OR Royalties (OR) Analyst & Investor Day 2025 summary

Strategic direction and business model

• Focused on sustainable growth as a pure-play precious metals royalty and streaming company, with 22 producing assets and a highly efficient, scalable business model.

• 80% of NAV and cash flows come from Canada, Australia, and the U.S., emphasizing best-in-class jurisdictional exposure.

• Maintains a disciplined approach to capital deployment, prioritizing long-term value creation and risk management.

• Recent deleveraging journey resulted in $120 million in cash and no debt, providing strong investment capacity.

• Dividend per share has increased by 150% since 2014, with a 20% payout ratio and capacity for further increases.

Financial guidance and growth outlook

• Five-year growth profile is fully funded, targeting 40% growth from the current base, with no contingent capital required.

• Key growth assets include Canadian Malartic, Mantos Blancos, Dalgaranga, and Island Gold, with several development projects advancing toward production.

• Outperformed the Mag 7 index by nearly 70% over the past two years, with sector returns matching leading global benchmarks.

• Maintains a 97% cash margin for the first nine months of 2025 and expects effective tax rates of 18-21% in coming years.

• $1 billion in liquidity available for new investments, with a focus on accretive, disciplined transactions.

Asset and portfolio updates

• Canadian Malartic remains a cornerstone asset, with ongoing expansion studies and potential for additional shafts to support long-term production growth.

• Mantos Blancos operating at steady-state, with a phase II expansion to 27,000 tpd under PFS, targeting first production by late 2028 or early 2029.

• Dalgaranga to become a key contributor, integrated into Mount Magnet hub, with significant exploration and production ramp-up planned.

• Portfolio includes high-margin, low-cost assets, with 84% of mines in the top half of the industry cost curve.

• ESG due diligence is rigorous, with over $350 million in deals rejected in 2024 for not meeting standards; community investments have grown over 50% year-over-year.