OR Royalties (OR) Analyst & Investor Day 2025 summary

Strategy and portfolio

• Pure-play precious metals royalty and streaming model; 145 assets, including 20 producing, with 94.5% of Q1–Q3 2025 GEOs from precious metals and the top 10 producers contributing ~90% of GEOs.

• 80% of NAV and cash flows from Canada, Australia and the U.S.; 84% of mines are in the top half of the industry cost curve.

• Since November 2023, governance and strategy were improved and simplified, Tier 1 jurisdiction NAV exposure increased, and Dalgaranga’s GRR and a syndicated Cascabel stream were added.

• Disciplined capital deployment prioritizes long-term value creation, risk management and accretive transactions.

Growth outlook

• 2025 GEO guidance is 80,000–88,000 oz AuEq; 2029 outlook is 110,000–125,000 oz, representing 40% growth over 2025E at midpoint with no contingent capital required.

• Growth is expected from existing assets, expansions and development projects, with exploration and longer-term optionality also contributing.

• Near-term catalysts include Windfall’s updated feasibility study and FID targeted for H1 2026, and Dalgaranga production through the Mt Magnet hub targeted from H1 2026.

• Potential additional GEO growth depends on decisions expected through February 2026 for Spring Valley, Cariboo, Upper Beaver, Amulsar, South Railroad, Eagle and Cascabel.

Key asset developments

• Mantos Blancos reached steady-state throughput of 20 ktpd in late 2024; Phase II studies target 27 ktpd, with a PFS expected in H1 2026 and expansion production possible in 2028, subject to approval.

• Mantos Blancos 2025 silver deliveries are tracking at 12,000–12,600 GEOs; higher-grade areas were accessed in H2 2025, and near-mine exploration targets 110–130 Mt of sulphide resources.

• Island Gold’s Q4 2025 expansion study is expected to assess resource conversion, potential Magino mill expansion to 18–20 ktpd and higher Island Gold throughput; initial shaft capacity is 5,500 tpd.

• Canadian Malartic drilling tests extensions below the current mine plan; second-shaft production is forecast in the early 2030s, with a study update expected in 2027. A potential third shaft remains longer-term optionality.

• Dalgaranga is being integrated into the Mount Magnet hub, with significant exploration and a production ramp-up planned.