OR Royalties (TSX: OR) posts record Q1 2026 revenue with 96.8% cash margin
Rhea-AI Filing Summary
OR Royalties Inc. reports strong preliminary results for the first quarter of 2026. The company earned 22,740 attributable gold equivalent ounces and generated record royalty and stream revenues of $102.8 million. With preliminary cost of sales (excluding depletion) of $3.3 million, cash margin reached about $99.5 million, or 96.8%, showing very high profitability on its portfolio.
As of March 31, 2026, OR Royalties held cash of approximately $94.9 million after repurchasing C$17.7 million ($12.9 million) of common shares under its normal course issuer bid and funding an additional 1.0% Namdini net smelter return royalty. A buyback of 50% of the Cascabel gold stream delivered 4,290 ounces of gold to its subsidiary, representing net value of about $17.5 million. The company’s $650 million revolving credit facility, plus an uncommitted $200 million accordion, remained fully undrawn.
Positive
- Record quarterly revenue and strong growth: Preliminary royalty and stream revenues reached $102.8 million for Q1 2026, up from $54.9 million in Q1 2025, indicating very robust top-line expansion.
- Exceptionally high cash margins: Cash margin was approximately $99.5 million, or 96.8% of revenues, underscoring the profitability of the royalty and streaming portfolio.
- Solid balance sheet and unused credit: Cash stood near $94.9 million at March 31, 2026 and the $650 million revolving credit facility, plus a $200 million accordion, was fully undrawn, providing substantial liquidity.
Negative
- None.
Insights
Preliminary Q1 2026 shows record revenue, very high margins, and ample liquidity.
OR Royalties delivered record royalty and stream revenues of $102.8 million in Q1 2026 versus $54.9 million a year earlier, with a cash margin of 96.8%. This reflects the high-margin nature of its royalty and streaming model.
Cash remained solid at about $94.9 million after funding an additional Namdini 1.0% net smelter return royalty and repurchasing $12.9 million of shares. The fully undrawn $650 million revolving credit facility, plus a $200 million accordion, indicates significant financing flexibility.
The 50% Cascabel stream buyback generated 4,290 gold ounces, valued at roughly $17.5 million, adding to cash flows. Management notes these figures are preliminary and unaudited, so final Q1 2026 results to be discussed around the May 6–7, 2026 release and conference call could differ after quarter-end adjustments.
Key Figures
Key Terms
gold equivalent ounces financial
net smelter return royalty financial
normal course issuer bid financial
revolving credit facility financial
cash margin financial
forward-looking statements regulatory
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 April 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 office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ ] Form 40-F [ X ]
EXHIBIT INDEX
| Exhibit | ||
| 99.1 | Press Release dated April 8, 2026 |
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: April 8, 2026 | By: | /s/ JASON ATTEW |
| JASON ATTEW | ||
| Title: | PRESIDENT AND CEO | |
EXHIBIT 99.1
OR Royalties Announces Preliminary Q1 2026 GEO Deliveries and C$17.7 Million of Share Repurchases Under the Normal Course Issuer Bid
MONTRÉAL, April 08, 2026 (GLOBE NEWSWIRE) -- OR Royalties Inc. (“OR Royalties” or the “Company”) (OR: TSX & NYSE) is pleased to announce its first quarter 2026 preliminary deliveries, revenues and cash margin, as well as to provide an update on its cash and debt positions as at March 31st, 2026. All monetary amounts included in this report are expressed in United States dollars, unless otherwise noted.
PRELIMINARY Q1 2026 RESULTS
OR Royalties earned 22,740 attributable gold equivalent ounces1 (“GEOs”) in the first quarter of 2026.
OR Royalties recorded preliminary revenues from royalties and streams of $102.8 million during the first quarter, a quarterly record, and preliminary cost of sales (excluding depletion) of $3.3 million, resulting in a quarterly cash margin2 of approximately $99.5 million (96.8%).
As at March 31st, 2026, OR Royalties’ cash position was approximately $94.9 million, after repurchases of common shares made under the normal course issuer bid of $12.9 million (C$17.7 million) during the first quarter, and also following the end-of-March closing of the additional Namdini 1.0% net smelter return royalty transaction, originally announced in January 2026, which was funded using available cash on the balance sheet.
Furthermore, in February 2026, OR Royalties International Ltd. (“ORI”), a wholly-owned subsidiary of the Company, was notified that SolGold plc and Jiangxi Copper Company Limited were exercising their option to buy back 50% of the Cascabel gold stream. As a result, ORI received 4,290 ounces of gold (subject to a transfer price of 20%) as a one-time payment for the 50% buyback of the Cascabel stream, representing a net value of approximately $17.5 million on the delivery date.
OR Royalties’ revolving credit facility of $650.0 million (plus the uncommitted accordion of $200.0 million) was undrawn as at the end of the first quarter. The recently announced transactions to acquire a portfolio of royalty assets from Gold Fields Limited, as well as a basket of royalties covering Spring Valley from Sailfish Royalty Corp., are both expected to close early in the second quarter of 2026.
Q1 2026 RESULTS CONFERENCE AND WEBCAST CALL DETAILS
| Results Release: | Wednesday, May 6th, 2026 after market close |
| Conference Call: | Thursday, May 7th, 2026 at 10:00 am ET |
| Dial-in Numbers: (Option 1) | North American Toll-Free: 1 (800) 717-1738 Local – Montreal: 1 (514) 400-3792 Local – Toronto: 1 (289) 514-5100 Local – New York: 1 (646) 307-1865 Conference ID: 23492 |
| Webcast link: (Option 2) | https://viavid.webcasts.com/starthere.jsp?ei=1759380&tp_key=8724546b09 |
| Replay (available until Sunday, June 7th, 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: 23492# |
| Replay also available on our website at www.ORroyalties.com |
Notes
The figures presented in this press release, including the cash and debt balances, and the revenues and costs of sales, have not been audited and are subject to change. As the Company has not yet finished its quarter end procedures, the anticipated financial information presented in this press release is preliminary, subject to quarter end adjustments, and may change materially.
| (1) | Gold Equivalent Ounces |
| GEOs are calculated on a quarterly basis and include royalties and streams. Silver and copper earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces or copper tonnes earned by the average silver price or copper price for the period and dividing by the average gold price for the period. Cash royalties and other metals and commodities are converted into gold equivalent ounces by dividing the associated revenue earned by the average gold price for the period. |
Average Metal Prices
| Three months ended March 31 | ||||
| 2026 | 2025 | |||
| Gold (i) | $4,873 | $2,860 | ||
| Silver (ii) | $84.33 | $31.88 | ||
| Copper (iii) | $12,844 | $9,340 | ||
(i) The London Bullion Market Association’s pm price in U.S. dollars per ounce.
(ii) The London Bullion Market Association’s price in U.S. dollars per ounce.
(iii) The London Metal Exchange’s price in U.S. dollars per tonne.
| (2) | Non-IFRS Measures |
| Cash margin in dollars and in percentage of revenues are non-IFRS financial measures. Cash margin (in dollars) is defined by OR Royalties as revenues less cost of sales (excluding depletion). Cash margin (in percentage of revenues) is obtained by dividing the cash margin (in dollars) by the revenues. Management uses cash margin in dollars and in percentage of revenues to evaluate OR Royalties’ ability to generate positive cash flow from its royalty, stream and other interests. Management and certain investors also use this information, together with measures determined in accordance with IFRS Accounting Standards such as gross margin and operating cash flows, to evaluate OR Royalties’ performance relative to peers in the mining industry who present these measures on a similar basis. Cash margin in dollars and in percentage of revenues are only intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers. | |
| A reconciliation of the cash margin (in thousands of dollars and in percentage of revenues) is presented below: | |
| Three months ended March 31 | ||||||
| 2026 | 2025 | |||||
| Revenues | $102,832 | $54,916 | ||||
| Less: Cost of sales (excluding depletion) | $(3,341 | ) | $(1,619 | ) | ||
| Cash margin (in dollars) | $99,491 | $53,297 | ||||
| Cash margin (in percentage of revenues) | 96.8% | 97.1% | ||||
About OR Royalties Inc.
OR Royalties is a precious metals royalty and streaming company focused on Tier-1 mining jurisdictions defined as Canada, the United States, and Australia. OR Royalties commenced activities in June 2014 with a single producing asset, and today holds a portfolio of over 195 royalties, streams and similar interests. OR Royalties’ portfolio is anchored by its cornerstone asset, the 3-5% 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 Tel: (514) 940-0670 x116 Cell: (365) 275-1954 Email: gmoenting@orroyalties.com | Heather Taylor Vice President, Sustainability and Communications Tel: (647) 477-2087 Email: htaylor@orroyalties.com |
Forward-Looking Statements
Certain statements contained in this press release may be deemed “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended, and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, that preliminary financial information may be subject to quarter-end and year-end adjustments, and the availability of the uncommitted accordion of the credit facility. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur. All statements in this press release, other than statements of historical fact, are forward-looking statements, including statements that address, without limitation: future events, the closing of the recently announces transactions with Gold Fields Limited and Sailfish Royalty Corp. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of OR Royalties, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which OR Royalties holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from Mineral Resource Estimates or production forecasts by operators, (d) differences in conversion rate from Mineral Resources to Mineral Reserves and ability to replace Mineral Resources, (e) the unfavorable outcome of any challenges or litigation relating title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks, (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by OR Royalties, (b) a trade war or new tariff barriers, (c) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (d) regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies, regulations and political or economic developments in any of the countries where properties in which OR Royalties holds a royalty, stream or other interest are located or through which they are held, (e) continued availability of capital and financing and general economic, market or business conditions, and (f) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on OR Royalties’ business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by OR Royalties, (b) the integration of acquired assets or (c) the determination of OR Royalties’ PFIC status (d) that preliminary financial information may be subject to quarter-end and year-end adjustments. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in OR Royalties’ ongoing income and assets relating to determination of its PFIC status, and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which OR Royalties holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets.
For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of OR Royalties filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. OR Royalties cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. OR Royalties believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward-looking statements and such forward-looking statements included in this press release are not guarantee of future performance and should not be unduly relied upon. These statements speak only as of the date of this press release. OR Royalties undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.