OR Royalties (OR) Investor presentation summary

Portfolio overview and growth outlook

• Senior-quality portfolio with 24 producing assets and over 200 royalties, streams, and offtakes, focused on precious metals and anchored by a 5% NSR royalty on a major Canadian asset.

• Peer-leading organic growth profile, targeting 50% attributable GEO delivery growth by 2030E (120,000–135,000 GEOs) with no contingent capital required.

• Highest concentration of producing assets in low-risk Tier-1 mining jurisdictions (Canada, USA, Australia), with 73% of 2025 GEOs from these regions.

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

• Market capitalization of $7.5B, 97% cash margin, and 0.65% dividend yield as of May 2026.

Business model and investment highlights

• 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 with predictable operating costs.

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

• Free upside to additional ounces found through exploration success at no extra cost.

Track record and financial performance

• Over 10 years of consistent growth in per-share metrics, including gold equivalent ounces earned and operating cash flow per share.

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

• $290 million returned to shareholders in dividends as of April 2026, with a quarterly dividend of $0.065 per share and ongoing share repurchases.