OR Royalties Inc.

OR Royalties Inc. is a Canadian intermediate precious metal royalty company founded in 2014 and headquartered in Montreal, Quebec. The company's core business involves the acquisition and management of royalties, streams, and similar interests in precious metals and other commodities globally. Its mission is to capitalize on the increasing demand for gold and other precious metals through strategic investments in mining royalties.

The company's portfolio primarily consists of royalties in gold, silver, and diamond mines, structured as net smelter return royalties and streams. OR Royalties also holds options on offtake agreements, royalty/stream financings, and exclusive rights for future financing participation. A cornerstone asset in its portfolio is a 3-5% net smelter return royalty on the Canadian Malartic Complex, recognized as one of Canada's largest gold mines. The company maintains a North American-focused portfolio comprising over 195 royalties, streams, and precious metal offtakes, with more than 22 producing assets.

Jason Attew serves as the President and CEO of OR Royalties Inc. In recent news, the company reported record 2025 results, with revenues of $277.4 million, operating cash flow of $245.6 million, and net earnings of $206.1 million ($1.10 per share). Recent strategic activities in 2026 include the acquisition of a portfolio of royalty assets, including a 1.5% net smelter return royalty on Buenaventura's San Gabriel Mine, and an additional 1.0% net smelter return royalty on the Namdini Gold Mine in Ghana. The company also announced preliminary Q1 2026 gold equivalent ounce deliveries and share repurchases totaling C$17.7 million. BlackRock Portfolio Management LLC recently disclosed an 8.0% stake in OR Royalties.

Latest updates

OR Royalties Exits Osisko Metals, Boosts Portfolio with Asset Updates

Event summary

  • OR Royalties sold its entire stake in Osisko Metals for approximately $34.8 million in net proceeds.
  • Island Gold’s expanded mine plan now includes 5.1 million ounces of gold reserves and targets throughput increases to 2,400 tpd in early 2027.
  • Ramelius Resources delivered first ore from the Never Never deposit at Dalgaranga a month ahead of schedule, with exploration results indicating potential for further expansion.
  • Glenburgh’s exploration program is fully funded and has identified a new high-grade discovery corridor.
  • PricewaterhouseCoopers entered into an exclusivity agreement with Boroo Pte Ltd. to negotiate the acquisition of the Eagle Gold Mine.

The big picture

OR Royalties’ strategic sale of its Osisko Metals stake demonstrates a focus on optimizing its portfolio and prioritizing assets with higher royalty rates and development potential. The company’s diversified portfolio, spanning multiple jurisdictions and commodities, provides resilience against commodity price volatility and operational risks. The ongoing development and expansion projects across its portfolio, particularly at Island Gold and Dalgaranga, are expected to drive future revenue growth and enhance shareholder value.

What we're watching

Royalty Transition
The shift of production from the 1.38% NSR royalty coverage to higher royalty boundaries at Island Gold will be a key driver of future revenue for OR Royalties, and the timing of this transition warrants close monitoring.
Eagle Restart
The success of Boroo’s acquisition and restart of the Eagle Gold Mine will be crucial, as it represents a significant potential upside for OR Royalties’ 5% NSR royalty.
Shaakichiuwaanaan
The ESIA approval process for the Shaakichiuwaanaan lithium project will be a critical milestone, and delays could impact the timeline for OR Royalties’ 2.0% lithium royalty.
CID: 2115