Or Royalties Inc. · TSX:OR
Or Royalties — Q3 2025 Earnings Presentation
20 slides from Or Royalties's earnings presentation, Nov 7, 2025
Slide 1: Q3 2025 Results
Q3 2025 RESULTS November 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: Q3 2025 Highlights
Q3 2025 HIGHLIGHTS(i) 20,326 GOLD EQUIVALENT REVENUES OF $71.6 CASH BALANCE OF $57.0 OUNCES (“GEOs1”) MILLION & QUARTERLY MILLION & COMPLETELY EARNED CASH MARGIN OF 96.7%2 DEBT-FREE (vs. 18,408 GEOs earned in ($42.0 million and 96.3% in As at September 30, 2025 Q3 2024) Q3 2024) PERFORMANCE CAPITAL
Slide 5: Q3 2025 Financial Performance
Q3 2025 FINANCIAL PERFORMANCE QUARTERLY REVENUES NET EARNINGS $0.44 per basic share $82.8 $71.6 $0.07 per $42.0 basic share $13.4 Q3 2024 Q3 2025 Q3 2024 Q3 2025 CASH FLOWS GENERATED BY OPERATING ACTIVITIES ADJUSTED EARNINGS4 $0.34 per $0.22 per basic share3 basic share $0.19 per $0.11 per basic sha
Slide 6: Producing Royalties and Streams
PRODUCING ROYALTIES AND STREAMS COPPER & OTHERS 1,020 Q3 2025 Q3 2025 5.0% GEOs1 BY ASSET GEOs1 BY COMMODITY 8,069 SILVER 6,315 20,326 31.1% GEOs1 GOLD 12,991 63.9% 3,344 1,279 1,103 1,075 1,015 895 628 500 518 461 347 313 292 254 129 46 53 5 COPPER & (R) = Royalty (S) = Stream GOLD SILVER OTHERS 6
Slide 7: Why OR Royalties? A High-Quality Portfolio with 22 Producing Assets
WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO with 22 PRODUCING ASSETS 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 HARMONY GOLD 7 21 4 4 ÉLÉONORE 2.2-3.5% NSR DHILMAR 8
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 Complex expected to have ~40ktpd of excess mill capacity starting in late 2028 or 2029 (after transition to 100% underground)7 Shaft #2 at Odyssey Underground currently in concept phase; additional clarity expected in 2nd shaft study, along with “Fill the Mill” strategy due
Slide 10: Dalgaranga
Located in Western Australia, one of the most prolific DALGARANGA and well-established mining jurisdictions October 28, 2025 Dalgaranga Integration Study is based on a single processing facility option, at Ramelius’ Mt Magnet Hub, with plant expansions planned for up to 5Mtpa processing capacity11 E
Slide 11: CSA
October 24, 2025 completion of Harmony’s acquisition of CSA MAC Copper; three-month integration of the CSA mine into the Harmony’s asset portfolio now officially underway12 Process designed to unlock synergies & enhance operational efficiency Key near-term catalysts ahead Late February / Early Mar
Slide 12: 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 OUTLOOK1,14 (oz AuEq) Expansions Odyssey Shaft #2 Mantos Blancos Phase II 2029E outlook Island Gold District Expansion represents ~40% GEO + Development growth(i) over 2025E Amulsar with no contingent Costa Fuego capi
Slide 13: Why OR Royalties? A High-Quality Portfolio
WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO “Guidance Not Included” High-quality development assets that are currently NOT included in OR Royalties’ 5-year Outlook (for 2029e)13 US BLM positive Record of Decision (final permits for construction and ops) announced July 15th, 2025 SPRING VALLEY 0.5-3
Slide 14: Key Near-Term Portfolio Catalysts
KEY NEAR-TERM PORTFOLIO CATALYSTS13 PRODUCING ASSETS DEVELOPMENT ASSETS ISLAND GOLD DALGARANGA Maiden Reserve & PFS-Level Dalgaranga / Mt Magnet 1.38-3.0% NSR Royalty Island Gold District Expansion Study (late 2025) 1.44% GRR Royalty(i) Integration Study COMPLETE Completion of shaft construction for
Slide 15: Balance Sheet Strength
BALANCE SHEET STRENGTH BALANCE SHEET ITEMS ($ M) September 30, 2025 CREDIT FACILITY(iii) As at September 30, 2025 Cash $57.0 �200M Equity Investments15,(i) $158.2 Equity Investments Held for Sale16,(ii) $48.8 Debt $0.0 Basic Shares Outstanding (M) 188.2 AVAILABLE CREDIT: CASH FLOW WATERFALL ($ 000)1
Slide 16: Appendix A: Q3 2025 Results Presentation
APPENDIX A: Q3 2025 RESULTS PRESENTATION ORroyalties.com TSX-NYSE | OR Amounts presented are in United States Dollars, except where otherwise noted
Slide 17: Q3 2025 Results
Q3 2025 RESULTS THREE MONTHS ENDED ($ 000) September 30, 2025 September 30, 2024 GOLD PRODUCTION (oz) 12,991 11,984 SILVER PRODUCTION (oz AuEq) 6,315 4,827 COPPER & OTHER PRODUCTION (oz AuEq) 1,020 1,597 TOTAL PRODUCTION (oz AuEq) 20,326 18,408 REALIZED GOLD PRICE $3,434 $2,467 REVENUES $71,625 $41,
Slide 18: Q3 2025 Revenues Breakdown
Q3 2025 REVENUES BREAKDOWN THREE MONTHS ENDED ($ 000) September 30, 2025 September 30, 2024 ROYALTIES: Revenues $42,734 $28,207 Cost of Sales $(251) $(49) CASH MARGIN2: $42,483 $28,158 STREAMS: Revenues $28,891 $13,770 Cost of Sales $(2,116) $(1,521) CASH MARGIN2: $26,775 $12,249 TOTAL CASH MARGIN:
Slide 19: 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 20: 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 earned by the average silver price per ounce or