OR Royalties (OR) Major Asset Overview July 2025 Presentation summary

Portfolio overview and growth strategy

• Holds 22 producing assets, with a focus on precious metals and a 5% NSR royalty on a major Canadian gold complex.

• Attributable gold equivalent ounce (GEO) delivery is projected to grow ~40% by 2029, reaching 110-125k GEOs.

• 78% of GEOs are sourced from low-risk, Tier-1 mining jurisdictions such as Canada, USA, and Australia.

• Maintains a strong balance sheet with ~$860M in available liquidity as of June 2025.

• Portfolio includes 195 royalties, streams, and offtakes, with 80-88k GEO delivery guidance for 2025.

Financial performance and capital allocation

• Achieved a 10-year track record of growth in per-share metrics, including operating cash flow and NAV per share.

• 2024 cash margin reached 96.5%, with 2025E guidance at 97%.

• Dividend yield stands at 0.85%, with a consensus P/NAV of 1.52x as of July 2025.

• Committed or deployed ~$288M in capital in 2024, including major transactions in gold and copper streams and royalties.

• Demonstrates disciplined capital allocation, outperforming peers in accretive inorganic growth.

Key assets and operational highlights

• Canadian Malartic Complex: Anchored by a 3-5% NSR royalty, with long-term production visibility and significant exploration upside.

• Island Gold: High-grade, low-cost underground mine in Ontario, with ongoing expansion and a rising royalty rate.

• Mantos Blancos: Long-life open-pit copper mine in Chile, recently ramped up to 20ktpd with a Phase II expansion study underway.

• CSA: High-grade underground copper-silver mine in Australia, with operational improvements and a new mine (Merrin) coming online.

• Windfall: High-grade gold project in Québec, targeting first production in 2028 and offering substantial exploration potential.