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Earnings Material +

OR Royalties Reports Record 2025 Results and Provides 2026 GEO Delivery Guidance and New 5-Year Outlook

By The Northwire Desk — AI Analysis Feb 18, 2026 · 16:31 OR · 59.64 OR Royalties Inc.
OR · Price

Executive Summary

  • OR Royalties reported record 2025 results: $277.4 M royalty/stream revenue, $245.6 M operating cash flow and $206.1 M net earnings ($1.10/basic share).
  • The company closed the year debt‑free after repaying its revolving credit facility and increased the facility to $650 M with a $200 M accordion.
  • Significant 2025 acquisitions were completed, including a 100% silver stream on Orla’s South Railroad project ($13 M), a 1.5% NSR royalty in Japan ($5 M) and a portfolio of BC royalties from Sable Resources (C$3.8 M).

Key Details

  • Financial Highlights
  • 80,775 GEOs earned (vs. 80,740 in 2024).
  • Revenue: $277.4 M (up from $191.2 M).
  • Operating cash flow: $245.6 M (up from $159.9 M).
  • Cash margin: $268.3 M or 96.7% of revenue.
  • Net earnings: $206.1 M, $1.10 per basic share (vs. $16.3 M, $0.09/share).

  • Adjusted earnings: $165.5 M, $0.88 per basic share.

  • Balance Sheet & Liquidity

  • Cash balance Dec 31 2025: $142.1 M (vs. $59.1 M).
  • Revolving credit facility increased to $650 M; uncommitted accordion of $200 M; maturity extended to 30 May 2029.

  • Debt‑free after repaying $94.9 M of revolving credit in 2025.

  • Share Repurchases

  • Normal course issuer bid: 1.1 M common shares purchased for $36.7 M (C$50.8 M; avg. C$47.86/share).

  • Acquisitions & Royalty/Stream Purchases (2025)

  • 100% silver stream on Orla Mining’s South Railroad project – $13.0 M cash.
  • 1.5% NSR royalty from Japan Gold Corp. – $5.0 M cash.

  • Basket of BC royalties from Sable Resources – C$3.8 M cash (+ rights for future similar purchases).

  • Post‑Year‑End Transactions (effective Oct 1 2025 & after Dec 31 2025)

  • Acquired remaining 50% of a 2.0% NSR royalty on Namdini mine from Savannah Mining – up to $103.5 M cash consideration.

  • Purchased eight Gold Fields royalties, including a 1.5% NSR on Buenaventura’s San Gabriel mine – $115.0 M cash.

  • Dividends

  • Quarterly dividend for Q4 2025: $0.211 per common share (C$0.255 / US$0.182).

  • Declared Q1 2026 dividend of $0.055 per share payable 15 Apr 2026.

  • Guidance & Outlook

  • 2026 GEOs expected: 80,000‑90,000; cash margin ~97%.
  • Assumes ramp‑ups at Dalgaranga and San Gabriel mines and new payments from Ramelius Resources and Buenaventura.

  • 5‑year outlook (2030): portfolio to generate 120,000‑135,000 GEOs, driven by upcoming productions at Windfall, Hermosa/Taylor, Spring Valley, Amulsar, South Railroad, etc.

  • Management Commentary

  • CEO Jason Attew highlighted “triple crown” of record revenue, cash flow and earnings; debt‑free status provides flexibility for growth.

  • Conference Call – Feb 19 2026, 10:00 am ET (dial‑in details provided).

Notable Quotes

“2025 was a landmark year for OR Royalties, delivering a ‘triple crown’ of records in revenues, cash flow, and earnings. We closed the year debt‑free… our 2026 guidance reflects the immediate benefit of production ramp‑ups at Namdini, Dalgaranga, and San Gabriel…” – Jason Attew, President & CEO

Materiality Assessment: Material – Positive (record financial performance, debt‑free status, significant acquisitions, and upward‑looking guidance).

Read the original news release →

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