OR Royalties (OR) Corporate presentation summary

Portfolio overview and growth outlook

• Holds a senior-quality precious metals portfolio with 24 producing assets and a peer-leading organic growth profile, targeting 50% attributable gold equivalent ounce (GEO) delivery growth by 2030E (120-135k GEOs).

• 73% of GEOs in 2025 are sourced from low-risk Tier-1 mining jurisdictions (Canada, USA, Australia), with the highest concentration of producing and development assets among royalty peers.

• Maintains a strong balance sheet with ~$945 million in available liquidity as of March 31, 2026, and a disciplined capital allocation strategy.

• 97% cash margin business in 2025, with a market capitalization of $7.4B and a dividend yield of 0.55%.

• Over 195 royalties, streams, and offtakes, with 80,775 GEOs delivered in 2025.

Business model and investment proposition

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

• Insulated from geopolitical risks and offers high leverage to gold prices with predictable operating costs.

• Focuses on pure-play precious metal royalty and stream investments, maintaining a disciplined approach to capital allocation.

• Provides free upside to additional ounces found through exploration by partners.

Track record and financial performance

• Demonstrates a 10+ year track record of consistent growth in per-share metrics, including gold equivalent ounces earned and operating cash flow per share.

• Consensus NAV per share has steadily increased, reaching $15.87 by 2025.

• Over $279 million returned to shareholders in dividends as of January 2026, with a 22% dividend increase in 2025 and ongoing share repurchases.