OR Royalties (OR) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues rose to $54.9M from $45.0M in Q1 2024, with 19,014 gold-equivalent ounces earned, down from 22,259 GEOs year-over-year, and a 97.1% cash margin.

• Net earnings increased to $25.6M ($0.14/share) from $11.2M ($0.06/share) in Q1 2024; adjusted earnings were $29.5M ($0.16/share) vs. $22.0M ($0.12/share) last year.

• Operating cash flows reached $46.1M ($0.25/share), up from $37.4M ($0.20/share) year-over-year.

• Quarterly dividend increased 20% to US$0.055 per share, payable July 15, 2025.

• Name change to OR Royalties reflects evolution to a fully independent, precious-metals-focused organization.

Financial highlights

• Royalty revenues: $36.8M; stream revenues: $18.1M for Q1 2025.

• Gross profit improved to $45.6M from $35.1M year-over-year.

• Cash at quarter end was $63.1M; net debt at ~$11.3M, with total debt at $74.3M.

• Net repayment of $19.6M on revolving credit facility in Q1; $30M additional repayment post-quarter.

• Available credit of $448M as of March 31, 2025, providing financial flexibility.

Outlook and guidance

• 2025 GEO delivery guidance reaffirmed at 80,000–88,000, with sequential improvement in deliveries expected through the year.

• Five-year outlook projects 110,000–125,000 GEOs by 2029, driven by existing assets, expansions, and new developments.

• Bralorne now included as a paying contributor for 2025; Caribou and Spring Valley projects could add future upside.

• Near-term catalysts include project financing at Cariboo, new life-of-mine plan at Island Gold, and accelerated production at Dalgaranga.