OR · OR Royalties Inc.

OR Royalties delivered a strong preliminary performance for the first quarter of 2026, achieving a quarterly record in revenues. The Company earned 22,740 attributable gold equivalent ounces (GEOs), translating into preliminary revenues of $102.8 million. This represents a significant increase from the $54.9 million reported for the same period in 2025, largely driven by robust metal prices, with the average gold price reaching $4,873 per ounce compared to $2,860 in the prior year period. The Company's low-cost operating model was evident in its cost of sales (excluding depletion) of only $3.3 million, resulting in a substantial cash margin of approximately $99.5 million, or 96.8% of revenues.

Financial flexibility remains a cornerstone of the Company's position. As of March 31, 2026, OR Royalties held a cash position of approximately $94.9 million. This balance was maintained after deploying $12.9 million (C$17.7 million) for share repurchases under its normal course issuer bid and funding the closing of the additional Namdini 1.0% net smelter return royalty transaction. The Company's liquidity is further underpinned by an undrawn $650.0 million revolving credit facility, supplemented by an uncommitted accordion of $200.0 million.

Strategic portfolio management was highlighted by the partial monetization of the Cascabel interest. In February 2026, the Company's subsidiary, OR Royalties International Ltd., received a one-time payment of 4,290 ounces of gold (subject to a transfer price) valued at approximately $17.5 million following the exercise of an option by SolGold plc and Jiangxi Copper Company Limited to buy back 50% of the Cascabel gold stream. Looking ahead, management expects to close previously announced transactions to acquire a portfolio of royalty assets from Gold Fields Limited and a basket of royalties covering Spring Valley from Sailfish Royalty Corp. early in the second quarter of 2026.