OR Royalties (OR) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenues of $71.6 million, up 71% year-over-year, and earned 20,326 GEOs, a 3% increase over Q2 2025 and up from 18,408 GEOs in Q3 2024.

• Cash flows from operating activities rose 87% year-over-year to $64.6 million, with net earnings of $82.8 million ($0.44 per share), aided by a $54 million non-cash gain from Osisko Development investment revaluation.

• Ended Q3 with $57 million in cash and a debt-free balance sheet for the first time in over a decade.

• Declared a quarterly dividend of $0.055 per share, marking the 44th consecutive quarterly dividend.

• Paid $10 million milestone to SolGold and received $49 million from the sale of CSA Copper shares after Harmony Gold's acquisition.

Financial highlights

• Revenues reached $71.6 million in Q3 2025, up from $42.0 million in Q3 2024.

• Net earnings were $82.8 million ($0.44 per share), up from $13.4 million ($0.07 per share) year-over-year.

• Adjusted earnings were $42.3 million ($0.22 per share), compared to $21.2 million ($0.11 per share) in Q3 2024.

• Cash margin for the period was 96.7%.

• Cash flows from operating activities were $64.6 million ($0.34 per share), up from $34.6 million ($0.19 per share) in Q3 2024.

Outlook and guidance

• Tracking toward the midpoint of 2025 GEO guidance (80,000–88,000), with Q4 expected to be the strongest quarter.

• Five-year outlook targets 110,000–125,000 GEOs by 2029, with growth driven by Dalgaranga, Mantos Blancos, and Namdini.

• Management expects first gold production at Dalgaranga in early 2026 and further optimization at CSA mine.