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Q3 2025 RESULTS November 6, 2025 Amounts presented are in United States Dollars, except where otherwise noted ORroyalties.com TSX-NYSE | OR
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2 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 Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, production estimates of OR Royalties’s assets (including increase of production), the 2025 guidance on GEOs and the 5-year outlook on GEOs included under “Guidance for 2025 and 5-Year Outlook” and other guidance based on disclosure from operators, timely developments of mining properties over which OR Royalties has royalties, streams, offtakes and investments, management’s expectations regarding OR Royalties’ growth, results of operations, estimated future revenues, production costs, carrying value of assets, ability to continue to pay dividend, requirements for additional capital, business prospects and opportunities, future demand for and fluctuation of prices of commodities (including outlook on gold, silver, diamonds, other commodities) currency, markets and general market conditions. In addition, statements and estimates (including data in tables) relating to mineral reserves and resources and statements and revised guidance as to gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, including the assumptions set out under “Guidance for 2025 and 5-Year Outlook”, and no assurance can be given that the estimates or related guidance will be realized. Forward-looking statements are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations), or by statements that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of OR Royalties, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which OR Royalties holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from resource estimates or production forecasts by operators, (d) differences in conversion rate from resources to reserves and ability to replace resources, (e) the unfavorable outcome of any challenges or litigation relating to title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks; (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by OR Royalties, (b) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (c) regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies, regulations and political or economic developments in any of the countries where properties in which OR Royalties holds a royalty, stream or other interest are located or through which they are held, (d) continued availability of capital and financing to OR Royalties or the operators of properties, and general economic, market or business conditions, and (e) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on OR Royalties’ business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by OR Royalties, (b) the integration of acquired assets or (c) the determination of OR Royalties’ Passive Foreign Investment Company (“PFIC”) status. The forward-looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in the Company’s ongoing income and assets relating to determination of its PFIC status; the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which OR Royalties holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets. For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of OR Royalties filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. OR Royalties cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. OR Royalties believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward-looking statements and such forward-looking statements included in this presentation are not guarantee of future performance and should not be unduly relied upon. In this presentation, OR Royalties relies on information publicly disclosed by other issuers and third-parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. These statements speak only as of the date of this presentation. OR Royalties undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law. This presentation includes website addresses and references to additional materials found on third parties’ websites. These websites and information contained on or accessible through these websites are not incorporated by reference into, and do not form a part of, this presentation or any other report or document filed by OR Royalties with the Canadian securities regulators or the SEC, and any references to any websites are intended to be inactive textual references only. SAFE HARBOUR STATEMENT This presentation has been prepared for informational purposes only in order to assist prospective investors in evaluating an investment in OR Royalties Inc. The information related to mining operators provided in this presentation has been sourced from public disclosure. Inquiries regarding this presentation can be made to the senior management of OR Royalties. CAUTIONARY NOTE TO U.S. INVESTORS REGARDING MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES OR Royalties is subject to the reporting requirements of the applicable Canadian securities laws, and as a result, reports its mineral resources and reserves according to Canadian standards. Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument 43-101 (“NI 43-101”). The definitions of NI 43-101 are adopted from those described by the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”). In a number of cases OR Royalties has disclosed resource and reserve estimates covering properties related to the mining assets that are not based on CIM definitions, but instead have been prepared in reliance upon JORC and S-K 1300 (collectively, the “Acceptable Foreign Codes”). Estimates based on Acceptable Foreign Codes are recognized under NI 43-101 in certain circumstances. New mining disclosure rules under Subpart 1300 of Regulation S-K became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. CIM definitions are not identical to those of the Acceptable Foreign Codes, the resource and reserve definitions and categories are substantively the same as the CIM definitions mandated in NI 43-101 and will typically result in reporting of substantially similar reserve and resource estimates. Nonetheless, readers are cautioned that there are differences between the terms and definitions of the CIM and the Acceptable Foreign Codes, and there is no assurance that mineral reserves or mineral resources would be identical had the owner or operator prepared the reserve or resource estimates under another code. Mr. Guy Desharnais, PhD., P.Geo., is the qualified person for this presentation as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information contained herein. Mr. Desharnais is an employee of OR Royalties and is non-independent. CAUTIONARY STATEMENTS
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3 Jason Attew President & CEO …Also Available: ON TODAY’S CALL… Heather Taylor VP Sustainability & Communications André Le Bel VP Legal Affairs & Corporate Secretary Dr. Guy Desharnais VP Project Evaluation Grant Moenting VP Capital Markets Frédéric Ruel CFO & VP Finance Iain Farmer VP Corporate Development
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Q3 2025 HIGHLIGHTS(i) 4 20,326 GOLD EQUIVALENT OUNCES (“GEOs1”) EARNED (vs. 18,408 GEOs earned in Q3 2024) SHAREHOLDER RETURNS Q4 2025 quarterly dividend declared of $0.055 per common share REVENUES OF $71.6 MILLION & QUARTERLY CASH MARGIN OF 96.7%2 ($42.0 million and 96.3% in Q3 2024) PERFORMANCE Still tracking within 2025 GEO delivery guidance range of 80- 88k GEOs; Q4 2025 expected to be strongest quarter of the year CASH BALANCE OF $57.0 MILLION & COMPLETELY DEBT-FREE As at September 30, 2025 CAPITAL DEPLOYMENT Second $10 million milestone payment provided to SolGold under Cascabel Gold Stream following delivery of pre- determined technical milestones (i) Amounts presented are in United States Dollars, except where otherwise noted
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$34.6 $64.6 Q3 2024 Q3 2025 $13.4 $82.8 Q3 2024 Q3 2025 $21.2 $42.3 Q3 2024 Q3 2025 $0.19 per basic share3 $0.34 per basic share3 $0.44 per basic share QUARTERLY REVENUES Q3 2025 FINANCIAL PERFORMANCE $42.0 $71.6 Q3 2024 Q3 2025 5 ADJUSTED EARNINGS4 $0.11 per basic share $0.22 per basic share NET EARNINGS CASH FLOWS GENERATED BY OPERATING ACTIVITIES $0.07 per basic share
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1,103 895 628 500 461 313 292 254 129 347 3,344 1,279 1,075 518 46 53 1,015 5 GOLD SILVER 8,069 COPPER & OTHERS GOLD 12,991 63.9% SILVER 6,315 31.1% COPPER & OTHERS 1,020 5.0% 20,326 GEOs1 Q3 2025 GEOs1 BY ASSET (R) = Royalty (S) = Stream 6 PRODUCING ROYALTIES AND STREAMS Q3 2025 GEOs1 BY COMMODITY
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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 HARMONY GOLD 4 ÉLÉONORE 2.2-3.5% NSR DHILMAR 5 SASA 100% Ag Stream CENTRAL ASIA METALS 6 ISLAND GOLD 1.38-3% NSR ALAMOS GOLD 7 SEABEE 3% NSR SSR MINING 8 GIBRALTAR 100% Ag Stream TASEKO MINES 9 ERMITAÑO 2% NSR FIRST MAJESTIC SILVER 10 LAMAQUE 1% NSR ELDORADO GOLD 11 PAN 4% NSR MINERA ALAMOS 12 TOCANTINZINHO 0.75% NSR G MINING VENTURES 13 NAMDINI 1% NSR CARDINAL NAMDINI 14 BALD MOUNTAIN 1-4% GSR KINROSS GOLD 15 FRUTA DEL NORTE 0.1% NSR LUNDIN GOLD 16 PARRAL 2.4% Au & Ag Streams GOGOLD RESOURCES 17 MACASSA TH 1% NSR AGNICO EAGLE 18 SANTANA 3% NSR MINERA ALAMOS 19 AKASABA WEST 2.5% NSR (Partial Coverage) AGNICO EAGLE 20 DOLPHIN TUNGSTEN 1.5% GRR GROUP 6 METALS 21 BRALORNE 1.7% NSR TALISKER RESOURCES 22 BRAUNA 1% GRR LIPARI MINERAÇÃO 7 PRECIOUS METALS FOCUS YTD 2025 GEOs BY COMMODITY LOW-COST MINES5 NPV BY CASH COST QUARTILE BEST-IN-CLASS PARTNERS PRODUCTION, DEVELOPMENT & EXPLORATION 65% 30% 5% GOLD SILVER COPPER & OTHER 84% 16% <50TH PERCENTILE >50TH PERCENTILE Assets undergoing expansion, extension or ramp-up 1 2 4 5 7 21 6 11 10 16 3 14 15 22 18 9 20 Total Assets Producing Asset 18 35 6 20 145 17 WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO with 22 PRODUCING ASSETS 12 19 13 8 95% PRECIOUS METALS
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96.5% 88.3% 86.4% 85.8% 81.7% OR FNV RGLD TFPM WPMOR Highest Exposure to Tier-1 Mining Jurisdictions(i) vs. relevant precious metals royalty & streaming peers GEOs earned in-line with NAV exposure: 78% of GEOs earned in 2024 from Tier-1 Mining Jurisdictions(i) OR’s NAV exposure to Tier-1 Mining Jurisdictions(i) increased in 2024 8 WHY OR ROYALTIES? TIER-1 MINING JURISDICTIONS + MARGIN MATTERS Data Source: Canaccord Genuity Capital Markets Precious Metals Research, October 2025 0% 20% 40% 60% 80% 100% OR TFPM RGLD FNV WPM Canada USA Australia Latin America (Incl. Mexico & Caribbean) Europe Africa Asia Tier-1 Jurisdictions 2024 CASH MARGIN (%)2,6 OR Margin Matters OR Royalties’ cash margin is peer-leading OR’s cash margin was 12.8% higher vs. average of relevant peer set in 2024 due to the highest proportional GEO contribution vs. peers from royalty assets OR Royalties & its shareholders earn ~$0.97 of every dollar of revenue generated(ii) (i) Canada, USA, Australia (ii) Before depletion, interest, taxes, G&A, and finance costs Note: TFPM classifies some of its gold pre-pay costs as non-cash. These have been included in the cash margin calculation to comport with the definition of cash margin utilized by OR Royalties. NAV BREAKDOWN BY JURISDICTION (%)
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Complex expected to have ~40ktpd of excess mill capacity starting in late 2028 or 2029 (after transition to 100% underground)7 Shaft #2 at Odyssey Underground currently in concept phase; additional clarity expected in 2nd shaft study, along with “Fill the Mill” strategy due H1 2027; infill drilling as well as MRE expansion drilling currently underway (~29 rigs)8 First Shaft (+ Ramp) results in 20,000tpd of throughput, with a potential Shaft #2 adding an additional 10,000tpd of ore9 Estimated annual gold production in a two-shaft scenario of 750-800koz per annum (~550koz pa Au for Shaft #1, and ~220koz Au pa for Shaft #2)9 Potential Shaft #2 could add ~15k GEOs to OR’s annual earned GEOs over and above current mine plan, starting ~2030 (no additional cost to OR)(i),10 Regional opportunities to “Fill the Mill” currently being studied for Marban (~0.9% NSR royalty + mill tonnage royalty) at 15,000tpd starting in 2033, as well as Wasamac at 3,000tpd (only the mill tonnage royalty would apply)7 Final Investment Decision on potential 2nd Shaft, along with Marban (+ Wasamac) expected H1 20279 Open Pit, East Gouldie, Odyssey South & western half of East Malartic – 5.0% NSR Royalty + Odyssey North and eastern half of East Malartic – 3.0% NSR Royalty + Any ore processed from outside CM property – C$0.40/t Mill Royalty Québec, Canada | Agnico Eagle Mines Limited 9 CANADIAN MALARTIC COMPLEX Source: Agnico Eagle Mines Ltd. (October 2025) (i) Projected GEOs estimated internally by OR Royalties Inc. based on publicly released information from the operator. Estimates based on the following assumptions: 10,000 tpd of additional ore tonnage; average gold grade of 2.75 g/t Au; 94.6% overall gold recovery; and a 4.61% NSR Royalty rate10
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1.44% GRR Royalty (2.08% GRR Royalty on Yalgoo Tenements) Western Australia, Australia | Ramelius Resources Limited DALGARANGA 10 Located in Western Australia, one of the most prolific and well-established mining jurisdictions October 28, 2025 Dalgaranga Integration Study is based on a single processing facility option, at Ramelius’ Mt Magnet Hub, with plant expansions planned for up to 5Mtpa processing capacity11 Expansion includes two separate circuits to be completed in H2/27 based on optimal grind size for Mt Magnet and Dalgaranga ores, respectively11 Processing of both mineralized bodies, including from Dalgaranga, will continue to occur in the interim, with first gold produced from Dalgaranga in H1/26; Dalgaranga expected to produce >250koz Au in FY3011 October 28, 2025 Maiden Probable Mineral Ore Reserve for Dalgaranga of 7.0Mt grading 7.3 g/t Au for a total of 1.6Moz Au (including both Never Never and Pepper underground orebodies) 11 The Pre-feasibility Study outlines an 11-yr LOM plan11 Gilbeys Underground & Never Never open-pit scoping studies also completed; potential sources for additional ounces11 Dalgaranga Mining Schedule: For FY26 & FY27, all mineralization from the Never Never deposit mined will be hauled to Mt Magnet and will be processed assuming largely unchanged milling parameters (i.e coarser grind than is planned longer term), for which an 80.5% recovery has been estimated. For FY28 and onward, the Mt Magnet hub will have been reconfigured and upgraded in the Sept 2027 Quarter with gold recoveries increasing to over 90%. Source: Ramelius Resources, October 2025
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100% Silver Stream + 3.0-4.875% Copper Stream New South Wales, Australia | Harmony Gold Mining Co. Ltd. CSA 11 October 24, 2025 completion of Harmony’s acquisition of MAC Copper; three-month integration of the CSA mine into the Harmony’s asset portfolio now officially underway12 Process designed to unlock synergies & enhance operational efficiency Key near-term catalysts ahead Late February / Early March 2026: detailed update on operational performance and key development milestones, including upper Merrin Mine development, CSA Ventilation Project, and exploration activities12 Late February / Early March 2026: HMY’s FY26 production guidance incorporating CSA Mine figures12 Harmony’s planning parameters for FY27 will be embedded into the CSA Mine to develop its FY27 life-of-mine plan, in alignment with the planning approach used across other operations12 CSA mine life-of-mine plan will be released alongside HMY’s FY26 results expected in August 202612 Q2/25 annualized processing rate of ~1.0Mtpa, with mill facility capable of processing ~1.7Mpta with no additional capex and/or modifications13 Source: Harmony Gold Mining Co Ltd., September 2025
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94,323 80,740 Existing Assets + Expansions Island Gold Phase 3+ CSA Expansion Project(s) Others + Development Dalgaranga Windfall Hermosa (Taylor) Marimaca MOD Others 2029E outlook represents ~40% GEO growth(i) over 2025E with no contingent capital required This outlook replaces the previous outlook (published on February 20, 2024). The 2025 outlook (published on February 19, 2025) is based on publicly available forecasts from our operating partners. When publicly available forecasts on properties are not available, OR Royalties obtains internal forecasts from the producers or uses management’s best estimate. The 2025 guidance uses current 2025 consensus commodity prices and a gold/silver price ratio of 83:1. The 5-year outlook uses current long-term consensus commodity prices and a gold/silver price ratio of 80:1. Optionality bar is illustrative only: - “Development” defined as partner having at least completed a Preliminary Economic Assessment (or more) on the project; - “Exploration” defined as partner having completed a Mineral Resource Estimate (MRE) on the project or is in the process of exploratory drilling in or to be working towards an initial MRE. 2023A 2024A 2025E Guidance 80,000 - 88,000 110,000 - 125,000 WHY OR ROYALTIES? GEO GROWTH THROUGH TO THE END OF THE DECADE… GUIDANCE AND 5-YEAR OUTLOOK1,14 (oz AuEq) Existing Assets + Bralorne Namdini 2029E Outlook Nearer-Term & Longer-Term Optionality Expansions Odyssey Shaft #2 Mantos Blancos Phase II Island Gold District Expansion + Development Amulsar Costa Fuego Cariboo Casino Cascabel Copperwood Eagle Hammond Reef Marban Shaakichiuwaanaan Spring Valley Upper Beaver West Kenya WKP Others + Exploration Altar AntaKori Whistler Others 12 Renard is Shut Down + Eagle Mine Suspended (i) Based on mid-points of 2025E GEO Guidance & 2029E GEO Outlook Ranges, respectively.
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SPRING VALLEY (Au) 0.5-3.5% NSR ~6,000 GEO/y US BLM positive Record of Decision (final permits for construction and ops) announced July 15th, 2025 May 2025 Letter of Interest from the Export-Import Bank US (EXIM) for up to $835M Potential for average annual prod’n of ~300koz Au over 10-yr LOM (excludes residual leach year) FID and construction start possible for H2 2025 (subject to final project financing) CARIBOO (Au) 5.0% NSR ~10,000 GEO/y Rare, fully-permitted project in a Tier-1 mining jurisdiction (British Columbia, Canada) Potential for average annual prod’n of ~190koz Au over 10-yr LOM Recently secured up to US$450M in project financing from Appian + ~US$250M in “bought deal” equity financing FID possible in H2 2025, with first gold potentially in H2 2027 UPPER BEAVER (Au, Cu) 2.0% NSR ~4,000 GEO/y Road, power and shaft collar complete Excavation of the ramp and shaft sinking for project de-risking/bulk samples (H2 2025) Potential for average annual prod’n of ~210koz Au and 3.6kt Cu over 13-yr LOM First production possible for ~2030 AMULSAR (Au, Ag) 3.34% Au Stream 49.22% Ag Stream ~6,000 GEO/y Documentation completed for transfer of project to United Gold (private gold development company) Government participation (~12.5% equity stake in project) + fully back-stopped US$150m loan guarantee Mobilization of contractors underway, with construction resuming through H2 2025 (18-24 months) SOUTH RAILROAD (Ag) 100% Ag Stream ~500 GEO/y 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 near-deposit oxide Mineral Resources at Pinion and Dark Star targets; Updated Feasibility Study expected Q4 2025 EAGLE (Au) 5.0% NSR ~7,500-10,000 GEO/y - Rare, brownfield project in a Tier-1 mining jurisdiction (Yukon, Canada) First Round of bids due from interested parties in early September 2025 Upon June 2024 shut-down; remaining ~8-yr LOM at ~200koz per annum based on a Dec 31, 2022 Tech Report CASCABEL (Au, Cu) 6.0% Au Stream(i) 0.6% NSR(ii) 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 from Tandayama-Ameríca open pit (drilling now) & Alpala Sub-Level Cave Full-scale Alpala Block Cave (long-term production) is scheduled to deliver first ore by year-end 2031 13 (i) 6% stream of the contained gold produced from Cascabel until 225,000 ounces of gold have been delivered, and 3.6% thereafter for the remaining life of the mine. (ii) SolGold has the right to buydown one-third of the NSR until 2026. Beginning in 2030 and until the end of 2039, OR Royalties will receive minimum annual payments under the NSR of $4 million. Note: Average GEOs based on publicly available forecasts from our operating partners. When publicly available forecasts on properties are not available, OR obtains internal forecasts from the producers or uses management’s best estimate. WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO “Guidance Not Included” High-quality development assets that are currently NOT included in OR Royalties’ 5-year Outlook (for 2029e)13
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NAMDINI 1.0% NSR Royalty Second NSR royalty payment received in Q3 2025 Mine ramp-up to commercial production and ongoing quarterly royalty payments (H2 2025+) DALGARANGA 1.44% GRR Royalty(i) Maiden Reserve & PFS-Level Dalgaranga / Mt Magnet Integration Study COMPLETE Production from Dalgaranga process through Mt Magnet Hub (Q1 2026+) 14 KEY NEAR-TERM PORTFOLIO CATALYSTS13 PRODUCING ASSETS DEVELOPMENT ASSETS CSA 100% Ag Stream + 3-4.875% Cu Stream Ore mining from QTSS Upper + Ore mining/toll processing of Merrin Zn Mine (H2 2025) Ventilation Project to expand underground production (H2 2026); necessary for sustainable >50ktpa Cu Updated CSA LOM Plan from Harmony (Q3 2026) MANTOS BLANCOS 100% Ag Stream Increased Ag grades expected to be mined and processed through Mantos Blancos mill (H2 2025) Phase II Expansion Feasibility Study (to 27ktpd) to increase metal production over Phase I (H1 2026) WINDFALL 2-3% NSR Royalty Windfall Updated Feasibility Study (Q1 2026) Windfall EIA review process + final permitting + final IBAs with First Nations groups (Q1 2026) Final Investment Decision + Construction (Q1 2026) HERMOSA 1.0% NSR Royalty Ongoing federal permitting milestones (H1 2026) Ongoing shaft and surface infrastructure construction milestones (2026) MARIMACA MOD 1.0% NSR Royalty Marimaca MOD Definitive Feasibility Study COMPLETE Finalization of MOD project financing (Q4 2025) Receipt of Environmental Qualification Resolution ie. final permits + Final Investment Decision (Q4 2025) (i) As expected, an early buyback notice received from Spartan Resources Ltd., for 20% of the Dalgaranga GRR reducing the GRR rate on Dalgaranga from 1.8% to 1.44%, and reducing the GRR rate on Benz Mining Corp.’s Glenburgh and Mt Egerton projects from 1.35% to 1.08%. ISLAND GOLD 1.38-3.0% NSR Royalty Island Gold District Expansion Study (late 2025) Completion of shaft construction for Island Gold Phase 3+ Expansion (H2 2026)
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15 BALANCE SHEET ITEMS ($ M) September 30, 2025 Cash $57.0 Equity Investments15,(i) $158.2 Equity Investments Held for Sale16,(ii) $48.8 Debt $0.0 Basic Shares Outstanding (M) 188.2 CREDIT FACILITY(iii) As at September 30, 2025 BALANCE SHEET STRENGTH �650M �200M UNDRAWN ACCORDION (UNCOMMITTED) AVAILABLE CREDIT: $850M17 (i) As at September 30, 2025, the Company held 33,333,366 common shares of Osisko Development Inc., representing a 14.0% interest. Subsequent to quarter-end, and following the closing of a recent Osisko Development “bought deal” LIFE offering, the Company’s interest in Osisko Development will be further reduced to 13.1% on an undiluted basis. (ii) Subsequent to quarter-end, and on November 4, 2025, OR Royalties International Ltd received proceeds of $49.0 million from Harmony Gold Mining Co Ltd. upon closing of Harmony's transaction to acquire MAC Copper Ltd. (4,000,000 shares at $12.25 per share). (iii) Revolving credit facility maturity date is May 30, 2029. FINANCIAL FLEXIBILITY FOR ACCRETIVE GROWTH CASH FLOW WATERFALL ($ 000)14 Year-To-Date 2025 59,096 162,058 11,514 (94,935) (34,818) (25,163) (11,554) (9,156) 57,042 Jan. 1 Operating activities Options / SPP Net repayment on credit facility Acq. of royalties/streams, net Dividends Acq. of investments, net FX and Others Sept. 30 Increase Decrease Total Jan. 1 Operating activities Options/ SPP Net repayment on credit facility Acq. of Royalties/ Streams, net Dividends Acq. of investments, net FX and others Sept. 30
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APPENDIX A: Q3 2025 RESULTS PRESENTATION Amounts presented are in United States Dollars, except where otherwise noted ORroyalties.com TSX-NYSE | OR
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THREE MONTHS ENDED ($ 000) September 30, 2025 September 30, 2024 GOLD PRODUCTION (oz) 12,991 11,984 SILVER PRODUCTION (oz AuEq) 6,315 4,827 COPPER & OTHER PRODUCTION (oz AuEq) 1,020 1,597 TOTAL PRODUCTION (oz AuEq) 20,326 18,408 REALIZED GOLD PRICE $3,434 $2,467 REVENUES $71,625 $41,977 GROSS PROFIT $59,099 $33,430 NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES $64,604 $34,564 NET EARNINGS $82,845 $13,409 NET EARNINGS PER SHARE (BASIC & DILUTED) $0.44 $0.07 ADJUSTED EARNINGS3 $42,267 $21,151 ADJUSTED EARNINGS PER SHARE3 $0.22 $0.11 Q3 2025 RESULTS 17
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Q3 2025 REVENUES BREAKDOWN 18 THREE MONTHS ENDED ($ 000) September 30, 2025 September 30, 2024 ROYALTIES: Revenues $42,734 $28,207 Cost of Sales $(251) $(49) CASH MARGIN2: $42,483 $28,158 STREAMS: Revenues $28,891 $13,770 Cost of Sales $(2,116) $(1,521) CASH MARGIN2: $26,775 $12,249 TOTAL CASH MARGIN: $69,258 $40,407 CASH MARGIN: 96.7% 96.3%
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UNLOCKING VALUE SENIOR-QUALITY PORTFOLIO WITH HIGH REPLACEMENT VALUE ACTIVE TRANSACTION MARKET FOR NEW GROWTH OPPORTUNITIES PROLONGED PERIOD OF GROWTH FROM ASSETS ALREADY PAID-FOR LOW-RISK PRECIOUS METALS EXPOSURE TO ‘TIER 1’ MINING JURISDICTIONS(i) 19 EXISTING ASSET NAV EXPECTED TO GROW, AS WELL AS RE-RATE (i) Canada, USA, Australia 1.99x 1.99x 1.49x 1.42x 1.35x FNV WPM TFPM OR RGLDOR CONSENSUS P/NAV18 21.2x 19.5x 18.7x 17.0x 11.8x WPM OR FNV TFPM RGLDOR EV/2026E EBITDA18 81% 72% 67% 44% 75% Percentage of NAV in production5
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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 copper price per tonne for the period and dividing by the average gold price per ounce for the period. Cash royalties, other metals and commodities are converted into gold equivalent ounces by dividing the associated revenue by the average gold price per ounce for the period. For average metal prices used, refer to the Portfolio of Royalty, Stream and Other Interests section of the MD&A for three months and nine months ended September 30, 2025. 2. 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 revenues. Please refer to the Non-IFRS Financial Performance Measures section of the MD&A for three and nine months ended September 30, 2025 for further information and for a quantitative reconciliation of each non-IFRS financial measure to the most directly comparable IFRS financial measure. 3. Cash flows generated by operating activities per basic share is 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 dividing the cash flows generated by operating activities by the weighted average number of basic common shares outstanding for the period. 4. “Adjusted earnings” and “Adjusted earnings per basic share” are non-IFRS financial performance measures which have no standard definition under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. Refer to the non-IFRS measures provided under the Non-IFRS Financial Performance Measures section of the MD&A for three and nine months ended September 30, 2025 for further information and for a quantitative reconciliation of each non-IFRS financial measure to the most directly comparable IFRS financial measure. 5. Refer to "The Royalty Rundown: Precious Metals Streaming Quarterly Review – Q1/25" published by Scotiabank GBM Precious Metals Research on March 26, 2025. RGLD NAV from production computed using RGLD and SSL NAVs in report. 6. For peer cash margin data, refer to “Triple Flag Precious Metals Corp. Fourth Quarter Report for the Three and Twelve Months ended December 31, 2024” (released 2025-02-19), “Sandstrom Gold Royalties 2024 Annual Report” (released 2025-02-18), “Franco-Nevada Corporation 2024 Annual Report” (released 2025-03-10), “Wheaton Precious Metals 2024 Financial Statements” (released 2025-03-13), and “Royal Gold, Inc. Form 10-K Report for the Fiscal Year Ended December 31, 2024” (released 2025-02-12). 7. Refer to Agnico Eagle Mines Ltd.’s press release titled “Agnico Eagle Report Fourth Quarter and Full Year 2024 Results – Record Annual Gold Production and Free Cash Flow; Balance Sheet Strengthened by Further Debt Reduction; Updated Three-Year Guidance” and dated February 13, 2025. 8. Refer to Agnico Eagle Mines Ltd’s press release titled “Agnico Eagle Reports Second Quarter 2025 Results – Record Free Cash Flow and Another Quarter of Strong Production and Cost Performance; Balance Sheet Further Strengthened by Transition to Net Cash Position and Long-Term Debt Repayment” and dated July 30, 2025. 9. Refer to Agnico Eagle Mines Ltd’s Second Quarter 2025 Conference Call TRANSRCRIPT and dated July 31, 2025. https://s205.q4cdn.com/243646470/files/doc_downloads/Transcripts/Q2-2025-Conference-Call-Transcript.pdf . 10. Refer to Agnico Eagle Mines Ltd’s corporate presentation titled “TD Securities Mining Conference January 25-26, 2023” (“Production estimate is based on the assumption of a second shaft at 10,000 to 15,000 tpd and a grade of 2.5 to 2.75 g/t”) https://s205.q4cdn.com/243646470/files/doc_presentation/2023/jan2523.pdf 11. Refer to Ramelius Resources’ press release titled “Never Never PFS – Maiden 1.6Moz Ore Reserve – Mt Magnet Plant Throughput Up to 5Mtpa” and dated October 28, 2025. 12. Refer to Harmony Gold Mining Co Ltd’s press release titled “Harmony Complete MAC Copper Acquisition, Securing Full Ownership of CSA Mine and Unlocking Immediate Copper Production” and dated October 24, 2025. 13. Sourced from Operator. 14. Refer to OR Royalties’ MD&A for the three and nine months ended September 30, 2025, and published on November 5, 2025. 15. The market value corresponds to the quoted price of the investments (including OR Royalties’ position in Osisko Development Corp.) in a recognized stock exchange as at September 30, 2025. 16. On May 27, 2025, MAC Copper Limited (“MAC Copper”) announced that it had entered into a binding scheme implementation deed (the “Transaction”) with Harmony Gold Mining Company Limited (“Harmony”) and Harmony Gold (Australia) Pty Ltd (“Harmony Australia”), a wholly-owned subsidiary of Harmony, under which it is proposed that Harmony Australia will acquire 100% of the issued share capital in MAC Copper. Under the terms of the Transaction, MAC Copper shareholders will receive US$12.25 cash per MAC Copper share. As of September 30, 2025, OR Royalties, through his fully-owned subsidiary OR Royalties International Ltd. (formerly Osisko Bermuda Limited), owns 4,000,000 shares of MAC Copper, which under the current terms of the Transaction are worth $49.0 million. As a result of the binding Transaction, the investment in MAC Copper was presented under “investment held for sale” on the consolidated balance sheets as at September 30, 2025. 17. Including the $200.0 million accordion, which is uncommitted and subject to acceptance by the lenders. 18. Broker research, as at market close on October 31, 2025. ENDNOTES