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OR Royalties Inc. common shares were reported as beneficially owned by Bank of Montreal and five related reporting persons: 9,505,669 shares, or 5.10% of the class, as of September 30, 2026. Bank of Montreal, Bank of Montreal Holding Inc. and BMO Nesbitt Burns Inc. each reported sole voting power over 9,498,110 shares and shared voting power over 7,336 shares, plus sole dispositive power over 9,498,333 shares and shared dispositive power over 7,336 shares. Certain securities were held in the ordinary course by a reporting person acting as prime broker for clients who have the power to direct dividends or sale proceeds.
Key Figures
Beneficial ownership:9,505,669 sharesPercent of class:5.10%Sole voting power:9,498,110 shares+3 more
6 metrics
Beneficial ownership9,505,669 sharesOR Royalties Inc. common shares as of September 30, 2026
Percent of class5.10%Beneficial ownership as of September 30, 2026
Sole voting power9,498,110 sharesEach reported by Bank of Montreal, Bank of Montreal Holding Inc. and BMO Nesbitt Burns Inc.
Shared voting power7,336 sharesEach reported by Bank of Montreal, Bank of Montreal Holding Inc. and BMO Nesbitt Burns Inc.
Sole dispositive power9,498,333 sharesEach reported by Bank of Montreal, Bank of Montreal Holding Inc. and BMO Nesbitt Burns Inc.
Shared dispositive power7,336 sharesEach reported by Bank of Montreal, Bank of Montreal Holding Inc. and BMO Nesbitt Burns Inc.
Key Terms
beneficially owned, sole voting power, shared voting power, sole dispositive power, +1 more
5 terms
beneficially ownedfinancial
"Aggregate Amount Beneficially Owned by Each Reporting Person"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
sole voting powerfinancial
"Sole Voting Power 9,498,110.00"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
shared voting powerfinancial
"Shared Voting Power 7,336.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
sole dispositive powerfinancial
"Sole Dispositive Power 9,498,333.00"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
prime brokerfinancial
"acting as prime broker on behalf of certain clients"
A prime broker is a financial firm that provides trading, custody, financing, clearing and operational support to large professional investors such as hedge funds, acting like a one-stop back office and lending desk. For investors, a prime broker matters because it supplies access to leverage, trade execution, securities lending and consolidated reporting—services that reduce paperwork, lower costs and expand market access but also concentrate counterparty risk if the broker runs into trouble.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many OR shares did Bank of Montreal report owning?
Bank of Montreal and five related reporting persons reported beneficial ownership of 9,505,669 OR Royalties Inc. common shares, equal to 5.10% of the class, as of September 30, 2026.
Who can direct dividends or sale proceeds from some OR shares?
Certain securities were held in the ordinary course by a reporting person acting as prime broker on behalf of clients. Those clients have the power to direct receipt of dividends or proceeds from sales of those securities.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
OR Royalties Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
68390D106
(CUSIP Number)
09/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
68390D106
1
Names of Reporting Persons
Bank of Montreal
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
Unknown
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
9,498,110.00
6
Shared Voting Power
7,336.00
7
Sole Dispositive Power
9,498,333.00
8
Shared Dispositive Power
7,336.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,505,669.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
68390D106
1
Names of Reporting Persons
BANK OF MONTREAL HOLDING INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
9,498,110.00
6
Shared Voting Power
7,336.00
7
Sole Dispositive Power
9,498,333.00
8
Shared Dispositive Power
7,336.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,505,669.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
BK
SCHEDULE 13G
CUSIP Number(s):
68390D106
1
Names of Reporting Persons
BMO NESBITT BURNS INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
9,498,110.00
6
Shared Voting Power
7,336.00
7
Sole Dispositive Power
9,498,333.00
8
Shared Dispositive Power
7,336.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,505,669.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
BD
SCHEDULE 13G
CUSIP Number(s):
68390D106
1
Names of Reporting Persons
BMO NESBITT BURNS SECURITIES LTD.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
223.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
223.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
BD
SCHEDULE 13G
CUSIP Number(s):
68390D106
1
Names of Reporting Persons
BMO PRIVATE INVESTMENT COUNSEL INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
15,150.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
15,150.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
15,150.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
68390D106
1
Names of Reporting Persons
BMO ASSET MANAGEMENT INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ONTARIO, CANADA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,066,070.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,066,070.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,066,070.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.57 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
OR Royalties Inc.
(b)
Address of issuer's principal executive offices:
1100 AVENUE DES CANADIENS-DE-MONTREAL, SUITE 300, MONTREAL, QUEBEC, CANADA
H3B 2S2
Item 2.
(a)
Name of person filing:
Bank of Montreal
BANK OF MONTREAL HOLDING INC.
BMO NESBITT BURNS INC.
BMO NESBITT BURNS SECURITIES LTD.
BMO PRIVATE INVESTMENT COUNSEL INC.
BMO ASSET MANAGEMENT INC.
(b)
Address or principal business office or, if none, residence:
1 First Canadian Place
Toronto, Ontario, Canada
M5X1A1
(c)
Citizenship:
Bank of Montreal - UNKNOWN
BANK OF MONTREAL HOLDING INC. - CANADA (FEDERAL LEVEL)
BMO NESBITT BURNS INC. - CANADA (FEDERAL LEVEL)
BMO NESBITT BURNS SECURITIES LTD. - CANADA (FEDERAL LEVEL)
BMO PRIVATE INVESTMENT COUNSEL INC. - CANADA (FEDERAL LEVEL)
BMO ASSET MANAGEMENT INC. - ONTARIO, CANADA
(d)
Title of class of securities:
Common Stock
(e)
CUSIP Number(s):
68390D106
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
9505669
(b)
Percent of class:
5.10 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Bank of Montreal - 9,498,110
BANK OF MONTREAL HOLDING INC. - 9,498,110
BMO NESBITT BURNS INC. - 9,498,110
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 15,150
BMO ASSET MANAGEMENT INC. - 1,066,070
(ii) Shared power to vote or to direct the vote:
Bank of Montreal - 7,336
BANK OF MONTREAL HOLDING INC. - 7,336
BMO NESBITT BURNS INC. - 7,336
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 0
BMO ASSET MANAGEMENT INC. - 0
(iii) Sole power to dispose or to direct the disposition of:
Bank of Montreal - 9,498,333
BANK OF MONTREAL HOLDING INC. - 9,498,333
BMO NESBITT BURNS INC. - 9,498,333
BMO NESBITT BURNS SECURITIES LTD. - 223
BMO PRIVATE INVESTMENT COUNSEL INC. - 15,150
BMO ASSET MANAGEMENT INC. - 1,066,070
(iv) Shared power to dispose or to direct the disposition of:
Bank of Montreal - 7,336
BANK OF MONTREAL HOLDING INC. - 7,336
BMO NESBITT BURNS INC. - 7,336
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 0
BMO ASSET MANAGEMENT INC. - 0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Certain of the securities reported herein are held in the ordinary course of business of the Reporting Person acting as prime broker on behalf of certain clients who have the power to direct the receipt of dividends from, or the proceeds from the sale of such securities.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Documents.
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
