OR Royalties Reports Q2 2025 Results

Executive Summary

• OR Royalties reported a strong Q2 2025 with net earnings of $32.4 M ($0.17 per basic share), up from a loss in the prior year period.
• Revenues rose 27% to $60.4 M, cash margin reached $57.8 M (95.8% of revenue).
• The company completed two acquisitions: a 100% silver stream on Orla Mining’s South Railroad project for $13.0 M cash and a basket of BC royalties from Sable Resources for C$3.8 M ($2.8 M).
• Quarterly dividend increased 20% to $0.055 per share, payable July 15 2025, with a second dividend announced for October 15 2025.

Key Details

• Production & Earnings
• Earned 19,700 GEOs in Q2 2025 (vs. 20,068 GEOs YoY).
• Adjusted earnings of $34.1 M ($0.18 per share), up from $24.2 M YoY.

• Cash generated by operating activities: $51.4 M (up from $38.2 M).

• Balance Sheet & Liquidity

• Cash balance at June 30 2025: $49.6 M; debt outstanding: $35.7 M.
• Revolving credit facility increased to $650 M with an uncommitted accordion of $200 M; maturity extended to May 30 2029.

• Net repayments on the revolving facility: $40.0 M (plus additional $21.0 M after June 30).

• Acquisitions

• ORIL acquisition: 100% silver stream on Orla Mining’s South Railroad project, cash consideration $13.0 M.

• Sable Resources transaction: basket of BC royalties for C$3.8 M (≈ $2.8 M) plus rights to future similar acquisitions.

• Royalty Payments Received

• First royalty payment from Cardinal Namdini Mining Ltd. (Namdini 1.0% NSR).

• First royalty payment from Talisker Resources Ltd. (Bralorne 1.7% NSR).

• Dividends

• Quarterly dividend of $0.055 per common share, payable July 15 2025 (record date June 30 2025).

• Additional quarterly dividend of $0.055 per share announced for October 15 2025 (record date September 30 2025).

• Management Commentary

• CEO Jason Attew reaffirmed guidance of 80,000‑88,000 GEOs for 2025 and highlighted strong performance at Canadian Malartic.

• Noted upcoming portfolio catalysts: Phase II expansion studies (Mantos Blancos), feasibility updates (Alamos Gold, Gold Fields, Ramelius Resources, Orla Mining, Osisko Development) and Harmony Gold’s acquisition of MAC Copper.

• Conference Call

• Q2 2025 results webcast scheduled for Wednesday, August 6 2025 at 10:00 am ET; replay available until September 6 2025.

Notable Quotes

“OR Royalties is on track to achieve its 2025 annual guidance of 80,000‑88,000 GEOs… we are pleased to have received our first royalty payments during the second quarter from both Cardinal Namdini Mining and Talisker Resources.” – Jason Attew, President & CEO

Materiality Assessment: Material – Positive (significant earnings improvement, cash generation, credit facility expansion, acquisitions, and dividend increase).