Or Royalties Inc. · TSX:OR
Or Royalties — Investor Day (November 2025)
82 slides from Or Royalties's investor day presentation, Nov 10, 2025
Slide 1: Analyst & Investor Day 2025
ANALYST & INVESTOR DAY 2025 November 10, 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: Agenda & Introduction
AGENDA & INTRODUCTION Jason Attew, President & CEO ORroyalties.com TSX-NYSE | OR
Slide 4: OR Royalties Analyst & Investor Day Agenda
OR ROYALTIES ANALYST & INVESTOR DAY AGENDA 12:30pm Lunch is Served / Take Your Seats Opening Remarks & OR Team Introduction 1:00pm Jason Attew, President & CEO + Heather Taylor, VP of Sustainability and Communications at OR Royalties Inc. What’s Been Going On at Mantos Blancos? 1:15pm Brendan Pidcoc
Slide 5: The OR Royalties Executive Team
THE OR ROYALTIES EXECUTIVE TEAM Also present (not pictured) Jean-Sebastien Gagnier Manager, Corp Dev at ORI Matthew Quigley Manager, Project Evaluation Jason Attew Frédéric Ruel Heather Taylor Dr. Guy Desharnais VP, Sustainability & Lucas Schnull President & CEO CFO & VP Finance VP Project Evaluatio
Slide 6: OR Royalties' Business Model
OR ROYALTIES’ BUSINESS MODEL OR ROYALTIES: GROWTH-ORIENTED PRECIOUS METALS ROYALTY COMPANY MODEL Simple and efficient business model: High asset and cash flow diversification Insulated from rising geopolitical risks No capital cost requirements High leverage to gold Predictable operating costs Free
Slide 7: Why OR Royalties? A High-Quality Portfolio with 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 MAC COPPER LIMITED 7 21 4 4 ÉLÉONORE 2.2-3.5% NSR DHI
Slide 8: Why OR Royalties? +10-Year Track Record
WHY OR ROYALTIES? +10-YEAR TRACK RECORD… GOLD EQUIVALENT OUNCES EARNED 2 OPERATING CASH FLOW PER SHARE 3 CONSENSUS NAV PER SHARE 4 (koz) Royalty and stream segment only As at December 31 of given year (November 7 for 2025) $0.86 $0.86 94.3 89.4 $22.04 $0.74 $0.75 80.6 80.7 $0.73 80.0 78.0 66.1 $15.8
Slide 9: Changes Since Last Investor Day
CHANGES SINCE LAST INVESTOR DAY Internally Externally Improved governance Record OR share price – equities catching up to gold Simplified business model & corporate strategy Counterparty project advancement/exploration success Successfully attracted long-term investors aligned w/strategy More accomm
Slide 10: Total Shareholder Return
Total 350 Shareholder Return 300 Nov 14, 2023 – Oct 31, 2025 269 (Indexed) 250 208 200 193 150 Commodity price perspective Gold: Silver: 100 +103.7% +119.6% 50 Since the last OR Royalties analyst and investor day(i) (i) Between November 14, 2023 and October 31, 2025 0 11/2023 01/24 03/24 05/24 07/24
Slide 11: US National Debt Provides Backdrop for Constructive View on Gold
US NATIONAL DEBT PROVIDES BACKDROP FOR CONSTRUCTIVE VIEW ON GOLD US National Debt Since Last Debt Ceiling Raise, July 2, 2025 – October 31, 2025 (US$ trillion) $39.0 National debt ceiling was raised by US$5T on July 2, 2025. Since then, the U.S. National debt $38.5 increased by US$1.8T, only slowed
Slide 12: Analyst and Investment Community Mood
ANALYST AND INVESTMENT COMMUNITY MOOD ANALYST RATINGS AND TARGET PRICES “Maintain BMO CAPITAL MARKETS Rene Cartier HOLD C$55.00 discipline on new CANACCORD GENUITY Carey MacRury BUY C$65.00 asset CIBC CAPITAL MARKETS Cosmos Chiu BUY C$86.00 acquisitions” CORMARK SECURITIES Nicolas Dion BUY C$60.00 J
Slide 13: Analyst and Investment Community Mood – A Retrospective
ANALYST AND INVESTMENT COMMUNITY MOOD – A RETROSPECTIVE ANALYST RATINGS AND TARGET PRICES BMO CAPITAL MARKETS Rene Cartier HOLD C$55.00 CANACCORD GENUITY Carey MacRury BUY C$65.00 CIBC CAPITAL MARKETS Cosmos Chiu BUY C$86.00 CORMARK SECURITIES Nicolas Dion BUY C$60.00 JEFFERIES David Hove BUY C$56.1
Slide 14: Why OR Royalties? Key Positive Differentiators
WHY OR ROYALTIES? 4 KEY POSITIVE DIFFERENTIATORS 1) NET ASSET VALUE BREAKDOWN BY JURISDICTION (%) 3) ROBUST ORGANIC GEO GROWTH PROFILE(iv) XXX,000 – XXX,000? Expansions 100% Odyssey Shaft #2 Mantos Blancos Phase II 2029E outlook represents Island Gold District Expansion CSA Expansion Project(s) ~40%
Slide 15: Sustainability Considerations
SUSTAINABILITY CONSIDERATIONS Heather Taylor, VP Sustainability & Communications ORroyalties.com TSX-NYSE | OR
Slide 16: OR Royalties' Sustainability Snapshot
OR ROYALTIES’ SUSTAINABILITY SNAPSHOT Transparency and Recognition We are rated by ESG rating organizations on our performance (as November 5, 2025) Ranked 6/103 for Precious Metals industry CDP dis closer Ranked 6/79 Rat ed Prim e by ISS ESG for Gold subindustry NOTE: Ratings and rankings as of Nov
Slide 17: ESG Due Diligence & Ongoing Investment Management
ESG DUE DILIGENCE & ONGOING INVESTMENT MANAGEMENT Due diligence process for new acquisitions includes review of ESG risk and opportunities Based on our rigorous due diligence ESG DD tool guided by leading international standards, covers 50+ questions across core process and strict investment cri
Slide 18: Community Impact & Partnerships
COMMUNITY IMPACT & PARTNERSHIPS Committed to helping the communities and protecting the Social investment priorities focused on: environment around our offices and our mining partners’ operations on initiatives aligned with the UN Sustainable Development Goals. Act responsibly around: SOCIAL/COM
Slide 19: Mantos Blancos
MANTOS BLANCOS Brendan Pidcock, VP Technical Services at OR Royalties International Ltd. ORroyalties.com TSX-NYSE | OR All information presented sourced from operator unless otherwise stated
Slide 20: Mantos Blancos
MANTOS BLANCOS Long-life mine with district potential and throughput Asset Summary expansions in the prolific region of Antofagasta 100% Ag stream until 19.3 Moz, 40% Mantos Blancos is a long-life open-pit copper mine near Antofagasta, Chile, operated by ORI(i) INSTRUMENT(S) Capstone Copper. The sit
Slide 21: Simple Mining Close to Infrastructure
SIMPLE MINING CLOSE TO INFRASTRUCTURE Simple, low-elevation operation with proximity to infrastructure, water, and skilled labor Simple mining in a very dry climate at low elevation (<1,000 masl) Moderate topography, close to infrastructure (i.e. Antofagasta, port, highway, power, equipment supp
Slide 22: Mantos Blancos History & Status
2024 Dump 2023 Under-performance/ plant issues/Site Deposit discovered (1913) leach/cathode cease management changed. 1960 first production oxide plant 2022 Sulphide plant (Hochschild) from commercial prod open pits 2024 Retaining wall failure, steady state 20 ktpd 2021 Technical report 2021 Sulphid
Slide 23: Mantos Blancos Stream Summary
MANTOS BLANCOS STREAM SUMMARY Consensus NAV5% Buydowns / Step-Downs Stream Resource Coverage Stream AOI (Street with long-term consensus) Stepdown(ii) 100% +250 km2 ~$300M(i) Historic GEOs (koz) and Stream Details to Aid in Modeling 3.9-4.5 (forecast) 12.0 9.1 10.3 9.4 8.5 8.1 6.0 6.3 3.1 '17 (H2) '
Slide 24: Alignment with Operator
ALIGNMENT WITH OPERATOR Stream and mine economics not perfectly aligned… … But Pre-stream silver historically <5% of revenues Copper and Silver Grades show a reasonable correlation Copper and Silver Recoveries show a reasonable correlation Silver grades are more volatile than Copper grades X
Slide 25: Recent Challenges Impacted Expected GEOs
RECENT CHALLENGES IMPACTED EXPECTED GEOS… Historic Challenges (2021-2024) <2021 - Elements of Phase 1 expansion questionable quality Capstone assessment post-2021 acquisition Operator refreshed management in 2022 Engineering and re-design necessary improvements in 2023 Execution of improve
Slide 26: Silver Grades Entering Higher Than Average Period
… BUT SILVER GRADES ENTERING HIGHER THAN AVERAGE PERIOD … Silver Grade through Sulphide Plant 14 12 Trending higher after 2 years of lower grade 10 Silver Grade (g/t) 8 6 4 2 0 2019 2020 2021 2022 2023 2024 2025 Silver is much more volatile than Copper (x 2) Operator has been delayed in mining i
Slide 27: Steady State Throughput Achieved
… AND 20 KTPD STEADY STATE THROUGHPUT ACHIEVED Mantos Blancos has achieved steady-state 20 ktpd throughput, with Phase II expansion studies underway targeting 27 ktpd Processing Rate (kt / quarter) 1,938 1,801 20 ktpd 1,723 1,664 1,442 1,476 1,403 1,319 1,325 1,304 1,293 1,296 1,271 Seasonal rain ev
Slide 28: Mantos Blancos 2024 Site Visit
MANTOS BLANCOS 2024 SITE VISIT 28
Slide 29: Near Term Future Mantos Blancos Project Work
NEAR TERM FUTURE MANTOS BLANCOS PROJECT WORK 2025 Performance Plant optimizations Open Pit LoM SR 4.2:1 Multiple optimisation improvement initiatives are ongoing Mill 2025 YTD average 20 ktpd (28 ktpd peak) Recovery optimizations Actual silver metallurgical recovery range 76-87% Challeng
Slide 30: Near-Mine Exploration Targets
NEAR-MINE EXPLORATION TARGETS With ramp-up achieved, focus is shifting to near-mine sulphide targets totaling 110 – 130 Mt with promising copper grades Focus has been on ramp-up since the acquisition in 2022 With throughput now stabilized, more capital is now being allocated to near-mine explora
Slide 31: District Opportunities
DISTRICT OPPORTUNITIES Early-stage district targets across a 27,000 ha land package show potential for longer-term upside beyond the current mine area Targets 15km from Mantos Blancos Mantos Blancos Block Soil Geochem survey completed in 2019 IP and Mag surveys completed subsequently 2 drill
Slide 32: Dalgaranga's Bright Future
DALGARANGA’S BRIGHT FUTURE Grant Moenting, VP Capital Markets Darren Millman, CFO of Ramelius Resource Limited ORroyalties.com TSX-NYSE | OR All information presented sourced from operator unless otherwise stated
Slide 33: Partner Video Presentation
PARTNER VIDEO PRESENTATION RAMELIUS RESOURCES 5-Year Growth Pathway to +500koz Investor Presentation - Asia NOVEMBER 2025 ASX: RMS
Slide 34: Key Growth Assets
KEY GROWTH ASSETS Dr. Guy Desharnais, VP Project Evaluation ORroyalties.com TSX-NYSE | OR All information presented sourced from operator unless otherwise stated
Slide 35: 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 OUTLOOK 2,5 (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 36: Expansions: Island Gold
EXPANSIONS: ISLAND GOLD 2% NSR 3% NSR Magino 3% NSR 3% NSR 1.38% NSR 1.38% NSR 3% NSR 2% NSR Source: Alamos Gold Inc. Island Gold District Site Tour Presentation (June 24-25, 2025) 36 Note: Royalty boundaries are illustrative and approximate. Magino 3% NSR represents the portion of the 3% NSR that i
Slide 37: Expansions: Island Gold
EXPANSIONS: ISLAND GOLD GEOs TO OR Further (koz) Expansion Potential Significant Upside Expected Within Q4 2025 Expansion Study(ii) Conversion & incorporation of large Mineral Resource at Island Gold Potential Magino mill expansion to 18-20ktpd +6.0 Higher throughput rates from Island Gold Shaft cap
Slide 38: Expansions: CSA Production Rate Improvements
EXPANSIONS: CSA PRODUCTION RATE IMPROVEMENTS Operational upgrades and ventilation improvements aim to increase mining rates and unlock processing headroom CuEq PRODUCTION BRIDGE (t CuEq.) 4 3 2 ~50,500 1 41,128 ~37,300 A detailed update on operational performance and key development milestones – inc
Slide 39: Expansions: Mantos Blancos
EXPANSIONS: MANTOS BLANCOS Low capex expansion opportunity from 20ktpd to ~27kptd using idled mill capacity Phase II study expected in 2026 targeting ~ 10kpta of Cu over the first 10-years. 39
Slide 40: Bench Strength: Assets Previously Earmarked for 2029 Outlook
BENCH STRENGTH: ASSETS PREVIOUSLY EARMARKED FOR 2029 OUTLOOK6 Windfall Updated Feasibility Study (H1 2026) WINDFALL 2-3% NSR Windfall EIA review process + final permitting + final IBAs with First Nations groups (Q1 (Au) ~6,700 GEO/y 2026) Final Investment Decision + Construction (H1 2026) Maiden Res
Slide 41: 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 OUTLOOK 2,5 (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 42: 2030 Outlook: (Binary) Decisions to Be Made Between Now & February 2026
2030 OUTLOOK: (BINARY) DECISIONS TO BE MADE BETWEEN NOW & FEBRUARY 20266 US BLM positive Record of Decision (final permits for construction and ops) announced July 15th, 2025 SPRING VALLEY 0.5-3.5% NSR Potential for average annual prod’n of ~300koz Au over 10-yr LOM starting in 2028 (excludes residu
Slide 43: Cariboo (5% NSR Royalty)
CARIBOO (5% NSR ROYALTY) (i) (ii) (i). Refer to ODV news release dated August 15, 2025 (Osisko Development Closes US$203 Million Private Placement Financing). 43 (ii). Refer to ODV news release dated July 21, 2025 (Osisko Development Secures US$450 Million Financing Facility To Develop The Cariboo G
Slide 44: Cariboo (5% NSR Royalty)
CARIBOO (5% NSR ROYALTY) (i) 44 (i) Refer to the 2025 Cariboo FS for the assumptions, qualifications and limitations relating to disclosure about the 2025 Feasibility Study on the Cariboo Gold Project. Mineral reserves include probable reserves 2.071 Moz Au (17.815 Mt grading 3.62 g/t Au)
Slide 45: Eagle (5% NSR Royalty)
EAGLE (5% NSR ROYALTY) Project under care and maintenance Previous schedule upon closure included a remaining ~8yr LOM at ~200koz/y estimated at $1,550/oz Closing date for Successful Bid December 31, 2025 45 Source: https://www.pwc.com/ca/en/car/victoria-gold/assets/victoria-gold-106_170625.pdf
Slide 46: Spring Valley (0.5-3.5% NSR Royalty)
SPRING VALLEY (0.5-3.5% NSR ROYALTY) May 2025 Letter of Interest from the Export-Import Bank US (EXIM) for up to $835M Potential for average annual production of ~300koz Au over 10-yr LOM (excludes residual leach year) Early site works ongoing, with "full construction" starting in 2026 46 Source: ht
Slide 47: Spring Valley (0.5-3.5% NSR Royalty)
SPRING VALLEY (0.5-3.5% NSR ROYALTY) Wheaton – Spring Valley Gold Stream Acquisition Press Release “With Wheaton's commitment, the project is now fully funded, backed by $1.3 billion in committed capital. Early site works are already underway as we prepare to commence full construction in 2026 and a
Slide 48: Amulsar (3.34% Gold and 49.22% Silver Streams)
AMULSAR (3.34% GOLD AND 49.22% SILVER STREAMS) Majority owned and operated by United Gold (private gold development company) Government participation (~12.5% equity stake in project) + fully back-stopped $150m loan guarantee Construction has resumed, without incident (18-24 months) Deliveries under
Slide 49: South Railroad (100% Silver Stream)
SOUTH RAILROAD (100% SILVER STREAM) Notice of Intent published in August 2025 with Record of Decision targeted for mid -2026 Following final permits, project approval and construction, first Au & Ag expected in late 2027 2025 exploration program for the South Carlin Complex is focused on increasing
Slide 50: Upper Beaver (2% NSR Royalty)
UPPER BEAVER (2% NSR ROYALTY) Headframe and ramp ahead of schedule for « Advanced Exploration Activities » Q1 2025 Call: “This project has the potential to produce an annual average of approximately 210,000 ounces of gold and 3,600 tonnes of copper over a 13-year mine life, with initial production p
Slide 51: Cascabel (0.6% NSR Royalty & 6% Gold Stream)
CASCABEL (0.6% NSR ROYALTY & 6% GOLD STREAM) Recently outlined new Project Execution Plan (“PEP”) with first production targeted for as early as 2028 ; G Mining Services now actively working on completing an updated Cascabel Feasibility Study based on the PEP Initial ore now expected to be sourced f
Slide 52: Canadian Malartic: Shaft #2 and Beyond
CANADIAN MALARTIC : SHAFT #2 AND BEYOND Dr. Guy Desharnais, VP Project Evaluation Matthew Quigley, Manager Project Evaluation ORroyalties.com TSX-NYSE | OR All information presented sourced from operator unless otherwise stated
Slide 53: Expansions: Canadian Malartic Complex
EXPANSIONS: CANADIAN MALARTIC COMPLEX Ongoing drilling define expansion targets well below current mine plan depth Eclipse Zone: Extends from approximately 1,200 to 1,900 meters below surface, with 3.2 g/t gold over 42.9 meters. These results demonstrate strong potential to add mineral resources in
Slide 54: Expansions: Canadian Malartic Complex
EXPANSIONS: CANADIAN MALARTIC COMPLEX Source: Agnico Eagle Mines Ltd. Corporate Update – September 2025 (dated 2025-09-03) Agnico Eagle Q3 2025 Results Press Release Exploration Update at East Gouldie during Q3 2025 “The Company believes this area of East Gouldie has the potential to add indicated m
Slide 55: Expansions: Canadian Malartic Complex
EXPANSIONS: CANADIAN MALARTIC COMPLEX Potential second and third shafts could significantly boost throughput and increase OR’s attributable GEOs OR Royalties OR Royalties Conceptual Odyssey Conceptual Q1 2023 Earnings Call Presentation Shaft No. 3 Shaft No. 1 Shaft No. 2 Discussing location of 2nd S
Slide 56: Expansions: Canadian Malartic Complex
EXPANSIONS: CANADIAN MALARTIC COMPLEX UPPER CANADA AK ANOKI MCBEAN AKASABA WEST Source: Agnico Eagle Mines Ltd. Corporate Update – November 2025 (dated 2025-11-06) 56
Slide 57: Expansions: Canadian Malartic Complex Shaft #2
EXPANSIONS: CANADIAN MALARTIC COMPLEX SHAFT #2 (OR ROYALTIES’ ILLUSTRATIVE TIMELINEiv) 2020 2021 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2027 2028 2029 2030 … 2030’s Early … Long-term
Slide 58: Expansions: Canadian Malartic Complex Shaft #3
EXPANSIONS: OR ROYALTIES’ VIEW OF CANADIAN MALARTIC COMPLEX SHAFT #3 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2030 … 2030’s Early … Long-term Board Approves FI
Slide 59: Finance Update
FINANCE UPDATE Frédéric Ruel, CFO & VP Finance ORroyalties.com TSX-NYSE | OR Amounts presented are in United States Dollars, except where otherwise noted
Slide 60: Debt Considerations
DEBT CONSIDERATIONS Leading up to the March 2022 equity financing, OR had net debt outstanding of ~C$330M and total debt outstanding of ~C$413M ($300M in convertible debentures, ~$113M drawn on the revolving credit facility and ~$82M in cash) – Questions around OR’s balance sheet were increasing a
Slide 61: Current Financial Position
CURRENT FINANCIAL POSITION Capitalization Summary (31-Oct-2025)1 Available Credit Undrawn Drawn Accordion (uncommitted) Share Price ($) $31.98 Basic Shares Outstanding (M) 188.2 FD ITM Shares Outstanding (M) 190.1 $200 Market Capitalization ($M) $6,097 AVAILABLE CREDIT: Cash ($M) $120 $650M + $200M
Slide 62: Leverage & Liquidity
LEVERAGE & LIQUIDITY Debt ($B) Net Debt ($B) Available Liquidity ($B) Cash and Equivalents Available Revolver Capacity RGLD $1.2 RGLD $1.1 WPM $3.6 TFPM $0.0 TFPM $0.0 FNV $1.4 WPM No Debt OR1 -$0.1 TFPM $1.0 FNV No Debt FNV -$0.2 OR1 $1.0 OR No Debt WPM -$1.1 RGLD $0.3 Liquidity and available lever
Slide 63: Dividends
DIVIDENDS Initial dividend of C$0.03 / share was implemented in Q4 2014 Initial dividend: US$0.021 / share (based on the current FX rate of ~ 1.40) Current dividend: US$0.055 / share 45 consecutive quarterly dividends declared to date Total dividend increase of over 150% Average annual c
Slide 64: Normal Course Issuer Bid
NORMAL COURSE ISSUER BID First NCIB program was announced by the Company in October 2016 Annually renewed between 2016 and 2025 Current program allows for a total of 9.3 million shares to be repurchased (5% of the issued and outstanding shares) A total of 8.1 million shares have been acquire
Slide 65: Tax Considerations
TAX CONSIDERATIONS OR Royalties expects to be cash taxable in Canada for the fiscal year 2025 First-time since its creation in 2014 Results primarily from the growth of our assets in Canada, and strong metal prices Limited remaining non-capital losses and other tax attributes available to fu
Slide 66: Corporate Development
CORPORATE DEVELOPMENT Iain Farmer, VP Corporate Development Michael Spencer, President of OR Royalties International ORroyalties.com TSX-NYSE | OR
Slide 67: Investment Discipline Leads to Long Term Value Creation
INVESTMENT DISCIPLINE LEADS TO LONG TERM VALUE CREATION OR applies rigid and robust criteria for evaluating investments and avoids chasing opportunities that do not meet these thresholds. CAPITAL ALLOCATION DISCIPLINE COUNTERPARTY Commodity, Mine Life, Upside JURISDICTION Structure, Security, Return
Slide 68: Investment Rationale for Select Transactions
INVESTMENT RATIONALE FOR SELECT TRANSACTIONS6 One of the largest copper-gold discoveries of the last decade CASCABEL Extensive 4,979-hectare land package containing Alpala deposit and similar targets 6% Au Stream (on top of existing 0.6% NSR Royalty) Imbabura, Ecuador | SolGold plc Syndicated transa
Slide 69: Systematized and Continuously Improving Due Diligence Process
SYSTEMATIZED AND CONTINUOUSLY IMPROVING DUE DILIGENCE PROCESS 2 4 2.1 DUE DILIGENCE 2.3 DETAILED DUE CONTINUED INITIAL SCREEN PARTNERSHIP DILIGENCE 3 (1-4 hrs) 2.2 (LOM and beyond) 1 (5-30 day) 1-DAY DUE COMMERCIAL ORIGINATION (variable timeline) DILIGENCE NEGOTIATION (1-2 months) (1 day) Due dilige
Slide 70: Retrospective on Opportunities Evaluated Since Last Investor Day
RETROSPECTIVE ON OPPORTUNITIES EVALUATED SINCE LAST INVESTOR DAY +300 35% 20% 5% 8 actionable remaining remaining remaining closed – opportunities after Initial after 1-Day after Detailed highlighting evaluated Screen Due Diligence Due Diligence OR’s discipline Majority of opportunities Majority of
Slide 71: Building Long Term Value
BUILDING LONG TERM VALUE LONG TERM LENS INVESTMENT STRUCTURE Focus on low-cost, long-life Small structural differences can Premium multiples assets with scale that attract have major long-term value top-tier operators impacts are driven primarily by quality NOT by scale Near-term production is prior
Slide 72: OR's Deal Pipeline
OR’s DEAL PIPELINE KEY CONSIDERATIONS $120M Expected/required return Cash & equivalents (i) + Opportunity mix $650M Opportunity size Undrawn credit facility Structure (features, security, rights, etc.) + $200M Commodity of interest Uncommitted accordion Jurisdictional bend $970M Project development
Slide 73: Audience + Webcast Q&A
AUDIENCE + WEBCAST Q&A ORroyalties.com TSX-NYSE | OR
Slide 74: Closing Remarks
CLOSING REMARKS Jason Attew, President & CEO ORroyalties.com TSX-NYSE | OR
Slide 75: RoyaltyCos Lead Other Sectors in Terms of Valuation
ROYALTYCOs LEAD OTHER SECTORS IN TERMS OF VALUATION EV/EBITDA NTM(i) by Sector , 2010-2025 (ratio) Developed Metals & RoyaltyCos Technology Tobacco Firearms Oil & Gas Markets Mining 25.5x 21.4x 13.8x 11.4x 10.6x 6.2x 6.8x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 202
Slide 76: End of Presentation...Thank You!
END OF PRESENTATION...THANK YOU! ORroyalties.com TSX-NYSE | OR
Slide 77: Appendix
APPENDIX ORroyalties.com TSX-NYSE | OR
Slide 78: Endnotes: 2025 Mineral Reserves and Resources: Producing Assets
ENDNOTES: 2025 MINERAL RESERVES AND RESOURCES: PRODUCING ASSETS MINERAL RESERVES AND MINERAL RESOURCES SILVER OSISKO GOLD ROYALTIES Proven Reserves Probable Reserves P&P Measured Resources Indicated Resources M&I Inferred Resources Average Average Average Average Average As of April 11, 2025 with be
Slide 79: Endnotes: 2025 Mineral Reserves and Resources: Development Assets
ENDNOTES: 2025 MINERAL RESERVES AND RESOURCES: DEVELOPMENT ASSETS MINERAL RESERVES AND MINERAL RESOURCES GOLD Proven Reserves Probable Reserves P&P Measured Resources Indicated Resources M&I Inferred Resources OSISKO GOLD ROYALTIES Property, Operator Average Gold Average Gold Gold Average Gold Avera
Slide 80: Endnotes: 2025 Mineral Reserves and Resources: Development Assets (Cont'd)
ENDNOTES: 2025 MINERAL RESERVES AND RESOURCES: DEVELOPMENT ASSETS (CONT’D) BASE METALS References for Mineral Reserves & Mineral Resources: Proven Reserves Probable Reserves P&P Measured Resources Indicated Resources M&I Inferred Resources 1. Agnico Eagle Mines Limited press release (dated 2025-02-1
Slide 81: Endnotes: 2025 Mineral Reserves and Resources: Exploration Assets
ENDNOTES: 2025 MINERAL RESERVES AND RESOURCES: EXPLORATION ASSETS MINERAL RESERVES AND MINERAL RESOURCES BASE METALS Proven Reserves Probable Reserves P&P Measured Resources Indicated Resources M&I Inferred Resources OSISKO GOLD ROYALTIES Property, Operator Average Metal Average Metal Metal Average
Slide 82: Endnotes
ENDNOTES 1. Refer to "The Royalty Rundown: Precious Metals Streaming Quarterly Review – Q1/25" published by Scotiabank GBM Precious Metals Research on March 26, 2025. 2. GEOs are calculated on a quarterly basis and include royalties and streams. Silver ounces and copper tonnes earned from royalty an