OR Royalties Inc. Q1 FY2025 earnings call

• In Q1 2025, Osisko earned 19,014 GEOs, on track for full-year 2025 guidance of 80,000 to 88,000 GEOs. Operating cash flows were $46.1 million at 97.1% cash margin. - Completed smaller transactions, ended Q1 with $63.1 million in cash and net debt reduced to over $10 million. - Declared and paid quarterly dividend of C$0.065 per share, then approved 20% increase to US$0.055 per share. - Published fifth edition of sustainability report 'Growing Responsibly' with progress in ESG pillars. - Canadian Malartic had good quarter, Mantos Blancos production slightly lower but throughput at nameplate capacity, Éléonore handover seamless. - Received first royalty payment from Bralorne, Nandimi in trial production with first meaningful payments expected in H2 2025. - Cariboo project had optimized feasibility study, fully permitted, needs project financing. - Bralorne added to 2025 GEO delivery range.

In Q1 2025, Osisko earned 19,014 gold equivalent ounces (GEOs). Quarterly revenues were $54.9 million. Gold equivalent ounces earned predominantly came from Canada, with over 93% from precious metals (67% gold, 26% silver) and the balance from copper. Operating cash flows for the period were $46.1 million at a cash margin of 97.1%.

• Osisko is on track to meet 2025 gold equivalent ounce delivery guidance of 80,000 to 88,000 GEOs. - Bralorne is now a paying contributor to the 2025 GEO range. - Cariboo project, once in steady state, could deliver 9,000 to 10,000 GEOs to Osisko via 5% NSR royalty.

Q: No questions at this time A: No questions to address