OR Royalties (OR) Investor presentation summary

Portfolio overview and growth outlook

• Holds a senior-quality precious metals portfolio with 23 producing assets and over 200 royalties, streams, and offtakes, anchored by a 5% NSR royalty on a major Canadian mine.

• Peer-leading organic growth profile, targeting 50%+ attributable GEO delivery growth by 2030 (120,000–135,000 GEOs), with 2026 guidance at 80,000–90,000 GEOs.

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

• Strong balance sheet with $985 million in available liquidity as of August 2026, including cash and undrawn credit facility.

• High asset and cash flow diversification, no capital cost requirements, and disciplined capital allocation.

Asset performance and key operations

• Canadian Malartic Complex is a cornerstone asset, with production guidance of 515koz in 2026 and 585koz in 2028; Shaft #2 could add 10–15k GEOs annually from 2033.

• Island Gold District expansion to be completed by Q4 2026, supporting higher mining rates and a blended royalty rate of ~2.34% NSR.

• Top 10 producing assets account for ~90% of total GEOs earned, with 98% of H1 2026 GEOs from precious metals.

• New transactions in 2026 include increased royalty coverage on Spring Valley, a new stream on Murray Brook, and additional royalties on Namdini and San Gabriel.

• High-quality development pipeline includes projects like Windfall, Cariboo, Amulsar, Hermosa/Taylor, and Marimaca, with several assets expected to begin production by 2028–2030.

Financial performance and capital allocation

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

• Over $300 million returned to shareholders in dividends since inception, with a current quarterly dividend of $0.065 per share and a dividend yield of 0.81%.

• 9.5 million shares repurchased (~$130 million) since inception, with ongoing buybacks in 2025 and 2026.

• Balance sheet as of June 2026: $75.6 million cash, $129.7 million equity investments, $215 million debt, and $956 million available credit.

• Peer-leading cash margin of 97% in 2025, earning ~$0.97 of every dollar of revenue generated.