OR Royalties (OR) Company Report

OR Royalties is debt-free as of Q3 2025, holding approximately $120 million in cash and an undrawn $650 million credit facility (plus a $200 million accordion), totaling $1 billion in liquidity.
The company achieved a 97% cash margin in the first nine months of 2025. Key growth assets include Mantos Blancos, with a forecast of 12,000 gold equivalent ounces (GEOs) this year, and Dalgaranga, which is expected to be the next producing asset and crucial for reaching a 500,000-ounce production goal.
OR Royalties has more than doubled its dividend per share since 2014, including a 20% increase in Q2 2025, and has repurchased 20.5 million shares for cancellation through its NCIB program.
The company maintains a disciplined capital deployment strategy, having rejected over $350 million in potential deals in 2024 that did not meet ESG or return criteria.

Nov 10, 2025, 6:00 PM

OR Royalties Reports Record Q3 2025 Revenues and Achieves Debt-Free Status

Earnings

Guidance Update

New Projects/Investments

OR Royalties reported record quarterly revenues of $71.6 million for Q3 2025, representing a 71% increase compared to the same period last year.
The company achieved a debt-free position for the first time in over 10 years, ending Q3 2025 with $57 million in cash as of September 30, 2025.
For Q3 2025, OR Royalties earned 20,326 gold-equivalent ounces (GEOs), a 3% sequential improvement over Q2 2025, and is tracking towards the midpoint of its full-year 2025 GEO delivery guidance range of 80,000-88,000 GEOs.
Net earnings were $0.44 per basic common share, cash flow per share was $0.34, and adjusted earnings per basic common share were $0.22 for the third quarter of 2025, all showing significant year-over-year improvements.
Key project developments include the Dalgaranga Mine expected to commence production in H1 2026, an updated life of mine plan for CSA Copper anticipated in August 2026, and first gold production from Cariboo projected for H2 2028.

Nov 6, 2025, 3:00 PM

OR Royalties Inc. Reports Strong Q3 2025 Results and Becomes Debt-Free

Earnings

Dividends

Debt Issuance

OR Royalties Inc. reported record quarterly revenues of $71.6 million for the third quarter of 2025, a substantial increase from $42.0 million in Q3 2024.
The company achieved net earnings of $82.8 million, or $0.44 per basic share, in Q3 2025, significantly up from $13.4 million or $0.07 per basic share in Q3 2024, primarily due to higher operating income and a $53.2 million gain on investments.
Cash flows generated by operating activities increased to $64.6 million in Q3 2025, compared to $34.6 million in Q3 2024.
OR Royalties Inc. became debt-free in Q3 2025 following the full repayment of its revolving credit facility, which was subsequently amended and increased to $650.0 million.
The company declared a quarterly dividend of $0.055 per common share payable on January 15, 2026.

Nov 5, 2025, 10:17 PM

OR Royalties Announces Preliminary Q3 2025 Results with Record Quarterly Revenues

Earnings

Revenue Acceleration/Inflection

OR Royalties Inc. reported preliminary Q3 2025 revenues of $71.6 million, which represents a quarterly record.
The company earned 20,326 attributable gold equivalent ounces (GEOs) during the third quarter of 2025.
Preliminary cash margin for Q3 2025 was approximately $69.3 million (96.7%).
As of September 30, 2025, OR Royalties' cash position was approximately $57.0 million, and its $650.0 million revolving credit facility was entirely undrawn following a repayment of $35.4 million during the quarter.

Oct 7, 2025, 11:06 AM

OR Royalties Announces Positive Developments on Select Assets

New Projects/Investments

Debt Issuance

Guidance Update

OR Royalties Inc. reported continued positive developments across its portfolio of development and exploration assets, with CEO Jason Attew anticipating further material portfolio growth catalysts in 2025.
Significant financing updates include SolGold receiving $33.3 million for the Cascabel project, with OR Royalties committing an additional $195 million for its construction. Osisko Development secured $450 million in project financing and a $203 million private placement for Cariboo, where OR Royalties' interest was reduced to 13.97%.
Key project milestones and timelines include Cascabel targeting first production in 2028 , Cariboo aiming for first gold as early as H2 2027 , Spring Valley becoming fully-permitted on July 15, 2025, with potential $835 million EXIM financing , and Windfall targeting Final Investment Decision (FID) and permits in Q1 2026 for first gold in 2028.
Exploration success at AuWEST, with drill results reported on September 2, 2025, triggered a C$5 million discovery milestone payment from OR Royalties.