Slide 1: Q4 & Full Year 2025 Results
Q4 & FULL YEAR 2025 RESULTS February 19, 2026 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: Full Year 2025 Highlights
FULL YEAR 2025 HIGHLIGHTS(i) 80,775 GOLD EQUIVALENT REVENUES OF $277.4 OUNCES (“GEOs1”) MILLION & ANNUAL CASH CASH BALANCE OF $142.1 EARNED MARGIN OF 96.7%2 MILLION & DEBT-FREE (vs. 80,740 GEOs earned in ($191.2 million and 96.5% in As at December 31, 2025 2024) 2024) PERFORMANCE CAPITAL ALLOCATION
Slide 5: 2025 Financial Performance
2025 FINANCIAL PERFORMANCE ANNUAL REVENUES ($M) ANNUAL NET EARNINGS ($M) $1.10 per basic share $277.4 $206.1 $0.09 per $191.2 basic share $16.3 2024 2025 2024 2025 ANNUAL CASH FLOWS GENERATED BY OPERATING ANNUAL ADJUSTED EARNINGS ($M)4 ACTIVITIES ($M) $1.31 per $0.88 per basic share3 basic share $0.
Slide 6: Producing Royalties and Streams
PRODUCING ROYALTIES AND STREAMS COPPER & OTHERS 3,658 2025 2025 4.5% GEOs1 BY ASSET GEOs1 BY COMMODITY SILVER 24,636 80,775 31,914 30.5% GEOs1 GOLD 52,481 65.0% 12,830 5,123 4,782 4,406 3,274 2,930 2,135 1,967 1,788 2,009 2,217 1,435 1,283 1,102 728 451 191 210 COPPER & (R) = Royalty (S) = Stream GO
Slide 7: Why OR Royalties? A High-Quality Portfolio with Producing Assets
WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO with 23 PRODUCING ASSETS(i) PRODUCING ASSETS INTEREST OPERATING PARTNERS 1 CANADIAN MALARTIC COMPLEX 3-5% NSR AGNICO EAGLE 2 MANTOS BLANCOS 100% Ag Stream CAPSTONE COPPER Top 10 3 CSA 100% Ag & 3-4.875% Cu Streams Total Assets HARMONY GOLD producing 13 4 ÉL
Slide 8: San Gabriel
Buenaventura announced first gold production from SAN GABRIEL San Gabriel in December 20255. Commercial production is expected to be achieved towards the end of 2026 At the effective date of December 31, 2024, total underground Proven and Probable Mineral Reserves at San Gabriel were estimated at 15
Slide 9: Namdini
NAMDINI Owned and operated by Cardinal Namdini Mining Ltd., a majority- controlled subsidiary of Shandong Gold Mining Co Ltd. Shandong is a well-capitalized global miner with a history of operational expertise having a current market capitalization of approximately +HK$250 billion (+$30 billion) and
Slide 10: Island Gold District (IGD)
One of Canada’s highest-grade and lowest-cost underground ISLAND GOLD DISTRICT (IGD) gold mines located near Wawa, Ontario February 2026 Proven and Probable Reserves Update at Island Gold Underground of 15.1Mt grading 10.61 g/t Au for 5.1Moz Au 10th consecutive year of gold inventory growth9 Islan
Slide 11: Canadian Malartic Complex
From 2025-27, production is expected to be sourced from the Barnat Pit and increasingly complemented by ore from Odyssey and CANADIAN MALARTIC COMPLEX low-grade stockpiles. Updated overall CMC production guidance is for 585koz in 2026 and 655koz in 2027, and 735koz in 202810 Odyssey is expected to c
Slide 12: GEO Growth Through to the End of the Decade
WHY OR ROYALTIES? GEO GROWTH THROUGH TO THE END OF THE DECADE… GUIDANCE AND 5-YEAR OUTLOOK1,13 (oz AuEq) 2030E outlook Expansions Malartic Odyssey Shaft #2 represents 50% GEO Mantos Blancos Phase II growth(i) over 2026E + Development with no contingent Altar capital required Back Forty Costa Fuego C
Slide 13: Included / Not Included in 2030E
WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO8 High-quality development assets continue to advance…What’s Included in OR Royalties’ 2030E? And What’s NOT Included? US BLM positive Record of Decision (final permits for construction and ops) announced July 15th, 2025 SPRING VALLEY 0.5-3.5% NSR(i) Potenti
Slide 14: Balance Sheet Strength
BALANCE SHEET STRENGTH BALANCE SHEET ITEMS ($ M) December 31, 2025 CREDIT FACILITY(ii) As at December 31, 2025 Cash $142.1 �200M Equity Investments14,(i) $162.8 Debt $0.0 Basic Shares Outstanding (M) 187.2 AVAILABLE CREDIT: CASH FLOW WATERFALL ($ 000)13 $850M15 Year 2025 �650M 11,736 49,805 245,596
Slide 15: Appendix A: Q4 & Year 2025 Results Presentation
APPENDIX A: Q4 & YEAR 2025 RESULTS PRESENTATION ORroyalties.com TSX-NYSE | OR Amounts presented are in United States Dollars, except where otherwise noted
Slide 16: 2025 Results
2025 RESULTS YEARS ENDED ($ 000) December 31, 2025 December 31, 2024 GOLD OZ DELIVERED (oz) 52,481 53,805 SILVER DELIVERED (oz AuEq) 24,636 21,610 COPPER & OTHER DELIVERED (oz AuEq) 3,658 5,325 TOTAL DELIVERED (oz AuEq) 80,775 80,740 REALIZED GOLD PRICE $3,425 $2,361 REVENUES $277,370 $191,157 GROSS
Slide 17: 2025 Revenues Breakdown
2025 REVENUES BREAKDOWN YEARS ENDED ($ 000) December 31, 2025 December 31, 2024 ROYALTIES: Revenues $177,264 $130,375 Cost of Sales $(701) $(413) CASH MARGIN2: $176,563 $117,754 STREAMS: Revenues $100,106 $60,782 Cost of Sales $(8,414) $(6,325) CASH MARGIN2: $91,692 $54,457 TOTAL CASH MARGIN: $268,2
Slide 18: Q4 2025 Financial Performance
Q4 2025 FINANCIAL PERFORMANCE QUARTERLY REVENUES ($M) QUARTERLY NET EARNINGS ($M) $0.35 per basic share $65.2 $90.5 $56.7 $0.04 per basic share $7.1 Q4 2024 Q4 2025 Q4 2024 Q4 2025 QUARTERLY CASH FLOWS GENERATED BY OPERATING QUARTERLY ADJUSTED EARNINGS ($M)4 ACTIVITIES ($M) $0.44 per $0.32 per basic
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