Select Asset Updates and C$43.9 Million of Recent Share Repurchases Under the Normal Course Issuer Bid

The most recent press release, dated December 16, 2025, provides a year-end update on select assets and details recent share repurchases. Key highlights include: - Portfolio Advancements: The company highlights continued positive momentum across its portfolio. Dalgaranga is expected to become the 23rd producing asset soon. Positive developments were also noted for Cascabel (subject of a non-binding M&A offer for operator SolGold), Marimaca MOD (environmental approval), Spring Valley (streaming agreement), and Windfall (updated timeline from operator Gold Fields). - Project Milestones: Updates were provided on the progress of studies and development for multiple assets, including PEAs, PFSs, and FSs for projects like Altar, Shaakichiuwaanaan, Island Gold, and South Railroad. - Drilling Results: Positive exploration results were announced for the AuWEST project (240.6m of 1.23 g/t Au) and the Glenburgh project (15.0m of 12.7 g/t Au). - Share Repurchases: The company has repurchased 920,632 common shares year-to-date for a total cost of C$43.9 million, at an average price of C$47.63 per share.

The December 16, 2025, news is materially positive, confirming strong, consistent execution on the company's development pipeline and revealing an aggressive return of capital to shareholders. The analysis of historical news provides crucial context:

• Baseline (Early 2025): The company started the year by providing 2025 guidance of 80,000-88,000 Gold Equivalent Ounces (GEOs) and a five-year outlook projecting growth to 110,000-125,000 GEOs by 2029. This set the benchmark for performance.
• Q1-Q2 2025 Progress: Throughout the first half of the year, OR Royalties made significant strides in strengthening its financial position. It upsized its credit facility to US$850 million in June, providing substantial liquidity. More importantly, strong operating cash flow allowed for aggressive debt repayment. The company also added a new silver stream on the South Railroad project, bolstering its Tier-1 jurisdiction exposure.
• Q3 2025 De-risking: The Q3 results, reported on November 5, 2025, were a landmark. The company announced it had become completely debt-free for the first time in over a decade. While GEOs were tracking slightly below budget due to commodity price ratios (stronger gold vs. silver/copper), this was more than offset by record revenues and cash flow driven by higher gold prices. CEO Jason Attew's commentary on the Q3 conference call emphasized a culture of capital allocation discipline, tempering expectations for near-term M&A unless deals meet strict return criteria.
• NCIB Renewal (Dec 8, 2025): The company renewed its Normal Course Issuer Bid (NCIB), allowing for the purchase of up to 9.4 million shares. Under the previous plan, it had repurchased 593,432 shares for C$28 million.

The latest news builds directly on this positive momentum. The progress across key development assets like Dalgaranga, Cascabel, Marimaca, and Windfall methodically de-risks the company's path to achieving its 2029 growth targets. Each milestone—be it a permit, a study, or a construction update—adds a layer of certainty to future cash flows.

The most significant new information is the scale of the share repurchases. The company spent C$43.9 million YTD, a substantial increase from the C$28 million reported just a week prior. This accelerated buyback at an average price of C$47.63 per share is a powerful statement from management that it views the stock as undervalued. It demonstrates a commitment to returning capital when accretive M&A is not available, which aligns perfectly with the CEO's stated discipline.

In conclusion, this news is not a single game-changing event but rather a comprehensive confirmation that the company is executing its strategy flawlessly. It is reducing financial risk (debt-free), operational risk (advancing projects), and using its strong cash flow intelligently through buybacks. This should be very well-received by a risk-averse market.

OR Royalties Inc. is a senior precious metals royalty and streaming company. It manages a portfolio of over 180 royalties, streams, and precious metal offtakes. The company's business model is focused on acquiring royalties and streams on high-quality assets in favorable mining jurisdictions, providing investors with exposure to commodity price upside while limiting exposure to operating and capital cost risks.

The cornerstone asset is a 3-5% Net Smelter Return (NSR) royalty on the Canadian Malartic Complex in Quebec, Canada, operated by Agnico Eagle. This is one of Canada's largest gold mines. The future of the complex, and a key long-term growth driver for OR Royalties, is the development of the underground Odyssey Project.