OR Royalties Announces Preliminary Q3 2026 GEO Deliveries

OR Royalties Inc. (OR) released a preliminary quarterly delivery and liquidity update, noting that full Q3 2026 results are scheduled for November 11, 2026, after market close, with a conference call set for November 12, 2026, at 10:00 am ET. The company reported Q3 2026 attributable gold equivalent ounces ("GEOs") earned of 20,237. Preliminary revenues from royalties and streams totaled $90.2 million, with preliminary cost of sales (excluding depletion) at $2.9 million. This resulted in a preliminary cash margin of approximately $87.3 million, or 96.8% of revenues, compared to $69.258 million, or 96.7% of revenues, in Q3 2025.

The company’s cash position stood at approximately $76.7 million at September 30, 2026, following $29.1 million (C$40.8 million) of normal course issuer bid share repurchases during the quarter. OR Royalties closed its La Verde royalty transaction with Hot Chili Limited during Q3 for $15.0 million, financed from cash on the balance sheet. This transaction was previously telegraphed in releases on July 8, 2026, and August 5, 2026.

At September 30, 2026, the revolving credit facility was drawn at $228.2 million, leaving $621.8 million of available capacity plus an uncommitted accordion of up to $350.0 million. Average realized metal prices for the quarter were gold at $4,262/oz (versus $3,457/oz in Q3 2025), silver at $62.59/oz (versus $39.40/oz), and copper at $14,104/tonne (versus $9,797/tonne).

The release omitted several elements present in the August 5, 2026 earnings release, including no restatement of the 2026 GEO guidance range, no dividend declaration, no cash flow statement, no CEO quote, no reference to the Canadian Malartic / Barnat situation, and no discussion of the five-year outlook. The release was deliberately narrow in scope.

OR Royalties Inc. reported third-quarter results that align with management’s prior guidance, delivering a modest sequential decline in production without introducing new assets, guidance updates, financing, or corporate developments. The company’s most significant new data points include a Q3 GEO count of 20,237, Q3 revenue of $90.2 million, a September 30 cash balance of $76.7 million, a revolver draw of $228.2 million, and a Q3 buyback total of $90.2 million. Other details, such as the La Verde closing, credit facility structure, and cash margin model, were previously disclosed.

The delivery level matches the expectations outlined during the Q2 call, where management indicated Q3 would be modestly lower. The 2.5% sequential decline in price-normalized GEOs falls within the guidance envelope, resulting in neither a beat nor a miss. Revenue decreased 7.8% sequentially from $97.8 million to $90.2 million, a decline driven by lower realized prices rather than operational issues. Gold prices fell approximately 5.4% quarter-on-quarter, while silver prices dropped about 14.4%.

Market reaction to the release has been muted. The stock rose roughly 8.7% from its $45.07 close on August 6, 2026, to $49.00 on October 6, 2026, and increased approximately 24% from its July 16, 2026, low of $39.42. This recovery was driven by the September 23 portfolio update and the post-Barnat overshoot reversal, rather than anticipation of this specific release. The market showed no significant movement in response to the announcement, indicating the data was already priced in.

OR Royalties Inc. (OR: TSX & NYSE) is a precious metals royalty and streaming company with a stated focus on Tier-1 mining jurisdictions defined as Canada, the United States and Australia. Its head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec.

The company commenced activities in June 2014 with a single producing asset and today holds a portfolio of over 200 royalties, streams and similar interests, a figure disclosed in this release's boilerplate. Its cornerstone asset is a 3–5% net smelter return royalty on Agnico Eagle Mines Limited's Canadian Malartic Complex, described by the company as one of the world's largest gold mines. Canadian Malartic represents roughly 25–30% of NAV per the Q2 2026 call, and that concentration grows as the Odyssey underground develops.

According to a September 23, 2026 update providing prior-period context, the producing and near-producing portfolio includes Canadian Malartic, Namdini (Ghana, 2.0% NSR after the January 2026 top-up), San Gabriel (Peru, 1.5% NSR), CSA (100% silver stream and 3.0% copper stream), Dalgaranga (1.44% GR royalty plus 1.08% GR on regional tenements), Island Gold (1.38%–3.0% NSR), Mantos Blancos, Seabee, Cuiú Cuiú (1.0% NSR, first gold September 10, 2026), Bralorne (1.7% NSR) and Amulsar (gold stream of 3.34% of payable Au to approximately 82.3 koz then 1.31%, plus a silver stream of 49.22% of payable Ag to approximately 1.03 moz then 19.69%).

The development and exploration pipeline features Cariboo (5.0% NSR, construction decision September 14, 2026, first gold expected Q1 2029), Windfall (2.0–3.0% NSR), Hermosa/Taylor (1.0% NSR on zinc and lead sulphide ores), Spring Valley (combined 6.0% NSR on the Schmidt claims, 4.0% on additional royalty areas, 1.0% on the perimeter), South Railroad (100% silver stream), San Antonio (7.15% precious metals stream), White Pine North (1.5% NSR on copper plus a sliding-scale silver royalty from 12.5–15% base rising toward 100% based on copper price), Eagle (5.0% NSR, in receivership with Boroo Pte Ltd in exclusivity), Glenburgh (1.08% GR), Ritz (2.0% NSR), Woodjam (2.0% NSR), Shovelnose (2.0% NSR) and the Japan Gold portfolio (2.0% NSR after a top-up). Approximately the 24th producing asset is expected to be commissioned at Cariboo in Q4 2026.

Management includes Jason Attew, President & CEO, and Grant Moenting, VP Capital Markets. Mr. Attew's commentary throughout the period consistently emphasizes per-share accretion, discipline on deal returns and Tier-1 jurisdiction focus.