), of which $98.5 million was paid in the first quarter of 2026. The remaining contingent $5.0 million will be payable in two equal installments on the first and second anniversary of the closing date, subject to certain conditions.

In connection with the transaction, value-added tax and other levies (payable to the relevant tax authorities) could be payable on the acquisition price under certain circumstances. In June 2026, it was determined that the criteria for the payment of the relevant taxes and levies had been met, and therefore an amount of $19.7 million was recorded under Royalty, stream and other interests, and paid in July 2026.

In 2023, when the Company acquired the first tranche of the NSR royalty interest on the Namdini gold mine, the acquisition agreement included a clause in favor of the seller, subject to certain conditions, in case value-added tax and/or other levies became payable by the seller at that time. This agreement was governed by a different tax act and no additional value-added tax and/or other levies were triggered under this act. Therefore, the Company does not believe that value-added tax and/or other levies remain applicable to the 2023 transaction. In the event that value-added tax and/or other levies become payable by the seller, the Company may be requested to pay such value-added tax and/or other levies; the maximum amount that might be payable by the Company is estimated to be approximately $7.5 million.

OR Royalties Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)

5. Royalty, stream and other interests (continued)

Main acquisitions - 2026 (continued)

Acquisition of additional NSR royalties on the Spring Valley gold project

In April 2026, OR Royalties acquired all of the common shares of Terraco Gold Corp., a wholly-owned subsidiary of Sailfish Royalty Corp. ("Sailfish"), which indirectly owned net smelter return royalty assets, largely consisting of royalties that cover Solidus Resources LLC's ("Solidus") Spring Valley gold project ("Spring Valley") located in Pershing County, Nevada, USA. OR Royalties paid a total cash consideration of $168.0 million to Sailfish. The NSR royalties acquired include an effective 3.0% NSR royalty on the Schmidt Claim Block, which covers a meaningful proportion of the acres included in Solidus' proposed open-pit at Spring Valley (the NSR royalty is not payable on the first 500,000 ounces of gold recovered from the Schmidt Claim Block). Management has determined that the acquired assets did not constitute a business as defined under IFRS 3, Business Combinations; consequently, the transaction was accounted for as an acquisition of assets and the acquisition price was mainly allocated to the 3.0% NSR royalty on the Schmidt Claim Block.

Acquisition of a portfolio of royalties and deferred payment obligations from Gold Fields Limited

In May 2026, the Company acquired a portfolio of precious metals assets consisting of eight royalties (the "Gold Fields Portfolio") from Gold Fields Limited ("Gold Fields") for a total cash consideration of $115.0 million, anchored by a 1.5% NSR royalty on Compañía de Minas Buenaventura S.A.A.'s producing San Gabriel gold and silver mine located in the Province of General Sánchez Cerro, Peru.

In addition to the Gold Fields Portfolio, the Company paid Gold Fields $52.0 million in exchange for deferred payment obligations totalling $60.0 million payable by Galiano Gold Inc. ("Galiano") ($30.0 million on or before December 31, 2026 and $30.0 million upon production of an aggregate of 100,000 ounces of gold from the Nkran deposit at Galiano's Asanko Gold Mine in Ghana). The first deferred payment of $30.0 million is presented under Deferred consideration receivable on the consolidated balance sheets and is accounted for at amortized cost under IFRS 9, Financial Instruments, while the second deferred payment of $30.0 million is presented under Investments and is accounted for at fair value ($22.0 million on the acquisition date).

Acquisition of a precious metals stream on Canadian Copper Inc.'s New Brunswick assets

In July 2026, the Company acquired a precious metals stream on Canadian Copper Inc. ("Canadian Copper")'s New Brunswick assets, comprising the Murray Brook properties and the Caribou property, including the Caribou Processing Plant (collectively, the "Caribou Project") for a total cash consideration of $28.0 million. Under the agreement, an amount of $5.0 million was paid by OR Royalties on closing of the transaction, and the remaining balance of $23.0 million will be funded through quarterly payments in accordance with the Caribou Project construction budget (the "Construction Installment(s)"). The funding of the Construction Installment(s) shall be conditional upon customary project milestones, including the receipt of all material environmental permits and necessary First Nations approvals required for the Caribou Project, alongside a formal construction decision by Canadian Copper's board of directors.

Canadian Copper will deliver to OR Royalties refined silver and refined gold equal to 20% of the payable silver and gold in concentrate or any other product for the life of mine at a purchase price equal to 20% of the spot price for each ounce delivered.

Concurrent with the closing of the transaction, OR Royalties purchased $3.9 million (C$5.5 million) in common shares of Canadian Copper at a share price of C$0.75. Canadian Copper granted OR Royalties a right of first refusal in respect of the sale, transfer or buy-back of any royalty, stream or similar interest in the products mined or otherwise extracted from any property owned or acquired by Canadian Copper or an affiliate.

Costa Fuego copper/gold project royalty transaction

In August 2026, the Company closed a transaction with Hot Chili Limited ("Hot Chili") pursuant to which Hot Chili extended the Company's royalties (1.0% of payable copper production and 3.0% of payable gold production) to the La Verde project, which is part of the broader Costa Fuego copper-gold project, for a total cash consideration of $15.0 million paid on closing. The Company holds a right of first offer with respect to the sale of any future royalty, stream, or similar interests by Hot Chili.

OR Royalties Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)

5. Royalty, stream and other interests (continued)

Amendments to the San Antonio stream

In January 2026, OR Royalties International Ltd. ("OR Royalties International"), a wholly-owned subsidiary of OR Royalties, and Axo Metals Corp. ("Axo Metals"), formerly Axo Copper Corp., entered into an amended and restated stream agreement on the San Antonio project in Mexico. Under the amended and restated stream agreement, the designated percentage of payable gold and silver ounces was reduced from 15% to 7.15%. In consideration for the amendment, OR Royalties International will be entitled to up to an aggregate of $8.6 million of contingent payments, payable in gold deliveries and subject to a 30% transfer payment, upon achieving certain production milestones. In addition, Axo Metals issued to OR Royalties International a total of 7.7 million common shares, valued at approximately $4.2 million, which represented 4.99% of the issued and outstanding common shares of Axo Metals at that time. The value of the common shares received was booked against the net book value of the stream.

Buy-back and buy-down rights

Some royalty, stream and other interests are subject to buy-back and/or buy-down rights held by the operators. The significant buy-back and buy-down rights are described below.

CSA copper stream

OR Royalties International owns separate silver and copper streams on Harmony Gold Mining Company Limited's ("Harmony") CSA mine. Specific to the copper stream agreement, OR Royalties International is entitled to receive refined copper equal to 3.0% of payable copper produced from the CSA mine until the 5^th anniversary of the agreement (June 15, 2028), then 4.875% of payable copper produced from the CSA mine until 33,000 metric tonnes have been delivered in aggregate, and thereafter 2.25% of payable copper produced from the CSA mine for the remaining life of the mine.

On the 5^th anniversary of the closing date (June 15, 2028), Harmony will have the option to exercise certain buy-down rights by paying a one-time cash payment to OR Royalties International of $20.0 million to $40.0 million. If the option is exercised, OR Royalties International will still be entitled to receive refined copper equal to 3.25% - 4.0625% of payable copper produced from the CSA mine until 23,900 to 28,450 metric tonnes have been delivered in aggregate, and thereafter 1.5% - 1.875% of payable copper produced from the CSA mine for the remaining life of the mine.

Cascabel NSR royalty and gold stream

OR Royalties owns a 0.6% NSR royalty on the Cascabel project, which is subject to a buy-down right. On November 30, 2026, the owner of the Cascabel project may buy-down one third of the NSR royalty in exchange for a one-time cash payment of $35.0 million. OR Royalties has received a notice from the operator that it intends to exercise its buy-down right by November 30, 2026.

OR Royalties International owned a 6.0% gold stream on contained ounces of gold produced from the Cascabel project until 225,000 ounces of gold had been delivered, and 3.6% thereafter for the remaining life of the mine. On December 24, 2025, SolGold plc, the former owner of the Cascabel project, announced it had agreed to be acquired by its largest shareholder, Jiangxi Copper Company Limited ("Jiangxi Copper"). As a result of the change of control, the gold stream was subject to a buy-down right. In March 2026, Jiangxi Copper exercised its buy-down right to repurchase 50% of the gold stream for a one-time payment in gold ounces equal to approximately 50% of the then advanced amount of OR Royalties International's total pre-construction and construction deposits, plus certain adjustments. Consequently, OR Royalties International received 4,290 ounces of gold (subject to a transfer price of 20%) as a one-time payment for the 50% buy-down of the Cascabel stream, representing a net value of approximately $17.5 million on the delivery date. As a result of the reduction of 50% of the Cascabel stream, the net book value of the asset was reduced by $10.3 million, and the remaining balance of the net payment received was recorded as a gain on the buy-down of a stream interest of $7.2 million. The gold ounces received were subsequently sold and generated a profit of $0.4 million.

Following the exercise of the buy-down right, OR Royalties International owns a 3.0% gold stream on contained ounces of gold produced from the Cascabel project until 112,500 ounces of gold have been delivered, and 1.8% thereafter for the remaining life of the mine. Consequently, the additional stream deposit commitments have been reduced by 50% to $102.5 million ($5.0 million following the achievement of operational milestones, including submission of all final permit applications for the construction and operation of the project, and $97.5 million pro-rata to drawdowns with a construction finance facility).

OR Royalties Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)

5. Royalty, stream and other interests (continued)

			Year ended December 31, 2025
			Royalty interests		Stream interests		Offtake interests	Total
			$		$		$	$

Balance - January 1			637,413		465,671		10,771	1,113,855
	Additions		13,839		23,040		-	36,879
	Exercise of a buy-down right		(2,051	)	-		-	(2,051	)
	Depletion		(13,234	)	(22,536	)	-	(35,770	)
	Impairments		(5,495	)	-		-	(5,495	)
	Foreign exchange revaluation impact		28,964		3,644		-	32,608
Balance - December 31			659,436		469,819		10,771	1,140,026

Producing
		Cost	451,288		570,712		-	1,022,000
		Accumulated depletion and impairments	(333,704	)	(252,220	)	-	(585,924	)
		Net book value - December 31	117,584		318,492		-	436,076

Development
		Cost	336,640		174,271		-	510,911
		Accumulated depletion and impairments	(72,475	)	(58,689	)	-	(131,164	)
		Net book value - December 31	264,165		115,582		-	379,747

Exploration and evaluation
		Cost	283,473		36,268		10,771	330,512
		Accumulated depletion and impairments	(5,786	)	(523	)	-	(6,309	)
		Net book value - December 31	277,687		35,745		10,771	324,203
Total net book value - December 31			659,436		469,819		10,771	1,140,026

OR Royalties Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)

6. Long-term debt

	September 30,		December 31,
	2026		2025
	$		$

Balance - Beginning of period	-		93,900
Borrowings under the revolving credit facility	277,496		10,437
Repayments of the revolving credit facility	(49,000	)	(105,372	)
Foreign exchange revaluation impact	(307	)	1,035
Balance - End of period	228,189		-
Current portion	-		-
Non-current portion	228,189		-
	228,189		-

Revolving credit facility

In August 2026, the Company amended its existing revolving credit facility (the "Facility"). Under the amended agreement, the Company has access to a Facility of $850.0 million with an additional uncommitted accordion of up to $350.0 million (subject to acceptance by the lenders). The previous credit facility agreement had a maximum amount of $650.0 million with an uncommitted accordion of up to $200.0 million.

The maturity date of the Facility was extended from May 30, 2029 to August 4, 2030. The Facility is to be used for general corporate purposes and investments in the mineral industry, including the acquisition of royalties, streams and other interests, and is secured by the Company's assets.

The Facility is subject to standby fees. Funds drawn bear interest based on the base rate, prime rate, Canadian Overnight Repo Rate Average ("CORRA") or Secured Overnight Financing Rate ("SOFR"), plus an applicable margin depending on the Company's leverage ratio. As at September 30, 2026, the average effective interest rate on the drawn balance was 5.0%, including the applicable margins.

The Facility includes quarterly covenants that require the Company to maintain certain financial ratios, including leverage ratios, and to meet certain non-financial requirements. As at September 30, 2026, all such ratios and requirements were met.

7. Share capital

Shares

Authorized

Unlimited number of common shares, without par value

Unlimited number of preferred shares, issuable in series

Issued and fully paid

186,375,632 common shares

Normal Course Issuer Bid

In December 2025, OR Royalties renewed its normal course issuer bid ("NCIB") program. Under the terms of the NCIB program, OR Royalties may acquire up to 9,399,294 of its common shares from time to time in accordance with the normal course issuer bid procedures of the TSX. Repurchases under the 2025 NCIB program are authorized from December 12, 2025 until December 11, 2026. Daily purchases are limited to 107,496 common shares, other than block purchase exemptions.

During the nine months ended September 30, 2026, the Company purchased for cancellation a total of 1.6 million common shares for $50.0 million (C$69.7 million; average acquisition price per share of C$44.79).

OR Royalties Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)

7. Share capital (continued)

Dividends

The following table provides details on the dividends declared for the nine months ended September 30, 2026:

Declaration date	Dividend per share	Record date	Payment date	Dividend declared
	$			$

February 18, 2026	0.055	March 31, 2026	April 15, 2026	10,484
May 6, 2026	0.065	June 30, 2026	July 15, 2026	12,499
August 5, 2026	0.065	September 30, 2026	October 15, 2026	12,285
	0.185			35,268

As at September 30, 2026, the holders of 13.8 million common shares had elected to participate in the Dividend Reinvestment Plan, representing dividends payable of $0.9 million. Therefore, 27,017 common shares were issued on October 15, 2026 at a discount rate of 3%.

8. Share-based compensation

Share options

The following table summarizes information about the movement of the share options outstanding:

		Nine months ended September 30, 2026			Year ended December 31, 2025
				Weighted			Weighted
		Number of		average	Number of		average
		options		exercise price	options		exercise price
				C$			C$
Balance - Beginning of period		1,314,567		16.26	2,452,542		15.41
	Exercised	(441,368	)	14.48	(1,123,809	)	14.37
	Forfeited	(1,033	)	18.55	(14,166	)	18.43
Balance - End of period		872,166		17.16	1,314,567		16.26
Options exercisable - End of period		781,766		16.98	987,766		15.54

The weighted average share price when share options were exercised during the nine months ended September 30, 2026 was C$56.85 (C$32.41 for the year ended December 31, 2025).

OR Royalties Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)

8. Share-based compensation (continued)

Share options (continued)

The following table summarizes the share options outstanding as at September 30, 2026:

	Options outstanding			Options exercisable
Exercise price range	Number	Weighted average exercise price	Weighted average remaining contractual life (years)	Number	Weighted average exercise price
C$		C$			C$
14.27	256,767	14.27	0.7	256,767	14.27
17.61 - 22.20	615,399	18.36	2.3	524,999	18.30
	872,166	17.16	1.8	781,766	16.98

The fair value of the share options is recognized as compensation expense over the vesting period. During the three and nine months ended September 30, 2026, the total share-based compensation related to share options amounted to $0.03 million and $0.2 million, respectively ($0.1 million and $0.6 million during the three and nine months ended September 30, 2025, respectively).

Deferred and restricted share units

The Company offers a deferred share unit ("DSU") plan and a restricted share unit ("RSU") plan, which allow DSUs and RSUs to be granted, respectively, to non-executive directors, officers and/or employees as part of their director's fees or long-term compensation package, as applicable.

The following table summarizes information about the DSUs and RSUs movements:

		Nine months ended September 30, 2026		Year ended December 31, 2025
		DSUs ⁽ⁱ⁾	RSUs ⁽ⁱⁱ⁾	DSUs ⁽ⁱ⁾	RSUs ⁽ⁱⁱ⁾

Balance - Beginning of period		332,301	789,995	435,505	742,202
	Granted	21,705	173,350	35,310	342,340
	Reinvested dividends	1,516	3,467	3,056	6,608
	Settled	(92,514)	(306,104)	(141,570)	(301,155)
	Forfeited	(1,325)	(3,702)	-	-
Balance - End of period		261,683	657,006	332,301	789,995
Balance - Vested		240,586	-	296,872	-

(i) Unless otherwise decided by the Board of Directors of the Company, the annual DSU grants vest the day prior to the next annual general meeting (the DSUs granted as part of the quarterly directors remuneration vest on the grant date) and are payable in common shares, cash or a combination of common shares and cash, at the sole discretion of the Company, to each non-executive director when he or she leaves the board or is not re-elected. The accounting value of the payout (expected to be settled in common shares) is determined by multiplying the number of DSUs expected to vest at the settlement date by the closing price of the Company's shares on the day prior to the grant date, and is recognized over the vesting period. When payment is settled by issuing common shares, one common share will be issued for each DSU, after deducting any income taxes payable on the benefit earned by the director that must be remitted by the Company to the tax authorities. The DSUs granted in the first nine months of 2026 have a weighted average value of C$52.90 per DSU (the DSUs granted in the first nine months of 2025 had a weighted average value of C$34.01 per DSU).

OR Royalties Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)

8. Share-based compensation (continued)

Deferred and restricted share units (continued)

(ii) One half of the RSUs is time-based (the "time-based RSUs") and the other half is time-based and depends on the achievement of certain performance measures (the "performance-based RSUs"). The time-based RSUs granted prior to 2024 vest and are payable three years after the grant date. The time-based RSUs granted in 2025 and 2026 vest and are payable in three equal tranches at each anniversary of the grant date. The performance-based RSUs vest and are payable three years after the grant date. The RSUs are payable in common shares, cash or a combination of common shares and cash, at the sole discretion of the Company. The accounting value of the payout (expected to be settled in common shares) is determined by multiplying the number of RSUs expected to vest at the settlement date by the closing price of the Company's shares on the day prior to the grant date, and is recognized over the vesting period and adjusted for the performance-based components, when applicable. When payment is settled by issuing common shares, one common share is issued for each vested RSU, after deducting any income taxes payable on the benefit earned by the employee that must be remitted by the Company to the tax authorities. The RSUs granted in the first nine months of 2026 have a weighted average value of C$59.67 per RSU (the RSUs granted in the first nine months of 2025 had a weighted average value of C$26.68 per RSU).

The total share-based compensation expense related to the DSU and RSU plans for the three and nine months ended September 30, 2026 amounted to $1.8 million and $5.4 million, respectively ($1.9 million and $5.8 million for the three and nine months ended September 30, 2025, respectively).

9. Additional information on the consolidated statements of income

	Three months ended September 30,		Nine months ended September 30,
	2026	2025	2026	2025
	$	$	$	$

Revenues

Royalty interests	55,964	42,734	181,140	121,709
Stream interests	34,241	28,891	109,717	65,196
	90,205	71,625	290,857	186,905

Cost of sales

Royalty interests	371	251	1,100	567
Stream interests	2,546	2,116	8,249	5,979
	2,917	2,367	9,349	6,546

Depletion

Royalty interests	6,558	2,697	19,985	8,815
Stream interests	5,527	7,462	15,263	16,701
	12,085	10,159	35,248	25,516

OR Royalties Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)

9. Additional information on the consolidated statements of income (continued)

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	$		$		$		$
Other gains, net

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 ⁽ⁱ⁾	-		54,439		-		54,439
Reclassification of other comprehensive loss on the deemed disposal of an associate ⁽ⁱ⁾	-		(1,147	)	-		(1,147	)
Net gain on common shares received under an anti-dilution provision	-		-		794		-
Others	-		-		(18	)	-
	1,064		53,236		3,907		52,926

Income tax expense

Current income taxes	(9,053	)	(3,643	)	(30,100	)	(10,292	)
Deferred income taxes	(2,556	)	(5,598	)	(8,634	)	(13,905	)
	(11,609	)	(9,241	)	(38,734	)	(24,197)

(i) In August 2025, Osisko Gold Group Inc. ("Osisko Gold"), formerly Osisko Development Corp., completed a private placement, which reduced the Company's ownership percentage from 24.15% to 13.97%, and, based on the investment agreement, also impacted the nomination rights to the board of directors of Osisko Gold. As a result of these changes, among other considerations, the Company has concluded that it has lost its significant influence over the investee. In August 2025, the carrying amount of the equity accounted investment was derecognised and the retained interest in Osisko Gold was revalued at its fair value (i.e. quoted market price), which generated a gain on deemed disposal of an associate of $54.4 million, and accumulated other comprehensive loss of $1.1 million was reclassified to the statement of income. The retained interest in Osisko Gold has been designated as an equity investment at fair value through other comprehensive income or loss on initial recognition without subsequent reclassification to net income or loss.

10. Net earnings per share

		Three months ended September 30,		Nine months ended September 30,
		2026	2025	2026	2025
		$	$	$	$

Net earnings		55,367	82,845	190,341	140,843

Basic weighted average number of common shares outstanding (in thousands)		186,641	188,312	187,268	187,685
	Dilutive effect of share options	556	822	625	967
	Dilutive effect of RSUs and DSUs	317	385	337	411
Diluted weighted average number of common shares (in thousands)		187,514	189,519	188,230	189,063

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.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)

11. Additional information on the consolidated statements of cash flows

		Three months ended September 30,				Nine months ended September 30,
			2026	2025		2026		2025
			$	$		$		$

Interests received			342	1,078		1,799		2,301
Interests paid on long-term debt			3,760	678		6,787		3,409
Income taxes paid ⁽ⁱ⁾			4,377	864		28,327		2,108

Changes in non-cash working capital items
	Decrease (increase) in amounts receivable		797	(436	)	1,067		(342	)
	Decrease in other current assets		1,419	257		1,445		889
	Increase (decrease) in accounts payable and accrued liabilities		527	946		(1,813	)	120
	Increase in income tax liabilities		4,622	2,638		1,341		8,120
			7,365	3,405		2,040		8,787

(i) Income taxes paid for the nine months ended September 30, 2026 include an amount of $13.7 million related to the fiscal year 2025, which was due in the first quarter of 2026.

12. Fair value of financial instruments

The following table provides information about financial assets measured at fair value in the consolidated balance sheets and categorized by level according to the significance of the inputs used in making the measurements.

Level 1- Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2- Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and

Level 3- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

				September 30, 2026
		Level 1	Level 2	Level 3	Total
		$	$	$	$
Recurring measurements

Financial assets at fair value through profit or loss ⁽ⁱ⁾
Warrants on equity securities, convertible notes and contingent consideration receivable
	Publicly traded mining companies
	Precious metals	-	-	36,945	36,945
Financial assets at fair value through other comprehensive income ⁽ⁱ⁾
Equity securities
	Publicly traded royalty and streaming companies	25,148	-	-	25,148
	Publicly traded mining companies
	Precious metals	105,004	-	-	105,004
	Other minerals ⁽ⁱⁱ⁾	18,152	-	-	18,152
	Private mining companies	-	-	4,087	4,087
		148,304	-	41,032	189,336

OR Royalties Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)

12. Fair value of financial instruments (continued)

				December 31, 2025
		Level 1	Level 2	Level 3	Total
		$	$	$	$
Recurring measurements

Financial assets at fair value through profit or loss ⁽ⁱ⁾
Warrants on equity securities and convertible notes
	Publicly traded mining companies
	Precious metals	-	-	12,275	12,275
Financial assets at fair value through other comprehensive income ⁽ⁱ⁾
Equity securities
	Publicly traded royalty and streaming companies	22,145	-	-	22,145
	Publicly traded mining companies
	Precious metals	118,354	-	-	118,354
	Other minerals ⁽ⁱⁱ⁾	21,753	-	-	21,753
	Private mining companies	-	-	591	591
		162,252	-	12,866	175,118

(i) On the basis of its analysis of the nature, characteristics and risks of equity securities, the Company has determined that presenting them by industry and type of investment is appropriate.

(ii) Equity securities classified under other minerals are mostly related to copper.

During the nine months ended September 30, 2026 and 2025, there were no transfers among Level 1, Level 2 and Level 3.

The following table presents the changes in the Level 3 investments (comprised of warrants, convertible instruments, contingent consideration receivable and equity securities of private mining companies) for the nine months ended September 30, 2026 and 2025:

		2026		2025
		$		$

Balance - January 1		12,866		6,675
	Acquisitions	25,516		200
	Change in fair value - investments held at the end of the period ⁽ⁱ⁾	3,131		(366	)
	Foreign exchange revaluation impact	(481	)	224
Balance - September 30		41,032		6,733

(i) Recognized in the consolidated statements of income under Other gains, net.

The fair value of the financial instruments classified as Level 3 depends on the nature of the financial instruments.

The fair value of the warrants on equity securities and the convertible instruments of publicly traded mining exploration and development companies, classified as Level 3, is determined using directly or indirectly the Black-Scholes option pricing model. The main non-observable inputs used in the models are the discount rate and the expected volatility. An increase/decrease in the discount rate used in the models of 5%, or in the expected volatility of 10%, would have resulted in an insignificant variation of the fair value of the warrants and convertible instruments as at September 30, 2026.

The fair value of the contingent consideration receivable, classified as Level 3, is determined using a discounted cash flows model. The main non-observable inputs used in the models are the expected timing for the payment as well as the discount rate. A change of six months in the expected timing of the payment (based on operator production estimates), or an increase/decrease in the discount rate used in the model of 1% would have resulted in an insignificant variation of the fair value of the contingent consideration receivable as at September 30, 2026.

OR Royalties Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)

12. Fair value of financial instruments (continued)

The fair value of the equity securities of private mining companies is determined using discounted cash flow models or alternative valuation techniques, such as precedent arm's-length financings adjusted for significant events since the transactions. A discount for lack of marketability is applied where appropriate.

Financial instruments not measured at fair value on the consolidated balance sheets

Financial instruments that are not measured at fair value on the consolidated balance sheets are represented by cash, revenues receivable from royalty, stream and other interests, other receivables, the deferred consideration receivable, notes receivable, accounts payable and accrued liabilities, and long-term debt. The fair values of cash, revenues receivable from royalty, stream and other interests, other receivables, the deferred consideration receivable, accounts payable and accrued liabilities, and long-term debt approximate their carrying values due to their short-term nature. The fair value of the notes receivable approximates their carrying value as there were no significant negative changes in economic and risk parameters or assumptions related directly to the instruments since the issuance, acquisition, renewal or revaluation of those financial instruments.

13. Segment disclosure

The Company's business is organized and reported as a single operating segment, consisting of acquiring and managing precious metals and other royalties, streams and other interests. All of the Company's assets, liabilities, revenues, expenses and cash flows are attributable to this single operating segment. The President and Chief Executive Officer, who is the Company's chief operating decision-maker, makes capital allocation decisions, reviews operating results and assesses financial performance.

The following tables present segmented information for this single segment.

Geographic revenues

Geographic revenues from the sale of precious metals and other commodities received or acquired from in-kind royalties, streams and other interests are determined by the location of the mining operations giving rise to the royalty, stream or other interest. For the nine months ended September 30, 2026 and 2025, royalty, stream and other interest revenues were earned from the following jurisdictions:

	North America ⁽ⁱ⁾	South America	Australia	Africa	Europe	Total
	$	$	$	$	$	$

2026

Royalties	155,669	5,703	2,737	17,031	-	181,140
Streams	13,655	52,943	21,991	-	21,128	109,717
	169,324	58,646	24,728	17,031	21,128	290,857

2025

Royalties	115,039	3,760	314	2,596	-	121,709
Streams	8,012	26,599	19,870	-	10,715	65,196
	123,051	30,359	20,184	2,596	10,715	186,905

(i) For the nine months ended September 30, 2026, revenues generated from Canada amounted to $147.5 million ($111.5 million for the nine months ended September 30, 2025).

For the nine months ended September 30, 2026, two royalty and stream interests generated revenues of $148.5 million ($100.7 million for the nine months ended September 30, 2025), which represented 51% of revenues (54% of revenues for the nine months ended September 30, 2025), including one royalty interest that generated revenues of $95.5 million ($74.1 million for the nine months ended September 30, 2025).

For the nine months ended September 30, 2026, revenues generated from precious metals represented 97% of total revenues (94% for the nine months ended September 30, 2025).

OR Royalties Inc.
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2026 and 2025

(tabular amounts expressed in thousands of U.S. dollars, except per share amounts)

13. Segment disclosure (continued)

Geographic net assets

The following table summarizes the royalty, stream and other interests by jurisdiction, as at September 30, 2026 and December 31, 2025, which is based on the location of the properties related to the royalty, stream or other interests:

	North America ⁽ⁱ⁾	South America	Australia	Africa	Asia	Europe	Total
	$	$	$	$	$	$	$

September 30, 2026

Royalties	566,646	209,657	79,308	164,775	5,069	10,479	1,035,934
Streams	157,473	112,856	122,470	-	22,300	27,603	442,702
Offtakes	-	-	7,067	-	3,704	-	10,771

	724,119	322,513	208,845	164,775	31,073	38,082	1,489,407


December 31, 2025

Royalties	404,599	131,823	58,078	48,841	5,248	10,847	659,436
Streams	161,176	128,907	127,252	-	22,300	30,184	469,819
Offtakes	-	-	7,067	-	3,704	-	10,771

	565,775	260,730	192,397	48,841	31,252	41,031	1,140,026

(i) As at September 30, 2026, the carrying value of the net interests located in Canada amounted to $359.3 million ($355.7 million as at December 31, 2025).

14. Subsequent events

Acquisition of investments

In October 2026, OR Royalties International acquired equity investments for $15.0 million.

Dividend

On November 11, 2026, the Board of Directors declared 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.

Management's

Discussion and Analysis

For the three and nine months

ended

September 30, 2026

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

The following management discussion and analysis ("MD&A") of the consolidated operations and financial position of OR Royalties Inc. ("OR Royalties" or the "Company") and its subsidiaries for the three and nine months ended September 30, 2026 should be read in conjunction with the Company's unaudited condensed interim consolidated financial statements and related notes for the three and nine months ended September 30, 2026 and the Company's audited consolidated financial statements and related notes for the years ended December 31, 2025 and 2024. The unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") applicable to the preparation of interim financial statements. Management is responsible for the preparation of the unaudited condensed interim consolidated financial statements and other financial information relating to the Company included in this report. The Board of Directors is responsible for ensuring that management fulfills its responsibilities for financial reporting. In furtherance of the foregoing, the Board of Directors has appointed an Audit and Risk Committee composed of independent directors. The Audit and Risk Committee meets with management and the auditors in order to discuss results of operations and the financial condition of the Company prior to making recommendations and submitting the consolidated financial statements to the Board of Directors for its consideration and approval for issuance to shareholders. The information included in this MD&A is as of November 11, 2026, the date when the Board of Directors has approved the Company's unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2026 following the recommendation of the Audit and Risk Committee. All monetary amounts included in this report are expressed in U.S. dollars, the Company's reporting currency, unless otherwise noted. This MD&A contains forward-looking statements and should be read in conjunction with the risk factors described in the "Forward-Looking Statements" section.

Table of Contents

Description of the Business	3
Highlights	3
Guidance for 2026 and 5-Year Outlook	4
Portfolio of Royalty, Stream and Other Interests	5
Equity Investments	24
Sustainability Activities	25
Dividends and Normal Course Issuer Bid	26
Gold Market and Currency	27
Selected Financial Information	28
Overview of Financial Results	29
Liquidity and Capital Resources	33
Cash Flows	35
Quarterly Information	37
Segment Disclosure	38
Contractual Obligations and Commitments	39
Related Party Transactions	40
Off-Balance Sheet Items	40
Outstanding Share Data	40
Subsequent Events to September 30, 2026	40
Risks and Uncertainties	41
Disclosure Controls and Procedures and Internal Control over Financial Reporting	41
Basis of Presentation of Consolidated Financial Statements	42
Critical Accounting Estimates and Significant Judgements	43
Financial Instruments	43
Technical Information	43
Non-IFRS Financial Performance Measures	44
Forward-Looking Statements	46
Cautionary Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral Resource Estimates	47
Corporate Information	48

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Description of the Business

OR Royalties is engaged in the business of acquiring and managing royalties, streams and similar interests on precious metals and other commodities that fit the Company's risk/reward objectives. The Company owns a portfolio of royalties, streams, options on royalty/stream financings and exclusive rights to participate in future royalty/stream financings on various projects. The Company's cornerstone asset is a 3-5% net smelter return ("NSR") royalty on the Canadian Malartic Complex, located in Québec, Canada.

OR Royalties is a public company domiciled in the Province of Québec, Canada, whose shares trade on the Toronto Stock Exchange ("TSX") and the New York Stock Exchange ("NYSE") and is constituted under the Business Corporations Act (Québec). The address of its registered office is 1100, avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec.

Business Model and Strategy

OR Royalties is focused on acquiring high-quality, long-life precious metals royalties and streams on assets located in favourable jurisdictions that are operated by established mining companies. The Company deploys capital through the acquisition of royalty and stream investments on metal mining projects at various stages of operation and development. OR Royalties endeavours to provide investors with lower-risk precious metals exposure via a geographically and operationally diversified asset base. OR Royalties' objective is to deploy capital into new and accretive investment opportunities to further enhance its growth profile.

Highlights

Third Quarter of 2026

20,237 gold equivalent ounces ("GEOs¹") earned (20,326 GEOs in Q3 2025²);
Revenues from royalties and streams of $90.2 million ($71.6 million in Q3 2025);
Cash flows generated by operating activities of $77.6 million ($64.6 million in Q3 2025);
Net earnings of $55.4 million, $0.30 per basic share ($82.8 million, $0.44 per basic share in Q3 2025);
Adjusted earnings³ of $53.9 million, $0.29 per basic share ($42.3 million, $0.22 per basic share in Q3 2025);
Cash balance of $76.7 million and debt outstanding of $228.2 million as at September 30, 2026, for a net debt position⁴ of $151.5 million;
Purchase for cancellation, under the normal course issuer bid, of a total of 1,007,496 common shares for $29.1 million (C$40.8 million), for a total of 1,555,678 common shares acquired and cancelled in 2026;
Closing of the previously announced $28.0 million precious metals stream with Canadian Copper Inc. ("Canadian Copper") with respect to its New Brunswick assets, comprising the Murray Brook properties and the Caribou property, including the Caribou Processing Plant, of which an amount of $5.0 million was paid on closing, concurrently with a $3.9 million (C$5.5 million) equity purchase in Canadian Copper;
Extension of the Company's royalties (1.0% of payable copper production and 3.0% of payable gold production) on Hot Chili Limited's ("Hot Chili") Costa Fuego copper-gold project to the La Verde project for a total cash consideration of $15.0 million;
Increase in the amount available under the revolving credit facility from $650.0 million to $850.0 million and the additional uncommitted accordion from $200.0 million to $350.0 million, as well as extension of the maturity date from May 30, 2029 to August 4, 2030;
Receipt of a notice from SolGold Finance AG of its intention to exercise its buy-back option under the royalty agreement to repurchase one third of the Company's NSR royalty on the Cascabel property for a cash consideration of $35.0 million. Following the buy-back, the Company will retain a 0.4% NSR royalty. The buy-back is expected to be effective on November 30, 2026, or on an earlier date with the Company's consent; and
Declaration of a quarterly dividend of $0.065 per common share paid on October 15, 2026 to shareholders of record as of the close of business on September 30, 2026.

1 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, 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. For average metal prices used, refer to the Portfolio of Royalty, Stream and Other Interests section of this MD&A.

2 Three months ended September 30, 2025 ("Q3 2025").

3 "Adjusted earnings" and "Adjusted earnings per basic share" are non-IFRS financial performance measures which have no standard definition under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of this MD&A for further information and for a quantitative reconciliation of each non-IFRS financial measure to the most directly comparable IFRS financial measure.

4 "Net cash/(net debt) position" is a non-IFRS financial performance measure which has no standard definition under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of this MD&A for further information and for a quantitative reconciliation of each non-IFRS financial measure to the most directly comparable IFRS financial measure.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Subsequent to September 30, 2026

In October 2026, OR Royalties International Ltd. ("OR Royalties International") acquired equity investments for $15.0 million; 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.

Guidance for 2026 and 5-Year Outlook

2026 Guidance

OR Royalties expects GEOs earned to range between 80,000 to 90,000 in 2026 at an average cash margin⁵ of approximately 97%. For the 2026 guidance, deliveries of silver, copper, and cash royalties were converted to GEOs using commodity prices based on February 2026 consensus commodity prices and a gold/silver price ratio of 73:1.

The 2026 guidance assumed ramp-ups at both the Dalgaranga and San Gabriel mines, as well as first payments received under the gross revenue ("GR") and NSR royalties from Ramelius Resources Limited ("Ramelius") and Compañía de Minas Buenaventura S.A.A. ("Buenaventura"), respectively. The guidance also assumed increased payments associated with GEOs earned from the Company's 2.0% NSR royalty covering Cardinal Namdini Mining Ltd.'s Namdini mine. In addition, the guidance assumed relatively consistent year-over-year GEO deliveries from Capstone Copper Corp.'s Mantos Blancos mine. In addition, the guidance assumed conservative estimates of GEOs expected to be earned from Harmony Gold Mining Company Limited's ("Harmony") CSA mine, as Harmony's ownership transition continues and the Harmony team continues to condition the asset for optimized performance over the long-term.

OR Royalties' 2026 guidance on royalty and stream interests is largely based on publicly available forecasts from its operating partners. When publicly available forecasts on properties are not available, OR Royalties obtains internal forecasts from the producers, or uses management's best estimate. The 2026 guidance remains unchanged following the recent wall movement at the Barnat open pit at the Canadian Malartic Complex and the potential impacts described by Agnico Eagle Mines Limited ("Agnico Eagle") in their press release from July 2, 2026.

5-Year Outlook

OR Royalties expects its portfolio to generate between 120,000 and 135,000 GEOs in 2030. The outlook assumed the commencement of production at Gold Fields Limited's Windfall, South32 Limited's Hermosa/Taylor, Osisko Gold Group Inc.'s Cariboo, Solidus Resources LLC's Spring Valley, United Gold's Amulsar and Equinox Gold Corp.'s South Railroad projects, respectively. It also assumed increased production from certain other operators that are advancing expansions including Alamos Gold Inc.'s Island Gold District Expansion, amongst others. The 5-year outlook assumed there will be no GEO contribution from the Eagle Gold mine.

Beyond this growth profile, OR Royalties owns several other growth assets, which have not been factored into the 5-year outlook, as their respective development timelines are either longer, or difficult to reasonably forecast at this time. As the Company's operating partners provide additional clarity on these respective assets, OR Royalties will seek to include them in future long-term outlooks.

The 5-year outlook is based on internal judgements of publicly available forecasts and other disclosure by the third-party owners and operators of the Company's assets and could differ materially from actual results. When publicly available forecasts on properties are not available, OR Royalties obtains internal forecasts from the operators or uses management's best estimate. The commodity price assumptions that were used in the 5-year outlook are based on current long-term consensus and a gold/silver price ratio of 82:1.

This 5-year outlook replaces the 5-year outlook previously released in February 2025, the latter of which should be considered as withdrawn. Investors should not use the current 5-year outlook to extrapolate forecast results to any year within the 5-year period (2026-2030).

5 Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. It is calculated by deducting the cost of sales (excluding depletion) from the revenues. Please refer to the Non-IFRS Financial Performance Measures section of this MD&A for further information and for a quantitative reconciliation of each non-IFRS financial measure to the most directly comparable IFRS financial measure.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Portfolio of Royalty, Stream and Other Interests

The following table details the GEOs earned by the Company's producing royalty, stream and other interests:

	Three months ended September 30,		Nine months ended September 30,
	2026	2025	2026	2025

Gold
Canadian Malartic Complex royalty	5,838	8,069	20,145	24,084
Namdini royalty ⁽ⁱ⁾	1,318	628	3,771	758
Éléonore royalty	1,308	1,103	3,685	3,912
Island Gold District royalty	914	895	2,500	2,451
Ermitaño royalty	543	500	1,590	1,490
Lamaque Complex royalty	524	461	1,443	1,404
Bald Mountain royalty	298	63	1,424	468
Seabee royalty	536	254	1,063	1,874
Pan royalty	360	313	1,039	922
Tocantinzinho royalty	298	292	873	797
Fruta del Norte royalty	117	129	346	347
Dalgaranga royalty ⁽ⁱⁱ⁾	320	-	338	-
Others	564	284	1,203	828
	12,938	12,991	39,420	39,335
Silver
Mantos Blancos stream	3,231	3,344	11,974	8,147
Sasa stream	1,576	1,075	4,908	3,276
CSA stream	891	1,279	2,862	3,299
Gibraltar stream	795	518	2,316	1,470
Canadian Malartic Complex royalty	55	46	220	130
Others	77	53	267	156
	6,625	6,315	22,547	16,478
Copper and others
CSA copper stream	579	1,015	1,547	2,522
Renard diamond stream ⁽ⁱⁱⁱ⁾	-	-	-	646
Others	95	5	220	59
	674	1,020	1,767	3,227

Total GEOs	20,237	20,326	63,734	59,040

(i) The Company received its first royalty payment on the Namdini mine during the second quarter of 2025. In January 2026, the Company acquired an additional 1% NSR royalty for a total NSR royalty of 2%, effective October 1, 2025. The Namdini mine continues to ramp-up production towards full design capacity.

(ii) The Company received its first royalty payment on the Dalgaranga mine during the second quarter of 2026. The Dalgaranga mine continues to ramp-up production towards full design capacity.

(iii) In October 2023, Stornoway Diamonds (Canada) Inc. ("Stornoway"), the operator of the Renard diamond mine, announced it was suspending operations and placing itself under the protection of the Companies' Creditors Arrangement Act ("CCAA"). In 2025, the Renard mine processed and sold a small number of diamonds as part of the care and maintenance plan.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

GEOs by Product

Average Metal Prices and Exchange Rate

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	Realized	Average	Realized	Average	Realized	Average	Realized	Average

Gold ⁽ⁱ⁾	$4,304	$4,262	$3,434	$3,457	$4,559	$4,545	$3,188	$3,201
Silver ⁽ⁱⁱ⁾	$64.47	$62.59	$40.22	$39.40	$71.03	$73.24	$35.95	$35.05
Copper ⁽ⁱⁱⁱ⁾	$14,200	$14,104	$9,897	$9,797	$13,543	$13,434	$9,867	$9,556

Exchange rate (C$/US$) ^(iv)	n/a	0.7147	n/a	0.7261	n/a	0.7221	n/a	0.7152

(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.

(iv) Bank of Canada daily rate.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Royalty, Stream and Other Interests Portfolio Overview

As at November 11, 2026, OR Royalties owned a portfolio of 186 royalties, 16 streams and 3 offtakes, as well as 7 royalty options, and included royalties and streams on 23 producing assets.

Portfolio by asset stage

Asset stage	Royalties	Streams	Offtakes	Total number of assets

Producing	18	5	-	23
Development	18	8	1	27
Exploration and evaluation	150	3	2	155
	186	16	3	205

Producing assets ⁽ⁱ⁾

Asset	Operator	Interest ⁽ⁱⁱ⁾	Commodity	Jurisdiction

North America
Akasaba West ⁽ⁱⁱⁱ⁾	Agnico Eagle Mines Limited	2.5% NSR royalty	Au, Cu	Canada
Amalgamated Kirkland ^(iv)	Agnico Eagle Mines Limited	2% NSR royalty	Au	Canada
Bald Mtn. Alligator Ridge / Duke & Trapper	Kinross Gold Corporation	1% / 4% GSR ^(v) royalty	Au	USA
Bralorne	Talisker Resources Ltd.	1.7% NSR royalty	Au	Canada
Canadian Malartic Complex	Agnico Eagle Mines Limited	3 - 5% NSR royalty	Au, Ag	Canada
Éléonore	Dhilmar Ltd.	2.475 - 3.5% NSR royalty	Au	Canada
Ermitaño	First Majestic Silver Corp.	2% NSR royalty	Au, Ag	Mexico
Gibraltar	Trekor Metals Limited	100% stream	Ag	Canada
Island Gold District	Alamos Gold Inc.	1.38 - 3% NSR royalty	Au	Canada
Lamaque Complex	Eldorado Gold Corporation	1% NSR royalty	Au	Canada
Macassa TH	Agnico Eagle Mines Limited	1% NSR royalty	Au	Canada
Pan	Mining Americas Inc.	4% NSR royalty	Au	USA
Parral	GoGold Resources Inc.	2.4% stream	Au, Ag	Mexico
Seabee	SSR Mining Inc.	3% NSR royalty	Au	Canada

Outside of North America
CSA	Harmony Gold Mining Company Limited	100% stream 2.25 - 4.875% stream	Ag Cu	Australia
Dalgaranga^(vi)	Ramelius Resources Limited	1.44% GR ^(vi)royalty	Au	Australia
Dolphin Tungsten	Group 6 Metals Limited	1.5% GR royalty	Tungsten (W)	Australia
Fruta del Norte	Lundin Gold Inc.	0.1% NSR royalty	Au	Ecuador
Mantos Blancos	Capstone Copper Corp.	100% stream	Ag	Chile
Namdini	Cardinal Namdini Mining Ltd.	2% NSR royalty	Au	Ghana
San Gabriel ^(vii)	Compañía de Minas Buenaventura S.A.A.	1.5% NSR royalty	Au, Ag	Peru
Sasa	Central Asia Metals plc	100% stream	Ag	North Macedonia
Tocantinzinho	G Mining Ventures Corp.	0.75% NSR royalty	Au	Brazil

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Key exploration/evaluation and development assets

Asset	Operator	Interest	Commodities	Jurisdiction

Altar	Aldebaran Resources Inc. and Sibanye-Stillwater Ltd.	1% NSR royalty	Cu, Au	Argentina
Amulsar	United Gold (private)	3.34% Au / 49.22% Ag streams	Au, Ag	Armenia
Arctic	South32 Limited / Trilogy Metals Inc.	1% NSR royalty	Cu	USA
AntaKori	Regulus Resources Inc.	0.75% - 1.5% NSR royalty	Cu, Au	Peru
Back Forty ^(viii)	Goldgroup Mining Inc.	18.5% Au / 85% Ag streams	Au, Ag	USA
Cuiú Cuiú	Cabral Gold Inc.	1% NSR royalty	Au	Brazil
Cariboo	Osisko Gold Group Inc.	5% NSR royalty	Au	Canada
Cascabel	Jiangxi Copper Company Limited	3% stream 0.6% NSR royalty	Au Cu, Au	Ecuador
Casino	Western Copper & Gold Corporation	2.75% NSR royalty	Au, Ag, Cu	Canada
Copperwood	Highland Copper Company Inc.	1.5% NSR royalty 11.5% NSR royalty	Cu Ag	USA
Eagle Gold ⁽ⁱ^x⁾	PricewaterhouseCoopers Inc., LIT (receiver)	5% NSR royalty	Au	Canada
Glenburgh	Benz Mining Corp.	1.08% GR Royalty	Au	Australia
Hammond Reef	Agnico Eagle Mines Limited	2% NSR royalty	Au	Canada
Hermosa (Taylor)	South32 Limited	1% NSR royalty on sulphide ores	Zn, Pb, Ag	USA
Horne 5	Falco Resources Ltd.	90% - 100% stream	Ag	Canada
Marban	Agnico Eagle Mines Limited	0.5-2% NSR royalty	Au	Canada
Marimaca MOD	Marimaca Copper Corp.	1% NSR royalty	Cu	Chile
Murray Brook	Canadian Copper Inc.	20% stream	Ag, Au	Canada
Pine Point	Pine Point Mining Limited	3% NSR royalty	Zn, Pb	Canada
San Antonio	Axo Metals Corp.	7.15% stream	Au, Ag	Mexico
Shaakichiuwaanaan	PMET Resources Inc.	2% NSR royalty	Lithium (Li)	Canada
South Crofty	Cornish Metals plc.	1.5% NSR royalty	Sn	United Kingdom
South Railroad	Equinox Gold Corp.	100% stream	Ag	USA
Spring Valley ^(x)	Solidus Resources LLC	1.0 - 6.0% NSR royalty	Au	USA
Upper Beaver	Agnico Eagle Mines Limited	2% NSR royalty	Au, Cu	Canada
West Kenya	Saturn Resources Ltd.	2% NSR royalty	Au	Kenya
Waihi North	OceanaGold Corporation	2% NSR royalty	Au, Ag	New Zealand
White Pine	Kinterra Copper USA LLC	1.5% NSR royalty	Cu	USA
White Pine	Kinterra Copper USA LLC	12.5% NSR royalty	Ag	USA
Windfall	Gold Fields Limited	2.0 - 3.0% NSR royalty	Au	Canada

(i) The Renard diamond stream is excluded from producing assets as deliveries received since 2023 are only related to residual production from the care and maintenance plan.

(ii) Excluding tail royalties and streams reductions, when applicable.

(iii) The royalty covers less than half of the planned open-pit mine surface area.

(iv) On April 30, 2026, Agnico Eagle announced that trucking of ore from the Amalgamated Kirkland deposit to the LZ5 facility commenced in April 2026, with milling beginning later in the second quarter of 2026. Production from the Amalgamated Kirkland deposit is forecast to be approximately 40,000 ounces of gold in 2026. OR Royalties received its first royalty payment in the third quarter of 2026.

(v) Gross smelter return ("GSR").

(vi) On April 7, 2026, Ramelius announced that the Dalgaranga mine production was on budget with first Never Never ore delivered to the Mt Magnet processing plant in March 2026, a month ahead of schedule. The first payment from the Dalgaranga GR royalty was received on April 30, 2026.

(vii) The San Gabriel NSR royalty was acquired from Gold Fields Limited ("Gold Fields") in May 2026. The first royalty payment was received in the third quarter of 2026, for the second quarter production. The San Gabriel mine continues to ramp-up production towards full design capacity.

(viii) In June 2026, the Company agreed to amend the stream agreements to extend the deadline granted to Goldgroup Mining Inc. ("Goldgroup") for obtaining all material permits required to construct and operate the Back Forty project from June 30, 2026 to August 31, 2026. The permitting milestone was not achieved by August 31, 2026, and the Company and Goldgroup have been in discussions for a possible further amendment. If an agreement is not reached, and Goldgroup defaults under the stream agreements, the Company may require Goldgroup to repay the amounts previously advanced, together with applicable interest, and may also be entitled to exercise its rights as a secured party, including by taking possession of the Back Forty assets.

(ix) On June 24, 2024, Victoria Gold Corp. ("Victoria") announced a slope failure of its heap leach facility at the Eagle Gold mine and operations have since been suspended. On August 14, 2024, PricewaterhouseCoopers Inc., LIT was appointed as receiver and manager of Victoria by the Ontario Superior Court of Justice. Please refer to the Portfolio of Royalty, Stream and Other Interests section of this MD&A for more details.

(x) Following the acquisition of additional royalties in April 2026, the Company now owns a 4.0% to 6.0% NSR royalty, which is applicable to the core resource area; a separate 1.0% NSR royalty is applicable on the periphery of the property. The majority of the current pit constrained Mineral Resources sits within OR Royalties' 6.0% NSR royalty area (the "Schmidt Claims"). Royalties on the Schmidt Claims become payable once 500,000 ounces of gold have been recovered from the Schmidt Claims.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Main Producing Assets

Geographical Distribution of Assets

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Royalty, Stream and Other Interests - Main Transactions

Namdini NSR royalty acquisition

In January 2026, the Company acquired an additional 1.0% NSR royalty covering the producing Namdini gold mine in Ghana, with an effective date of October 1, 2025. OR Royalties has closed the transaction with Savannah Mining Limited ("Savannah"), acquiring Savannah's remaining 50% interest in the 2.0% NSR royalty for total cash consideration of up to $103.5 million (excluding value-added tax and other levies), of which $98.5 million was paid in the first quarter of 2026. The remaining contingent $5.0 million will be payable in two equal installments on the first and second anniversary of the closing date, subject to certain conditions.

Acquisition of additional NSR royalties on the Spring Valley gold project

In April 2026, OR Royalties acquired all of the common shares of Terraco Gold Corp. ("Terraco"), a wholly-owned subsidiary of Sailfish Royalty Corp. ("Sailfish"), which indirectly owned net smelter return royalty assets, largely consisting of royalties that cover Solidus Resources LLC's ("Solidus") Spring Valley gold project ("Spring Valley") located in Pershing County, Nevada, USA. OR Royalties paid a total cash consideration of $168.0 million to Sailfish. The NSR royalties acquired include an effective 3.0% NSR royalty on the Schmidt Claim Block, which covers the majority of the acres included in Solidus' proposed open-pit at Spring Valley (the NSR royalty is not payable on the first 500,000 ounces of gold recovered from the Schmidt Claim Block). Management has determined that the acquired assets did not constitute a business as defined under IFRS 3, Business Combinations; consequently, the transaction was accounted for as an acquisition of assets and the acquisition price was mainly allocated to the 3.0% NSR royalty on the Schmidt Claim Block.

Acquisition of a portfolio of royalties and deferred payment obligations from Gold Fields Limited

In May 2026, the Company acquired a portfolio of precious metals assets consisting of eight royalties (the "Gold Fields Portfolio") from Gold Fields for a total cash consideration of $115.0 million, anchored by a 1.5% NSR royalty on Buenaventura's producing San Gabriel gold and silver mine located in the Province of General Sánchez Cerro, Peru.

Acquisition of a precious metals stream on Canadian Copper Inc.'s New Brunswick assets

In July 2026, the Company acquired a precious metals stream on Canadian Copper's New Brunswick assets, comprising the Murray Brook properties and the Caribou property, including the Caribou Processing Plant (collectively, the "Caribou Project") for a total cash consideration of $28.0 million. Under the agreement, an amount of $5.0 million was paid by OR Royalties on closing of the transaction, and the remaining balance of $23.0 million will be funded through quarterly payments in accordance with the Caribou Project construction budget (the "Construction Installment(s)"). The funding of the Construction Installment(s) shall be conditional upon customary project milestones, including the receipt of all material environmental permits and necessary First Nations approvals required for the Caribou Project, alongside a formal construction decision by Canadian Copper's board of directors.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Costa Fuego copper/gold project royalty transaction

In August 2026, the Company closed a transaction with Hot Chili pursuant to which Hot Chili extended the Company's royalties (1.0% of payable copper production and 3.0% of payable gold production) to the La Verde project, which is part of the broader Costa Fuego copper-gold project, for a total cash consideration of $15.0 million paid on closing. The Company holds a right of first offer with respect to the sale of any future royalty, stream, or similar interests by Hot Chili.

Amendments to the San Antonio stream

In January 2026, OR Royalties International, a wholly-owned subsidiary of OR Royalties, and Axo Metals Corp. ("Axo Metals"), formerly Axo Copper Corp., entered into an amended and restated stream agreement on the San Antonio project in Mexico. Under the amended and restated stream agreement, the designated percentage of payable gold and silver ounces was reduced from 15% to 7.15%. In consideration for the amendment, OR Royalties International will be entitled to up to an aggregate of $8.6 million of contingent payments, payable in gold deliveries and subject to a 30% transfer payment, upon achieving certain production milestones. In addition, Axo Metals issued to OR Royalties International a total of 7.7 million common shares, valued at approximately $4.2 million, which represented 4.99% of the issued and outstanding common shares of Axo Metals. The value of the common shares received was booked against the net book value of the stream.

Royalty, Stream and Other Interests - Buy-back and Buy-down Rights

Some royalty, stream and other interests are subject to buy-back and/or buy-down rights held by the operators. The significant buy-back and buy-down rights are described below.

CSA copper stream

OR Royalties International owns separate silver and copper streams on Harmony's CSA mine. Specific to the copper stream agreement, OR Royalties International is entitled to receive refined copper equal to 3.0% of payable copper produced from the CSA mine until the 5^th anniversary of the agreement (June 15, 2028), then 4.875% of payable copper produced from the CSA mine until 33,000 metric tonnes have been delivered in aggregate, and thereafter 2.25% of payable copper produced from the CSA mine for the remaining life of the mine.

Cascabel NSR royalty and gold stream

OR Royalties International owned a 6.0% gold stream on contained ounces of gold produced from the Cascabel project until 225,000 ounces of gold had been delivered, and 3.6% thereafter for the remaining life of the mine. On December 24, 2025, SolGold plc, the former owner of the Cascabel project, announced it had agreed to be acquired by its largest shareholder, Jiangxi Copper Company Limited ("Jiangxi Copper"). As a result of the change of control, the gold stream was subject to a buy-down right. In March 2026, Jiangxi Copper exercised its buy-down right to repurchase 50% of the gold stream for a one-time payment in gold ounces equal to approximately 50% of the then advanced amount of OR Royalties International's total pre-construction and construction deposits, plus certain adjustments. Consequently, OR Royalties International received 4,290 ounces of gold (not included in the total GEOs earned in the first quarter, and subject to a transfer price of 20%) as a one-time payment for the 50% buy-down of the Cascabel stream, representing a net value of approximately $17.5 million on the delivery date. As a result of the reduction of 50% of the Cascabel stream, the net book value of the asset was reduced by $10.3 million, and the remaining balance of the net payment received was recorded as a gain on the buy-down of a stream interest of $7.2 million. The gold ounces received were subsequently sold and generated a profit of $0.4 million.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Principal Producing Assets - Updates

Canadian Malartic Complex Royalty (Agnico Eagle Mines Limited)

The Company holds a 3-5% NSR royalty on the Canadian Malartic mine, which is located in Malartic, Québec and is operated by Agnico Eagle. OR Royalties also holds a 5.0% NSR royalty on the East Gouldie and Odyssey South underground deposits, a 3.0% NSR royalty on the Odyssey North underground deposit and a 3.0-5.0% NSR royalty on the East Malartic underground deposit, which are located adjacent to the Canadian Malartic mine. The Canadian Malartic mine and the Odyssey mine now form the Canadian Malartic Complex. In addition, a C$0.40 per tonne milling fee is payable to OR Royalties on ore processed from any property that was not part of the Canadian Malartic property at the time of the sale of the mine in 2014.

Guidance - 2026 and three-year forecast

On February 12, 2026, Agnico Eagle reported production guidance of 575,000 to 605,000 ounces of gold at Canadian Malartic for the year 2026, compared to 642,612 ounces of gold produced in 2025. The company's gold production was forecast to range between 640,000 to 670,000 ounces in 2027 and 720,000 - 750,000 ounces in 2028. The mass rock movement that occurred at Barnat on July 1, 2026 (see below under Update on operations) is expected to reduce gold production at Canadian Malartic by 60,000 to 80,000 ounces in the second half of 2026, and by up to 150,000 ounces in each of 2027 and 2028.

Agnico Eagle continues to advance the transition to underground mining with the construction of the Odyssey mine. Once the Barnat pit at Canadian Malartic is depleted (originally expected in 2029), annual gold production is expected to be in the range of 550,000 to 600,000 ounces, supported by an underground mining rate of approximately 19,000 tonnes per day ("tpd") from four deposits. At that time, the processing plant is expected to have approximately 40,000 tpd of excess capacity. The Company is advancing three projects to potentially utilize a portion of this excess capacity and position Canadian Malartic to ramp-up toward one million ounces of annual gold production starting in 2033. These projects include (i) a second shaft at Odyssey, (ii) the development of a satellite open pit at Marban and (iii) the development of the Wasamac underground project. Marban and Wasamac are located approximately 12 kilometres and 100 kilometres from the Canadian Malartic mill, respectively. In 2026, Canadian Malartic has planned four-day quarterly shutdowns for regular maintenance at the mill. OR Royalties owns several royalties over Marban that have a blended ~0.9% NSR royalty, and both Marban and Wasamac would be eligible to the C$0.40 toll milling fee for the Canadian Malartic mill.

Update on operations

On July 2, 2026, Agnico Eagle reported that a rock mass movement occurred on July 1, 2026, along the north wall of the Barnat open pit at the Canadian Malartic Complex. On July 29, 2026, Agnico Eagle further reported that the area affected was, at the time, subject to enhanced geotechnical monitoring and no injuries, equipment damage or environmental impacts resulted from the event. As a precautionary measure and prior to the rock mass movement, the company temporarily suspended mining operations in the Barnat open pit, while completing geotechnical assessments and implementing remediation measures to support the safe and orderly resumption of mining activities.

The rock mass movement occurred in a localized area of the final north wall of the open pit and involved approximately one million tonnes of material. While the geotechnical investigation is still ongoing, the event is believed to have been caused by weaker altered rock and structures associated with the Cadillac Fault, with ground conditions further influenced by freshet and recent heavy rainfall. Under the current remediation plan, the moved rock mass material will remain in place and a safety rock catchment area and berm will be constructed along portions of the north wall. A new temporary access ramp alongside the southwest wall, completed in July 2026, will provide access to a redesigned open pit. Remediation work was completed in the third quarter of 2026, including the construction of a rock catchment area and safety berm along portions of the north wall, as well as the development of a new access ramp to the redesigned open pit, and mining operations resumed on September 27, 2026.

As reported by Agnico Eagle on July 2, 2026, the event is expected to reduce gold production at Canadian Malartic by 60,000 to 80,000 ounces in the second half of 2026, and by up to 150,000 ounces in each of 2027 and 2028. Feed to the Canadian Malartic processing plant is being supplemented with low grade ore from existing stockpiles, partially mitigating the production impact. The company continues to assess opportunities to further mitigate the impact on production and costs.

On October 28, 2026, Agnico Eagle reported gold production at the Canadian Malartic Complex of 111,202 ounces in the third quarter of 2026, compared to 156,875 ounces in the third quarter of 2025, reflecting lower throughput and grade.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Update on Odyssey (Shaft #1)

On October 28, 2026, Agnico Eagle announced that mine development advanced by 4,874 metres, with work focused on developing the East Gouldie production levels and advancing the main ramp toward the shaft bottom, which reached a depth of 1,232 metres as of September 30, 2026. Development rates improved through the quarter as the company continued to advance productivity initiatives, including haul truck payload optimization and the expanded use of automated equipment. In the fourth quarter of 2026, the extension of the auxiliary cage will allow for workforce transportation down to level 111. This is expected to further improve productivity by reducing travel times and congestion at the main ramp. The first phase of shaft sinking of Odyssey Shaft #1 was completed on July 9, 2026, reaching a depth of 1,586 metres, and excavation of level 158 was completed in August. Preparations for the headframe changeover to the production hoist continued during the quarter, with structural and mechanical work advancing, including the installation of the production sheaves and the dismantling of the sinking infrastructure.

The second phase of shaft sinking is expected to commence in 2029 and be completed in 2031, extending the shaft to its final planned depth of 1,870 metres, while the third loading station, located between levels 172 and 181, is expected to be commissioned in 2031. At the first loading station between levels 102 and 111, development and construction activities remained focused on advancing underground infrastructure to support the planned start of shaft-hoisted production from East Gouldie in the second quarter of 2027. Excavation of the rock-handling infrastructure is substantially complete, while development of the maintenance shop and service bays progressed as planned. Construction of the crusher room advanced during the quarter, with the completion of the overhead crane installation and coarse ore liner installation in the silo. Mechanical and electrical installation of the crusher and apron feeders continued to progress, while initial concrete work commenced in the loading conveyor area. Construction of key surface infrastructure continued to advance during the quarter. Phase 2 of the paste plant (20,000 tpd capacity) progressed with the completion of the binder silo installation, while electrical work continued ahead of testing in the fourth quarter of 2026 and commissioning in the second quarter of 2027. At the production hoist, lubrication and cooling piping circuits were completed, program testing and simulations were successfully finalized, and electrical and control system installations continued in support of commissioning in the second quarter of 2027.

Update on Odyssey (Shaft #2)

On February 12, 2026, Agnico Eagle reported that the preferred shaft location was now confirmed near Shaft #1 and close to the centre of gravity of the deposit.

On October 28, 2026, Agnico Eagle reported that it was advancing an internal technical evaluation of a potential second shaft at the Odyssey mine. Current work is focused on mine design, planning and geotechnical analysis to determine the optimal mining rate at the East Gouldie deposit, which will inform the size, design and overall scope of the proposed second shaft. Studies supporting the surface layout, headframe design and permitting activities continue to progress and the company expects to submit a decree modification application in the first quarter of 2027, with the permitting process expected to take approximately 18 months.

Marban - Satellite Open Pit

The Company holds a 0.5% - 2% NSR royalty on the Marban Deposit.

As part of Agnico Eagle's "fill-the-mill" strategy at the Canadian Malartic Complex, the Marban property, located immediately northeast of the Canadian Malartic property, was acquired in March 2025 as an advanced exploration project that could potentially support an open pit mining operation similar to the Barnat open pit operation at Canadian Malartic.

In the fourth quarter of 2025, Agnico Eagle completed an internal evaluation on Marban, removing previous property-boundary constraints on the pit design, which resulted in the company's initial declaration of estimated probable mineral reserves of 1.58 million ounces of gold (51.6 million tonnes grading 0.95 g/t Au) at December 31, 2025. Additionally, drilling completed in the quarter confirmed and extended the Marban gold deposit onto the company's adjacent Callahan property to the east. The results of the drilling were not included in the 2025 mineral reserves and mineral resource estimates.

The technical evaluation envisions a 14,000 to 16,000 tpd open pit operation producing between 120,000 to 150,000 ounces of gold annually over a 12-year life of mine. In 2026, Agnico Eagle will integrate new drilling into an optimized pit design and assess opportunities to redeploy mobile equipment from the Barnat pit at Canadian Malartic to minimize capital expenditures for the project. The results of this evaluation, expected at the end of 2026, will support the permitting process which is expected to be completed in 2030. Project construction could begin in 2031, with the potential for initial production as early as 2033.

During the third quarter of 2026, Agnico Eagle initiated a new drilling program targeting the extension of mineralization at depth northwest of the main Marban deposit.

Approximately $11.0 million is budgeted for 2026 for 45,000 metres of drilling to be spent in the Marban area for exploration and condemnation drilling around the Marban deposit under potential mining infrastructure, as well as for the purposes of mineral resource conversion and expansion of the Marban deposit.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Update on exploration

On February 12, 2026, Agnico Eagle noted that it expects to spend approximately $32.6 million for 190,700 metres of drilling at Canadian Malartic in 2026 with up to 20 drill rigs active at surface and underground to further assess the full potential of the Odyssey mine area and throughout the Canadian Malartic property package. The primary exploration targets remain the lateral extensions of the East Gouldie deposit and the Eclipse zone while at the Odyssey South and North zones infill drilling and the investigation of potential lateral extensions will continue. Studies are ongoing at the East Malartic deposit with the objective of converting mineral resources into mineral reserves as part of the Odyssey underground mine.

During the third quarter of 2026, ten surface rigs and seven underground rigs were in operation at the Odyssey mine, drilling a total of 35,100 metres (128,400 metres during the first nine months of 2026). This was supplemented by an additional three surface rigs, completing 15,500 metres (85,700 metres during the first nine months of 2026) of drilling dedicated to regional exploration around Canadian Malartic, including the Marban project. Exploration drilling targeted multiple areas of the Odyssey mine, continuing to return positive results in the deeper areas of the East Gouldie deposit, in the subparallel Eclipse zone and in the Odyssey and East Malartic deposits.

Update on Mineral Reserve and Resource Estimates

Mineral Reserves and Mineral Resources at the Odyssey mine continued to grow in 2025, further demonstrating the high-quality nature of the East Gouldie and Odyssey deposits. In total, the Odyssey mine hosted 6.0 million ounces of gold in Proven and Probable Mineral Reserves (59.7 million tonnes grading 3.14 g/t Au), 3.4 million ounces of gold in Measured and Indicated Mineral Resources (57.8 million tonnes grading 1.85 g/t Au) and 12.7 million ounces of gold in Inferred Mineral Resources (177.7 million tonnes grading 2.21 g/t Au) at December 31, 2025. These substantial Mineral Reserves and Mineral Resources continue to support the company's vision for Canadian Malartic to potentially expand production in the future in combination with the development of satellite orebodies in the surrounding area.

At the Odyssey deposit's Odyssey South zone and Odyssey internal zone, positive reconciliation observed in the underground production and improvements to the Mineral Reserve model contributed to mineral reserves replacement at the Odyssey mine reaching 90%. As a result, the Mineral Reserves of the Odyssey deposit totalled 0.3 million ounces of gold (4.8 million tonnes grading 2.12 g/t Au) at December 31, 2025, similar to the previous year.

At the Canadian Malartic mine, the continued positive reconciliation observed in the open pit and improvements to the Mineral Reserve model contributed to the addition of 115,000 ounces of gold to Mineral Reserves in the open pit during 2025. As a result, the Mineral Reserve decreased by approximately 495,000 ounces of gold while the gold production accounted for 610,000 in-situ ounces of gold.

Exploration drilling during 2025 continued to extend the limits of the East Gouldie Inferred Mineral Resource laterally to the west and to the east. As a result, Inferred Mineral Resources at the East Gouldie deposit (including the sub-parallel Eclipse zone) increased by 62% (2.8 million ounces of gold) year over year to 7.4 million ounces of gold (94.3 million tonnes grading 2.43 g/t Au) at December 31, 2025.

Drilling targeting the Eclipse zone in 2025 resulted in the declaration at year-end of initial Inferred Mineral Resources of 0.6 million ounces of gold (6.7 million tonnes grading 2.74 g/t Au) within close proximity to the planned underground infrastructure.

For additional information, please refer to Agnico Eagle's press release dated February 12, 2026 titled "Agnico Eagle Reports Fourth Quarter And Full Year 2025 Results - Record Quarterly And Annual Free Cash Flow; 2025 Production Guidance Achieved; Total 2025 Shareholder Returns Of $1.4 Billion; Dividend Increased By 12.5%; Updated Three-Year Guidance", Agnico Eagle's press release dated February 12, 2026 titled "Agnico Eagle Provides An Update On 2025 Exploration Results And 2026 Exploration Plans - Year Over Year Mineral Reserves Increase 2% To 55.4 Moz; Indicated Mineral Resources Increase 10% To 47.1 Moz And Inferred Mineral Resources Increase 15% To 41.8 Moz", Agnico Eagle's press release dated July 2, 2026 titled "Agnico Eagle Reports Wall Movement at Barnat Open Pit at Canadian Malartic", and Agnico Eagle's press release dated October 28, 2026 titled "Agnico Eagle Reports Third Quarter 2026 Results - Strong Free Cash Flow Generation Driven by Solid Operational Performance; on Track to Achieve 2026 Production and Cost Guidance", all filed on www.sedarplus.ca.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Mantos Blancos Stream (Capstone Copper Corp.)

OR Royalties, through OR Royalties International, owns a 100% silver stream on the Mantos Blancos mine, an open-pit mine located in the Antofagasta region of Chile. The Mantos Blancos mine is owned and operated by Capstone Copper Corp. ("Capstone").

Under the stream, OR Royalties International will receive refined silver equal to 100% of the payable silver from the Mantos Blancos mine until 19.3 million ounces have been delivered (8.2 million ounces have been delivered as at September 30, 2026), after which the stream percentage will be reduced to 40%. The purchase price for the silver under the Mantos Blancos stream is 8% of the monthly average silver market price for each ounce of refined silver sold and delivered and/or credited by Capstone to OR Royalties International. OR Royalties International receives deliveries from Mantos Blancos production with a two-month lag.

Guidance - 2026

On February 17, 2026, Capstone reported production guidance of 48,000 to 56,000 tonnes of copper for the year 2026. Copper production at Mantos Blancos is forecast to decrease in 2026 when compared to a strong 2025 due to a one-year period of lower copper grades. Due to mine sequencing, sulphide copper grades are expected to approximate 0.70% in 2026, with higher copper grades expected to approximate 0.85% in 2027.

On October 29, 2026, Capstone noted that Mantos Blancos was trending towards the mid-point of production guidance.

Update on operations

On June 21, 2026, Capstone Copper announced that new three-year collective bargaining agreements have been ratified with both unions at the Mantos Blancos Mine in Chile within the legal timeframe established.

On October 29, 2026, Capstone reported copper production of 12,011 tonnes, composed of 10,037 tonnes of copper in concentrate from sulphide operations and 1,974 tonnes of cathodes from oxide operations, which was 22% lower than in the third quarter of 2025. The decline was attributable to lower sulphide feed grades and lower recoveries driven by the planned mine sequence. Sulphide copper feed grades during the third quarter of 2026 were also impacted by heavy rainfall in Chile that caused elevated water levels in the pit, which limited access to planned ore feed and resulted in processing additional lower grade stockpiles. Cathode production was 8% higher compared to the third quarter of 2025 as a result of higher dump grades.

Update on Phase II expansion

Capstone is currently evaluating the next phases of growth for Mantos Blancos, including the potential to increase the concentrator plant throughput and increase cathode production from the underutilized SX-EW plant. During the second quarter of 2026, the Mantos Blancos Phase II project was submitted to the Environmental Impact Assessment ("EIA") process. Following receipt of environmental approvals and sectoral permits, as well as approximately one year of construction, expanded production is expected to commence between 2030 and 2031.

The sulphide concentrator plant expansion is expected to use existing unused or underutilized process equipment, plus additional equipment for concentrate filtration, thickening and filtering of tailings. In addition, the project supports future operations of Mantos Blancos by contemplating the construction and operation of a new in-pit tailings storage facility beyond 2030 while strengthening environmental management of the operation's baseline conditions. The company is also evaluating a potential increase in cathode production based on an opportunity to re-leach spent ore from historical leaching and flotation operations. The increase in cathode production would use existing SX-EW plant capacity, with the addition of a dynamic leach pad, agglomeration and stacking infrastructure. A pre-feasibility study outlining the details of increased throughput from the concentrator plant and increased cathode production via historical tailings re-leaching is expected in the first quarter of 2027.

Update on exploration

On October 29, 2026, Capstone announced that exploration drilling continued in the third quarter of 2026. The consolidated 2026 program for the year includes 7,500 metres of drilling with 2,764 metres (approximately 37%) completed to date. The program is aiming to follow-up the Nora-Quinta, Phase 23, and Barbara areas, as well as the initial drill testing at the south of and below the Phase 22 pit area. The final models from the passive seismic (ambient noise tomography) geophysical survey and reprocessed magnetics were utilized to refine the positioning of the initial Capri area drill holes. Permitting activities are in progress, with the initial Capri drilling anticipated to start in the first quarter of 2027.

For additional information, please refer to Capstone's press release dated February 17, 2026 titled "Capstone Copper Announces 2026 Guidance", Capstone's press release dated June 21, 2026 titled "Capstone Copper Announces Labour Agreements at Mantos Blancos Operation", and Capstone's press release dated October 29, 2026 titled "Capstone Copper Reports Third Quarter 2026 Results", all filed on www.sedarplus.ca.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

CSA Streams (Harmony Gold Mining Company Limited)

In October 2025, Harmony acquired the CSA copper mine from MAC Copper Limited. OR Royalties, through OR Royalties International, holds a silver stream and a copper stream on the CSA copper mine, now operated by Harmony. OR Royalties International will purchase an amount of refined silver equal to 100% of the payable silver produced from CSA for the life of the mine and will make ongoing payments for refined silver delivered equal to 4.0% of the spot silver price at the time of delivery. OR Royalties International will also be entitled to purchase refined copper equal to 3.0% of payable copper produced from CSA until the 5^th anniversary of the closing date (June 15, 2028), then 4.875% of payable copper produced from CSA until 33,000 metric tonnes have been delivered in aggregate, and thereafter 2.25% of payable copper produced from CSA for the remaining life of the mine. OR Royalties International will make ongoing payments for refined copper delivered equal to 4.0% of the spot copper price at the time of delivery. On the 5^th anniversary of the closing date (June 15, 2028), Harmony will have the option to exercise certain buy-down rights on the copper stream by paying a one-time cash payment to OR Royalties International of $20.0 million to $40.0 million.

As of September 30, 2026, a total of 2,275 tonnes of copper have been delivered to OR Royalties International under the copper stream agreement.

Guidance

On May 18, 2026, Harmony provided financial year 2026 copper production guidance at CSA of 17,500 to 18,500 tonnes of copper.

Harmony provided CSA copper production guidance of 28,000 to 30,000 tonnes of copper for its financial year 2027. Harmony is targeting a production run-rate of 40,000 tonnes of copper per annum by its financial year 2029. An updated Mineral Reserve Estimate increased contained copper inventory when compared to the previous Mineral Reserve Estimate.

Update on operations

On May 18, 2026, Harmony noted that operationally, its focus remained on improving the flexibility of the mining operations at the CSA mine, with full optimization expected to take up to 24 months. Harmony completed the replacement of the shaft steelwork on six levels as previously indicated. This resulted in a one-month planned shutdown in March 2026. Harmony continued to integrate the mine, ensuring alignment with the disciplined and consistent approach applied to all Harmony assets. The optimization phase is underway, supported by targeted investments in ventilation, mine development and critical infrastructure designed to improve operational flexibility, increase access to mining areas and support more consistent production over time.

On November 9, 2026, Harmony reported copper production from its CSA mine of 7,077 tonnes during the three months ended September 30, 2026, in-line with guidance, at a recovered grade of 3.15%. Grades were lower than guidance reflecting the mining sequence rather than orebody quality. Harmony is working on improving stope availability and maintaining development rates to restore production flexibility and lift grades in the coming quarters. Optimization work, together with the ventilation project, is expected to support improved performance and the company’s pathway to about 40,000 tonnes per annum.

The capital ventilation project continues to advance, with good progress made on access development and the project delivery approach refined to support efficient execution. Key development required for the project has largely been completed, while earlier ventilation design challenges have been resolved. The revised contracting and execution approach is progressing through the appropriate approval process, providing a clearer pathway for the next phase of development.

Update on exploration

On November 9, 2026, Harmony announced that underground drilling continued to confirm the very high-grade nature of QTS South Uppers copper system and extend QTS North mineralization beyond the current resource limit. Surface drilling at CSA ramped up to three rigs to advance the QTS Extension program, aimed at testing the main high-grade mineralized zones at depth below the mine. Regional exploration also progressed, including completion of a 7,499 line-km airborne magnetic and radiometric survey to support ongoing target generation.

Update on Mineral Reserve and Resource Estimates

In the financial report released by Harmony for its financial year 2026, the company released its updated Mineral Resources and Mineral Reserves as of June 30, 2026. Mineral Reserves were estimated at 577,000 tonnes of copper and 7.0 million ounces of silver (17.7 million tonnes grading 3.26% Cu and 12.32 g/t Ag) and inclusive Measured and Indicated Mineral Resources were estimated at 0.85 million tonnes of copper and 10.2 million ounces of silver (17.3 million tonnes grading 4.9% Cu and 18.3 g/t Ag). Inferred Mineral Resources were estimated at 232,000 tonnes of copper and 4.2 million ounces of silver (6.2 million tonnes grading 3.76% Cu and 21.94 g/t Ag).

For more information, refer to Harmony's press release dated May 18, 2026 titled "Operational update for the nine months ended 31 March 2026 ("9MFY26")", Harmony’s press release dated November 9, 2026 titled “Operational Update for the Three Months Ended 30 September 2026”, and Harmony’s FY26 Results report for the year ended 30 June 2026, all available on Harmony’s website (www.harmony.co.za).

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Sasa Stream (Central Asia Metals plc)

OR Royalties, through OR Royalties International, owns a 100% silver stream on the Sasa mine, operated by Central Asia Metals plc ("Central Asia") and located in North Macedonia. The Sasa mine is one of the largest zinc, lead and silver mines in Europe. OR Royalties International's entitlement under the Sasa stream applies to 100% of the payable silver production in exchange for $5 per ounce (plus refining costs) of refined silver delivered, increased for inflation annually from 2017 ($6.665 per ounce in 2026).

Guidance - 2026

Sasa's guidance for 2026 is forecast at 800,000 to 820,000 tonnes of ore mined and processed, and metal-in-concentrate production is estimated at 18,000 to 20,000 tonnes of zinc and 26,000 to 28,000 tonnes of lead.

Update on operations

On October 7, 2026, Central Asia reported deliveries of 100,562 ounces of silver to OR Royalties International in the third quarter of 2026, for a total of 310,421 ounces in the first nine months of 2026. Building on the improved performance in the first half of 2026, Sasa's production in the third quarter of 2026 showed further significant progress compared with the corresponding period in 2025 in each of the key performance measures, with ore tonnes mined and milled 3.0% and 3.4% higher, respectively.

The site team at Sasa is implementing a structured continuous improvement program focused on sustainable operational improvements across the operation. The program, building on the outcomes from last year's comprehensive review, covers all operational, technical and supporting functions.

Update on Reserve and Resource Estimates

On March 3, 2026, Central Asia reported an updated Mineral Resource and Ore Reserve statement for the Sasa mine. As mining has progressed deeper at Sasa, the geology has presented increasing challenges. In particular, the orebody has become narrower, and the transition to the new mining methods of cut-and-fill and long-hole stoping (from the bulk mining method of sub-level caving) has been designed to provide flexibility and to control dilution.

The changes in geology with depth and the business review have prompted a re-evaluation of Sasa's life-of-mine plan, which now envisages mining up to approximately 830,000 tonnes annually over the next eight years, followed by a reduction in the final year of 2034 (previously 2039). The reduction in reserve tonnage was due principally to revisions to the mine design; the application of higher net smelter return cut-off values in response to increased assumptions for operating costs; revised assumptions for metals prices and concentrate treatment charges; and normal mining depletion.

For more information on the Sasa mine, refer to Central Asia's press release dated March 3, 2026 titled "Sasa Mineral Resource and Ore Reserve Statement" and Central Asia's press release dated October 7, 2026 titled "Q3 2026 Operations Update", both available on their website at www.centralasiametals.com.

Éléonore Royalty (Dhilmar Ltd.)

OR Royalties owns a sliding scale 1.8% to 3.5% NSR royalty on the Éléonore gold mine ("Éléonore") located in the Province of Québec and operated by Dhilmar Ltd. ("Dhilmar", a private company that acquired Éléonore from Newmont Corporation ("Newmont")) in 2025. OR Royalties received a NSR royalty of 2.2% on production at the Éléonore mine in the second quarter of 2026. In June 2026, cumulative gold production at Éléonore reached the 3.0 million ounces threshold, which resulted in an increase in the royalty rate payable to 2.475% (which was reflected in the monthly royalties payable starting in July 2026, considering the one-month lag in payments). The royalty rate will increase by 25 basis points (27.5 basis points, reflecting a 10% increase when the gold price is above $500 per ounce) for every additional million ounces of cumulative gold production, up to a maximum of 3.50%.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Update on Reserve and Resource Estimates

On February 20, 2025, Newmont reported Proven and Probable Mineral Reserves at Éléonore comprising 10.1 million tonnes grading 5.05 g/t Au for 1.6 million ounces of gold as at December 31, 2024.

Dhilmar is a private company, and therefore they have not publicly released updated Mineral Reserve and Resources estimates since it acquired the mine in 2025.

For additional information, please refer to Newmont's press release dated February 20, 2025 titled "Newmont Reports 2024 Mineral Reserves of 134.1 Million Gold Ounces and 13.5 Million Tonnes of Copper", filed on www.sedarplus.ca.

Island Gold District Royalty (Alamos Gold Inc.)

OR Royalties owns NSR royalties ranging from 1.38% to 3.00% on the Island Gold mine property (nearly all current underground Island Gold Mineral Reserves and Resources are covered by the royalties), which is now included in the Island Gold District (grouping the Island Gold and Magino properties), operated by Alamos Gold Inc. ("Alamos") and located in Ontario, Canada. OR Royalties also owns a 3% NSR over a small fraction at the eastern limit of the Magino open pit mine.

On February 3, 2026, Alamos reported that at Island Gold, the total effective NSR royalty averages approximately 2.6% over the life of mine, based on ounces produced, with approximately 90% of this royalty paid in-kind (the latter representing the royalty held by the Company). This implies that the royalties owned by OR Royalties over the Island Gold underground mine have a weighted average of 2.34% NSR royalty coverage over the new life of mine.

Guidance - 2026-2028

On February 4, 2026, Alamos released its three-year guidance. Gold production at the Island Gold District is expected to range between 290,000 and 330,000 ounces in 2026, down 9% from the previous guidance of 330,000 to 355,000 ounces, reflecting decreased milling rates from the Magino mill and a slightly slower ramp-up of underground mining rates at Island Gold to 2,400 tpd. Mining rates are now expected to ramp-up to planned rates of 2,400 tpd early in 2027, compared to the fourth quarter of 2026 previously announced.

On July 29, 2026, Alamos revised its 2026 gold production guidance for the Island Gold District at 290,000 to 310,000 ounces.

Forecast gold production for the Island Gold District in 2027 is currently 380,000 - 420,000. A gold production guidance was also released for 2028 of 470,000 - 510,000 ounces. The guidance data has not been provided separately for the Island Gold and the Magino mines and has not been revised following the revised schedule of shaft commissioning.

Update on operations

On October 28, 2026, Alamos reported record production at the Island Gold District of 68,700 ounces of gold in the third quarter of 2026, 3% higher than the prior year period and a 12% increase compared to the second quarter. With higher underground mining rates and grades expected to drive increasing production in the fourth quarter, the Island Gold District remains on track to achieve its full year revised production guidance of between 290,000 and 310,000 ounces.

Underground mining rates increased to average a record 1,790 tpd in the third quarter, 35% higher than the prior year's period and a 15% increase from the previous quarter. Mining rates are expected to increase further during the fourth quarter and remain on track to reach 2,000 tpd by the end of 2026. Underground mining rates are expected to continue increasing above 2,000 tpd in the first half of 2027; however, the ramp up to 2,400 tpd is not expected until the second half of the year. As a result, underground mining rates are expected to be lower than previously guided during the first half of 2027.

Underground grades mined averaged 8.69 g/t Au during the third quarter, slightly below the second quarter and guidance due to higher than expected dilution within certain higher-grade stopes mined in August. Dilution performance was in line with expectations in September. Grades are expected to improve to near the top end of the annual guidance range of 11.5 g/t Au in the fourth quarter.

Update on Island Gold District Expansion

In 2022, Alamos announced the Phase 3+ Shaft Expansion at Island Gold from 1,200 tpd to 2,400 tpd. The expansion includes the construction of a shaft and paste plant, as well as accelerated development to support the higher mining rates. With the commissioning of the shaft expected to be completed in early 2027, the operation will transition from trucking ore and waste up the ramp to skipping ore and waste to surface, driving production higher and costs significantly lower.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

On February 3, 2026, Alamos announced the Island Gold District Expansion Study outlining a larger, long-life, low-cost mine with an average annual gold production of 534,000 ounces over the initial 10 years (starting in 2028). The Island Gold District Expansion growth capital of $542.0 million will be spent on the expansion of the Magino mill to 20,000 tpd, accelerated underground development, and mobile equipment to support higher underground and open pit mining rates of 3,000 tpd and 17,000 tpd, respectively.

As outlined in the Island Gold District Expansion Study, the Island Gold mill will continue operating and will be dedicated to processing approximately 1,265 tpd of higher-grade underground ore until the expected completion of the Magino mill expansion in the first quarter of 2028. The remaining underground ore mined beyond the Island Gold mill capacity will be blended at increasing rates with open pit ore and processed within the Magino mill. Following the expected completion of the Magino mill expansion to 20,000 tpd in the first quarter of 2028, the Island Gold mill will be shut down and all underground and open pit ore will be processed within the larger and more cost-effective Magino mill. As of September 30, 2026, 45% of growth capital related to the Island Gold District Expansion has been spent and committed, with the majority of spending focused on the Magino mill expansion.

Update on Reserve and Resource Estimates

On February 3, 2026, Alamos reported Proven and Probable Mineral Reserve of 5.1 million ounces of gold at Island Gold underground (15.1 million tonnes grading 10.61 g/t Au), representing a 25% increase from the 4.1 million ounces contained in the June 2025 update (11.8 million tonnes grading 10.85 g/t Au). The increase was driven by a successful delineation drilling program with the focus on converting a large portion of Mineral Resource base into Mineral Reserves. Measured and Indicated Mineral Resources decreased by 44% compared to the June 2025 update at Island Gold, to 0.6 million ounces of gold (2.1 million tonnes grading 8.77 g/t Au), as a result of the conversion to Mineral Reserves. Inferred Mineral Resources also decreased by 45% to 1.4 million ounces (16.9 million tonnes grading 2.57 g/t Au), also as a result of the conversion program.

Update on Exploration

A total of $43.0 million has been budgeted for exploration at the Island Gold District in 2026, up from $24.0 million spent in 2025. On April 29, 2026, Alamos reported that the exploration program will continue to build on the success from 2025 with high-grade gold mineralization extended across the Island Gold deposit, as well as within multiple structures within the hanging wall and footwall.

A total of 50,000 metres of underground exploration drilling is planned in 2026 with a focus on defining new Mineral Reserves and Resources in proximity to existing production horizons and infrastructure. This includes drilling across the strike extent of the main Island Gold deposit (E1E and C-Zones), as well as within a growing number of newly defined hanging-wall and footwall zones.

These potential high-grade Mineral Reserve and Resource additions would be low cost to develop, given their proximity to existing infrastructure, and provide increased operational flexibility as mining rates increase. To support the underground exploration program, 1,090 metres of underground exploration drift development is planned to extend drill platforms on the multiple levels. Additionally, 48,000 metres of surface exploration drilling has been budgeted targeting the area between the Island Gold and Magino deposits, as well as the down-plunge extension of the Island Gold deposit, below a depth of 1,500 metres.

On June 22, 2026, Alamos reported new results from underground and surface exploration drilling at the Island Gold Mine. Exploration drilling has defined high-grade mineralization across multiple areas which are being targeted as sources of additional higher-grade mill feed within the expanded Magino mill. This includes defining a new zone of high-grade mineralization 250 metres west of underground Mineral Reserves and Mineral Resources (Island Gold West Extension), and continuing to extend mineralization within the Island West up-plunge area. Given its proximity to surface, Island West up-plunge can be mined utilizing the ramp, providing further upside potential in terms of combined underground mining rates.

During the third quarter of 2026, 12,660 metres of underground exploration drilling was completed in 60 holes, and 10,099 metres of underground delineation drilling across 44 holes. Additionally, 13,063 metres of surface exploration drilling was completed in 20 holes. Year to date, 33,615 metres of underground exploration drilling was completed in 133 holes, or 67% of the budgeted metres, and 22,609 metres of underground delineation drilling across 95 holes. Additionally, 30,207 metres of surface exploration drilling was completed in 30 holes, representing 63% of the budget for the year.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

For more information, refer to Alamos' press release dated February 3, 2026 titled "Alamos Gold Announces Island Gold District Expansion to 20,000 TPD, Creating One of Canada's Largest and Lowest Cost Gold Mines with Attractive Economics, including 69% After-Tax IRR and $12.2 Billion NPV at $4,500/oz Gold", Alamos' press release dated February 4, 2026 titled "Alamos Gold Provides Three-Year Operating Guidance Outlining 46% Production Growth by 2028 at Significantly Lower Costs", Alamos' press release dated April 29, 2026 titled "Alamos Gold Reports First Quarter 2026 Results", Alamos' press release dated June 18, 2026 titled "Alamos Gold Provides Operational Update Across Canadian Operations", Alamos' press release dated June 22, 2026 titled "Alamos Gold Extends High-Grade Mineralization Across Multiple Targets within the Island Gold District which Represent Upside as Potential Sources of Additional Higher-Grade Mill Feed", Alamos' press release dated July 29, 2026 titled "Alamos Gold Reports Second Quarter 2026 Results", and Alamos' press release dated October 28, 2026 titled "Alamos Gold Reports Third Quarter 2026 Results", all filed on www.sedarplus.ca.

Ermitaño Royalty (First Majestic Silver Corp.)

OR Royalties holds a 2% NSR royalty on the Ermitaño underground gold and silver mine ("Ermitaño") operated by First Majestic Silver Corp. ("First Majestic") and located in Sonora State, Mexico.

Guidance - 2026

On January 15, 2026, First Majestic reported its annual production guidance for Santa Elena of 1.3 million to 1.5 million ounces of silver and 64,000 to 71,000 ounces of gold.

On July 8, 2026, First Majestic increased its guidance for gold production at Santa Elena to 72,000 to 76,000 ounces, an increase of 10% (midpoint) compared to the original guidance, primarily due to higher gold grades and slightly increased gold recoveries. Silver production is expected to be 1.4 million to 1.5 million ounces, toward the high-end of the original guidance. This production should be mostly from ore covered by the royalty held by OR Royalties on Ermitaño.

One of First Majestic's key initiatives for 2026 is the expansion of the Santa Elena processing plant, increasing capacity from 3,200 tpd to 3,500 tpd.

Update on operations

On October 8, 2026, First Majestic announced production of 368,333 ounces of silver and 18,489 ounces of gold in the third quarter of 2026 at Santa Elena, a decrease of 11% and 12% year-over-year, respectively. The decline in production was primarily attributable to lower silver and gold grades, partially offset by increased mill throughput and improved metallurgical recoveries, compared to the prior year period.

During the third quarter, the mill processed 286,382 tonnes of ore, 3% higher than the same period last year, and down 6% from the record throughput of 305,369 tonnes in the second quarter of 2026, as the company continues advancing its 3,500 tpd expansion project with planned downtime related to equipment installation for the project. A record milling month was achieved in August, with 104,000 tonnes processed and daily throughput rates frequently exceeding 3,600 tonnes per operating day. Silver and gold head grades averaged 58 g/t and 2.14 g/t, respectively. Silver and gold recoveries during the quarter improved to 69% and 94%, respectively, compared to 65% and 92% in the same period last year.

Update on exploration

On July 30, 2024, First Majestic announced the discovery of a significant new, vein-hosted gold and silver mineralized system at its Santa Elena property. This new high-grade discovery, the Navidad vein system ("Navidad"), was made at depth adjacent to the company's producing Ermitaño mine and is within OR Royalties' royalty boundaries. This is the most promising discovery at the Santa Elena property since Ermitaño was discovered in 2016.

At Santa Elena, approximately 78,000 metres of drilling is planned in 2026. Drilling at Santa Elena will focus on converting Inferred to Indicated Resources at the Santo Niño Discovery (not covered by the royalty held by OR Royalties), continuing to drill test extensions of Navidad (covered by the royalty held by OR Royalties) and testing several greenfield targets within a 10-kilometre radius around the processing plant where a new geologic understanding of district geology has highlighted the presence of large areas with exploration upside.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

On June 25, 2026, First Majestic announced that it is advancing Santo Niño (not covered by the Ermitaño royalty) and Navidad from resource definition toward underground development, supported by recently received portal construction permits and an additional $12.0 million investment planned for 2026. This next phase of work is expected to establish dedicated underground access to both areas, support decline and ramp development, and position higher-grade mineralization from Santo Niño and Navidad to contribute to the future Santa Elena district production profile. A recently completed scoping-level study indicates that development of an additional portal, the Navidad portal, located approximately 300 metres from the Santa Elena processing facilities, together with ramp development from the lower levels of Ermitaño to provide secondary egress and ventilation, is expected to provide an efficient route to Navidad mineralization and support future haulage of mineralized material from the Navidad area. Part of the additional 2026 funding is planned to support construction of the Navidad portals, advance hydrogeological studies and complete an additional 1,300 metres of development in the Ermitaño-to-Navidad ramp and from the Navidad portal.

Update on Mineral Reserve and Resource Estimates

On March 31, 2026, First Majestic released updated 2025 Mineral Reserve and Mineral Resource estimates for the Ermitaño underground mine. Ermitaño's Proven Mineral Reserves are estimated at 1.3 million ounces of silver and 0.05 million ounces of gold (0.68 million tonnes grading 59 g/t Ag and 2.29 g/t Au) and Probable Mineral Reserve are estimated at 3.15 million ounces of silver and 0.13 million ounces of gold (3.39 million tonnes grading 29 g/t Ag and 1.16 g/t Au).

For more information, refer to First Majestic's press release dated July 30, 2024 titled "First Majestic Announces New High-Grade Gold and Silver Discovery at Santa Elena", First Majestic's press release dated January 15, 2026 titled "First Majestic Reports 2025 Production and 2026 Outlook; Increases Dividend", First Majestic's press release dated March 31, 2026 titled "First Majestic Announces 2025 Mineral Reserve and Mineral Resource Estimates", First Majestic's press release dated June 25, 2026 titled "First Majestic Receives Construction Permits for Santo Niño and Navidad; Advances Development Across the Santa Elena District", and First Majestic's press release dated October 8, 2026 titled "First Majestic Reports Q3 2026 Production Results; Announces Q3 Conference Call Details and Renewal of Share Repurchase Program", all filed on www.sedarplus.ca.

Gibraltar Stream (Trekor Metals Limited)

OR Royalties owns a silver stream referenced to 100% of Gibraltar copper mine's production, operated by Trekor Metals Limited (formerly "Taseko Mines Limited") ("Trekor") and located in British Columbia, Canada, until a total of 6.8 million ounces of silver has been delivered, after which the refined silver to be delivered will be reduced to 35% of the payable silver produced. There is no cash transfer price payable by OR Royalties at the time of delivery for the silver ounces delivered. As of September 30, 2026, a total of 1.8 million ounces of silver have been delivered under the stream agreement.

Guidance - 2026

On February 18, 2026, Trekor indicated that mining activity over the last 18 months had been focused in the Connector Pit, which was the primary source of mill feed in 2025, and will continue to be the primary source of ore for the next three years (2026 through 2028). In the first quarter, head grades in the Connector Pit had been 5% to 10% lower than originally expected due to the impact of small higher-grade zones that have not been realized through mining to date. In addition, oxide copper and metallurgically challenging supergene ore has been more abundant in the Connector Pit than previously estimated, and recoveries in 2026 were expected to average between 75% to 80% (similar to the second half of 2025). Taking all of these factors into account, total copper production at Gibraltar for 2026 was expected to be in the range of 110 to 115 million pounds and expected to continue at similar levels (± 5%) until completion of mining in the Connector pit in mid-2029.

On October 8, 2026, Trekor noted that, based on production through three quarters, the company now expects Gibraltar to produce 115 to 120 million pounds of copper, an increase over the original guidance of 110 to 115 million pounds.

Update on operations

On October 8, 2026, Trekor reported production for the third quarter of 2026 of 34 million pounds of copper and 380,000 pounds of molybdenum. The Connector Pit continued to deliver strong grades which, in addition to an increase in mill throughput and improved SX/EW plant performance, drove a 12% increase in quarterly production. Copper sales from Gibraltar totalled 31 million pounds in the period. The transition back into more complex ore began later in the third quarter and impacted recoveries, as expected. In the fourth quarter, Trekor expects lower grades and recoveries as mining transitions back to the upper benches of the Connector Pit.

For more information, refer to Trekor's press release dated February 18, 2026 titled "Taseko Announces Strong Fourth Quarter Financial Results and Commencement of Copper Production at Florence Copper" and Trekor's press release dated October 8, 2026 titled "Trekor Announces 41 Million Pounds of Copper Production from Gibraltar and Florence Copper in the Third Quarter", both filed on www.sedarplus.ca.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Namdini Royalty (Cardinal Namdini Mining Ltd.)

In January 2026, the Company acquired an additional 1.0% NSR royalty covering the producing Namdini gold mine in Ghana, with an effective date of October 1, 2025. Following this transaction, OR Royalties now owns a 2% NSR royalty on the Namdini gold mine, which is operated by Shandong Gold Co Ltd., a private company, through its subsidiary Cardinal Namdini Mining Limited, which is owned in partnership with a subsidiary of China Railway Construction Group Corp Ltd.

Gold production at Namdini commenced in the first half of 2025, with the mine in the final phases of a ramp-up towards peak production of approximately 360,000 ounces of gold per year over the first three years (when operating at the expected design capacity of 9.5 million tonnes per annum), as well as an expected average of 287,000 ounces of gold per year over an initial 15-year life of mine.

Shandong Gold Co Ltd. has not released production results or Reserve and Resources estimates specific to the Namdini mine.

Lamaque Complex Royalty (Eldorado Gold Corporation)

OR Royalties owns a 1% NSR royalty on the producing Triangle deposit as well as the prospective Ormaque, Plug #4, and Parallel deposits of the Lamaque Complex. The Lamaque Complex, which includes the Triangle mine (upper and lower zones), the Ormaque mine, the Parallel deposit, the Plug #4 deposit, and the Sigma Mill, is operated by Eldorado Gold Corporation ("Eldorado") and is located in Québec, Canada. OR Royalties also holds a 2.5% NSR royalty on the Bourlamaque property.

Guidance - 2026

On February 19, 2026, Eldorado indicated production guidance for 2026 at the Lamaque Complex is expected to be between 185,000 and 200,000 ounces of gold, reflecting a wider range to account for the potential early start of Ormaque, contingent on receiving the operating permit. In 2026, the focus will remain on the development of Ormaque and further resource conversion drilling at both Triangle and Ormaque. Production for the years 2027 and 2028 is expected to be between 190,000 to 210,000 ounces of gold annually.

Growth capital for 2026 is expected to range between $180.0 and $190.0 million, and primarily covers development, infrastructure and the fleet for Ormaque; construction of the paste plant; capital development for the Triangle ramp; construction of the North Basin, and the purchase of additional battery electric vehicles (for the Triangle mine).

Update on operations

On October 29, 2026, Eldorado announced production at the Lamaque Complex of 52,748 ounces of gold in the third quarter of 2026, a 13% increase from 46,823 ounces in the third quarter of 2025. The increase was due to higher throughput, head grade and recoveries, benefiting from strong mill performance and ore from Ormaque following receipt of the operating authorization in March.

Update on Mineral Reserve and Resource Estimates

On November 26, 2025, Eldorado released its updated Mineral Reserves and Mineral Resources as of September 30, 2025. Proven and Probable Mineral Reserves included 1.285 million tonnes of 5.78 g/t Au and 5.588 million tonnes of 7.53 g/t Au, respectively, for a total of 1.591 million ounces of gold. Measured and Indicated Resources included 2.185 million tonnes of 6.73 g/t Au and 8.605 million tonnes of 7.97 g/t Au, respectively, for a total of 2.677 million ounces of gold. Inferred Resources included 8.087 million tonnes of 7.69 g/t Au for 2.0 million ounces. The updated technical report outlines a Reserve Case with an 8-year mine life.

Mineral Reserves increased 25% at Lamaque, driven by conversion at Ormaque and Triangle, in addition to declaring initial Mineral Reserves at Plug #4. The increase in total Measured and Indicated Mineral Resources was primarily driven by conversion from Inferred Mineral Resources.

Update on exploration

On January 26, 2026, Eldorado announced the discovery of four new high-grade zones at the Lamaque Complex and the commencement of studies aimed at unlocking a potential expansion. Recent results confirmed high-grade mineralization across multiple deposits on the property, with Ormaque adding flexibility near existing infrastructure. These results, along with emerging targets on the wider Bourlamaque property highlight a compelling opportunity for low-risk, capital efficient organic growth and mine life extension. As a result of recent exploration success and the potential for additional resources in close proximity to the Sigma mill, Eldorado has commenced studies to expand throughput from its current capacity of approximately 2,500 tpd towards its fully permitted capacity of 5,000 tpd.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

For more information, refer to Eldorado's press release dated November 26, 2025 titled "Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement; Offsetting Depletion and Increasing Mineral Reserves at Key Operations", Eldorado's press release dated January 26, 2026 titled "Eldorado Announces Strong Exploration Results of Multiple New High-Grade Zones in Canada and Greece and Increases 2026 Exploration Investment, Reinforcing Confidence in Discovery Strategy", Eldorado's press release dated February 19, 2026 titled "Eldorado Gold Provides 2026 Guidance; Three-Year Outlook Targets 40% Gold Production Growth; Skouries Construction Update" and Eldorado's press release dated October 29, 2026 titled "Eldorado Gold Reports Q3 2026 Financial and Operational Results and Updates 2026 Guidance; Skouries and McIlvenna Bay Advancing Toward Commercial Production", all filed on www.sedarplus.ca.

Eagle Gold Royalty - Update

OR Royalties owns a 5% NSR royalty on the Dublin Gulch property, situated in central Yukon Territory, Canada, which hosts the Eagle Gold mine ("Eagle Gold"), on all metals until 97,500 ounces of gold have been delivered to OR Royalties and a 3% NSR royalty thereafter. A total of 32,667 ounces of gold has been delivered under the royalty agreement.

Heap leach facility failure

On June 24, 2024, Victoria announced that the heap leach facility at the Eagle Gold mine experienced a failure. Operations were suspended while the site operations team, along with management and the Yukon government officials continued to assess the situation and gathered information. Victoria confirmed that there had been some damage to infrastructure and a portion of the failure had left containment. Subsequently, on July 4, 2024, Victoria advised that it had received notices of default from its lenders under the credit agreement dated December 18, 2020. A default under the Eagle Royalty Agreement dated April 13, 2018 was also triggered and, consequently, OR Royalties provided a notice of default to Victoria on July 4, 2024. On July 12, 2024 and July 30, 2024, Victoria reported that there can be no assurance that the company will have the financial resources necessary to repair the damage to the equipment and facilities, to remediate the impacts caused by the incident or to restart production.

On August 14, 2024, the Ontario Superior Court of Justice appointed PricewaterhouseCoopers Inc. as receiver and manager (the "Receiver"), at the direction of the Yukon Government and under the supervision of the court, of all assets, undertakings and properties of Victoria, which properties include but is not limited to the Eagle Gold mine. A copy of the appointment order (the "Appointment Order") is available on the receivership website provided below.

An independent review board ("IRB") was created to identify the causes of the failure by performing an independent review of the design, construction, operation, maintenance and monitoring of the heap leach facility. The IRB released its report on July 2, 2025, which concluded that the cause of failure was the accumulation of a series of adverse conditions and events, starting with a local failure in the oversteepened area of the south slope. The report also includes recommendations for improved practices by industry and the regulators to help reduce the likelihood of a reoccurrence of similar events. For more information, please refer to the receivership website for the full report: https://www.pwc.com/ca/en/services/insolvency-assignments/victoriagold/independent-review-board-report.html.

Sale process

As part of the receivership, BMO Nesbitt Burns Inc. was appointed as the Receiver's financial advisor to assist in the development and implementation of a sale process for the Eagle Gold mine. The sale process for the Eagle Gold mine began in June 2025. After completing the first phase in September 2025, the Receiver selected a shortlist of qualified buyers to move into a more intensive second phase, which included additional due diligence and a site visit to the mine in Yukon. Those qualified buyers were then asked to submit updated proposals in early December 2025. After reviewing those proposals, the Receiver, on the advice of its financial advisor, invited certain qualified buyers to meet with the Government of Yukon (in its role as regulator) and non-technical representatives of the First Nation of Na-Cho Nyäk Dun. On April 23, 2026, the Receiver, with input from its financial advisor and the consent of the Yukon Government, entered into an exclusivity agreement with Boroo Pte Ltd. ("Boroo"), a Singapore-based private mining company that operates, develops, and acquires mining assets around the world, and is recognized as a specialist in operational turnarounds and responsible mine development. Under this agreement, Boroo was the sole party negotiating a potential purchase of the Eagle Gold Mine and related assets.

On October 22, 2026, Boroo announced that it has entered into a subscription agreement (the "Subscription Agreement") with the Receiver, pursuant to which Boroo's wholly-owned subsidiary, Gatsuurt Mining Inc., would become the sole shareholder of Victoria (the "Victoria Transaction"). The Receiver intends to seek Court approval of the Victoria Transaction in early December 2026, with a view to closing the Victoria Transaction on or about December 31, 2026. The total consideration for the Victoria Transaction is C$140 million, which includes C$40 million in upfront cash and a further C$100 million, in cash, to be paid in staged milestones tied to permitting and commercial production of the Eagle Gold mine. Boroo will also assume certain ongoing remediation obligations and provide interim financial assurance and security to the Government of Yukon on closing of the transaction, to secure reclamation obligations related to the Eagle Gold mine.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

The Subscription Agreement contains a number of other closing conditions, including regulatory clearance under the Competition Act and consent of the Government of Yukon as Receivership Lender.

Subject to the closing conditions, Boroo will acquire the Eagle Gold mine, certain subsidiaries of Victoria, a portfolio of mineral tenures comprising the Dublin Gulch and Victoria Block West quartz and placer mining claims, as well as the Olive Crown Grant, and certain essential contracts which will be retained. Certain pre-closing liabilities of Victoria would be assumed by Victoria on a go-forward basis, while other pre-closing liabilities would be vested out of, and discharged as against, Victoria and assumed by a newly formed corporation, which entity would remain subject to the receivership proceedings.

In addition to the Victoria Transaction consideration of up to C$140 million, the acquisition unlocks a planned capital deployment of approximately C$800 million between 2027 and 2029 dedicated to comprehensive environmental rehabilitation, advanced water treatment infrastructure, geotechnical stabilization, and phased restart activities. In addition, follow-on commitments of over C$600 million are expected over the initial life-of-mine to support and extend mining operations.

Boroo will also execute an engineering overhaul covering open pit and waste rock geotechnical stability, mineral resource and reserve validation, mobile fleet rehabilitation, and the recommissioning of the crushing circuit and ADR plant. To prevent future instability, the plan enforces strict ore characterization and blending controls, an upgraded operations management system, and operational protocols aligned with the International Cyanide Management Code.

More information is available on the receiver's website at https://www.pwc.com/ca/en/services/insolvency-assignments/victoriagold/sale-process.html.

For additional information, please refer to Victoria's press release dated June 24, 2024 titled "Victoria Gold: Eagle Gold Mine Heap Leach Pad Incident", Victoria's press release dated July 4, 2024 titled "Victoria Gold Provides Update on Eagle Gold Mine Incident", Victoria's press release dated July 12, 2024, titled "Victoria Gold: Update on Eagle Gold Mine" and Victoria's press release dated July 30, 2024, titled "Victoria Gold: Update on HLF Incident Management", all filed on www.sedarplus.ca, refer to the receivership website: www.pwc.com/ca/victoriagold, the press release issued by the Government of Yukon dated July 27, 2026 titled "Government of Yukon provides an update on the sale process of Eagle Gold Mine" available on www.yukon.ca, and Boroo's press release dated October 22, 2026 titled "Boroo Announces Agreement to Acquire Victoria Gold Corp. and Expects to Commit Over $1.5 Billion to the Yukon-Based Eagle Gold Mine", available on https://boroomc.com.sg/.

Equity Investments

The Company's assets include a portfolio of shares, mainly of publicly traded companies involved in the mining industry. In certain instances, OR Royalties may invest in equity of companies concurrently with the acquisition of royalty, stream or other similar interests or with the objective of improving its ability to acquire future royalties, streams or similar interests. Certain investment positions may be considered as associates under IFRS Accounting Standards as a result of the ownership held, nomination rights to the investee's board of directors and/or other facts and circumstances.

OR Royalties may, from time to time, and without further notice except as required by law or regulations, increase or decrease its investments at its discretion.

In the first nine months of 2026, OR Royalties acquired equity investments for $17.4 million, including $3.9 million (C$5.5 million) in common shares of Canadian Copper, concurrently with the closing of the precious metals stream on the Caribou Project.

In addition, as part of the amendments to the San Antonio stream, OR Royalties International received common shares of Axo Metals having a value of approximately $4.2 million, and subsequently received additional common shares as a result of an anti-dilution clause having a value of approximately $0.8 million.

In the second quarter of 2026, OR Royalties sold its non-core equity investment in Osisko Metals Incorporated for net proceeds of $34.7 million.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Fair value of marketable securities

As at September 30, 2026, the Company had investments in marketable securities (common shares of publicly-traded companies) having a carrying value⁶ and a fair value⁷ of $148.3 million.

Osisko Gold Group Inc. (formerly Osisko Development Corp.)

The Company's principal equity investment is Osisko Gold Group Inc. ("Osisko Gold"). Osisko Gold is a Canadian gold mineral exploration and development company focused on the acquisition, exploration and development of precious metals resource properties in North America. The main projects held by Osisko Gold are the Cariboo gold project ("Cariboo") in British Columbia, Canada and the Tintic property ("Tintic") in Utah, United States. OR Royalties owns a 5% NSR royalty on Cariboo and OR Royalties International owns a 2.5% metals stream on Tintic.

As at September 30, 2026, the Company held 33,333,366 common shares (having a fair value of $94.0 million) representing a 10.9% interest in Osisko Gold (13.1% as at December 31, 2025). The decrease in the percentage of ownership is due mostly to a bought-deal financing that was completed by Osisko Gold in the first quarter of 2026, in which the Company did not participate, as well as the exercise of warrants.

For more information, please refer to Osisko Gold's press releases and other public documents available on www.sedarplus.ca and on their website (www.osiskogold.ca).

Sustainability Activities

As a capital provider to the mining industry, OR Royalties seeks to invest in assets that align with its Environmental, Social and Governance ("ESG") objectives. While the Company does not operate the mining assets, it aims to partner with operators who demonstrate a commitment to responsible mining practices.

In the second quarter of 2026, OR Royalties released the sixth edition of its sustainability report, Growing Responsibly, highlighting the Company's ESG initiatives and key performance metrics for the calendar year 2025.

The following list outlines select sustainability highlights for OR Royalties in 2025:

Implementation of a formal Climate Change Policy to integrate climate risks and opportunities into investment decision-making;
Screening of new royalty and streaming agreements for ESG related risk factors;
Purchase of Gold Standard verified carbon credits to offset Scope 2 and Scope 3 emissions related to the Company's workforce and footprint;
Contribution of over $0.6 million towards community investments, bringing total community contributions to over $1.5 million since 2021;
Recognition as a Great Place to Work® Canada for the second consecutive year; and
Maintaining leading positions with ESG rating agencies, including Prime Status by ISS ESG and 'AA' rating by MSCI.

The full 2025 Growing Responsibly report, informed by the Global Reporting Initiative, Sustainability Accounting Standards Board standards and recommendations of the Task Force on Climate-related Financial Disclosures, is available on the Company's website at: www.ORroyalties.com.

6 The carrying value corresponds to the amount recorded on the consolidated balance sheet, which is the equity method for investments in associates and the fair value for other investments, as per IAS 28 Investment in Associates and Joint Ventures and IFRS 9 Financial Instruments. The Company does not currently have any investments in associates.

7 The fair value corresponds to the quoted price of the investments in a recognized stock exchange as at September 30, 2026.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Dividends and Normal Course Issuer Bid

The following table provides details on the dividends declared by the Company for the first nine months of 2026 and the year ended December 31, 2025:

Declaration date	Dividend per share	Record date	Payment date	Dividends declared
	$			$

February 18, 2026	0.055	March 31, 2026	April 15, 2026	10,484,000
May 6, 2026	0.065	June 30, 2026	July 15, 2026	12,499,000
August 5, 2026	0.065	September 30, 2026	October 15, 2026	12,285,000
	0.185			35,268,000

February 19, 2025 ⁽ⁱ⁾	0.046	March 31, 2025	April 15, 2025	8,475,000
May 7, 2025	0.055	June 30, 2025	July 15, 2025	10,201,000
August 5, 2025	0.055	September 30, 2025	October 15, 2025	10,492,000
November 5, 2025	0.055	December 31, 2025	January 15, 2026	10,116,000
	0.211			39,284,000

(i) Prior to May 2025, the dividends were declared in Canadian dollars. From May 2025, the quarterly dividend is declared in United States dollars. On February 19, 2025, the Board of Directors declared a quarterly dividend of C$0.065 to shareholders of record as of the close of business on March 31, 2025. Based on the foreign currency rate (C$/US$) on the declaration date, the corresponding dividend per share in U.S. dollars was $0.046.

Dividend Reinvestment Plan

The Company offers a dividend reinvestment plan ("DRIP") that allows Canadian and U.S. shareholders to reinvest their cash dividends into additional common shares either purchased on the open market through the facilities of the TSX or the NYSE, or issued directly from treasury by the Company, or acquired by a combination thereof. In the case of a treasury issuance, the price will be the weighted average price of the common shares on the TSX or the NYSE during the five trading days immediately preceding the dividend payment date, less a discount, if any, of up to 5%, at the Company's sole election.

As at September 30, 2026, the holders of 13.8 million common shares had elected to participate in the DRIP, representing dividends payable of $0.9 million. Therefore, 27,017 common shares were issued on October 15, 2026 at a discount rate of 3%.

Normal Course Issuer Bid

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Gold Market and Currency

Gold Market

The gold market posted solid gains in the first quarter of 2026, despite increased volatility, and gold prices rose $240 per ounce during that period. During the second quarter of 2026, prices decreased by 13%, its worst quarter since 2013 for a decrease of 7.8% in the first half of 2026. During the third quarter of 2026, gold prices fluctuated between $4,000 and $4,500 per ounce. Despite the decrease in 2026, the drivers supporting gold remain intact with continued central banks diversification, persistent fiscal deficits, and rising sovereign debt.

The gold price averaged $4,873 in the first quarter of 2026, $4,506 in the second quarter of 2026 and $4,262 in the third quarter of 2026, compared to $4,135 in the fourth quarter of 2025. The gold price closed the third quarter of 2026 at $4,176, compared to $4,368 per ounce at the end of 2025.

The historical price is as follows:

(per ounce of gold)	High	Low	Average	Close

2026 (YTD)	$5,405	$3,994	$4,545	$4,176
2025	4,449	2,633	3,432	4,368
2024	2,778	1,985	2,386	2,609
2023	2,078	1,811	1,941	2,078
2022	2,039	1,629	1,800	1,812

Currency

The exchange rates for the Canadian/U.S. dollar are outlined below:

	High	Low	Average	Close

2026 (YTD)	0.7399	0.7025	0.7221	0.7048
2025	0.7376	0.6848	0.7157	0.7296
2024	0.7510	0.6937	0.7302	0.6950
2023	0.7617	0.7207	0.7410	0.7561
2022	0.8031	0.7217	0.7692	0.7383

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Selected Financial Information

(in thousands of dollars, except figures for ounces and amounts per ounce and per share)⁽¹⁾

	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

Impairment of royalty, stream and other interests	-		(5,495	)	-		(5,495	)

Operating income	67,569		46,687		230,713		126,629

Net earnings	55,367		82,845		190,341		140,843
Net earnings per share - basic	0.30		0.44		1.02		0.75
Net earnings per share - diluted	0.30		0.44		1.01		0.74

Total assets	1,891,381		1,516,753		1,891,381		1,516,753

Total long-term debt	228,189		-		228,189		-

Operating cash flows	77,564		64,604		232,596		162,058

Dividend per common share⁽²⁾	$0.065		$0.055		$0.185		$0.156

Weighted average shares outstanding (in thousands)
Basic	186,641		188,312		187,268		187,685
Diluted	187,514		189,519		188,230		189,063

Average realized price of gold sold (per ounce)	4,304		3,434		4,559		3,188

(1) Unless otherwise noted, financial information is in United States dollars and prepared in accordance with IFRS Accounting Standards.

(2) Prior to May 2025, the dividends were declared in Canadian dollars. From May 2025, the quarterly dividend is declared in United States dollars. On February 19, 2025, the Board of Directors declared a quarterly dividend of C$0.065 to shareholders of record as of the close of business on March 31, 2025. Based on the foreign currency rate (C$/US$) on the declaration date, the corresponding dividend per share in U.S. dollars was $0.046.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Overview of Financial Results

Financial Summary - Third quarter of 2026

Revenues from royalties and streams of $90.2 million ($71.6 million in Q3 2025);
Gross profit of $75.2 million ($59.1 million in Q3 2025);
Operating income of $67.6 million ($46.7 million in Q3 2025);
Net earnings of $55.4 million or $0.30 per basic share ($82.8 million or $0.44 per basic share in Q3 2025);
Adjusted earnings⁸ of $53.9 million or $0.29 per basic share ($42.3 million or $0.22 per basic share in Q3 2025); and
Cash flows provided by operating activities of $77.6 million ($64.6 million in Q3 2025).

Revenues from royalties and streams increased to $90.2 million in the third quarter of 2026, compared to $71.6 million in the third quarter of 2025, mainly as a result of higher metal prices. The lower deliveries from the Canadian Malartic Complex, as a result of the wall movement at Barnat, were partly offset by the increased royalty payments from other assets, including from Namdini and the first significant royalty payment from Dalgaranga.

Gross profit amounted to $75.2 million in the third quarter of 2026, compared to $59.1 million in the third quarter of 2025. Cost of sales increased, mainly due to higher metal prices, and depletion increased mostly as a result of the increased royalty payments from Namdini, the new royalty payment from Dalgaranga and the mix of sales.

General and administrative ("G&A") expenses amounted to $4.5 million in the third quarter of 2026, compared to $4.9 million in the third quarter of 2025. The lower expenses in the third quarter of 2026 were mainly the result of lower professional fees.

Business development expenses amounted to $3.1 million in the third quarter of 2026, compared to $2.0 million in the third quarter of 2025. The higher business development expenses in the third quarter of 2026 were primarily the result of higher professional fees.

In the third quarter of 2026, operating income reached $67.6 million, compared to $46.7 million in the third quarter of 2025. The increase was mainly the result of a higher gross profit and an impairment charge of $5.5 million recorded on certain royalty interests in the third quarter of 2025.

Net earnings in the third quarter of 2026 were $55.4 million, compared to $82.8 million in the third quarter of 2025. The decrease was mainly the result of a gain on investments of $53.2 million recorded in the third quarter of 2025 (including a non-cash gain on deemed disposal of an associate of $54.4 million), as well as higher finance costs and a higher income tax expense in the third quarter of 2026, partially offset by a higher operating income and the absence of a share of loss of associates (share of loss of associates of $8.3 million in the third quarter of 2025).

Adjusted earnings reached $53.9 million in the third quarter of 2026, compared to $42.3 million in the third quarter of 2025, mainly as a result of a higher gross profit, partially offset by higher finance costs and a higher income tax expense. A reconciliation of adjusted earnings is provided in the Non-IFRS Financial Performance Measures section of this MD&A.

Cash flows provided by operating activities in the third quarter of 2026 increased to $77.6 million from $64.6 million in the third quarter of 2025. The increase was mainly the result of higher revenues, partially offset by increased payments of income taxes and interest on long-term debt.

8 "Adjusted earnings" and "Adjusted earnings per basic share" are non-IFRS financial performance measures which have no standard definition under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of this MD&A for further information and for a quantitative reconciliation of each non-IFRS financial measure to the most directly comparable IFRS financial measure.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Financial Summary - First nine months of 2026

Revenues from royalties and streams of $290.9 million ($186.9 million in the first nine months of 2025);
Gross profit of $246.3 million ($154.8 million in the first nine months of 2025);
Operating income of $230.7 million ($126.6 million in the first nine months of 2025);
Net earnings of $190.3 million or $1.02 per basic share ($140.8 million or $0.75 per basic share in the first nine months of 2025);
Adjusted earnings⁹ of $189.5 million or $1.01 per basic share ($105.9 million or $0.56 per basic share in the first nine months of 2025); and
Cash flows provided by operating activities of $232.6 million ($162.1 million in the first nine months of 2025).

Revenues from royalties and streams increased to $290.9 million in the first nine months of 2026, compared to $186.9 million in the first nine months of 2025, mainly as a result of higher metal prices.

Gross profit amounted to $246.3 million in the first nine months of 2026, compared to $154.8 million in the first nine months of 2025. Cost of sales increased, mainly due to higher metal prices, and depletion increased mostly as a result of the increased royalty payments from Namdini and the new royalty payment from Dalgaranga, as well as the mix of sales.

General and administrative ("G&A") expenses were relatively stable at $15.5 million in the first nine months of 2026, compared to $15.8 million in the first nine months of 2025.

Business development expenses amounted to $7.6 million in the first nine months of 2026, compared to $6.9 million in the first nine months of 2025. The higher business development expenses in 2026 were primarily the result of higher professional fees.

In the first nine months of 2026, operating income reached $230.7 million, compared to $126.6 million in the first nine months of 2025. The increase was mainly the result of a higher gross profit, a gain on the buy-down of the Cascabel stream of $7.2 million and impairment charges of $5.5 million recorded on certain royalty interests in 2025.

Net earnings in the first nine months of 2026 were $190.3 million, compared to $140.8 million in the first nine months of 2025. The increase was mainly the result of a higher operating income, partially offset by a lower gain on investments (the first nine months of 2025 included a non-cash gain on deemed disposal of an associate of $54.4 million), a higher income tax expense, higher finance costs and a foreign exchange loss (compared to a foreign exchange gain in 2025). The net earnings for the first nine months of 2025 were also reduced by a share of loss of associates of $14.2 million.

Adjusted earnings reached $189.5 million in the first nine months of 2026, compared to $105.9 million in the first nine months of 2025, mainly as a result of a higher gross profit and a gain on the buy-down of a stream interest, partially offset by a higher income tax expense and higher finance costs. A reconciliation of adjusted earnings is provided in the Non-IFRS Financial Performance Measures section of this MD&A.

Cash flows provided by operating activities in the first nine months of 2026 increased to $232.6 million from $162.1 million in the first nine months of 2025. The increase was mainly the result of higher revenues, partially offset by increased payments of income taxes (including an amount of $13.7 million related to the payment of the income taxes for the fiscal year 2025) and interest on long-term debt.

9 "Adjusted earnings" and "Adjusted earnings per basic share" are non-IFRS financial performance measures which have no standard definition under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of this MD&A for further information and for a quantitative reconciliation of each non-IFRS financial measure to the most directly comparable IFRS financial measure.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Consolidated Statements of Income

The following table presents summarized consolidated statements of income for the three and nine months ended September 30, 2026 and 2025 (in thousands of dollars):

		Three months ended September 30,				Nine months ended September 30,
		2026		2025		2026		2025
		$		$		$		$

Revenues	(a)	90,205		71,625		290,857		186,905

Cost of sales	(b)	(2,917	)	(2,367	)	(9,349	)	(6,546	)
Depletion	(c)	(12,085	)	(10,159	)	(35,248	)	(25,516	)
Gross profit	(d)	75,203		59,099		246,260		154,843

Other operating expenses
General and administrative	(e)	(4,534	)	(4,902	)	(15,503	)	(15,799	)
Business development	(f)	(3,100	)	(2,015	)	(7,624	)	(6,920	)
Impairment of royalty, stream and other interests	(g)	-		(5,495	)	-		(5,495	)
Gain on the buy-down of a stream interest	(h)	-		-		7,161		-
Gain on sale of gold bullion	(h)	-		-		419		-

Operating income		67,569		46,687		230,713		126,629

Other (expenses) income, net	(i)	(593	)	45,399		(1,638	)	38,411

Earnings before income taxes		66,976		92,086		229,075		165,040

Income tax expense	(j)	(11,609	)	(9,241	)	(38,734	)	(24,197	)

Net earnings		55,367		82,845		190,341		140,843

(a) Revenues are comprised of the following:

	Three months ended September 30,
	2026			2025
	Average realized price per ounce / tonne ($)	Ounces / tonnes sold	Total revenues ($000's)	Average realized price per ounce / tonne ($)	Ounces / tonnes sold	Total revenues ($000's)

Gold sold	4,304	9,145	39,359	3,434	10,044	34,485
Silver sold	64.47	476,379	30,714	40.22	553,785	22,275
Copper sold	14,200	175	2,485	9,897	624	6,177
Other (paid in cash)	-	-	17,647	-	-	8,688
			90,205			71,625

	Nine months ended September 30,
	2026			2025
	Average realized price per ounce / tonne ($)	Ounces / tonnes sold	Total revenues ($000's)	Average realized price per ounce / tonne ($)	Ounces / tonnes sold	Total revenues ($000's)

Gold sold	4,559	28,594	130,348	3,188	31,693	101,047
Silver sold	71.03	1,419,740	100,846	35.95	1,502,349	54,010
Copper sold	13,543	527	7,136	9,867	848	8,369
Other (paid in cash)	-	-	52,527	-	-	23,479
			290,857			186,905

The decrease in gold and silver ounces sold in 2026 is mostly due to lower in-kind deliveries from certain assets. The copper tonnes earned in the second quarter of 2025 were sold in the third quarter of 2025. The increase in the royalties paid in cash is mostly the result of the increased Namdini royalty and the new Dalgaranga royalty payments, as well as the general increase in metal prices.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

(b) Cost of sales mainly represents the acquisition price of the metals under the stream agreements, as well as deductions (when applicable) for governmental royalties, refining, insurance, transportation and other costs related to the metals received under royalty agreements. For the three and nine months ended September 30, 2026, cost of sales amounted to $2.9 million and $9.3 million, respectively, compared to $2.4 million and $6.5 million in the corresponding periods of 2025. The increase in 2026 is mainly due to higher metal prices.

(c) The royalties, streams and other interests are depleted using the units-of-production method over the estimated life of the properties or the life of the related agreements. The depletion expense for the three and nine months ended September 30, 2026 amounted to $12.1 million and $35.2 million, respectively, compared to $10.2 million and $25.5 million in the corresponding periods of 2025. Depletion increased in 2026 mostly as a result of the increased Namdini royalty payments and the new Dalgaranga royalty payments, as well as the mix of sales.

(d) The breakdown of cash margin¹⁰ and gross profit per type of interest is as follows (in thousands of dollars):

	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

(e) G&A expenses decreased in the third quarter of 2026 to $4.5 million, compared to $4.9 million in the third quarter of 2025. The lower expenses in the third quarter of 2026 were mainly the result of lower professional fees.

G&A expenses were relatively stable at $15.5 million in the first nine months of 2026, compared to $15.8 million in the first nine months of 2025.

(f) Business development expenses amounted to $3.1 million and $7.6 million in the three and nine months ended September 30, 2026, respectively, compared to $2.0 million and $6.9 million in the three and nine months ended September 30, 2025. The higher business development expenses in 2026 were primarily the result of higher professional fees.

(g) In the third quarter of 2025, the Company recorded impairment charges on certain royalty interests totaling $5.5 million, which resulted from the revision of certain operating parameters and the loss of royalty rights following the abandonment of properties by the respective operators.

(h) In the first quarter of 2026, the Company realized a gain on the buy-down of the Cascabel stream by the operator and a gain on the sale of gold bullion. Refer to the Portfolio of Royalty, Stream and Other Interests section of this MD&A for more information.

10 Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. It is calculated by deducting the cost of sales (excluding depletion) from the revenues. Please refer to the Non-IFRS Financial Performance Measures section of this MD&A for further information and for a quantitative reconciliation of each non-IFRS financial measure to the most directly comparable IFRS financial measure.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

(i) Other expenses, net of $0.6 million in the third quarter of 2026 include finance costs of $3.6 million, partially offset by interest income of $1.4 million, a net gain on investments of $1.1 million and a foreign exchange gain of $0.6 million.

Other income, net of $45.4 million in the third quarter of 2025 include a gain on investments of $53.2 million (including a gain on deemed disposal of an associate of $54.4 million, partially offset by the reclassification to the statement of income of accumulated other comprehensive loss on the deemed disposal of an associate of $1.1 million), interest income of $1.1 million and a foreign exchange gain of $0.3 million, partially offset by a share of loss of associates of $8.3 million and finance costs of $0.9 million.

Other expenses, net of $1.6 million in the first nine months of 2026 include finance costs of $7.6 million and a foreign exchange loss of $2.8 million, partially offset by interest income of $4.8 million and a net gain on investments of $3.9 million.

Other income, net of $38.4 million in the first nine months of 2025 include a gain on investments of $52.9 million (including a gain on deemed disposal of an associate of $54.4 million, partially offset by the reclassification to the statement of income of accumulated other comprehensive loss on the deemed disposal of an associate of $1.1 million), interest income of $2.3 million and a foreign exchange gain of $1.1 million, partially offset by a share of loss of associates of $14.2 million and finance costs of $3.7 million.

(j) The effective income tax rates in the third quarter and first nine months of 2026 were 17.3% and 16.9%, respectively, compared to 10.0% and 14.7% in the third quarter and first nine months of 2025. The statutory tax rate was 26.5% in 2026 and 2025. The elements that impacted the effective income tax rates are revenues not taxable and permanent differences on share-based compensation.

Current income taxes of $9.0 million and $30.1 million were recognized in the third quarter and first nine months of 2026, compared to $3.6 million and $10.3 million in the third quarter and first nine months of 2025, respectively. Income taxes of $4.4 million and $28.3 million were paid in the third quarter and the first nine months of 2026 (including $13.7 million related to the fiscal year 2025), compared to $1.0 million and $2.2 million in the third quarter and first nine months of 2025, respectively. Since the first quarter of 2026, the Company is required to make monthly tax installments to the federal and provincial governments in Canada.

Liquidity and Capital Resources

As at September 30, 2026, the Company's cash position amounted to $76.7 million compared to $75.6 million as at June 30, 2026 and $142.1 million as at December 31, 2025. While the Company reported a net debt position¹¹ of $151.5 million at September 30, 2026 (calculated as $228.2 million in long-term debt less $76.7 million in cash), management views near-term liquidity as further supported by a short-term deferred consideration receivable of $30.0 million from Galiano (due on or before December 31, 2026) that is expected to generate near-term cash flow. The potential exercise by SolGold Finance AG of its buy-back option right to repurchase one third of the Company's 0.6% NSR royalty on the Cascabel project for US$35.0 million by the end of November 2026 could also generate additional near-term cash flows.

Significant variations in the liquidity and capital resources for the three and nine months ended September 30, 2026 are summarized below (in thousands of dollars) and explained under the Cash Flows section of this MD&A.

11 "Net cash/(net debt) position" is a non-IFRS financial performance measure which has no standard definition under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of this MD&A for further information and for a quantitative reconciliation of each non-IFRS financial measure to the most directly comparable IFRS financial measure.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Revolving credit facility

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Cash Flows

The following table summarizes the cash flows for the three and nine months ended September 30, 2026 and 2025 (in thousands of dollars):

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	$		$		$		$
Cash flows
Operations	70,199		61,199		230,556		153,271
Working capital items	7,365		3,405		2,040		8,787
Operating activities	77,564		64,604		232,596		162,058
Investing activities	(47,685	)	(11,170	)	(438,573	)	(47,216	)
Financing activities	(28,512	)	(45,395	)	140,478		(116,884	)
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

Operating Activities

Third quarter of 2026

In the third quarter of 2026, cash flows provided by operating activities amounted to $77.6 million compared to $64.6 million in the third quarter of 2025. The increase was mainly the result of higher revenues, partially offset by increased payments of income taxes and interest on long-term debt.

First nine months of 2026

In the first nine months of 2026, cash flows provided by operating activities amounted to $232.6 million compared to $162.1 million in the first nine months of 2025. The increase was mainly the result of higher revenues, partially offset by increased payments of income taxes (including an amount of $13.7 million related to the payment of the income taxes for the fiscal year 2025) and interest on long-term debt.

Investing Activities

Third quarter of 2026

During the third quarter of 2026, cash flows used in investing activities amounted to $47.7 million compared to $11.2 million in the third quarter of 2025.

In the third quarter of 2026, the Company invested $40.2 million in royalty and stream interests, including a payment of $19.7 million for the value-added tax and other levies related to the acquisition of the additional NSR royalty on the Namdini mine, $15.0 million for the extension of its royalties to Hot Chili's La Verde project and $5.0 million paid on closing of the precious metals stream on Canadian Copper's Caribou Project, and acquired equity investments for $7.4 million (including $3.9 million in Canadian Copper).

In the third quarter of 2025, OR Royalties invested a total of $13.7 million in royalty and stream interests, including the payment by OR Royalties International of the second installment of $10.0 million on the Cascabel gold stream. During the same period, the Company received $2.1 million following the exercise of a buy-down option on a royalty interest by an operator and sold equity investments for proceeds of $0.8 million.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

First nine months of 2026

In the first nine months of 2026, cash flows used in investing activities amounted to $438.6 million compared to $47.2 million in the first nine months of 2025.

In the first nine months of 2026, the Company acquired equity investments for $17.4 million, sold equity investments for net proceeds of $34.7 million, and invested a total of $421.6 million in royalty and stream interests, including $98.5 million for the acquisition of an additional royalty on the Namdini mine (and $19.7 million for the related value-added tax and other levies), $168.0 million to acquire additional royalties covering Solidus' Spring Valley gold project, $115.0 million to acquire a portfolio of precious metals assets from Gold Fields (anchored by a 1.5% NSR royalty on the San Gabriel mine), $15.0 million for the extension of its royalties to the La Verde project and $5.0 million for the Canadian Copper stream. The Company also paid $52.0 million in exchange for deferred payment obligations totaling $60.0 million payable by Galiano. During the same period, the Company generated net proceeds of $17.9 million from the sale of gold bullion received as payment for the exercise of the buy-down right on the Cascabel stream held by the new owner of the project.

In the first nine months of 2025, OR Royalties invested a total of $36.9 million in royalty and stream interests, including $13.0 million invested by OR Royalties International to acquire a silver stream on the South Railroad project and the payment of the second installment of $10.0 million on the Cascabel gold stream, acquired equity investments for $10.8 million and other investments for $1.6 million. During the same period, the Company received $2.1 million following the exercise of a buy-down option on a royalty interest by an operator and sold equity investments for proceeds of $0.8 million.

Financing Activities

Third quarter of 2026

During the third quarter of 2026, cash flows used in financing activities amounted to $28.5 million compared to $45.4 million in the third quarter of 2025.

In the third quarter of 2026, the Company drew a net amount of $13.5 million on its revolving credit facility, acquired common shares under the NCIB program for $29.1 million and paid $11.3 million in dividends.

In the third quarter of 2025, OR Royalties repaid an amount of $35.4 million under its revolving credit facility and paid $9.7 million in dividends.

First nine months of 2026

In the first nine months of 2026, cash flows provided by financing activities amounted to $140.5 million compared to cash flows used in financing activities of $116.9 million in the first nine months of 2025.

In the first nine months of 2026, the Company drew a net amount of $228.5 million on its revolving credit facility, acquired common shares under the NCIB program for $50.0 million, paid $30.5 million in dividends and $10.1 million in withholding taxes on the settlement of restricted and deferred share units, and received proceeds from the exercise of share options and the share purchase plan for $4.8 million.

In the first nine months of 2025, OR Royalties repaid a net amount of $94.9 million under its revolving credit facility, paid $25.2 million in dividends and $6.5 million in withholding taxes on the settlement of restricted and deferred share units. OR Royalties received proceeds from the exercise of share options and the share purchase plan for $11.5 million during the same period.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Quarterly Information

The selected quarterly financial information ⁽¹⁾ for the past eight financial quarters is outlined below:

(in thousands of dollars, except for amounts per share)

	2026			2025				2024
	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4

GEOs	20,237	20,757	22,740	21,735	20,326	19,700	19,014	20,005
Cash	76,718	75,605	94,941	142,131	57,042	49,626	63,070	59,096
Total assets	1,891,381	1,855,828	1,604,684	1,566,479	1,516,753	1,442,191	1,388,729	1,377,634
Total long-term debt	228,189	215,000	-	-	-	35,655	74,346	93,900
Equity	1,518,200	1,483,908	1,473,166	1,432,041	1,396,189	1,290,360	1,213,894	1,188,953
Revenues	90,205	97,820	102,832	90,465	71,625	60,364	54,916	56,742
Net cash flows from operating activities	77,564	83,169	71,863	83,538	64,604	51,375	46,079	49,765
Impairment of assets, net of income taxes	-	-	-	-	4,834	-	-	-
Net earnings	55,367	61,392	73,582	65,245	82,845	32,358	25,640	7,105
Net earnings per share
- Basic	0.30	0.33	0.39	0.35	0.44	0.17	0.14	0.04
- Diluted	0.30	0.33	0.39	0.34	0.44	0.17	0.14	0.04
Weighted average shares outstanding (000's)
- Basic	186,641	187,714	187,607	188,050	188,312	187,746	186,979	186,747
- Diluted	187,514	188,638	188,681	189,310	189,519	189,081	188,425	188,180
Share price - TSX - closing (C$)	48.80	44.91	52.97	48.62	55.78	35.00	30.37	26.03
Share price - NYSE - closing	34.34	31.63	38.02	35.39	40.08	25.71	21.12	18.10
Price of gold (average)	4,262	4,506	4,873	4,135	3,457	3,280	2,860	2,663
Closing exchange rate ⁽²⁾(C$/US$)	0.7048	0.7037	0.7174	0.7296	0.7183	0.7330	0.6956	0.6950

(1) Unless otherwise noted, financial information is in U.S. dollars and prepared in accordance with IFRS Accounting Standards.

(2) Bank of Canada Daily Rate.

During the third quarter of 2026, the Company completed the acquisition of the precious metals stream on the Caribou Project for a total cash consideration of $28.0 million ($5.0 million was paid on closing), extended the Company's royalties on the Costa Fuego copper-gold project to the La Verde project for a total cash consideration of $15.0 million, paid the value-added tax and other levies of $19.7 million related to the acquisition of the Namdini royalty, and acquired common shares for cancellation under its NCIB program for $29.1 million.

In the second quarter of 2026, the Company completed the acquisition of Terraco for $168.0 million and acquired a portfolio of royalties from Gold Fields, as well as deferred payments, for $167.0 million. The transactions were partly financed by drawdowns on the revolving credit facility.

In the first quarter of 2026, the Company paid $98.5 million to acquire an additional NSR royalty on the Namdini mine.

In the first, second and third quarters of 2025, the Company repaid net amounts of $19.6 million, $40.0 million and $35.4 million on its revolving credit facility, respectively.

During the fourth quarter of 2024, the Company drew $35.0 million on its revolving credit facility to finance the acquisition of royalty and stream interests.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Segment Disclosure

The President and Chief Executive Officer (chief operating decision-maker) organizes and manages the business under a single operating segment, consisting of acquiring and managing precious metals and other royalties, streams and other interests. All of the Company's assets, liabilities, revenues, expenses and cash flows are attributable to this single operating segment. The following tables present segmented information for this single segment.

Geographic revenues

Geographic revenues, including revenues derived from the sale of metals and diamonds received or acquired from in-kind royalties, streams and other interests, are determined by the location of the mining operations giving rise to the royalty, stream or other interest. For the nine months ended September 30, 2026 and 2025, royalty, stream and other interest revenues were earned from the following jurisdictions (in thousands of dollars):

		North America ⁽ⁱ⁾	South America	Australia	Africa	Europe	Total
		$	$	$	$	$	$

2026

Royalties		155,669	5,703	2,737	17,031	-	181,140
Streams		13,655	52,943	21,991	-	21,128	109,717
		169,324	58,646	24,728	17,031	21,128	290,857

2025

Royalties		115,039	3,760	314	2,596	-	121,709
Streams		8,012	26,599	19,870	-	10,715	65,196
		123,051	30,359	20,184	2,596	10,715	186,905

	(i) For the nine months ended September 30, 2026, revenues generated from Canada amounted to $147.5 million ($111.5 million for the nine months ended September 30, 2025).

For the nine months ended September 30, 2026, revenues generated from precious metals represented 97% of total revenues (94% for the nine months ended September 30, 2025).

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Geographic net assets

		North America ⁽ⁱ⁾	South America	Australia	Africa	Asia	Europe	Total
		$	$	$	$	$	$	$

September 30, 2026

Royalties		566,646	209,657	79,308	164,775	5,069	10,479	1,035,934
Streams		157,473	112,856	122,470	-	22,300	27,603	442,702
Offtakes		-	-	7,067	-	3,704	-	10,771

		724,119	322,513	208,845	164,775	31,073	38,082	1,489,407

December 31, 2025

Royalties		404,599	131,823	58,078	48,841	5,248	10,847	659,436
Streams		161,176	128,907	127,252	-	22,300	30,184	469,819
Offtakes		-	-	7,067	-	3,704	-	10,771

		565,775	260,730	192,397	48,841	31,252	41,031	1,140,026

	(i) As at September 30, 2026, the carrying value of the net interests located in Canada amounted to $359.3 million ($355.7 million as at December 31, 2025).

Contractual Obligations and Commitments

Investments in royalty and stream interests

As at September 30, 2026, significant commitments related to the acquisition of royalties and streams are detailed in the following table. Commitments related to transactions entered into or closed after September 30, 2026 are detailed in the Subsequent events to September 30, 2026 section below. The Company intends to meet its commitments by using its cash balance, from its expected operating cash flows to be generated from its operations and/or by drawdowns on its revolving credit facility.

Company	Project (asset)	Installments	Triggering events

Goldgroup Mining Inc.	Back Forty project (gold stream)	$5.0 million	Receipt of all material permits for the construction and operation of the project.
		$25.0 million	Pro-rata to drawdowns with construction finance facility.

Jiangxi Copper Company Limited	Cascabel project (gold stream)	$5.0 million	Achievement of operational milestones, including submission of all final permit applications for the construction and operation of the project.
		$97.5 million	Pro-rata to drawdowns with construction finance facility.

Falco Resources Ltd.	Horne 5 project (silver stream)	C$45.0 million	Receipt of all necessary material third-party approvals, licenses, rights of way, surface rights on the property and all material construction permits, positive construction decision, and raising a minimum of C$135.0 million in non-debt financing and demonstrating that the financial assurance required to allow Falco to proceed with the commencement of mining activities can be satisfied, as applicable.
		C$60.0 million	Upon total projected capital expenditure having been demonstrated to be financed.
		C$40.0 million (optional)	Payable with fourth installment, at sole election of OR Royalties, to increase the silver stream to 100% of payable silver (from 90%).

Canadian Copper Inc.	Caribou Project	$23.0 million	In accordance with the Caribou Project construction budget, conditional upon the receipt of all material environmental permits and necessary First Nations approvals, alongside a formal construction decision by Canadian Copper's board of directors.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Stream purchase agreements

The following table summarizes the significant commitments related to producing assets and assets in advanced stage of development to pay for metals and other commodities to which OR Royalties has the contractual right pursuant to the associated purchase agreements:

	Attributable payable production to be purchased		Per ounce/tonne cash payment		Term of agreement	Date of contract
Interest	Silver	Other	Silver	Other
CSA streams ⁽¹⁾	100%	2.25 - 4.875% (Copper)	4%	4%	Life of mine	June 2023
Gibraltar stream ⁽²⁾	100%		nil		Life of mine	March 2018 Amended Dec. 2024
Mantos Blancos stream ⁽³⁾	100%		8% spot		Life of mine	September 2015 Amended Aug. 2019
Sasa stream ⁽⁴⁾	100%		$6.665		40 years	November 2015

(1) OR Royalties International will receive refined silver equal to 100% of the payable silver produced from the CSA mine for the life of the mine, and will be entitled to receive refined copper equal to 3.0% of payable copper produced from the CSA mine until the 5^th anniversary of the agreements (June 15, 2028), then 4.875% of payable copper produced from the CSA mine until 33,000 metric tonnes have been delivered in aggregate, and thereafter 2.25% of payable copper produced from the CSA mine for the remaining life of the mine. On the 5^th anniversary of the closing date (June 15, 2028), the owner will have the option to exercise certain buy-down rights by paying a one-time cash payment to OR Royalties International of $20.0 million to $40.0 million. If the option is exercised, OR Royalties International will still be entitled to receive refined copper equal to 3.25% - 4.0625% of payable copper produced from the CSA mine until 23,900 to 28,450 metric tonnes have been delivered in aggregate, and thereafter 1.5% - 1.875% of payable copper produced from the CSA mine for the remaining life of the mine. As of September 30, 2026, 2,275 tonnes of copper have been delivered to OR Royalties International under the stream agreement.

(2) OR Royalties will receive from Trekor an amount of silver production equal to 100% of Gibraltar mine's production, until reaching the delivery to OR Royalties of 6.8 million ounces of silver, and 35% of production thereafter. As of September 30, 2026, a total of 1.8 million ounces of silver have been delivered under the stream agreement.

(3) The stream percentage shall be payable on 100% of silver until 19.3 million ounces have been delivered, after which the stream percentage will be 40%. As of September 30, 2026, a total of 8.2 million ounces of silver have been delivered to OR Royalties International under the stream agreement.

(4) Price subject to the lesser of 3% or inflation over the previous calendar year measured by the consumer price index (CPI) per ounce price escalation after 2016.

Related Party Transactions

There were no material transactions with related parties during the nine months ended September 30, 2026.

Off-Balance Sheet Items

There are no significant off-balance sheet arrangements, other than the contractual obligations and commitments disclosed above.

Outstanding Share Data

As of November 11, 2026, 186,404,619 common shares and 872,166 share options were issued and outstanding.

Subsequent Events to September 30, 2026

Acquisition of investments

In October 2026, OR Royalties International acquired equity investments for $15.0 million.

Dividend

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Risks and Uncertainties

The Company is a royalty, stream, and similar interests holder and investor that operates in an industry that is subject to a number of risk factors that include environmental, legal and political risks, the discovery of economically recoverable resources and the conversion of these mineral resources to mineral reserves and the ability of third-party partners to maintain an economic production. An investment in the Company's securities is subject to a number of risks and uncertainties. An investor should carefully consider the risks described in OR Royalties' most recent Annual Information Form, and the other information filed with the Canadian securities regulators and the U.S. Securities and Exchange Commission ("SEC"). If any of such described risks occur, or if others occur, the Company's business, operating results and financial condition could be seriously harmed and investors may lose a significant proportion of their investment.

There are important risks which management believes could impact the Company's business. For information on risks and uncertainties, please refer to the Risk Factors section of OR Royalties' most recent Annual Information Form other information filed with the Canadian securities regulators and the SEC on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

Disclosure Controls and Procedures and Internal Control over Financial Reporting

Disclosure Controls and Procedures

The Chief Executive Officer (the "CEO") and the Chief Financial Officer (the "CFO") of the Company are responsible for establishing and maintaining the Company's disclosure controls and procedures ("DCP") including adherence to the Disclosure Policy adopted by the Company. The Disclosure Policy requires all staff to keep senior management fully appraised of all material information affecting the Company so that they may evaluate and discuss this information and determine the appropriateness and timing for public disclosure.

The Company maintains DCP designed to ensure that information required to be disclosed in reports filed under applicable Canadian securities laws and the U.S. Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the appropriate time periods and that such information is accumulated and communicated to the Company's management, including the CEO and CFO, to allow for timely decisions regarding required disclosure.

In designing and evaluating DCP, the Company recognizes that any disclosure controls and procedures, no matter how well conceived or operated, can only provide reasonable, not absolute, assurance that the objectives of the control system are met, and management is required to exercise its judgement in evaluating the cost-benefit relationship of possible controls and procedures.

The CEO and CFO have evaluated whether there were changes to the DCP during the three and nine months ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, the DCP. No such changes were identified through their evaluation.

Internal Control over Financial Reporting

The Company's management, including the CEO and the CFO, are responsible for establishing and maintaining adequate internal control over financial reporting ("ICFR") for the Company to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS Accounting Standards. The fundamental issue is ensuring all transactions are properly authorized and identified and entered into a well-designed, robust and clearly understood accounting system on a timely basis to minimize risk of inaccuracy, failure to fairly reflect transactions, failure to fairly record transactions necessary to present financial statements in accordance with IFRS Accounting Standards, unauthorized receipts and expenditures, or the inability to provide assurance that unauthorized acquisitions or dispositions of assets can be detected.

The Company's ICFR may not prevent or detect all misstatements because of inherent limitations. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because changes in conditions or deterioration in the degree of compliance with the Company's policies and procedures.

The CEO and CFO have evaluated whether there were changes to the ICFR during the three and nine months ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, the ICFR. No such changes were identified through their evaluation.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Basis of Presentation of Consolidated Financial Statements

These unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the IASB applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. The condensed interim consolidated financial statements should be read in conjunction with the Company's annual consolidated financial statements for the years ended December 31, 2025 and 2024, which have been prepared in accordance with IFRS Accounting Standards as issued by the IASB, and are available on SEDAR+ at www.sedarplus.ca, EDGAR at www.sec.gov and on OR Royalties' website at www.ORroyalties.com. The accounting policies, methods of computation and presentation applied in these unaudited condensed interim consolidated financial statements are consistent with those of the previous financial year, except as indicated below for new standards and amendments.

The financial statements included herein reflect all adjustments, consisting only of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the three and nine months ended September 30, 2026 are not necessarily indicative of the results to be expected for the full year. Taxes on income in the interim period have been accrued using the tax rates that would be applicable to expected total annual income.

New accounting standards and amendments

Amendments - IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures

On May 30, 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7, which respond to recent questions arising in practice. The amendments were notably issued to:

clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; and,
update disclosures for equity instruments designated at fair value through other comprehensive income.

The amendments did not have an impact on the Company's condensed interim consolidated financial statements for the three and nine months ended September 30, 2026.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

IFRS 18 Presentation and Disclosure in Financial Statements

the structure of the statement of profit or loss;
required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and,
enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

Critical Accounting Estimates and Significant Judgements

The preparation of consolidated financial statements in conformity with IFRS Accounting Standards requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company also makes estimates and assumptions concerning the future. The critical accounting estimates and assumptions as well as significant judgements in applying the Company's accounting policies are detailed in the notes to the audited consolidated financial statements for the years ended December 31, 2025 and 2024, filed on SEDAR+ at www.sedarplus.ca, EDGAR at www.sec.gov and on OR Royalties' website at www.ORroyalties.com.

Financial Instruments

All financial instruments are required to be measured at fair value on initial recognition. The fair value is based on quoted market prices, unless the financial instruments are not traded in an active market. In this case, the fair value is determined by using valuation techniques like discounted cash flows, the Black-Scholes option pricing model or other valuation techniques. Measurement in subsequent periods depends on the classification of the financial instrument. A description of financial instruments and their fair value is included in the notes to the audited consolidated financial statements for the years ended December 31, 2025 and 2024, and in the interim unaudited consolidated financial statements for the three and nine months ended September 30, 2026 and 2025, both filed on SEDAR+ at www.sedarplus.ca, EDGAR at www.sec.gov and on OR Royalties' website at www.ORroyalties.com.

Technical Information

The scientific and technical information contained in this MD&A has been reviewed and approved by Mr. Guy Desharnais, Ph.D., P.Geo, Vice President, Project Evaluation at OR Royalties, who is a "Qualified Person" ("QP") as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Non-IFRS Financial Performance 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 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.

Reconciliations of the cash margin per type of interests (in dollars and in percentage of revenues) are presented under the Overview of Financial Results section of this MD&A.

Net cash/(net debt) position

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, 2026		December 31, 2025
(in thousands of dollars)	$		$

Cash	76,718		142,131
Long-term debt	(228,189	)	-

Net (debt)/cash position	(151,471	)	142,131

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

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 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 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 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

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

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Forward-Looking Statements

Certain statements contained in this MD&A 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, production estimates of OR Royalties' assets (including increase of production), the 2026 guidance on GEOs and cash margin and the 5-year outlook on GEOs included under "Guidance for 2026 and 5-Year Outlook" and other guidance based on disclosure from operators, OR Royalties' ability to continue to promote environmental stewardship, to support employees and communities and to achieve excellence in governance and oversight, timely developments of mining properties over which OR Royalties has royalties, streams, offtakes and investments, management's expectations regarding OR Royalties' growth, results of operations, estimated future revenues, production costs, carrying value of assets, ability to continue to pay dividend, requirements for additional capital, business prospects and opportunities, future demand for and fluctuation of prices of commodities (including outlook on gold, silver, diamonds, other commodities) currency, markets and general market conditions. In addition, statements and estimates (including data in tables) relating to mineral reserves and resources and statements and guidance as to gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, including the assumptions set out under "Guidance for 2026 and 5-Year Outlook", and no assurance can be given that the estimates or related guidance will be realized. Forward-looking statements 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 by statements 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 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 to OR Royalties or the operators of properties, 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; (g) impact related to climate changes or technologies which may affect the implementation of OR Royalties' climate strategy and achievement of carbon neutrality, that criteria will continue to be met to achieve improved ESG ratings, that actual facts may significantly differ from hypothesis used in any assessment scenario analysis; (h) geopolitical instability; (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 (c) the determination of OR Royalties' Passive Foreign Investment Company ("PFIC") status (d) OR Royalties' ability to deliver on its climate strategy, that OR Royalties' efforts in maintaining carbon neutrality will be achieved and that any efforts toward reducing OR Royalties' carbon emission or to support decarbonization efforts of OR Royalties' partners will be successful, or (e) the availability of funds to finance community investments. The forward-looking statements contained in this MD&A are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in the Company's ongoing income and assets relating to determination of its PFIC status; the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended, OR Royalties' continued commitment toward improving sustainability goals, the continued validity of science and reasonableness of hypothesis relating to climate change and assessment scenario analysis, the absence of material changes to the regulatory framework relating to climate and climate related disclosure, the compliance by directors and employees to the corporate policies, the availability of funds to continue to support community investments 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. All forward-looking statements contained in this MD&A are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

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 and such forward-looking statements included in this MD&A are not guarantee of future performance and should not be unduly relied upon. In this MD&A, 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. This MD&A includes website addresses and references to additional materials found on those websites. These websites and information contained on or accessible through these websites are not incorporated by reference into, and do not form a part of, this MD&A or any other report or document filed by OR Royalties with the Canadian securities regulators or the SEC, and any references to any websites are intended to be inactive textual references only. These statements speak only as of the date of this MD&A. 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.

Cautionary Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral Resource Estimates

OR Royalties is subject to the reporting requirements of the applicable Canadian securities laws, and as a result, reports its mineral resources and reserves according to Canadian standards. Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument 43-101 ("NI 43-101"). The definitions of NI 43-101 are adopted from those described by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"). In a number of cases OR Royalties has disclosed resource and reserve estimates covering properties related to the mining assets that are not based on CIM definitions, but instead have been prepared in reliance upon JORC and S-K 1300 (collectively, the "Acceptable Foreign Codes"). Estimates based on Acceptable Foreign Codes are recognized under NI 43-101 in certain circumstances. New mining disclosure rules under Subpart 1300 of Regulation S-K ("S-K 1300") became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. CIM definitions are not identical to those of the Acceptable Foreign Codes, the resource and reserve definitions and categories are substantively the same as the CIM definitions mandated in NI 43-101 and will typically result in reporting of substantially similar reserve and resource estimates. Nonetheless, readers are cautioned that there are differences between the terms and definitions of the CIM and the Acceptable Foreign Codes, and there is no assurance that mineral reserves or mineral resources would be identical had the owner or operator prepared the reserve or resource estimates under another code. As such, certain information contained in this MD&A concerning descriptions of mineralization and estimates of mineral reserves and mineral resources under Canadian standards is not comparable to similar information made public by United States companies subject to the S-K 1300. Readers are cautioned not to assume that all or any part of Measured Mineral Resources or Indicated Mineral Resources will ever be converted into Mineral Reserves. Readers are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable. Further, an "Inferred Mineral Resource" has a great amount of uncertainty as to its existence and as to its economic and legal feasibility, and a reader cannot assume that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies.

OR Royalties Inc.	Management’s Discussion and Analysis
2026 – Third Quarter Report

Corporate Information

OR Royalties Inc. - Head Office	OR Royalties International Ltd.
1100 av. des Canadiens-de-Montréal	Cumberland House
Suite 300	1 Victoria Street
Montréal, Québec, Canada H3B 2S2	Hamilton HM11
Tel.: (514) 940-0670	Bermuda
Fax: (514) 940-0669	Tel.: (441) 824-7474
Email: info@ORroyalties.com	Fax: (441) 292-6140
Web site: www.ORroyalties.com	Michael Spencer, President Brendan Pidcock, Vice President, Technical Services


OR Royalties Inc. - Toronto Office
100 King Street West
Suite 5710
Toronto, Ontario, Canada M5X 1K1

Directors	Officers
Norman MacDonald, Chair	Jason Attew, President and Chief Executive Officer
Jason Attew, President and Chief Executive Officer	Guy Desharnais, Vice President, Project Evaluation
Patrick Godin	Iain Farmer, Vice President, Corporate Development
Pierre Labbé	André Le Bel, Vice President, Legal Affairs and
Wendy Louie	Corporate Secretary
Candace MacGibbon	Grant Moenting, Vice President, Capital Markets
Kevin Thomson	Frédéric Ruel, Vice President, Finance and Chief
	Financial Officer
	Heather Taylor, Vice President, Sustainability
	and Communications

Qualified Person (as defined by NI 43-101)
Guy Desharnais, Ph.D., P.Geo, Vice President, Project Evaluation

Exchange listings - common shares

Toronto Stock Exchange: OR

New York Stock Exchange: OR

Dividend Reinvestment Plan

Information available at https://ORroyalties.com/dividends/drip/

Transfer Agents

Canada: TSX Trust Company (Canada)

United States of America: American Stock Transfer & Trust Company, LLC

Auditor

PricewaterhouseCoopers LLP

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Jason Attew, President and Chief Executive Officer of OR Royalties Inc., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of OR Royalties Inc. (the "issuer") for the interim period ended September 30, 2026.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is Internal Control-Integrated Framework (2013) (COSO Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 ICFR - material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on July 1^st, 2026 and ended on September 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date:	November 11, 2026



	(s) Jason Attew
	Jason Attew
	President and Chief Executive Officer

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Frédéric Ruel, Chief Financial Officer and Vice President, Finance of OR Royalties Inc., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of OR Royalties Inc. (the "issuer") for the interim period ended September 30, 2026.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.2 ICFR - material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

Date:	November 11, 2026



	(s) Frédéric Ruel
	Frédéric Ruel Chief Financial Officer and Vice President, Finance

OR ROYALTIES DECLARES FOURTH QUARTER 2026 DIVIDEND

(Montreal, November 11, 2026) - OR Royalties Inc. ("OR Royalties" or the "Company") (OR: TSX & NYSE) is pleased to announce that the Company's Board of Directors has approved a fourth quarter 2026 dividend of US$0.065 per common share. The dividend will be paid on January 15, 2027 to shareholders of record as of the close of business on December 31, 2026. This dividend is an "eligible dividend" as defined in the Income Tax Act (Canada).

For shareholders residing in Canada, the Canadian dollar equivalent will be determined based on the daily rate published by the Bank of Canada on the record date or, if the Bank of Canada does not publish a rate on that date, on the most recent preceding business day.

Dividend Reinvestment Plan

The Company also wishes to remind its shareholders that it has implemented a dividend reinvestment plan (the "Plan"). Shareholders who are residents of Canada and the United States may elect to participate in the Plan in connection with the dividend to be paid on January 15, 2027 to shareholders on record as of December 31, 2026, and consequently benefit from the 3% discount offered for the fourth quarter dividend. More details are available on OR Royalties' website at https://orroyalties.com/English/investor-relations/stock-information/dividend/default.aspx.

Non-registered beneficial shareholders who wish to participate in the Plan should contact their financial advisor, broker, investment dealer, bank or other financial institution that holds their common shares to inquire about the applicable enrolment deadline and to request enrolment in the Plan. For more information on how to enroll or any other inquiries, contact our transfer agent at 1-800-387-0825 (toll-free in Canada) or shareholderinquiries@tmx.com.

Participation in the Plan does not relieve shareholders of any liability for taxes that may be payable in respect of dividends that are reinvested in common shares under the Plan. Shareholders should consult their tax advisors concerning the tax implications of their participation in the Plan having regard to their particular circumstances.

This press release is not an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction.

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 Ltd.'s Canadian Malartic Complex, one of the world's largest gold mines.

OR Royalties' head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

For further information, please contact OR Royalties Inc.

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

Forward-looking statements

For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this press release, see the section entitled "Risk Factors" in the most recent Annual Information Form of OR Royalties which is filed with the Canadian securities commissions and available electronically under OR Royalties' issuer profile on SEDAR+ at www.sedarplus.com and with the U.S. Securities and Exchange Commission and available electronically under OR Royalties' issuer profile on EDGAR at www.sec.gov. The forward-looking information set forth herein reflects OR Royalties' expectations as at the date of this press release and is subject to change after such date. OR Royalties disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

OR ROYALTIES REPORTS STRONG THIRD QUARTER 2026 RESULTS

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, November 11, 2026 - 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.

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.

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,
	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

Source: View Original Filing on SEC EDGAR

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OR Royalties Q3 net earnings fall to $55.4M

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