OR Royalties Inc. Q1 FY2026 earnings call

• The company had an impressive start in Q1 2026 with royalties earning 22,740 gold equivalent ounces, on track with annual delivery guidance of 80,000 to 90,000 gold equivalent ounces. Ore royalties had record quarterly revenues of 102.8 million and were debt free at end of March. • Declared and paid quarterly dividend of 5.5 cents per share in Q1, with subsequent 18.2% increase to $0.065 per common share. • Activity picked up in Q1 2026 with three new transactions announced, acquiring 13 new royalties and committing to deploy 438.5 million, including deals like Nandimi with $98.5 million upfront closed in Q1, acquisition of Goldfields portfolio for $115 million, Spring Valley and Murraybrook transactions. • Highlighted performance of various assets like Agnico Eagle's Canadian Malartic, Mantos Blancos, CSA, Sassa mine in Macedonia, and early benefits of 2% royalty interest at Nandimi. • Greenfield projects in construction or advanced development included in five-year outlook, with updates on projects like Goldfields' Windfall and South 32's Hermosa Taylor development project. • Balance sheet: Debt free at end of March with ~95 million in cash, active in buyback program in Q1, and details on funding for recent transactions.

In the first quarter of 2026, ore royalties achieved record quarterly revenues of 102.8 million with a peer-leading cash margin of 96.8%. Royalties earned 22,740 gold equivalent ounces. Over 97% of geos earned came from precious metals, with gold at 57.5% and silver at just under 40%, remainder from copper. As of May 6, the company had 24 producing assets, with vast majority of key contributing royalties and streams from Tier 1 mining jurisdictions (at just under 75% in aggregate, including Canada, US, Australia; closer to 90% if including Chile as Tier 1).

• The company expects fairly balanced quarter-over-quarter geo performance through the rest of the 2026 calendar year. • Annual delivery guidance is 80,000 to 90,000 gold equivalent ounces. • Subsequent to quarter end, Board of Directors approved an 18.2% increase to the base quarterly dividend to $0.065 per common share payable on July 15, 2026. • Mentioned potential upside from projects like Baru Mining's proposed acquisition of the Eagle Gold Mine in the Yukon which could be additive to the five-year outlook.

• Mining industry can have unexpected events within assets or countries which could affect royalties, and the company needs security in contracts to have a seat at the table in case of issues. • Jurisdictional risks: Concerns about countries without established rule of law trying to extract more value through windfall taxes or increased royalties, which is why the company has a filter for Tier 1 jurisdictions for new transactions.

Q: Tanya Jakubek asked about the sweet spot of deal size and if there are opportunities in syndication and corporate transactions.

A: Tanya was told the sweet spot is between 50 million and 300 million US dollars, and there are opportunities ranging up to billion dollar transactions, and the company is open to syndication but is careful with shareholders' capital.

Q: Tanya also asked about critical security requirements.

A: The company needs security at the asset level, with a continuum of security, and in risk management, wants to have a seat at the table if something goes wrong.

Q: Derek Ma asked about liquidity and flexibility for larger transactions and jurisdictional risk.

A: There is sufficient liquidity under a revolving facility, with capacity to extend if needed, and the company has a filter for Tier 1 jurisdictions for new transactions as non-Tier 1 jurisdictions have risks like geopolitical and tax issues.

Q: Brian MacArthur asked about Almasar project.

A: Almasar is a legacy asset, not material to the overall 2030 outlook, and the company is open to selling the position if it's good for shareholders.