OR Royalties (OR) investor relations material

Portfolio profile

• 24 producing assets and 200+ royalty and stream interests; top 10 producing assets contribute ~90% of GEOs earned.

• 2026 GEO guidance of 80–90k; 2025 operating cash flow was $246M, 2025 cash margin was 97%, and dividend yield was 0.77% as of October 1, 2026.

• 73% of 2025 GEOs came from Tier-1 mining jurisdictions, versus 77% of NAV exposure; cash margin was 10.1 percentage points above the relevant peer average.

• H1 2026 GEO mix was 60.9% gold, 36.6% silver and 2.5% copper and other; 98% came from precious metals.

Royalty model and asset base

• Provides upfront capital for royalty or stream interests; operators fund and manage mine construction and operations, while payments continue over the asset life.

• Model highlights include diversified assets and cash flows, predictable operating costs, no mine-level capital requirements, and exposure to additional ounces discovered.

• Producing portfolio includes Canadian Malartic, Island Gold District, Mantos Blancos, CSA, Namdini, San Gabriel and Dalgaranga, among 24 assets.

Growth outlook and catalysts

• 2030 GEO outlook is 120–135k, representing 50% growth over 2026E at range midpoints, with no contingent capital required; outlook excludes potential incremental GEOs from expanded Spring Valley coverage and the Murray Brook stream.

• Canadian Malartic is expected to contribute 62% of 2026E GEOs and 79% of 2030E GEOs; the 2030 outlook includes a growing contribution from the asset.

• Near-term milestones include Canadian Malartic updates on the “Path to 1.0Moz Au” in November 2026, Windfall permitting and investment decisions in H2 2026, and Island Gold’s first-shaft commissioning targeted by year-end 2026.

• 2026 year-to-date transactions exceeded $480M, including additional Namdini and Spring Valley royalties, the Gold Fields royalty portfolio, and the Murray Brook precious metals stream.