Or Royalties Inc. · TSX:OR
Or Royalties — Q4 2023 Earnings Presentation
19 slides from Or Royalties's earnings presentation, Feb 21, 2024
Slide 1: Full Year & Q4 2023 Results
FULL YEAR & Q4 2023 RESULTS February 21, 2024
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: 2023 Highlights
2023 HIGHLIGHTS RECORD ANNUAL 94,323 GOLD CASH BALANCE OF REVENUES OF EQUIVALENT OUNCES $67.7 MILLION & SHAREHOLDER $247.3M & RECORD RETURNS (“GEOs1”) EARNED NET DEBT(i) OF CASH MARGIN IN ~$125 MILLION Q4 2023 dividend (a new record, and vs. Q4/23 OF 94.0%2 declared of $0.06 per 89,367 GEOs earned i
Slide 5: Full Year 2023 Financial Performance
FULL YEAR 2023 FINANCIAL PERFORMANCE RECORD ANNUAL REVENUES (C$ M) NET (LOSS) EARNINGS FROM CONTINUING OPERATIONS (C$ M) $0.47 per basic share Mostly non-cash impairment charges on royalties, streams, & investments $247.3 $85.3 $(0.26) per $217.8 basic share $(48.3) 2022 2023 2022 2023 CASH FLOW GEN
Slide 6: Producing Royalties and Streams
PRODUCING ROYALTIES AND STREAMS DIAMONDS & OTHERS 2023 2023 9,798 10.4% GEOs1 BY ASSET GEOs1 BY COMMODITY 33,930 SILVER 94,323 22,920 24.3% GEOs1 GOLD 61,605 65.3% 11,994 9,538 8,377 5,198 4,161 3,793 3,047 2,279 2,257 2,538 1,650 1,644 1,103 1,011 260 650 459 214 220 DIAMONDS (R) = Royalty (S) = St
Slide 7: A High-Quality Portfolio
A HIGH-QUALITY PORTFOLIO PRODUCING ASSETS INTEREST OPERATING PARTNERS 1 CANADIAN MALARTIC 5% NSR AGNICO EAGLE 3 2 MANTOS BLANCOS 100% Ag Stream CAPSTONE COPPER 3 EAGLE 5% NSR VICTORIA GOLD 7 8 5 4 CSA 100% Ag & 3-4.875% Cu Streams METALS ACQUISITION LIMITED 9 5 3 5 ÉLÉONORE 2.2-3.5% NSR NEWMONT 6 SA
Slide 8: Highest Exposure to Tier 1 Mining Jurisdictions vs. Peers
HIGHEST EXPOSURE TO TIER 1 MINING JURISDICTIONS(i) vs. PEERS 100% 90% 80% 70% 60% 50% NAV % 40% 30% 20% 10% 0% OR TFPM RGLD FNV WPM SAND Canada USA Australia Latin America (Incl. Mexico & Caribbean) Europe Africa Asia Tier-1 Jurisdictions Data Source: Canaccord Genuity Capital Markets Precious Metal
Slide 9: An Important Phase of Growth
AN IMPORTANT PHASE OF GROWTH GUIDANCE AND 5-YEAR OUTLOOK1,5 (oz AuEq) Expansions Mantos Blancos Island Gold Phase 3+ Others + Development Amulsar Costa Fuego Casino Cascabel Copperwood Renard is Shut Down 120,000 - 135,000 Hammond Reef Marban Upper Beaver White Pine North Existing Assets WKP 82,000
Slide 10: Key Near-Term Catalysts
KEY NEAR-TERM CATALYSTS6 CANADIAN Abitibi Regional Synergy Study incl. Canadian Malartic Complex / Upper Beaver / Wasamac (H2/24) MALARTIC 3.0-5.0% NSR Main ramp to East Gouldie ahead of schedule; evaluation to accelerate initial prod’n to 2026 (2024) (Au) CSA 100% Ag + 3-4.875% Updated CSA Minerals
Slide 11: Key Near-Term Catalysts
KEY NEAR-TERM CATALYSTS6 PINE POINT Appian investing up to $100M, over four years, to earn up to 60% in Pine Point (2024+) 3.0% NSR (Zn-Pb-Ag) Updated MRE (H1/24) and Pine Point FS commencement (H1/24) COSTA FUEGO 1.0% Cu + 3.0% Au 2023 MRE Update after ongoing 30,000m drill program (H1/24) (Cu-Au-A
Slide 12: Balance Sheet Strength
BALANCE SHEET STRENGTH CREDIT FACILITY (C$ M) As at December 31, 2023 BALANCE SHEET ITEMS December 31, 2023 $200 Cash (C$ M) $67.7 Investments (C$ M)7 $212.4 $358 AVAILABLE CREDIT: $558 M8 Debt (C$ M) $191.9 Basic Shares Outstanding (M) 185.3 $192 UNDRAWN DRAWN ACCORDION (UNCOMMITTED) FINANCIAL FLEX
Slide 13: Full Year & Q4 2023 Results Presentation Appendix
FULL YEAR & Q4 2023 RESULTS PRESENTATION APPENDIX
Slide 14: 2023 Results
2023 RESULTS YEARS ENDED (C$ 000) Dec 31, 2023 Dec 31, 2022 GOLD PRODUCTION (oz) 61,605 61,629 SILVER PRODUCTION (oz AuEq) 22,920 17,025 DIAMOND PRODUCTION (oz AuEq) 9,625 9,735 OTHER METALS PRODUCTION (oz AuEq) 173 978 TOTAL PRODUCTION (oz AuEq) 94,323 89,367 REALIZED GOLD PRICE (C$ per oz) $2,619
Slide 15: 2023 Revenues Breakdown
2023 REVENUES BREAKDOWN THREE MONTHS ENDING (C$ 000) Dec 31, 2023 Dec 31, 2022 ROYALTIES: Revenues $44,519 $40,038 Cost of Sales $22 $(283) CASH MARGIN2: $44,541 $39,755 STREAMS: Revenues $20,645 $21,876 Cost of Sales $(4,030) $(4,449) CASH MARGIN2: $16,615 $17,427 TOTAL CASH MARGIN: $61,156 $57,182
Slide 16: Q4 2023 Financial Performance
Q4 2023 FINANCIAL PERFORMANCE RECORD QUARTERLY REVENUES NET (LOSS) EARNINGS FROM (C$ M) CONTINUING OPERATIONS (C$ M) Mostly non-cash impairment $0.12 per charges on royalties, streams, & investments basic share $(0.36) per $22.4 basic share $61.9 $65.2 $(67.2) Q4 2022 Q4 2023 Q4 2022 Q4 2023 CASH FL
Slide 17: Equity Portfolio Breakdown
EQUITY PORTFOLIO BREAKDOWN (C$ M) - As at December 31, 2023 OTHERS $18.7 $128.3 | 39.6% OWNERSHIP ASSETS INTEREST MARKET CARIBOO (Au) 5.0% NSR ROYALTY $65.4 | 8.3% OWNERSHIP VALUE: TINTIC (Au, Ag, Cu) 2.5% METALS STREAM SAN ANTONIO $212.47 15% STREAM ASSET INTEREST (Au, Ag) 100% Ag STREAM + CSA (Cu,
Slide 18: Unlocking Value
UNLOCKING VALUE LOW-RISK STRONG “PURE PLAY” PRECIOUS PROLONGED SENIOR-QUALITY BALANCE SHEET PRECIOUS METALS PERIOD OF PORTFOLIO WITH & ACTIVE METALS EXPOSURE TO GROWTH FROM HIGH TRANSACTION ROYALTY & ‘TIER 1’ MINING ASSETS ALREADY REPLACEMENT MARKET NEW STREAMING JURISDICTIONS(i) PAID-FOR VALUE GR
Slide 19: Endnotes
ENDNOTES 1. Gold equivalent ounces (“GEOs”) are calculated on a quarterly basis and include royalties and streams. Silver earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces earned by the average silver price for the period and dividing