OR Royalties (OR) Q4 2024 earnings summary

Executive summary

• Achieved record annual revenues of $191.2 million in 2024, with gold-equivalent ounces (GEOs) delivered at 80,740, and record operating cash flows of $159.9 million, driven by strong precious metals prices and cornerstone royalties.

• Net earnings from continuing operations were $16.3 million, reversing a prior year loss, with adjusted earnings of $97.3 million ($0.52/share), and net earnings per share of $0.09.

• Ended 2024 with $59.1 million in cash and net debt of just under $35 million, after paying down nearly $85 million on its revolving credit facility.

• Deployed nearly $300 million in transactions for the second consecutive year, including major deals such as the SolGold Cascabel gold stream, Dalgaranga Royalty, and Gibraltar Silver Stream amendments.

• Declared and paid its 41st consecutive quarterly dividend, increasing the annual dividend to C$0.255 per share, with over CAD 360 million returned to shareholders to date.

Financial highlights

• Revenues rose to $191.2 million in 2024 from $183.2 million in 2023, with gross profit increasing to $151.8 million.

• Peer-leading cash margin of 96.5% in 2024, expected to rise to 97% in 2025.

• Net cash flows from operating activities were $159.9 million, up from $138.4 million year-over-year.

• Adjusted earnings per share grew to $0.52 from $0.40; reported EPS was $0.09, up from a loss of $0.20.

• Seventh consecutive year of cash flow per share increases.

Outlook and guidance

• 2025 GEO delivery guidance set at 80,000–88,000, with growth expected but at a less steep slope than previously anticipated and an average cash margin of ~97%.

• 2025 GEO deliveries expected to be back-half weighted (45% in H1, 55% in H2), with Q1 the weakest quarter.

• Five-year outlook to 2029 targets 110,000–125,000 GEOs, driven by asset expansions and new developments, but is lower than prior guidance due to the absence of the Eagle mine.

• All growth to 2029 is fully funded, with no contingent capital required.

• Guidance reflects consensus commodity prices and internal/external partner forecasts.