OR Royalties (OR) investor relations material

Portfolio overview and growth outlook

• Holds a senior-quality precious metals portfolio with 24 producing assets and over 195 royalties, streams, and offtakes, anchored by a 5% NSR royalty on the Canadian Malartic Complex.

• Attributable gold equivalent ounce (GEO) delivery is projected to grow by ~50% to 120,000–135,000 GEOs by 2030, based on the current five-year outlook.

• 73% of GEOs in 2025 are expected from low-risk Tier-1 mining jurisdictions (Canada, USA, Australia), with a peer-leading cash margin of 97%.

• Strong balance sheet with $992 million in available liquidity as of December 2025, including cash and undrawn credit facilities.

• Market capitalization stands at $7.5 billion (C$10.4B), with a 0.55% dividend yield and a consensus P/NAV of 1.34x as of April 2026.

Business model and investment highlights

• Operates a simple, efficient royalty and streaming model with high asset and cash flow diversification and no capital cost requirements.

• Insulated from rising geopolitical risks and offers high leverage to gold prices.

• Focuses on disciplined capital allocation and pure-play precious metal royalty and stream investments.

• Delivers predictable operating costs and free upside to additional ounces found through exploration.

Asset quality and jurisdictional exposure

• Highest exposure to Tier-1 mining jurisdictions among peers, with 76% of NAV and 73% of 2025 GEOs from these regions.

• Peer-leading cash margin of 97% in 2025, outperforming the average of relevant peers by 10.1%.

• Top 10 producing assets account for ~90% of total GEOs earned, with a focus on gold and silver.

• Portfolio includes best-in-class partners and assets undergoing expansion, extension, or ramp-up.