Preliminary Q2 2026 surge at OR Royalties (NYSE: OR) with high cash margins
Rhea-AI Filing Summary
OR Royalties Inc. reported strong preliminary results for Q2 2026. The company earned 20,757 attributable gold equivalent ounces and generated preliminary revenues of $97.8 million from royalties and streams. With cost of sales (excluding depletion) of $3.1 million, cash margin reached about $94.7 million, or 96.8%, showing highly profitable operations.
As of June 30, 2026, OR Royalties held cash of approximately $75.6 million after spending $8.0 million on share repurchases under its normal course issuer bid. Net debt declined to $139.4 million following $18.0 million of debt repayments, with $215.0 million drawn on its revolving credit facility and $435.0 million of remaining capacity, plus a further $200.0 million uncommitted accordion. The company expects to close the Murray Brook precious metals stream and related equity investment in Q3 2026 for $9.0 million, funded from existing cash.
Positive
- Strong revenue growth and margin expansion: Q2 2026 preliminary revenues rose to $97.8 million from $60.364 million a year earlier, with cash margin increasing to $94.729 million and margin improving to 96.8% from 95.8%.
- Improving balance sheet while returning capital: Net debt declined to $139.4 million after $18.0 million in debt repayments, even as OR Royalties spent $8.0 million on share repurchases under its normal course issuer bid.
- Ample liquidity for growth: The revolving credit facility had $215.0 million drawn and $435.0 million of remaining capacity, plus a $200.0 million uncommitted accordion, supporting the planned $9.0 million Murray Brook stream and equity investment funded with cash.
Negative
- None.
Insights
Preliminary Q2 2026 figures show strong growth and robust margins for OR Royalties.
OR Royalties posted preliminary Q2 2026 revenues of $97.8 million versus $60.364 million a year earlier, with cash margin of $94.729 million and a margin of 96.8% vs. 95.8% in 2025. This indicates meaningful top-line expansion with very limited incremental costs.
Liquidity appears solid, with $75.6 million of cash as of June 30, 2026 and a drawn revolving credit facility of $215.0 million leaving $435.0 million available, plus an uncommitted $200.0 million accordion. Net debt decreased to $139.4 million after $18.0 million in repayments, even as $8.0 million was deployed to repurchase shares.
The planned $9.0 million Murray Brook stream and equity investment, expected to close in Q3 2026 using existing cash, adds another asset to the royalty portfolio. Upcoming detailed Q2 results, scheduled for release on August 5, 2026, will provide further clarity on sustainability of these margins and volume trends.
Key Figures
Key Terms
gold equivalent ounces financial
cash margin financial
normal course issuer bid financial
revolving credit facility financial
net debt position financial
Tier-1 mining jurisdictions financial
FAQ
How did OR (OR Royalties Inc.) perform in Q2 2026 on a preliminary basis?
How do OR Royalties’ Q2 2026 preliminary results compare to Q2 2025?
What is OR Royalties’ cash and debt position as of June 30, 2026?
What is the Murray Brook transaction mentioned by OR Royalties?
When will OR Royalties release full Q2 2026 results and hold its call?
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 July 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 July 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: July 8, 2026 | By: | /s/ JASON ATTEW |
| JASON ATTEW | ||
| Title: | PRESIDENT AND CEO | |
EXHIBIT 99.1
OR Royalties Announces Preliminary Q2 2026 GEO Deliveries
MONTRÉAL, July 08, 2026 (GLOBE NEWSWIRE) -- OR Royalties Inc. (“OR Royalties” or the “Company”) (OR: TSX & NYSE) is pleased to announce its second quarter 2026 preliminary deliveries, revenues and cash margin, as well as to provide an update on its cash and debt positions as at June 30th, 2026. All monetary amounts included in this report are expressed in United States dollars, unless otherwise noted.
PRELIMINARY Q2 2026 RESULTS
OR Royalties earned 20,757 attributable gold equivalent ounces1 (“GEOs”) in the second quarter of 2026. OR Royalties recorded preliminary revenues from royalties and streams of $97.8 million during the second quarter and preliminary cost of sales (excluding depletion) of $3.1 million, resulting in a quarterly cash margin2 of approximately $94.7 million (96.8%).
As at June 30th, 2026, OR Royalties’ cash position was approximately $75.6 million, after repurchases of common shares made under the normal course issuer bid of $8.0 million (C$11.2 million) during the second quarter. The Murray Brook precious metals stream transaction with Canadian Copper Inc., along with the concurrent equity investment, both originally announced in April 2026, are expected to close in the third quarter for a total amount of $9.0 million, which is expected to be financed using cash available on the balance sheet.
OR Royalties' revolving credit facility was drawn by $215.0 million at June 30, 2026, leaving $435.0 million of available capacity, plus an uncommitted accordion of up to $200.0 million. Following debt repayments of $18.0 million during the quarter, the Company's net debt position was reduced to $139.4 million as at June 30, 2026.
Q2 2026 RESULTS CONFERENCE AND WEBCAST CALL DETAILS
| Results Release: | Wednesday, August 5th, 2026 after market close |
| Conference Call: | Thursday, August 6th, 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: 25235 |
| Webcast link: (Option 2) | https://viavid.webcasts.com/starthere.jsp?ei=1767963&tp_key=5d45fdb7bc |
| Replay (available until Sunday, September 6th, 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: 25235# |
| 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 June 30 | |||||
| 2026 | 2025 | ||||
| Gold (i) | $4,506 | $3,280 | |||
| Silver (ii) | $73.15 | $33.68 | |||
| Copper (iii) | $13,329 | $9,524 | |||
(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 June 30 | |||||
| 2026 | 2025 | ||||
| Revenues | $97,820 | $60,364 | |||
| Less: Cost of sales (excluding depletion) | $(3,091 | ) | $(2,560 | ) | |
| Cash margin (in dollars) | $94,729 | $57,804 | |||
| Cash margin (in percentage of revenues) | 96.8% | 95.8% | |||
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 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, closing of the Murray Brook precious metals stream transaction with Canadian Copper Inc. and expected timing and volume of production, and development and growth catalysts to be achieved by the operators of the properties in which the Company holds interest. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of OR Royalties, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which OR Royalties holds a royalty, stream or other interest (collectively an “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, permits or licenses, (f) hazards and uncertainty associated with the business of exploration, 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 an 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. 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 an 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 under 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. In this press release, OR Royalties relies on information publicly disclosed by other issuers and third parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. These statements speak only as of the date of this press release. OR Royalties undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.