Slide 1: Q1 2026 Results
Q1 2026 RESULTS May 7, 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: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS(i) 22,740 GOLD EQUIVALENT REVENUES OF $102.8 OUNCES (“GEOs1”) CASH BALANCE OF MILLION & CASH MARGIN $94.9 MILLION EARNED OF 96.8%2 & DEBT-FREE (tracking well against 2026 GEO ($54.9 million and 97.1% in delivery guidance range As at March 31, 2026 Q1 2025) of 80-90k GEOs1) PERFORM
Slide 5: Q1 2026 Financial Performance
Q1 2026 FINANCIAL PERFORMANCE QUARTERLY REVENUES ($M) QUARTERLY NET EARNINGS ($M) $0.39 per basic share $0.14 per $73.6 basic share $102.8 $54.9 $25.6 Q1 2025 Q1 2026 Q1 2025 Q1 2026 QUARTERLY CASH FLOWS GENERATED BY OPERATING QUARTERLY ADJUSTED EARNINGS ($M)4 ACTIVITIES ($M) $0.40 per basic share $
Slide 6: Why OR Royalties? A High-Quality Portfolio with Producing Assets
WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO with 24 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 15 4 ÉL
Slide 7: Producing Royalties and Streams
PRODUCING ROYALTIES AND STREAMS COPPER & OTHERS 650 Q1 2026 Q1 2026 2.9% GEOs1 BY ASSET GEOs1 BY COMMODITY SILVER 22,740 7,558 9,018 39.6% GEOs1 GOLD 13,072 57.5% 5,226 1,700 1,205 1,043 843 768 873 484 475 595 432 313 305 233 351 105 80 96 55 COPPER & (R) = Royalty (S) = Stream GOLD SILVER OTHERS 7
Slide 8: Namdini +1.0% NSR Royalty
Bilateral transaction on a known producing asset within OR Royalties’ portfolio; OR Royalties owned a ROFR on the additional 1.0% NSR NAMDINI +1.0% NSR ROYALTY royalty after the first transaction completed in 2023 Owned and operated by Cardinal Namdini Mining Ltd., a majority- controlled subsidiary
Slide 9: Spring Valley Increased Royalty Coverage
Auction process whereby OR Royalties “doubled-down” on a known SPRING VALLEY INCREASED advanced gold development project (Federal Permits, fully-funded) in a Tier-1 mining jurisdiction ROYALTY COVERAGE Owned and being advanced by Solidus Resources LLC (Waterton Gold LP) Start of construction in H1 2
Slide 10: 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 OUTLOOK1,14 (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 11: Why OR Royalties? A High-Quality Portfolio
WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO5 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 G
Slide 12: Key Near-Term Portfolio Catalysts
KEY NEAR-TERM PORTFOLIO CATALYSTS PRODUCING ASSETS8 DEVELOPMENT ASSETS8 MANTOS BLANCOS WINDFALL Windfall Updated Feasibility Study (2026) 100% Ag Stream Phase II Expansion Feasibility Study (to 27ktpd) to increase 2.0-3.0% NSR Royalty metal production over Phase I (Q3 2026) Windfall EIA review proce
Slide 13: Balance Sheet Strength
BALANCE SHEET STRENGTH BALANCE SHEET ITEMS ($ M) March 31, 2026 CREDIT FACILITY(ii) As at March 31, 2026 Cash $94.9 �200M Equity Investments15,(i) $186.1 Debt $0.0 Basic Shares Outstanding (M) 187.4 AVAILABLE CREDIT: CASH FLOW WATERFALL ($ 000)14 $850M16 Q1 2026 �650M 17,875 71,863 142,131 UNDRAWN A
Slide 14: Appendix A: Q1 2026 Results
APPENDIX A: Q1 2026 RESULTS ORroyalties.com TSX-NYSE | OR Amounts presented are in United States Dollars, except where otherwise noted
Slide 15: Canadian Malartic Complex
2026 and 2027, production is expected to be sourced from the Barnat Pit and increasingly complemented by ore from Odyssey and CANADIAN MALARTIC COMPLEX low-grade stockpiles. Updated overall CMC production guidance is for 585koz in 2026 and 655koz in 2027, and 735koz in 202817 Odyssey is expected to
Slide 16: Q1 2026 Results
Q1 2026 RESULTS THREE MONTHS ENDED ($ 000) March 31, 2026 March 31, 2025 GOLD OZ DELIVERED (oz) 13,072 12,863 SILVER DELIVERED (oz AuEq) 9,018 5,393 COPPER & OTHER DELIVERED (oz AuEq) 650 758 TOTAL DELIVERED (oz AuEq) 22,740 19,014 REALIZED GOLD PRICE $4,853 $2,863 REVENUES $102,832 $54,916 GROSS PR
Slide 17: Q1 2026 Revenues Breakdown
Q1 2026 REVENUES BREAKDOWN THREE MONTHS ENDED ($ 000) March 31, 2026 March 31, 2025 ROYALTIES: Revenues $62,397 $36,790 Cost of Sales $(326) $(145) CASH MARGIN2: $62,071 $36,645 STREAMS: Revenues $40,435 $18,126 Cost of Sales $(3,015) $(1,474) CASH MARGIN2: $37,420 $16,652 TOTAL CASH MARGIN: $99,491
Slide 18: 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 19: 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