Or Royalties Inc. · TSX:OR
Or Royalties — Investor Presentation (October 2026)
29 slides from Or Royalties's investor presentation, October 2026
Slide 1: Quality. Discipline. Growth.
QUALITY. DISCIPLINE. GROWTH.
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS FORWARD-LOOKING STATEMENTS (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, SAFE HARBOUR STATEMENT streams, offtakes and investments held by OR Royalties, (b) fluctuations in the value of the Canadian dollar re
Slide 3: Quality. Discipline. Growth.
QUALITY. DISCIPLINE. GROWTH. TSX-NYSE | OR #1 Most valuable precious metals royalty in the world(i) +200 80-90k 97% 73% Royalties and GEO1 Guidance Peer-Leading Cash GEOs from ‘Tier-1’ streams (2026) Margin2 Business Mining Jurisdictions (2025) (2025)(iii) 24 Producing Assets(ii) 50% Attributable GE
Slide 4: Highly Efficient and Scalable Business Model
HIGHLY EFFICIENT AND SCALABLE BUSINESS MODEL CAPITAL PROVIDED MINE BUILT AND OPERATED METAL PRODUCED REVENUE RECEIVED OR Royalties provides an upfront Operator is responsible for all capex Operator recovers metals from the OR Royalties receives its percentage payment to the operator in exchange and
Slide 5: 10-Year Track Record of Consistent Growth in Per Share Metrics
+10-YEAR TRACK RECORD OF CONSISTENT GROWTH IN PER SHARE METRICS… GOLD EQUIVALENT OUNCES EARNED 1 OPERATING CASH FLOW PER SHARE 4 CONSENSUS NAV PER SHARE 5 (koz) Royalty and stream segment only As at December 31 of given year 94.3 $1.31 $23.50 89.4 80.6 80.0 80.7 80.8 78.0 66.1 $15.87 $0.86 58.9 $0.7
Slide 6: Tier-1 Mining Jurisdictions + Margin Matters
TIER-1 MINING JURISDICTIONS + MARGIN MATTERS NAV BREAKDOWN BY JURISDICTION (%) OR Highest exposure to Tier-1 Mining Jurisdictions(i) vs. relevant TFPM precious metals royalty & streaming peers RGLD GEOs earned in-line with NAV exposure: FNV WPM 73% of GEOs earned in 2025 from Tier-1 Mining Jurisdict
Slide 7: 2026E Guidance and 5-Year Outlook
WHY OR ROYALTIES? GEO GROWTH THROUGH TO THE END OF THE DECADE… 2030E outlook represents 50% GEO growth(i) over 2026E with GUIDANCE AND 5-YEAR OUTLOOK 1,7 no contingent capital required GEOs (oz AuEq) 120,000 - 135,000 EXPECTED GEO CONTRIBUTION 2026 to 2030 80,000 - 90,000 80,775 2026E GUIDANCE 38% 6
Slide 8: A High-Quality Development Pipeline
A HIGH-QUALITY DEVELOPMENT PIPELINE8 High-quality development assets continue to advance — What greenfield projects are included in OR Royalties’ 5-Yr Outlook for 2030e? ASSET INTEREST & AVG. GEO/Y OPERATOR COUNTRY MILESTONE SPRING VALLEY 1.0-6.0% NSR(i) (Au) ~10,000 GEO/y First production anticip
Slide 9: A High-Quality Portfolio with 24 Producing Assets
WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO WITH 24 PRODUCING ASSETS # PRODUCING ASSETS INTEREST OPERATING PARTNERS 1 CANADIAN MALARTIC COMPLEX 3.0-5.0% NSR AGNICO EAGLE 2 MANTOS BLANCOS 100% Ag Stream CAPSTONE COPPER Top 10 producing assets represent ~90% of total GEOs earned 3 CSA 100% Ag & 3-4.875
Slide 10: Canadian Malartic Complex
CANADIAN MALARTIC COMPLEX 2026 and 2027, production is expected to be sourced from the Barnat Pit and increasingly complemented by ore from Odyssey and low-grade stockpiles. Overall CMC production guidance is for 515koz in 2026, 505koz in 2027, and 585koz in 2028(i),9 › Odyssey is expected to cont
Slide 11: Island Gold District (IGD)
ISLAND GOLD DISTRICT (IGD) One of Canada’s highest-grade and lowest-cost underground 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 growth14
Slide 12: Key Near-Term Portfolio Catalysts
KEY NEAR-TERM PORTFOLIO CATALYSTS PRODUCING ASSETS 8 DEVELOPMENT ASSETS 8 CANADIAN MALARTIC Update on CMC’s “Path to 1.0Moz Au”, incl. Marban & Wasamac (November 2026) WINDFALL EIA review process + final permitting + updated COMPLEX Gold Fields Ltd. Feasibility Study + Final Investment Decision (H2
Slide 13: Balance Sheet Strength
BALANCE SHEET STRENGTH BALANCE SHEET ITEMS ($ M) CREDIT FACILITY (I I ) ($ M) As at September 30, 2026 As at September 30, 2026 Cash $76.7 $350 AVAILABLE CREDIT $622 $97216 Equity Investments 15,(i) $152.6 $228 Debt $228.2 Undrawn Drawn Accordion (uncommitted) Basic Shares Outstanding (M) 186.4 FINA
Slide 14: Capital Allocation: Returns to Shareholders
CAPITAL ALLOCATION: RETURNS TO SHAREHOLDERS CUMULATIVE DIVIDEND RETURNED SINCE INCEPTION (I ) (US$M) Q U A R T E R L Y D I VI D E N D C$0.03/sh C$0.04/sh C$0.05/sh C$0.055/sh C$0.06 C$0.065 $0.055 $0.065 +$300 million returned to shareholders in dividends as of /sh /sh /sh /sh July 15, 2026(i) $30
Slide 15: Unlocking Value
UNLOCKING VALUE SENIOR-QUALITY PROLONGED PERIOD OF LOW-RISK PRECIOUS EXISTING ASSET NAV ACTIVE PORTFOLIO WITH HIGH GROWTH FROM ASSETS METALS EXPOSURE TO EXPECTED TO GROW, TRANSACTION REPLACEMENT VALUE ALREADY PAID-FOR ‘TIER 1’ MINING AS WELL AS RE-RATE MARKET FOR JURISDICTIONS(I) NEW GROWTH OPPORTUN
Slide 16: Appendix A: Additional Information
APPENDIX A: ADDITIONAL INFORMATION
Slide 17: +$480 Million in New Transactions Completed in 2026 YTD
NAMDINI ADDITIONAL 1.0% NSR ROYALTY SPRING VALLEY INCREASED ROYALTY COVERAGE 2.0% NSR Royalty 1.0-6.0% NSR Royalty +$480 MILLION IN NEW TRANSACTIONS COMPLETED IN 2026 YTD (I) GOLD FIELDS ROYALTY PORTFOLIO MURRAY BROOK PRECIOUS INCL. SAN GABRIEL METALS STREAM 1.5% NSR Royalty 20% Gold & Silver Stream
Slide 18: Capital Allocation: Asymmetric Exposure to Asset Upside
CAPITAL ALLOCATION: ASYMMETRIC EXPOSURE TO ASSET UPSIDE RETURN ON INVESTED CAPITAL FOR SELECT ASSETS (US$M(i)) Investment(ii) Cumulative after-tax cash flows(iii) Consensus NAV(iv) CANADIAN MALARTIC CSA $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $0 $50 $100 $150 $200 $250 $300 $350 $4
Slide 19: Zero-Cost Upside to Exploration Success on Assets That Matter
WHY OR ROYALTIES? ZERO-COST UPSIDE TO EXPLORATION SUCCESS ON ASSETS THAT MATTER DRILLING COMPLETED ON OR ROYALTIES’ GROWTH IN OR ROYALTIES’ ATTRIBUTABLE RESERVES 18 PROPERTIES BY OPERATING PARTNERS 8 Attributable proven & probable (koz Au) (million metres) +2% 3,862 3,940 1.60 2024 1.52 3,346 2025 2
Slide 20: Additional Key Producing Assets
ADDITIONAL KEY PRODUCING ASSETS MANTOS BLANCOS DALGARANGA ÉLÉONORE 100% Ag Stream 1.44% GR Royalty 2.475-3.5% NSR Royalty ANTOFAGASTA, CHILE | CAPSTONE COPPER CORP. WESTERN AUSTRALIA, AUSTRALIA | RAMELIUS RESOURCES LTD. QUÉBEC, CANADA | DHILMAR LTD. Phase I Expansion mill processing rate increased
Slide 21: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS TRANSPARENCY AND RECOGNITION We are rated by ESG rating organizations on our performance (as of December 31, 2025) Named a Sustainalytics ESG Top-Rated Company CDP discloser globally, within our industry, and regionally KE Y P IL L A RS UNDE RP INNING E S G S T RA T E G Y D
Slide 22: Supportive Active Shareholders and Extensive Analyst Coverage
SUPPORTIVE ACTIVE SHAREHOLDERS AND EXTENSIVE ANALYST COVERAGE SUPPORTIVE ACTIVE SHAREHOLDERS EXTENSIVE ANALYST COVERAGE A6
Slide 23: Producing Royalties and Streams
PRODUCING ROYALTIES AND STREAMS H1 2026 GEOs1 by asset and by commodity GOLD 26,482 SILVER 15,922 BY COMMODITY Canadian Malartic Complex (R) 14,307 Mantos Blancos (S) 8,743 1,093 Namdini (R) 2,453 Sasa (S) 3,332 15,922 CSA (S) 1,971 Éléonore (R) 2,377 Gibraltar (S) 1,521 43,497 Island Gold District
Slide 24: 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
Slide 25: Appendix B: Attributable Mineral Reserves & Resources
APPENDIX B: ATTRIBUTABLE MINERAL RESERVES & RESOURCES
Slide 26: 2026 Mineral Reserves and Resources: Producing Assets
2026 MINERAL RESERVES AND RESOURCES: PRODUCING ASSETS(I) B1
Slide 27: 2026 Mineral Reserves and Resources: Development Assets
2026 MINERAL RESERVES AND RESOURCES: DEVELOPMENT ASSETS(I) B2
Slide 28: 2026 Mineral Reserves and Resources: Development Assets (Cont'd)
2026 MINERAL RESERVES AND RESOURCES: DEVELOPMENT ASSETS(I) (CONT’D) B3
Slide 29: 2026 Mineral Reserves and Resources: Exploration Assets
2026 MINERAL RESERVES AND RESOURCES: EXPLORATION ASSETS(I) B4