OR · OR Royalties Inc.

OR Royalties delivered its strongest financial performance to date in 2025, with revenue surging 45% year-over-year to US$277.4 million and sustaining an exceptional 96.7% cash margin — underscoring the structural advantages of its royalty and streaming model, including low-cost, high-margin exposure to precious metals without direct operational risk. The absence of debt and US$142.1 million in cash at year-end provides significant strategic optionality for future accretive investments or shareholder returns. Management explicitly tied the Q1 2026 dividend increase to this financial strength and commitment to value creation, reinforcing confidence in recurring cash generation. Operationally, the Company met its 2025 GEO guidance (80,000–88,000) and anticipates modest growth in 2026, supported by maturing assets and publicly available production forecasts from operating partners. Governance developments — including Board refreshment (66% renewed over three years), enhanced ESG integration, adoption of a Climate Change Policy, and reduction of equity plan dilution from 4.1% to 1.6% — signal institutional maturity and alignment with long-term investor expectations. The filing serves both as a definitive earnings report and a formal notice of the upcoming annual meeting, where shareholders will vote on director elections, auditor appointment, rights plan continuation, and executive compensation — all critical governance matters for a company executing on a defined growth trajectory in Tier 1 jurisdictions.