OR

Tortola, British Virgin Islands--(Newsfile Corp. - August 26, 2026) - Sailfish Royalty Corp. (TSXV: FISH) (OTCQB: SROYF) (the "Company" or "Sailfish") is pleased to announce its operating and financial results for the second quarter ended June 30, 2026 ("Q2 2026"). All amounts are in U.S. dollars unless otherwise indicated. Q2 2026 Highlights: On April 10, 2026, the Company closed the share purchase agreement with OR Royalties Inc. pursuant to which the Company sold all of the issued and outstanding shares of Terraco Gold Corp., a wholly owned subsidiary of Sailfish, for after-tax cash consideration of $168 million. Royalty revenue earned of $846,186 and $1,845,564 for the three and six months ended June 30, 2026 ($626,603 and $1,162,526 for the three and six months ended June 30, 2025); Silver ounces earned from stream interests of 6,268 and 15,192 for the three and six months ended June 30, 2026 (for the three and six months ended June 30, 2025 - 1,672); Total revenues of $1,337,108 and $3,146,877 for the three and six months ended June 30, 2026 ($713,178 and $1,300,398 for the three and six months ended June 30, 2025); Gross profit of $1,285,280 and $3,009,788 for the three and six months ended June 30, 2026 ($687,330 and $1,249,818 for the three and six months ended June 30, 2025); Net income of $136,564,638 and $136,696,416 for the three and six months ended June 30, 2026 (net income of $185,318 and $109,598 for the three and six months ended June 30, 2025); The Company received and sold 827 ounces of gold relating to its gold purchase agreement with Mako Mining Corp. for proceeds of $3,856,595 for the three and six months ended June 30, 2026 (received and sold nil ounces of gold relating to the gold receivable for the three and six months ended June 30, 2025). Repurchased for cancellation an aggregate of 498,200 common shares of the Company under the current normal course issuer bid for the six months ended June 30, 2026 (529,300 for the six months ended June 30, 2025); and Declared a quarterly dividend of $0.0375 per common share which was paid on August 5, 2026. On April 13, 2026, the Company repaid the Short-term loan and accrued interest in full which consisted of $40,000,000 in principal and $1,794,310 in interest. Summary of Q2 2026 Results: For complete details, please refer to the Unaudited Condensed Interim Consolidated Financial Statements for the three months and six months ended June 30, 2026 and 2025 and associated Management Discussion and Analysis for the three and six months ended June 30, 2026, available on SEDAR+ (www.sedarplus.ca) or on the Company's website (www.sailfishroyalty.com). Subsequent to Q2 2026 Highlights: Subsequent to June 30, 2026, Sailfish cancelled 364,900 common shares on-market of which all had been previously purchased. Subsequent to June 30, 2026, the Company paid dividends relating to December 31, 2025 ($0.0125 per common share), March 31, 2026 ($0.0375 per common share) and June 30, 2026 ($0.0375 per common share). The dividend payments resulted in the issuance of 1,296,606 common shares under the Company's dividend reinvestment plan and total cash payments of $2,323,463. About Sailfish Sailfish is a precious metals royalty and streaming company focused on returning capital to shareholders with an industry leading dividend yield. Within Sailfish's portfolio are three main assets in the Americas: a gold stream equivalent to a 3% NSR on the San Albino gold mine (~3.5 sq. km) and a 2% NSR on the rest of the area (~134.5 sq. km) surrounding San Albino in northern Nicaragua; a 2% NSR on the Gavilanes Silver Project located in Durango State, Mexico; and an 11-year gold purchase agreement with Mako Mining Corp. Sailfish is listed on the TSX Venture Exchange under the symbol "FISH" and on the OTCQB under the symbol "SROYF". Please visit the Company's website at www.sailfishroyalty.com for additional information. For further information: Paolo Lostritto, CEO, tel. 416-602-2645 or Bryan McKenzie, CFO, tel. 604-443-3834. Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/311523

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 10 a.m. ET President and Chief Executive Officer - Jason Attew Chief Financial Officer of VP Finance - Fred Ruel Technical Services Expert - Brendan Pidcock Vice President, Project Evaluation - Guy Desharnais Operator: Good morning, ladies and gentlemen, and welcome to the OR Royalties Q2 2026 Results Conference Call. Please note that this call is being recorded today, August 6, 2026, at 10:00 a.m. Eastern Time. I would now like to turn the meeting over to our host for today's call, Mr. Jason Attew. Jason Attew: Good morning, everybody, and thank you for joining us on a busy earnings day. Please note that the news release and regulatory filings are available on our website and on EDGAR and SEDAR+. If you are logging into the webcast, we will advance the slides for today's presentation, which is also available in the Investors section of our website. Please also note there are forward-looking statements in this presentation from which actual results may differ and that all amounts presented and discussed will be in U.S. dollars unless otherwise noted. I'm joined on the call this morning by Fred Ruel, the company's Chief Financial Officer of VP Finance, amongst others, as indicated on Slide 3. Fred will take you through the financial results in a few minutes. Three things to take away from the second quarter. First, our portfolio did its job. Revenues of $97.8 million and operating cash flow of $83.2 million were both up 62% over the second quarter of last year on a 5% increase in gold equivalent ounces. That spread, 5 points of GEO growth producing 62 points of cash flow growth is the whole argument for this business model. $0.968 of every revenue dollar converted to cash margin this quarter, which is the best in the sector. Also, net earnings were up 94% to $0.33 per share. Second, capital. We closed on the Gold Fields royalty portfolio and the Spring Valley acquisitions, $335 million in total, funded largely from our revolver, which stood at $215 million drawn at quarter end. In July, we closed the Murray Brook stream as well. The second half's job is straightforward, continue to seek accretive opportunities for our owners. Third, guidance. First half deliveries were 43,497 gold equivalent ounces, which were up 12% over the first half of 2025 and has comfortably on track for our 80,000 to 90,000 GEO range for 2026. And I want to spend a minute on why that remains true after the news at Canadian Malartic. As most of you are aware, on July 1, a rock mass movement occurred along the north wall of the Barnat open pit at Canadian Malartic. Nobody was hurt, as Agnico described on its second quarter call last week, his monitoring systems were tracking the wall and mining in the area had already been suspended as a precaution. The systems worked exactly as designed. Here is the updated picture from that call. Roughly 1 million tonnes of move material will remain in place. Agnico will spend the third quarter building safety burns and access roads with mining in the affected area expected to resume in the fourth quarter. In total, approximately 370,000 ounces of gold are now considered inaccessible over the next 3 years, 60,000 to 80,000 ounces in the second half of 2026 and roughly up to -- up to roughly 150,000 ounces in each of 2027 and 2028. Agnico now expects full year production toward the lower end of its guidance range in Canadian Malartic, supplementing mill feed from low-grade stockpiles in the meantime. Most of you would have already updated your models for this event, but I will walk you through our math. Applying 5% to those figures means roughly 3,500 fewer GEOs to OR in 2026 and up to roughly 7,500 fewer GEOs in each of 2027 and 2028. So, call it 18,500 gold equivalent ounces over 3 years. This, of course, would be before any mitigation or recovery activities Agnico undertakes. Three things don't change because of this. Our 2026 guidance of 80,000 to 90,000 GEO stands. Our 2030 outlook of 120,000 to 135,000 GEOs is unaffected because Barnat was always scheduled to be mined out by 2028 or 2029. In Odyssey, the future of Canadian Malartic is untouched. It set a quarterly production record of 28,800 ounces. The first phase of shaft #1 sinking was completed in July at a depth of 1,586 meters and first shaft production remains on schedule for the second quarter of 2027. Agnico was clear on this call that its journey to 1 million ounces at Canadian Malartic by the early 2030s remain unchanged. I'd also note on a more sober subject that Canadian Malartic's second quarter included a 6-day mill shutdown following a fatal accident in April. Our thoughts remain with the family and colleagues affected, and we fully support Agnico's position that nothing at the operation matters more than the safety of its people. Two smaller items also moved against us. At CSA, concentrate sat on site at quarter end because of transport logistics, deferring some silver and copper GEOs into the second half. Harmony expects inventories to normalize over the balance of the year. And Mantos Blancos delivered fewer GEOs than in the first quarter, which we had flagged last quarter as silver grades were front-end loaded this year. Net of all this, we now expect the second half to be modestly lighter than the first. Barnat takes ounces out and the ramp-ups at Namdini, San Gabriel, Dalgaranga, Seabee and CSA put some back. Scoring ourselves against what we previously committed to, the 2026 guidance is on track, the 2030 outlook intact, and it still excludes any GEOs from the additional Spring Valley coverage or the Murray Brook transactions, both of which now have closed. So that outlook has contingency built in. One more thing on Malartic because it frames how we think about everything we own. Agnico's update on the path to 1 million ounces is now expected in November. And their Chief Operating Officer has publicly said that even at an expanded production rate, the life of mine could still extend out to 2060. Before Jean Sernin climbed off the moon in 1972, who was the last man to walk on it, he wrote his daughter's initials in lunar dust. Because there's no atmosphere up there, they're still there today. A royalty on a great ore body works the same way. Mine plans get revised, pit walls get redesigned, operators may come and go, the ore body and our royalty on it doesn't move. The announcement of the wall movement changes our near-term GEOs, but it changes nothing about what we own and our shareholders as well. Briefly across the rest of the portfolio, we received the first royalty payment from Dalgaranga this quarter. And at Namdini, our increased 2% royalty is becoming a significant contributor as the ramp-up hits its stride. Our portfolio currently boasts 23 producing assets and the 24th producing asset should be Cariboo Gold's Coiyu project in Brazil, with commissioning still on schedule for the fourth quarter. Slide 8 lists the catalysts ahead on assets representing over half our NAV. The 3 I'd watch out are Harmony's fiscal 2027 guidance expected this month with an updated mineral resource estimate and life of mine plan to follow later in the year. Also first gold at Amulsar in September, where our stream should begin accruing from first production ahead of its first payments expected in 2028, which is largely dependent on commodity price and the pace for which the operator, United Gold pays back their loan. And finally, an update from Agnico on Canadian Malartic's future now expected, as I said earlier, to be coming in November. On new business, the pipeline is active and our criteria has not moved. No nondilutive deals. We can afford that selectivity because our growth through 2030 is already bought and paid for with 0 contingent capital. Beyond that, we don't comment on transactions until they're signed. I'd like to hand it over to Fred to talk about our financial results. Frédéric Ruel: Thank you, Jason, and good morning, everyone. Revenues for the quarter were $97.8 million, up from $60.4 million a year ago, a 62% growth on 5% more GEOs driven by realized prices of $4,504 per ounce of gold and $17 per ounce of silver. Cash margin was $94.7 million or 96.8% of revenues, up from $57.8 million or 95.8% last year. Royalties, which carry essentially no cost, contributed $62.8 million of revenue, streams contributed $35 million. Net earnings were $61.4 million or $0.33 per basic share against $0.17 a year ago. Adjusted earnings were $60.5 million or $0.32 per share, up 78%. Cash flow from operations was $83.2 million, up 62%, $0.44 per share against $0.27 last year. And that per share line is the one we manage the business to. Turning to the balance sheet. We ended June with $75.6 million of cash and $215 million drawn on the credit facility for a net debt position of $139 million. The draw funded the Gold Fields and Spring Valley closings, and we also repaid $18 million on the credit facility during the quarter. On returns to shareholders, the Board raised the quarterly dividend by 18.2% to $0.065 per share in May, first paid on July 15. Our 47th consecutive quarterly dividend with approximately $300 million returned to shareholders through dividends today and a further $0.065 dividend has been declared payable October 15. Under the normal course issuer bid, we repurchased over 225,000 shares for $8 million during the quarter and a further approximately 1 million shares for $29.1 million in July, a total of roughly 1.6 million shares repurchased and canceled year-to-date. Subsequent to quarter end, we also closed the $28 million Murray Brook Precious Metals stream with Hennadton Copper together with a $4 million equity subscription. The initial $9 million was funded from cash on hand. And also in the third quarter, we expect to close the $15 million extension of our royalty coverage at Chile's Costa Fuego to include the new LaRonde discovery. Our capital allocation framework is unchanged, returns to shareholders through the dividend and buybacks as well as investment into precious metals royalties and streams with ongoing debt repayment being considered normal course, all prioritized in whatever order creates the most net asset value per share. In the first half, that meant new acquisitions, the second half, it could mean more opportunistic share repurchases. And as Jason mentioned, if we don't find and announce any accretive deals for our shareholders over this period, we'll look to reduce the debt drawn on our credit facility. And on this point, I'd like to flag that earlier this week, OR Royalties, along with the syndicate of supporting banks, officially amended its revolving credit facility to increase the amount available from $650 million to $850 million and the accordion from $200 million to $350 million. We also extended the maturity date from May 2029 to August 2030. Back to you, Jason. Jason Attew: Thank you, Fred. And with that, I'd like to thank you, Fred. And with that, I'd like to thank everyone for listening. We'll now open up the line for questions as well as questions posted on the webcast. We don't get to all the questions on the line, we'll make sure we'll respond offline. Back to you, Joelle. Operator: Your first question comes from Cosmos Chiu with CIBC. Cosmos Chiu: Maybe my first question is on Agnico Eagle and Barnat pit. And thanks, Jason, for giving us a very detailed description of potential impact to OR Royalties. I guess my question is, as you pointed out, issues at the pit, Agnico Eagle share price came down and OR share price also came down in sympathy. And I guess, any concerns about concentration risk? Canadian Malartic continues to be one of the largest or the largest royalty for your company, and it's going to grow in size and importance as it kind of channels towards 1 million ounces a year production. So Again, how should we look at it in the context of OR Royalties? And as time progresses, any concerns about concentration risk? Jason Attew: Thank you, Cosmos. It's a very good question and something certainly our Board and ourselves discussed this week. So we wouldn't have thought a few weeks back that Agnico Eagle, who's got an exceptional reputation as an operator, they're very good operator. They've really put on a master class as it relates to the Canadian Malartic, including the underground expansion. I mean the Odyssey is the future of certainly our company and certainly, again, the journey to 1 million ounces for Agnico. And we fully support, again, that operating group, their operational acumen, their technical acumen and the fact, again, this asset is in Quebec. So the short answer, Cosmos, no, we don't have any sort of issues or concerns around concentration risk. The concentration in terms of our net asset value, as you would be aware, because in your model, it's around 25% to 30% of NAV. So it's not 50%, 60% or what have you. But we're incredibly comfortable first where the asset is located in Quebec, a very supportive regulatory environment, exceptional workforce that's really endorsed and the technical acumen of the Agnico team, we have just a tremendous amount of comfort over. Yes, what happened was unfortunate, but there's a reason why they actually do have these systems in place to ensure that with a large open pit that any sort of rock mass movement is detected and Agnico took all the precautionary steps. And obviously, as you heard in my comments and Agnico's comments last week, nobody was hurt. And certainly, they're working through right now, again, as I said and what Agnico said last week, the focus will be on building perms, access roads and ensuring the safety of that pit when they go and reaccess it for mining go forward. So short answer is no. We don't have any real concerns or issues around concentration risk. This is the crown jewel in our portfolio. And as you rightly pointed out, as they make the journey to 1 million ounces, it is incrementally positive for our company. But excellent question. Thanks, Cosmos. Cosmos Chiu: And then maybe switching gears a little bit. You touched on your longer-term guidance your 2030 guidance, 120,000 to 135,000 ounces. And as you mentioned, that does not yet include Spring Valley, Murray Brook and maybe some of the other more recent acquisitions as well. So I guess, could you maybe, in words, qualitatively talk about how that could potentially change your 5-year or your 2030 outlook? And then in terms of the actual numbers coming out, are we going to have to wait until, say, February 2027 before we get your updated longer-term outlook? Jason Attew: Yes. Another excellent question. Thank you, Cosmos. So again, yes, our process is we update the market once a year in February in terms of our 5-year outlook. Obviously, through that year, our corporate development team has done an exceptional job of putting more accretive assets into our portfolio that have not been reflected in the 2030. Things that you mentioned such as our coverage to get to 6% NSR in Spring Valley, we think, is going to be very incremental to that outlook go forward. Things like Murray Brook, again, we have a tremendous amount of time and respect for that operating group and very accretive deal for ourselves as well, as we're seeing some really good positive momentum within our portfolio. You know the story of Island Gold. Namdini is also becoming a very good cornerstone royalty for us. As again, you would know that we picked up another the sister royalty that are going from 1% to 2% in that asset. So yes, the portfolio is growing. As you know, and you've commented on, we've got the best 5-year outlook with no contingent capital associated. When we do go and give our 2031 guidance in February, it will include a lot of the corporate development activity and activity that we see from positive deals with respect to our development assets. Cosmos Chiu: And maybe one last question. You made an incremental acquisition at Hot Chile, extending your 1% copper and 3% gold royalties to the La Verde project. Could you maybe just quickly educate us or at least me in terms of how the La Verde project compares to the main deposit? And what's the potential upside here? And if you can quantify it for me, that would be great. Jason Attew: I'm going to hand it over to Guy, who's going to give you -- obviously, he was the person that advocated for this on the geology and the prospectivity. Go ahead, Guy. Guy Desharnais Cosmos, thanks for asking that question. So I'll first point you towards what has been saying about the asset. Unfortunately, the public doesn't have a very clear view of what that asset can be because they don't yet have a fulsome resource estimation, whereas the rest of the project has a PFS. They're being very active in terms of the drilling right now to prove up the resources on that and following the initial resource, quickly get into some economic studies to enable a more fulsome picture of the 3 different deposits that will make up that central processing unit. What I'll say though is that if you look at the best drill holes at La Verde, they're quite similar to the best drill holes at Cordidera. And in terms of scale, it's hard to map out, but it will be a significant contributor. And I think there's a chance that La Verde would be the first of the 3 deposits to go into production. But we'll see. The drilling -- they're very active right now. The most recent drill holes are pretty impressive. So I'll have you go back and look at some of their disclosures. Operator: Your next question comes from Tanya Jakusconek with Scotiabank. Tanya Jakusconek: Just going to start, Jason, just finishing off on the guidance. Thank you for sharing that weaker second half versus the first half or lower second half versus the first half. Originally, it had been that the rest of the quarters were going to be evenly distributed. So with the removal of the ounces from the Canadian Malartic open pit, should I still be thinking that Q3 and Q4 should be similar? Jason Attew: Yes. Excellent question. Thank you for that, Tanya. So what I would say, and we obviously don't give quarterly guidance. We give annual guidance, but we did socialize the fact that prior to the rock mass fall at Barnat pit, we essentially, as you pointed out, our distribution from H1 to H2 was approximately the same. What you can think of is, again, given Barnat, in particular, is such a good contributor for our asset base and for our geos. As I mentioned earlier, Q3 is going to be from an activity perspective, focused on creating perms, access roads, again, safety at site before they start accessing to renew mining in Q4. So you can think modestly, I would say, modestly lower in Q3 with some -- certainly some potential tailwinds that we'll see in Q4, especially with the ramp-ups, as I mentioned earlier, at Dalgaranga and Namdini and those sort of assets. Q4 will be, I would say, modestly stronger than Q3. But at the end of the day, as I said earlier, we were tracking essentially H1 to H2, essentially around the same amount or equal amount of GEOs and then you have to subtract obviously, of the 3,500 that we don't expect to receive in this 2026 calendar year. I hope that provides some clarity for you. Tanya Jakusconek: Yes. No, that's fine. And then I just wanted to circle back on the debt. I know it was commented that we've got this debt outstanding. How should we be thinking about balancing the debt reduction, assuming no other deals, let's say, assuming no other transactions are completed, should we be thinking that this is besides paying off the -- providing the dividend and maybe some opportunistic share buybacks. Would the priority be to sort of reduce the dividend in 2027. Jason Attew: You said reduce the dividend or reduce the debt. You reduce the debt. So look, I think you're absolutely on point. From a capital allocation perspective, our job as a management team is essentially put accretive assets into the portfolio for our shareholders. That's obviously our first priority. We are generating, as you saw on an adjusted EBITDA basis, and we can get at these commodity prices close to USD 90 million per quarter. So that obviously is a very good run rate for us to pay down debt. But obviously, our business is to do accretive transactions. And so it's very normal course, as you know, across all our sectors. This is our model where we dip into our revolver and then pay it back with cash flow over time. So it's very normal course activity. Can you think that we will continue to reduce the $215 million that you see on our June 30 balance sheet. All that said, obviously, if we see accretive deals, we have the capacity, as Fred mentioned, we've increased our facility significantly here because we do see quite a bit of opportunities out there in terms of their opportunity set or pipeline. And then lastly, again, there was -- we believe there was a significant misprice when obviously the event that happened in Pemparna, and we acted very quickly to buy back shares. And that's all based on a NAV per share framework. We are constantly looking at it. So we could be opportunistic around buying shares back in the future if we again see a significant misprice dislocation in the marketplace is what we think the fundamental intrinsic value of our company is versus what's quoted in the marketplace. But to answer the question, yes, normal course is just to pay down debt as we generate cash flow. But obviously, rating and ranking accretive acquisitions if we see good accretive acquisitions for our shareholders, we'll step in and do that and fund it with debt. I don't know, Fred, if you wanted to add anything further? Frédéric Ruel: No. Tanya Jakusconek: Then Jason, just keeping on the transaction front. Maybe we can talk about whether this Canadian Malartic, the open pit -- the open pit overburden and failure of the North wall into the pit has changed your focus for transactions in the type that maybe you're looking now more for transactions that add immediate production? Or has anything changed there? Jason Attew: Again, excellent question, Tanya. So our focus or criteria around acquisitions have always been, and I think most folks and most of our competitors are producing assets. And absent that, certainly, our second big filter is assets in development or expansions that would actually provide us GEOs within our 5-year outlook. Those are the 2 big criteria that we look at and spend, I'd say, 90% of our time from a corporate development perspective looking at. So that hasn't changed. Obviously, again, it all comes down to value, and we just want to make sure that we're doing transactions that are not only smart transactions, but accretive transactions for our owners. Tanya Jakusconek: And are you seeing still the typical size of that $50 million to $300 million that we talked about in Q1? And is it Tier 1 jurisdiction that you're focusing on? Jason Attew: Yes. Our big filter is Tier 1 jurisdictions, Canada, the U.S. and Australia. I would say the ticket size in terms of what we're seeing in terms of the flow right now has increased. We're seeing some very large transactions come to the market that I know that all 5 of the major, including ourselves, the royalty and streaming companies are looking at. So I would offer to say that there's $1 billion transactions out there as well as kind of $500 million to $700 million that we're all taking a very close look at. Tanya Jakusconek: And would those be in the gold and silver? Jason Attew: Yes, they're precious metals. Operator: Your next question comes from Derick Ma with TD Cowen. Derick Ma: Thanks for the update on Amulsar. It's been a long road for that asset. Could you provide an update on how construction is progressing there and how United Gold has addressed some of those historic social and environmental concerns? Jason Attew: Yes. So I'm going to ask Brendan Pidcock, who's our technical services expert, who actually visited the site a year ago, correct? He'll give me an update because he's following it quite closely. Brendan Pidcock Yes. Thanks. Yes. So myself and another colleague went visited about 12 months ago. So the United team has done an exceptional job there, and they're tracking on budget more or less in terms of time and cost. The latest messaging coming out of them is first production mid-September. And then ramping up to full production probably first half of next year. Honestly, given the history of that project in terms of social challenges and challenges that are more immediate, in terms of the geopolitics and all the rest of it, hats off to that team really they've done an exceptional job in terms of multiple redundancies and I can't say enough about them really. So it's a good problem for us. And just further to that, Derick, as I think you appreciate and know, as they start producing gold ounces, those ounces will be accrued for us. The $150 million loan that they got from the Armenian government has to get paid back first before we actually start seeing realized GEOs or start getting payments in terms of what will hit our financial statements. And that, again, I think anyone can kind of do the math as they ramp up. As I said in the script earlier, we expected 2028. But if we do have some very robust commodity price, that could come late 2027. So we're very pleased, obviously, it's an asset that's gone through a workout. It's obviously had some historic challenges getting up and going, but we have a lot of confidence in this United Gold Group, and it will be a significant contributor to us 2028, 2029 because obviously, those accrued ounces will get -- I don't know if formulaic, they get paid back over a maximum 5-year period. So again, a very good contributor for us at the late end of this decade. Derick Ma: No, it would be a great contributor for sure. And sorry, just clarifying on that lump sum payment, not lump sum, the accumulated ounces that those -- so you have a 5-year period where you have elevated deliveries? Is that correct? Jason Attew: It gets spread out over 5 years. Yes, correct. That's correct. So we'll accrue them until, again, the $150 million loan is paid back and then it gets paid over -- those accrued ounces will get paid over 5 years. That's correct. Derick Ma: And your own loan gets paid back at that point in time as well. Jason Attew: Yes, that's correct. Operator: There are no further questions at this time. I will now turn the call over to management for closing remarks. Jason Attew: Great. Thank you very much, Joelle. Look, I really appreciate everybody's time and energy. I do understand that it's a very busy day in terms of earnings. But thank you for your time, and we look forward to doing this again in November. And for -- in the interim, enjoy the summer for everybody. Thank you very much. Operator: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Before you buy stock in Or Royalties, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Or Royalties wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Or Royalties. The Motley Fool has a disclosure policy. OR Royalties (OR) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in OR Royalties Inc.? Here are five stocks we like better. Strong second-quarter performance: Revenue and operating cash flow both rose 62% year over year to $97.8 million and $83.2 million, respectively, while adjusted earnings increased 78% to $60.5 million. First-half deliveries reached 43,497 GEOs, and full-year guidance of 80,000–90,000 GEOs was maintained. Canadian Malartic disruption creates near-term pressure: A rock-wall movement is expected to make roughly 370,000 ounces inaccessible over the next three years, potentially reducing OR Royalties’ GEOs by about 3,500 in 2026 and up to 7,500 annually in 2027–2028. Management said 2026 guidance and the longer-term outlook remain intact, with mining expected to resume in the fourth quarter. Expansion and shareholder returns continue: OR Royalties completed $335 million of acquisitions, added new royalty and streaming investments, raised its credit facility to $850 million, increased its quarterly dividend 18.2% to $0.065 per share, and continued share repurchases. Why Bloom Energy May Be the Most Important AI Infrastructure Stock OR Royalties (NYSE:OR) reported second-quarter revenue of $97.8 million and operating cash flow of $83.2 million, with both measures rising 62% from a year earlier as realized gold and silver prices increased and gold-equivalent-ounce deliveries grew 5%. President and CEO Jason Attew said the company delivered 43,497 gold equivalent ounces, or GEOs, during the first half of 2026, up 12% from the first half of 2025. The company maintained its full-year guidance for 80,000 to 90,000 GEOs and said its 2030 outlook of 120,000 to 135,000 GEOs remains unchanged. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling MarketBeat Week in Review – 07/20- 07/24 Chief Financial Officer and VP of Finance Fréd Ruel said second-quarter revenue increased from $60.4 million in the prior-year period, supported by realized prices of $4,504 per ounce of gold and $70 per ounce of silver. Cash margin totaled $94.7 million, or 96.8% of revenue, compared with $57.8 million, or 95.8% of revenue, a year earlier. Royalties contributed $62.8 million of revenue during the quarter, while streams contributed $35 million. Net earnings were $61.4 million, or $0.33 per basic share, compared with $0.17 per share a year earlier. Adjusted earnings totaled $60.5 million, or $0.32 per share, up 78% year over year. Operating cash flow was $83.2 million, or $0.44 per share, compared with $0.27 per share in the prior-year quarter. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Oracle Is One Step From Junk—Can It Afford the AI Boom? Attew said the company converted $0.968 of every revenue dollar into cash margin during the quarter. Management addressed the July 1 rock mass movement along the north wall of the Barnat open pit at Canadian Malartic. Attew said no one was injured and that Agnico Eagle’s monitoring systems had tracked the wall movement, while mining in the affected area had already been suspended as a precaution. → No Hangover: Revisiting Microsoft One Week After Earnings According to Attew, about 1 million tons of moved material will remain in place. Agnico is expected to spend the third quarter building safety berms and access roads, with mining in the affected area anticipated to resume during the fourth quarter. Attew said approximately 370,000 ounces of gold are now considered inaccessible over the next three years, including 60,000 to 80,000 ounces in the second half of 2026 and up to roughly 150,000 ounces in each of 2027 and 2028. Applying OR Royalties’ 5% interest to those figures implies approximately 3,500 fewer GEOs in 2026 and up to roughly 7,500 fewer GEOs in each of 2027 and 2028, before any mitigation or recovery work by Agnico. Despite the near-term impact, Attew said the company’s 2026 guidance remains intact and the longer-term outlook is unaffected because Barnat was already expected to be mined out by 2028 or 2029. He said Odyssey, which is expected to be the future of Canadian Malartic, set a quarterly production record of 28,800 ounces. The first phase of shaft No. 1 sinking was completed in July at a depth of 1,586 meters, and first shaft production remains scheduled for the second quarter of 2027. Attew also noted that Canadian Malartic experienced a six-day mill shutdown during the second quarter following a fatal accident in April. He expressed condolences to those affected and said the company supported Agnico’s emphasis on worker safety. OR Royalties said the second half of 2026 is expected to be modestly lighter than the first half. In addition to the Barnat disruption, concentrate transportation logistics at CSA deferred some silver and copper GEOs into the second half, while Mantos Blancos delivered fewer GEOs than in the first quarter because silver grades were weighted toward the beginning of the year. Management expects ramp-ups at Namdini, San Gabriel, Dalgaranga, CB and CSA to partly offset the impact. OR Royalties received its first royalty payment from Dalgaranga during the quarter, while the company said its increased 2% royalty at Namdini is becoming a more significant contributor as the operation ramps up. The company currently has 23 producing assets and expects Cabral Gold’s Cuiú project in Brazil to become its 24th producing asset, with commissioning still scheduled for the fourth quarter. Attew said the company expects updates later this year from Harmony, including fiscal 2027 guidance and an updated mineral resource estimate and life-of-mine plan. He also highlighted expected first gold at Amulsar in September. OR Royalties’ stream there is expected to begin accruing from first production, although first payments are currently expected in 2028 and depend largely on commodity prices and the pace at which operator United Gold repays its loan. The company closed the Gold Fields royalty portfolio and Spring Valley acquisitions during the quarter, totaling $335 million and largely funded through its revolving credit facility. OR Royalties ended June with $75.6 million of cash and $215 million drawn on its credit facility, for net debt of $139 million. The company repaid $18 million on the facility during the quarter. Subsequent to quarter-end, OR Royalties closed a $28 million Murray Brook precious-metals stream with Canadian Copper, along with a $4 million equity subscription. It also expects to close a $15 million extension of its royalty coverage at Chile’s Costa Fuego project to include the La Verde discovery. The board increased the quarterly dividend by 18.2% to $0.065 per share in May. A further $0.065-per-share dividend was declared and is payable Oct. 15. The company repurchased more than 225,000 shares for $8 million during the second quarter and about 1 million additional shares for $29.1 million in July. Earlier this week, OR Royalties increased its revolving credit facility to $850 million from $650 million, increased its accordion feature to $350 million from $200 million, and extended the facility’s maturity to August 2030 from May 2029. Management said it will continue to prioritize accretive royalty and stream opportunities, while considering debt repayment and opportunistic share repurchases if no suitable acquisitions are completed. OR Royalties PLC (NYSE: OR) is a closed-ended investment company that specializes in acquiring and managing royalty interests in life science and pharmaceutical products. The company provides capital to biotechnology, specialty pharmaceutical and medical device companies in exchange for a share of future sales revenues. By focusing on royalties secured against marketed products, OR Royalties aims to deliver income and growth potential while minimizing the development and commercialization risks typically associated with direct equity stakes. The company's core activities include sourcing royalty transactions, structuring bespoke financing solutions and actively monitoring a diversified portfolio of assets. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "OR Royalties Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved a 62% increase in revenue and operating cash flow on only 5% GEO growth, demonstrating the business model's high conversion of revenue to cash margin. Maintained 2026 guidance of 80,000 to 90,000 GEOs despite a rock mass movement at the Barnat open pit, which is expected to make approximately 370,000 gold ounces inaccessible over three years. Attributed the spread between production growth and cash flow growth to the sector-leading cash margin of $0.968 for every revenue dollar. Confirmed that the long-term 2030 outlook remains unaffected as the Barnat pit was already scheduled for depletion by 2028-2029, with the Odyssey underground expansion remaining the primary growth driver. Noted that second-half performance will be modestly lighter than the first half due to the Barnat impact, partially offset by ramp-ups at Namdini, San Gabriel, and Dalgaranga. Emphasized that the royalty model protects the company from operational redesigns and mine plan revisions, as the underlying ore body and royalty rights remain unchanged. Reiterated the 2030 production target of 120,000 to 135,000 GEOs, noting this outlook currently excludes recent acquisitions like Spring Valley and Murray Brook, providing built-in contingency. Anticipates first gold at Amulsar in September 2026, with royalty payments expected to begin in 2028 following the repayment of senior government loans. Prioritizes capital allocation toward accretive precious metals acquisitions and opportunistic share buybacks, with debt repayment serving as the default use of excess cash. Expects an updated mineral resource estimate and life of mine plan for Harmony in late 2026, which will serve as a key catalyst for over half of the company's Net Asset Value. Maintains a disciplined acquisition pipeline focused on Tier 1 jurisdictions, targeting transactions ranging from $50 million to over $1 billion. Closed $335 million in acquisitions during the quarter, including the Gold Fields royalty portfolio and Spring Valley, funded primarily through the revolving credit facility. Amended the revolving credit facility to increase available liquidity from $650 million to $850 million and extended the maturity to August 2030. Identified a fatal accident at Canadian Malartic in April that resulted in a six-day mill shutdown, emphasizing management's support for operator safety protocols over production volume. Reported temporary deferrals of silver and copper GEOs at the CSA mine due to transport logistics, with inventories expected to normalize by year-end. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management expressed full confidence in Agnico Eagle's technical acumen, stating that the Barnat wall movement was detected by monitoring systems as designed. Clarified that Canadian Malartic represents 25% to 30% of Net Asset Value, which management considers a manageable concentration given the Tier 1 jurisdiction of Quebec. Confirmed that the company updates its 5-year outlook annually in February, with the 2031 guidance expected in February 2027 to include recent corporate development activity. to include recent corporate development activity such as Spring Valley and Murray Brook. Noted that the current 5-year outlook is unique in the sector for having zero contingent capital requirements. Management observed an increase in the size of available market opportunities, with active reviews of precious metals transactions valued between $500 million and $1 billion. Reaffirmed the primary filter remains Tier 1 jurisdictions (Canada, U.S., Australia) and assets that provide production within a 5-year window. Reported that construction is on budget with first production expected mid-September 2026 and full ramp-up in the first half of 2027. Explained that accrued ounces will be paid out over a five-year period once the operator's $150 million government loan is satisfied.

MONTRÉAL, Aug. 05, 2026 (GLOBE NEWSWIRE) -- OR Royalties Inc. (“OR Royalties” or the “Company”) (OR: TSX & NYSE) is pleased to announce that the Company’s Board of Directors has approved a third quarter 2026 dividend of US$0.065 per common share. The dividend will be paid on October 15, 2026 to shareholders of record as of the close of business on September 30, 2026. This dividend is an "eligible dividend" as defined in the Income Tax Act (Canada). For shareholders residing in Canada, the Canadian dollar equivalent will be determined based on the daily rate published by the Bank of Canada on the record date or, if the Bank of Canada does not publish a rate on that date, on the most recent preceding business day. Dividend Reinvestment Plan The Company also wishes to remind its shareholders that it has implemented a dividend reinvestment plan (the “Plan”). Shareholders who are residents of Canada and the United States may elect to participate in the Plan in connection with the dividend to be paid on October 15, 2026 toshareholders on record as of September 30, 2026, and consequently benefit from the 3% discountoffered for the third quarter dividend. More details are available on OR Royalties’ website at http://ORroyalties.com/dividends/drip/. Non-registered beneficial shareholders who wish to participate in the Plan should contact their financial advisor, broker, investment dealer, bank or other financial institution that holds their common shares to inquire about the applicable enrolment deadline and to request enrolment in the Plan. For more information on how to enroll or any other inquiries, contact our transfer agent at 1-800-387-0825 (toll-free in Canada) or [email protected]. Participation in the Plan does not relieve shareholders of any liability for taxes that may be payable in respect of dividends that are reinvested in common shares under the Plan. Shareholders should consult their tax advisors concerning the tax implications of their participation in the Plan having regard to their particular circumstances. This press release is not an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. About OR Royalties Inc. OR Royalties is a precious metals royalty and streaming company focused on Tier-1 mining jurisdictions defined as Canada, the United States, and Australia. OR Royalties commenced activities in June 2014 with a single producing asset, and today holds a portfolio of over 200 royalties, streams and similar interests. OR Royalties’ portfolio is anchored by its cornerstone asset, the 3-5% net smelter return royalty on Agnico Eagle Mines Ltd.’s Canadian Malartic Complex, one of the world’s largest gold mines. OR Royalties’ head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2. Forward-looking statements Certain statements contained in this press release may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended, and “forward-looking information” within the meaning of applicable Canadian securities legislation. These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of performance. In this news release, these forward-looking statements may involve, but are not limited to, comments with respect to the directors and officers of the Company, information pertaining to the fact that all conditions for payment of the dividend will be met and that such dividend will continue to be an “eligible dividend” as defined in the Income Tax Act (Canada). Words such as "may", "will", "would", "could", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including that the financial situation of the Company will remain favourable. The Company considers its assumptions to be reasonable based on information currently available, but cautions the reader that its assumptions regarding future events, many of which are beyond the control of the Company, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Company and its business. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form of OR Royalties which is filed with the Canadian securities commissions and available electronically under OR Royalties’ issuer profile on SEDAR+ at www.sedarplus.com and with the U.S. Securities and Exchange Commission and available electronically under OR Royalties’ issuer profile on EDGAR at www.sec.gov. The forward-looking information set forth herein reflects OR Royalties’ expectations as at the date of this press release and is subject to change after such date. OR Royalties disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

Interested in OR Royalties Inc.? Here are five stocks we like better. Record first quarter results: OR Royalties reported record Q1 2026 revenue of $102.8 million and 22,740 gold equivalent ounces, with adjusted earnings per share up 125% year over year. The company remains on track to meet its full-year GEO guidance of 80,000 to 90,000 ounces. Dividend boosted and buybacks continued: OR raised its quarterly dividend by 18.2% to $0.065 per share after paying its 46th consecutive quarterly dividend. It also repurchased and canceled $12.9 million of shares during the quarter, underscoring management’s confidence in cash flow growth. Deal-making picked up sharply: After a quiet 2025, OR announced three transactions in Q1 and a fourth after quarter-end, committing $438.5 million to new royalty and streaming assets. Management said it remains disciplined on valuation and focused on Tier-1 jurisdictions and accretive growth. Sell in May and Go Away—Starting With These 3 Stocks OR Royalties (NYSE:OR) reported a record first quarter of 2026, with President and CEO Jason Attew saying the company is “off to an impressive start” as stronger production from its royalty and streaming portfolio combined with robust precious metals prices. The company earned 22,740 gold equivalent ounces, or GEOs, in the quarter, putting it on pace toward its annual guidance of 80,000 to 90,000 GEOs. Attew said OR expects “fairly balanced quarter-over-quarter GEO performance” through the remainder of 2026. → Rocket Lab Just Hit a New All-Time High—Time to Buy or Let It Breathe? Years in the Making, AMD’s Upside Movement Has Just Begun Quarterly revenue reached a company record of $102.8 million, while cash margin was 96.8%. Net earnings were $0.39 per basic common share, and adjusted earnings were $0.40 per basic common share, which Attew said represented a 125% increase from the first quarter of 2025. OR ended March with $94.9 million in cash and no debt, though Attew noted that several transactions announced during and after the quarter will change the balance sheet profile in the near term. → MP Materials Is Quietly Building a Rare Earth Powerhouse Bloom Energy May Be Solving AI’s Biggest Power Problem OR declared and paid a quarterly dividend of $0.055 per share in the first quarter, marking its 46th consecutive quarterly dividend. Attew said the company has returned more than $288.9 million to shareholders through dividends to date. Subsequent to quarter-end, the board approved an 18.2% increase to the base quarterly dividend to $0.065 per common share. The dividend is payable July 15, 2026, to shareholders of record as of June 30, 2026. → Micron Investors Face a High-Stakes Moment After the Latest Rally Attew said the increase reflects management’s confidence in “the consistency, predictability, and the anticipated growth” of current and future cash flows. In closing remarks, he also highlighted share repurchases, noting that the company bought back and canceled $12.9 million of OR shares during the quarter. Attew said 2025 was a year in which OR “chose to stay on the sidelines and exercise discipline” as commodity prices rose and management could not justify valuations or security terms on some opportunities. Activity accelerated in the first quarter of 2026, with the company announcing three transactions during the period, acquiring 13 new royalties and committing to deploy $438.5 million. A fourth transaction was announced after quarter-end. The company closed the $98.5 million acquisition of an additional 1% net smelter return royalty at Namdini in Ghana during the first quarter, funded entirely with cash on hand. OR also announced the acquisition of a portfolio of eight royalties from Gold Fields for $115 million, anchored by a 1.5% NSR royalty on Buenaventura’s producing San Gabriel gold and silver mine in Peru. Attew said the Gold Fields portfolio also includes assets the company sees as valuable, including a 2.25% net profit interest over the Aurora Discovery in British Columbia and a 2% NSR on the Paris project in Western Australia. After the quarter, OR closed a Spring Valley transaction in April, increasing its royalty on core claims to a 6% NSR from 3%. Attew said Spring Valley is estimated to enter production in 2028, with first meaningful payments expected in the 2030 calendar year. He said the asset could generate approximately 10,000 GEOs annually to OR after 500,000 ounces of gold have been recovered. The company also announced a Murray Brook transaction with Canadian Copper, which Attew described as a smaller deal with “outsized positive returns.” He said first production from the Murray Brook deposit, processed through the existing Caribou mill, could occur in late 2028 or early 2029. As of May 6, OR had 24 producing assets. Attew said nearly 75% of GEOs from key contributing royalties and streams came from Canada, the U.S. and Australia, which the company defines as Tier-1 mining jurisdictions. Including Chile would bring that figure closer to 90%, he said. Agnico Eagle’s Canadian Malartic was a strong contributor in the quarter, helped by higher grades and ore tons at the Barnat Pit. Attew also said production from the East Gouldie ramp began in March 2026, while construction of the first loading station remains scheduled for first production through shaft No. 1 in the second quarter of 2027. Attew noted that Agnico Eagle has indicated the mine life at Malartic “will probably extend to 2060,” compared with the previously stated mine life of 2042. At Mantos Blancos, sulfide mill throughput averaged 19,661 tons per day in the quarter despite a four-day planned maintenance shutdown, close to the 20,000-ton-per-day nameplate capacity. Attew said OR expects a stronger first half from Mantos Blancos, followed by a modestly softer second half due to expected silver grade variability. The CSA asset performed roughly in line with budget, though OR expects a weaker second quarter contribution because of Harmony’s disclosed one-month suspension to complete underground structural steelwork. Other notable contributors included the Sasa Mine in Macedonia and early benefits from OR’s 2% royalty interest at Namdini. While OR ended March debt-free, Attew said subsequent transaction closings will lead to a draw on the company’s credit facility. The $168 million Spring Valley transaction was funded through a facility drawdown, and the Gold Fields transactions are expected to close in the coming days, funded through a combination of cash and credit facility borrowings. The Murray Brook transaction is expected to require $9 million in initial cash outflows. After closing and funding the announced transactions, Attew said drawn debt on the facility should be approximately $230 million, with cash of just over $30 million. He said the company still has “sufficient liquidity to execute on new streams and royalties” as opportunities arise. In response to a question from TD Cowen analyst Derick Ma, Attew said OR had a $650 million revolving facility at quarter-end, with a $200 million accordion, though some of that capacity will be used for the announced transactions. He said the company could consider expanding the revolver or using other financing tools for a compelling opportunity, but said OR is not currently having those discussions. Asked about leverage, Attew said OR would not want to go “much past” 2 times debt-to-EBITDA for a significant transaction, though it could stretch to 2.5 times for an exceptional opportunity that would quickly generate GEOs and allow leverage to decline. During the question-and-answer session, Scotiabank analyst Tanya Jakusconek asked about OR’s deal pipeline. Attew said the company’s “sweet spot” remains transactions of roughly $50 million to $300 million, though the company is also seeing opportunities above that range, including some as large as $1 billion. Attew reiterated that OR will remain disciplined on valuation and structure. He said the company requires security that gives it a seat at the table if an asset underperforms or enters a restructuring scenario. He also said a parent or corporate guarantee could satisfy OR’s requirements in certain cases, and confirmed that arbitration rights are also important. Asked about jurisdictional risk, Attew said it would be “very off-brand” for OR to pursue a material transaction in a non-Tier-1 jurisdiction, citing the company’s focus on rule of law, established mining history and geopolitical stability. Attew said OR’s corporate development pipeline remains robust, with a focus on adding GEOs today or assets that can contribute to growth through 2030. “We have a strong desire to continue to grow the business by completing new and accretive transactions,” he said, while adding that OR is not seeking to do so “at any cost.” OR Royalties PLC (NYSE: OR) is a closed-ended investment company that specializes in acquiring and managing royalty interests in life science and pharmaceutical products. The company provides capital to biotechnology, specialty pharmaceutical and medical device companies in exchange for a share of future sales revenues. By focusing on royalties secured against marketed products, OR Royalties aims to deliver income and growth potential while minimizing the development and commercialization risks typically associated with direct equity stakes. The company's core activities include sourcing royalty transactions, structuring bespoke financing solutions and actively monitoring a diversified portfolio of assets. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "OR Royalties Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

MONTREAL, May 07, 2026 (GLOBE NEWSWIRE) -- OR Royalties Inc. (the “Corporation” or “OR Royalties”) (OR: TSX & NYSE) announces that, at the annual meeting of shareholders held on May 7, 2026, each of the 7 nominees listed in the management information circular filed on April 16, 2026 (the “Circular”) with regulatory authorities were elected as directors of the Corporation. There were 153,620,646 common shares present or represented at the meeting or 81.96% of the 187,441,610 common shares issued and outstanding on March 27, 2026, being the record date for the meeting. Election of Directors Based on the proxies received by the Corporation and the votes on a show of hands, the following individuals were elected as directors of the Corporation until the next annual shareholders’ meeting, with the following results: Appointment and Remuneration of Auditor Based on the proxies received by the Corporation and the votes on a show of hands, PricewaterhouseCoopers, LLP, Chartered Professional Accountants, was appointed as independent auditor of the Corporation for the ensuing year and the directors are authorized to fix its remuneration, with the following results: Approval of the Continuation of the Corporation’s Second Amended and Restated Shareholder Rights Plan Based on the proxies received by the Corporation and the votes on a show of hands with respect to the adoption of an ordinary resolution to approve the continuation of the Corporation’s Second Amended and Restated Shareholder Rights Plan, the results on this matter were as follows: Advisory Resolution on Executive Compensation Based on the proxies received by the Corporation and the votes on a show of hands with respect to the adoption of an advisory resolution accepting the Corporation’s approach to executive compensation, the results on this matter were as follows: About OR Royalties Inc. OR Royalties is a precious metals royalty and streaming company focused on Tier-1 mining jurisdictions defined as Canada, the United States, and Australia. OR Royalties commenced activities in June 2014 with a single producing asset, and today holds a portfolio of over 195 royalties, streams and similar interests. OR Royalties’ portfolio is anchored by its cornerstone asset, the 3-5% net smelter return royalty on Agnico Eagle Mines Ltd.’s Canadian Malartic Complex, one of the world’s largest gold mines. OR Royalties’ head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. OR Royalties (TSX:OR) is back in focus after reporting record first quarter earnings, supported by higher sales, stronger operating cash flow, an 18% dividend increase, and new royalty and asset acquisitions. See our latest analysis for OR Royalties. The earnings surprise and 18% dividend increase arrived alongside a 1-day share price return of 7.38% and a year to date share price return of 9.15%. The 1-year total shareholder return of 60.30% suggests momentum has been strong over a longer horizon. If OR Royalties has you looking more closely at precious metals, this can be a good moment to broaden your search with a screener focused on leading gold producers such as 29 elite gold producer stocks With record quarterly results, a higher dividend, and a 1 year total return above 60%, OR Royalties appears richly rewarded by the market. This raises the question of whether there is still upside on the table or if investors are already pricing in future growth. The most followed narrative pegs fair value for OR Royalties at about CA$62 per share versus the last close of CA$52.83, framing the current price as a discount to its cash flow potential under that scenario. Read the complete narrative. Curious what sits behind that fair value gap? The narrative leans on faster revenue expansion, rising margins and a future earnings multiple usually reserved for growth leaders. Result: Fair Value of CA$62 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, that upside view still leans heavily on partner projects ramping as expected and on precious metal prices holding up. Both of these factors can shift quickly. Find out about the key risks to this OR Royalties narrative. The fair value narrative suggests OR Royalties is about 15% undervalued at CA$52.83 versus a CA$62 fair value. Yet its current P/E of 35.2x is more than double the Canadian Metals and Mining industry at 16.1x and well above peers at 14.3x, which points to a richly priced stock and leaves you asking how much margin for error is really left. To stress test this, it is worth weighing the earnings based valuation against how the market prices similar companies and what that gap might mean for future valuation risk or opportunity, especially if expectations change from here, See what the numbers say about this price — find out in our valuation breakdown. Mixed signals so far, with strong recent returns on one side and a full looking valuation on the other, mean this is a good time to review the underlying data yourself and move quickly to a view you are comfortable with. You can start with 3 key rewards and 1 important warning sign If OR Royalties caught your attention, do not stop here. Cast the net wider so you are not missing stocks that may fit your goals even better. Target potential upside in quality companies by scanning 6 high quality undervalued stocks that combine solid fundamentals with prices that may not fully reflect their strengths. Strengthen your income stream by checking out 5 dividend fortresses that focus on higher yielding companies built around reliable cash generation. Prioritize resilience by reviewing 11 resilient stocks with low risk scores designed to spotlight stocks with steadier profiles and lower overall risk scores. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include OR.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]