Or Royalties Inc. · TSX:OR
Or Royalties — Q2 2025 Earnings Presentation
21 slides from Or Royalties's earnings presentation, Aug 6, 2025
Slide 1: Q2 2025 Results
Q2 2025 RESULTS August 6, 2025 ORroyalties.com TSX-NYSE | OR Amounts presented are in United States Dollars, except where otherwise noted
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation may be deemed “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Ca
Slide 3: On Today's Call…
ON TODAY’S CALL… Jason Attew Frédéric Ruel Iain Farmer President & CEO CFO & VP Finance VP Corporate Development …Also Available: André Le Bel Dr. Guy Desharnais Grant Moenting Heather Taylor VP Legal Affairs & VP Project Evaluation VP Capital Markets VP Sustainability & Corporate Secretary Communic
Slide 4: Q2 2025 Highlights
Q2 2025 HIGHLIGHTS(i) 19,700 GOLD EQUIVALENT REVENUES OF $60.4 CASH BALANCE OF $49.6 OUNCES (“GEOs1”) MILLION & QUARTERLY MILLION & SHAREHOLDER EARNED CASH MARGIN OF 95.8%2 NET CASH(ii) OF RETURNS ~$14.0 MILLION Q3 2025 quarterly dividend (vs. 20,068 GEOs earned in Q2 ($47.4 million and 96.6% in dec
Slide 5: Q2 2025 Financial Performance
Q2 2025 FINANCIAL PERFORMANCE QUARTERLY REVENUES NET EARNINGS $0.17 per basic share $(0.08) per $32.4 $60.4 basic share $47.4 $(15.4) Q2 2024 Q2 2025 Q2 2024 Q2 2025 CASH FLOWS GENERATED BY OPERATING ACTIVITIES ADJUSTED EARNINGS4 $0.18 per basic share $0.27 per basic share3 $0.13 per $0.21 per basic
Slide 6: Producing Royalties and Streams
PRODUCING ROYALTIES AND STREAMS COPPER & OTHERS 1,449 Q2 2025 Q2 2025 7.4% GEOs1 BY ASSET GEOs1 BY COMMODITY SILVER 8,817 4,770 19,700 24.2% GEOs1 GOLD 13,481 68.4% 2,223 1,152 1,139 987 673 772 677 662 478 388 372 246 226 240 329 130 46 46 COPPER & (R) = Royalty (S) = Stream GOLD SILVER OTHERS 6
Slide 7: Why OR Royalties? A High-Quality Portfolio
WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO PRODUCING ASSETS INTEREST OPERATING PARTNERS 1 CANADIAN MALARTIC COMPLEX 3-5% NSR AGNICO EAGLE 2 MANTOS BLANCOS 100% Ag Stream CAPSTONE COPPER 3 CSA 100% Ag & 3-4.875% Cu Streams MAC COPPER LIMITED 7 21 4 4 ÉLÉONORE 2.2-3.5% NSR DHILMAR 8 5 3 5 SASA 100% Ag
Slide 8: Why OR Royalties? Tier-1 Mining Jurisdictions + Margin Matters
WHY OR ROYALTIES? TIER-1 MINING JURISDICTIONS + MARGIN MATTERS NAV BREAKDOWN BY JURISDICTION (%) 100% Highest Exposure to Tier-1 Mining Jurisdictions(i) vs. relevant precious metals royalty & streaming peers 80% 60% GEOs earned in-line with NAV exposure: 78% of GEOs earned in 2024 from Tier-1 Mining
Slide 9: Canadian Malartic Complex
CANADIAN MALARTIC COMPLEX Flagship royalty on Canada’s 2nd largest operating gold mine From 2025-27, production is expected to be sourced from the Barnat Pit (to be exhausted in 2028) and increasingly complemented by ore from Odyssey and low-grade stockpiles. Updated overall CMC production guidance
Slide 10: Canadian Malartic Complex
CANADIAN MALARTIC COMPLEX Complex expected to have ~40ktpd of excess mill capacity starting in late 2028 or 20297 Shaft #2 at Odyssey Underground currently in concept phase; additional clarity on potential Shaft #2 and Agnico Eagle’s “Fill the Mill” strategy expected over the next 1-2 years9 A pot
Slide 11: Island Gold District (IGD)
One of Canada’s highest-grade and lowest-cost underground gold ISLAND GOLD DISTRICT (IGD) mines located near Wawa, Ontario12 June 2025 updated Mineral Reserve of 11.8Mt grading 10.85 g/t Au (4.1Moz) at Island Gold, up 80% from the end of 2024 reflecting the conversion of Mineral Resources12 Island G
Slide 12: Dalgaranga
Located in Western Australia, one of the most prolific DALGARANGA and well-established mining jurisdictions, and it is one of the best gold development and production re-start projects globally March 17, 2025 announcement that Ramelius Resources and Spartan Resources have entered into a binding Tran
Slide 13: Why OR Royalties? A High-Quality Organic Growth Pipeline
WHY OR ROYALTIES? A HIGH-QUALITY ORGANIC GROWTH PIPELINE “Guidance Not Included” High-quality development assets that are currently NOT included in OR Royalties’ 5-year Outlook (for 2029e)19 US BLM positive Record of Decision (final permits for construction and ops) announced July 15th, 2025 SPRIN
Slide 14: Why OR Royalties? GEO Growth Through to the End of the Decade
WHY OR ROYALTIES? GEO GROWTH THROUGH TO THE END OF THE DECADE… GUIDANCE AND 5-YEAR OUTLOOK1,20 (oz AuEq) Expansions Odyssey Shaft #2 Mantos Blancos Phase II 2029E outlook Island Gold District Expansion represents ~40% GEO CSA Expansion Project(s) + growth(i) over 2025E Development with no contingent
Slide 15: Key Near-Term Portfolio Catalysts
KEY NEAR-TERM PORTFOLIO CATALYSTS19 PRODUCING ASSETS DEVELOPMENT ASSETS ISLAND GOLD DALGARANGA 1.38-3.0% NSR Royalty Island Gold District Expansion Study (late 2025) 1.44% GRR Royalty(ii) Maiden Mineral Reserve for Dalgaranga (H2 2025) Completion of shaft construction for Island Gold Phase 3+ Integr
Slide 16: Balance Sheet Strength
BALANCE SHEET STRENGTH BALANCE SHEET ITEMS ($ M) June 30, 2025 CREDIT FACILITY(ii)(iii) As at June 30, 2025 Cash $49.6 �200M Investments21,(i) $105.9 Investment Held for Sale22 $48.4 Debt $35.7 Basic Shares Outstanding (M) 188.2 AVAILABLE CREDIT: CASH FLOW WATERFALL ($ 000)20 $814M23 �36M Year-To-Da
Slide 17: Presentation Appendix
Q2 2025 RESULTS PRESENTATION APPENDIX ORroyalties.com TSX-NYSE | OR Amounts presented are in United States Dollars, except where otherwise noted
Slide 18: Q2 2025 Results
Q2 2025 RESULTS THREE MONTHS ENDED ($ 000) June 30, 2025 June 30, 2024 GOLD PRODUCTION (oz) 13,481 14,216 SILVER PRODUCTION (oz AuEq) 4,770 5,528 COPPER & OTHER PRODUCTION (oz AuEq) 1,449 324 TOTAL PRODUCTION (oz AuEq) 19,700 20,068 REALIZED GOLD PRICE $3,284 $2,346 REVENUES $60,384 $47,391 GROSS PR
Slide 19: Q2 2025 Revenues Breakdown
Q2 2025 REVENUES BREAKDOWN THREE MONTHS ENDED ($ 000) June 30, 2025 June 30, 2024 ROYALTIES: Revenues $42,185 $33,790 Cost of Sales $(171) $(106) CASH MARGIN2: $42,014 $33,684 STREAMS: Revenues $18,179 $13,601 Cost of Sales $(2,389) $(1,522) CASH MARGIN2: $15,790 $12,079 TOTAL CASH MARGIN: $57,804 $
Slide 20: Unlocking Value
UNLOCKING VALUE LOW-RISK PRECIOUS ACTIVE SENIOR-QUALITY PROLONGED PERIOD METALS EXPOSURE EXISTING ASSET NAV TRANSACTION PORTFOLIO WITH OF GROWTH FROM TO ‘TIER 1’ MINING EXPECTED TO GROW, MARKET FOR NEW HIGH REPLACEMENT ASSETS ALREADY JURISDICTIONS(i) AS WELL AS RE-RATE GROWTH VALUE PAID-FOR OPPORTUN
Slide 21: Endnotes
ENDNOTES 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 by the average silver price per ounce or copper