OR Royalties Reports Strong Third Quarter 2026 Results
OR reports higher cash from gold price leverage and secures a windfall permit to de-risk growth at its project.
OR Royalties Inc. reported third-quarter 2026 revenue of $90.2 million, a 26% increase from the $71.6 million recorded a year earlier, driven by 20,237 gold equivalent ounces (GEOs) compared to 20,326 GEOs in the prior-year period. Operating cash flow reached $77.6 million, or $0.42 per basic share, marking a 21% increase on a per-share basis, while cash margin stood at $87.3 million, representing 96.8% of revenue.
Net earnings were $55.4 million, or $0.30 per share, a 33% decline attributable to a $54.4 million non-cash gain on the deemed disposal of an associate included in the third quarter of 2025. Adjusted earnings came in at $53.9 million, or $0.29 per share, up 28%. For the nine-month period, revenue hit a record $290.9 million, up 56%, while operating cash flow rose 44% to $232.6 million. Production reached 63,734 GEOs, an 8% increase, and adjusted earnings totaled $189.5 million, up 79%.
The company reaffirmed its 2026 guidance of 80,000 to 90,000 GEOs, stating that the 63,734 GEOs produced in the first nine months placed it on track for approximately the mid-point, even after absorbing the disruption at the Barnat pit. Portfolio developments included receiving Québec environmental approval for Windfall on November 2, producing first gold at Amulsar on October 10, producing first gold at Cuiú Cuiú on September 10, and initiating the Dalgaranga royalty payment in April.
At Canadian Malartic, production reached 111,202 ounces in the third quarter, with mining resuming in unaffected Barnat areas on September 27. Island Gold produced a record 68,700 ounces. OR closed $43.0 million in acquisitions during the quarter, including the $28.0 million Canadian Copper stream and the $15.0 million La Verde royalty extension, and exercised the Japan Gold option for $3.0 million.
The company repurchased and cancelled 1,007,496 shares for $29.1 million in the third quarter, bringing total 2026 repurchases to 1,555,678 shares. It also declared its 48th consecutive quarterly dividend of $0.065 per share. As of September 30, cash stood at $76.7 million and debt at $228.2 million, resulting in net debt of $151.5 million and available liquidity of approximately $1.0 billion.
Subsequent to the quarter-end, OR expects to receive a $35.0 million Cascabel NSR buy-back on November 30 and a $30.0 million Galiano deferred payment by December 31, providing approximately $65.0 million in Q4 cash inflows in addition to operating cash flow.
OR Royalties Inc. reported a largely in-line quarter, reaffirming its 2026 GEO range as nine-month deliveries tracked the midpoint despite the impact of Barnat. The company’s cash margin of 96.8% remained essentially at the ~97% guide, while the 2.5% sequential GEO decline matched the prior H2-light/Q4-strong cadence.
Several new operational developments have emerged, including Windfall receiving its Québec certificate of authorization, Amulsar pouring its first gold, Canadian Malartic resuming mining, and Island Gold setting a record. These events de-risk the 2030 growth pipeline.
Financial growth was primarily price-led, with realized gold averaging $4,304 per ounce, a 25% increase, while GEOs declined 0.4% year-over-year. Consequently, revenue rose 26% and cash flow increased 20% on essentially flat volumes.
Guidance was not raised. Net debt rose to $151.5 million following $43.0 million of acquisitions and $29.1 million of buybacks. The release confirms the trajectory rather than upgrading it.
The stock closed at C$50.79 on November 11, before the after-market release. It was up 12.4% from the August 5 Q2 results close of C$45.20 and up 14.4% from the October 30 low of C$44.41, suggesting the market was already positioned for a solid quarter.
OR Royalties Inc., a Montréal-based precious metals royalty and streaming company listed on the TSX and NYSE under the ticker OR, operates primarily in Tier-1 mining jurisdictions defined as Canada, the United States, and Australia. Since its inception in 2014 with a single producing asset, the company has expanded its portfolio to include more than 200 royalties, streams, and similar interests, comprising 25 producing assets. At September 30, 2026, these royalty, stream, and other interests were valued at $1.49 billion.
The company’s cornerstone asset is the 3%–5% NSR on Agnico Eagle’s Canadian Malartic Complex. Other material exposures include Island Gold, Lamaque, Mantos Blancos, CSA, Dalgaranga, Namdini, San Gabriel, Windfall, Cariboo, Spring Valley, Hermosa, South Railroad, Amulsar, Costa Fuego/La Verde, White Pine North, and Eagle.
OR’s business model is characterized by high margins and low capital expenditure at the company level, as operators fund mine development while OR receives royalty or stream revenue. This structure creates a reliance on operator execution, permitting, reserve replacement, and commodity prices.