Slide 1: Q2 2026 Results
Q2 2026 RESULTS August 6, 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, as amended, and “forward-looking information” within the meaning of
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: Q2 2026 Highlights
Q2 2026 HIGHLIGHTS(i) REVENUES OF $97.8 20,757 GOLD EQUIVALENT CASH BALANCE OF MILLION & PEER-LEADING OUNCES (“GEOs2”) $75.6 MILLION & NET DEBT3 CASH MARGIN OF 96.8%1 EARNED OF $139.4 MILLION ($60.4 million and 95.8% in (vs. 19,700 GEOs earned in Q2 2025) Q2 2025) (As at June 30, 2026) SHAREHOLDER R
Slide 5: Canadian Malartic Complex
2026 and 2027, production is expected to be sourced from the Barnat Pit and increasingly complemented by ore from Odyssey and CANADIAN MALARTIC COMPLEX low-grade stockpiles. Overall CMC production guidance is for 515koz in 2026 and 505koz in 2027, and 585koz in 20284,(i) Odyssey is expected to contr
Slide 6: Producing Royalties and Streams
PRODUCING ROYALTIES AND STREAMS COPPER & OTHERS 443 Q2 2026 Q2 2026 2.1% GEOs2 BY ASSET GEOs2 BY COMMODITY SILVER 6,904 20,757 6,749 33.3% GEOs1 GOLD 13,410 64.6% 3,517 1,610 1,632 1,172 928 818 642 572 648 487 366 373 294 270 124 306 85 94 70 COPPER & (R) = Royalty (S) = Stream GOLD SILVER OTHERS 6
Slide 7: Why OR Royalties? A High-Quality Portfolio with 23 Producing Assets
WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO with 23 PRODUCING ASSETS PRODUCING ASSETS INTEREST OPERATING PARTNERS 1 CANADIAN MALARTIC COMPLEX 3-5% NSR AGNICO EAGLE 2 MANTOS BLANCOS 100% Ag Stream CAPSTONE COPPER Top 10 3 CSA 100% Ag & 3-4.875% Cu Streams Total Assets HARMONY GOLD producing 15 4 ÉLÉON
Slide 8: Key Near-Term Portfolio Catalysts
KEY NEAR-TERM PORTFOLIO CATALYSTS PRODUCING ASSETS9 DEVELOPMENT ASSETS9 CANADIAN MALARTIC WINDFALL COMPLEX Formal Update on CMC’s “Path to 1.0Moz Au”, 2.0-3.0% NSR Royalty EIA review process + final permitting + updated 5.0% NSR Royalty including Shaft #2, along w/ Marban & Wasamac Feasibility Study
Slide 9: Why OR Royalties? GEO Growth Through to the End of the Decade
WHY OR ROYALTIES? GEO GROWTH THROUGH TO THE END OF THE DECADE… GUIDANCE AND 5-YEAR OUTLOOK1,10 (oz AuEq) 2030E outlook Expansions 2030E Outlook does NOT include any potential represents 50% GEO Malartic Odyssey Shaft #2 Mantos Blancos Phase II additional GEOs from increased Spring Valley growth(i) o
Slide 10: Q2 2026 Financial Performance
Q2 2026 FINANCIAL PERFORMANCE QUARTERLY REVENUES ($M) QUARTERLY NET EARNINGS ($M) $0.33 per basic share $0.17 per basic share $61.4 $97.8 $60.4 $32.4 Q2 2025 Q2 2026 Q2 2025 Q2 2026 QUARTERLY CASH FLOWS GENERATED BY OPERATING QUARTERLY ADJUSTED EARNINGS ($M)12 ACTIVITIES ($M) $0.44 per $0.32 per bas
Slide 11: Q2 2026 Revenues Breakdown
Q2 2026 REVENUES BREAKDOWN THREE MONTHS ENDED ($ 000) June 30, 2026 June 30, 2025 ROYALTIES: Revenues $62,779 $42,185 Cost of Sales $(403) $(171) CASH MARGIN1: $62,376 $42,014 STREAMS: Revenues $35,041 $18,179 Cost of Sales $(2,688) $(2,389) CASH MARGIN1: $32,353 $15,790 TOTAL CASH MARGIN: $94,729 $
Slide 12: Balance Sheet Strength
BALANCE SHEET STRENGTH BALANCE SHEET ITEMS ($ M) June 30, 2026 CREDIT FACILITY(ii) As at August 4, 2026 Cash $75.6 $350M Equity Investments13,(i) $129.7 Debt $215.0 Basic Shares Outstanding (M) 187.3 AVAILABLE $606M CREDIT: CASH FLOW WATERFALL ($ 000)10 $956M14 Q2 2026 215,000 $244M UNDRAWN DRAWN AC
Slide 13: Unlocking Value
UNLOCKING VALUE LOW-RISK PRECIOUS ACTIVE SENIOR-QUALITY PROLONGED PERIOD METALS EXPOSURE EXISTING ASSET NAV TRANSACTION PORTFOLIO WITH OF GROWTH FROM TO ‘TIER 1’ MINING EXPECTED TO GROW, MARKET FOR NEW HIGH REPLACEMENT ASSETS ALREADY JURISDICTIONS(i) AS WELL AS RE-RATE GROWTH VALUE PAID-FOR OPPORTUN
Slide 14: Appendix A: Q2 2026 Results
APPENDIX A: Q2 2026 RESULTS ORroyalties.com TSX-NYSE | OR Amounts presented are in United States Dollars, except where otherwise noted
Slide 15: Q2 2026 Results
Q2 2026 RESULTS THREE MONTHS ENDED ($ 000) June 30, 2026 June 30, 2025 GOLD OZ DELIVERED (oz) 13,410 13,481 SILVER DELIVERED (oz AuEq) 6,904 4,770 COPPER & OTHER DELIVERED (oz AuEq) 443 1,449 TOTAL DELIVERED (oz AuEq) 20,757 19,700 REALIZED GOLD PRICE $4,504 $3,284 REVENUES $97,820 $60,364 GROSS PRO
Slide 16: A High-Quality Development Pipeline
A HIGH-QUALITY DEVELOPMENT PIPELINE9 High-quality development assets continue to advance…What Greenfield Projects are Included in OR Royalties’ 5-Yr Outlook for 2030e? SPRING VALLEY 1.0-6.0% NSR(i) (Au) ~10,000 GEO/y FIRST PRODUCTION ANTICIPATED FOR H1 2028(i) CARIBOO 5.0% NSR (Au) ~9,000 GEO/y
Slide 17: Endnotes
ENDNOTES 1. Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. It is calculated by deducting the cost of sales (excluding depletion) from the re