OR Royalties Inc

OR Royalties, Inc. engages in the acquisition, mining, and exploration of precious metals, streams, and other royalties. It holds interests in the Canadian Malartic mine. The company was founded on April 29, 2014 and is headquartered in Montreal, Canada.

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Analysis

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Financials

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Information

Key Information

Legal Entity

OR Royalties Inc

Sector

Precious Metal

Founded

July 6, 2016

Employees

124

Reporting Currency

USD

Contact Phone

15149400670

Website

orroyalties.com

Headquarters Address

100 Avenue des Canadiens-de-MontrEal , Montreal , QC H3B 2S2 , CA

Identifiers

CIK

0001627272

ISIN

CA68390D1069

CUSIP

68390D106

Commodity Portfolio

AU Gold Primary

Stock Exchanges

OR NYSE • USD

OR:NYSE

Organization

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Management team and industry partnerships.

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Videos

Franco-Nevada Has $4.3 Billion And Nowhere To Put It | Q2 2026 Earnings

The Deep Dive

about 2 months ago

Key Highlights

brief

The host notes OR Royalties deployed $335 million on Taraco and a Goldfields portfolio during the same three-month window.
OR returns about 27% of free cash flow to shareholders versus roughly 16% at Franco-Nevada.

Franco-Nevada holds $4.3B of available capital, debt-free, but deployed just $84M on deals in Q2 while rivals deployed $5.4B. The stock trades at a 23% EBITDA premium to royalty peers, pricing in future deal flow rather than the cash itself. If IAMGOLD exercises its Côté royalty buyback, available capital could exceed $4.8B; management prefers a higher ordinary dividend over a special. Q2 missed EPS estimates at $1.81 versus a $1.96 consensus as gold averaged $4,517/oz, but half-year revenue and EBITDA set records. Cobre Panama stockpile deliveries restart in Q3, adding 9,000–10,000 GEOs (gold-equivalent ounces) of optionality not in consensus models.

Rick Rule: Copper Has WAY More Potential Than Gold

VRIC Media

2 months ago

Key Highlights

brief

Rick names OR Royalties among the second-tier royalty companies he expects to participate in syndicated streaming deals led by Franco-Nevada and Wheaton for copper development.

Major copper producers need roughly $250 billion just to hold production steady — and they don't have the capital, opening a financing boom for streamers. Wheaton Precious and Franco-Nevada could be the biggest winners — silver byproducts from copper mines earn much higher multiples inside a streamer. Rule is rotating out of Franco, Wheaton, and Agnico into smaller, more speculative juniors to front-run the coming M&A wave. Most majors face a five-year depletion problem — only Agnico and Goldfield, Rule says, have near-term production covered. A red flag in royalty M&A: rapid capital deployment without a structural edge usually signals overpayment, not bargain hunting.

Live Q&A with Rick Rule and Steve Barton

Rule Investment Media

2 months ago

Rising price is not the same as rising value; resource cycles typically run years, so time preference matters as much as entry timing. Focused copper producers like Southern Copper deliver more leverage than diversified majors such as BHP or Rio Tinto treat copper as a side business. Resource category confidence (measured and indicated versus inferred) and on-site infrastructure matter as much as headline ounces when comparing deposits. Royalty and streaming businesses reward patient capital over years; the next big deals will likely syndicate into bite-sized opportunities for tertiary players. Asymmetric exploration bets work only when the loss is affordable, with Rule framing NG Energy as a possible ten-bagger against a 30 to 50% loss.

Silver Tiger Metals – Visual Construction Update At El Tigre - First Gold/Silver Pour- December 2027

The KE Report

2 months ago

Key Highlights

brief

Jessome says the group's newest company struck a deal with OR Royalties to reduce the royalty and stream sitting on the San Antonio asset.

Silver Tiger's El Tigre heap leach mine is on schedule for a December 2027 first gold and silver pour. The guest's PEA (Preliminary Economic Assessment) puts the underground mine above 100% IRR with roughly one-year payback. Capex is low because the 1930s workings already provide development, and no open-pit sterilization delay applies. Exploration north of the pit targets untested veins, with assays from about 30 holes due in coming months. Mexico's permitting mood has thawed, with permits landing for Silver Tiger, GoGold and Axo Metals within about a year.

Summit Royalties – US$50 Million Revolving Credit Facility Sets Up Future Transactions and Growth

The KE Report

3 months ago

Key Highlights

brief

Cited by the guest as a larger peer for whom sub-US$50M deals do not materially move the needle — the size band Summit is positioning itself to transact on

Summit Royalties (TSXV: SUM) secured a US$50M revolving credit facility from National Bank of Canada to fund future royalty and stream acquisitions without diluting shareholders. Management plans to target cash-flowing or near-production royalties that fall below larger peers' minimum deal sizes, banking on multiple small accretive deals compounding NAV. Two development-stage assets — Copperstone (a 4% gold stream in Arizona) and Patangi in Brazil — are projected to drive revenue and GEO growth into 2027. Trading around 0.6x NAV means the credit line's all-in cost sits well below the company's implied cost of equity, making funded deals inherently accretive. Four producing royalties — Madsen (West Red Lake), Bombore (Orazone), Zancudo (Daenerys Metals) and Keysbrook (Iwatani) — still carry embedded growth as operators ramp up throughput.

Sean Roosen, CEO of Osisko Development Corp. | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media

5 months ago

Key Highlights

brief

The guest says the royalty company spun out of Osisko Gold Royalties was listed the following day at a $500 million market cap and now trades between $10 billion and $11 billion.
He says that royalty vehicle was used to create Osisko Mining 2, which was later sold for $2.18 billion, funding the wider Osisko pipeline.

Osisko Development is in pre-construction on Caribou Gold, targeting 200,000 ounces a year from 2028 in central British Columbia. Phase one costs $653 million against $3.2 billion of net present value at $4,500 gold, clearing a 2-to-1 value-to-capital test. Roosen says the company trades near $1.4 billion, raised $885 million since spring 2025, and needs $350 million at final decision. The Osisko playbook — buy low, build, sell — turned an $88,888 property purchase into a $4.1 billion sale to Agnico. The host frames permitted depth as the edge, since new ounces drilled below existing workings skip most approval work.

Jason Kosec and Jonathan Awde of Hemlo Mining Corp. | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media

5 months ago

Key Highlights

brief

Kosec says the Caribou Camp his team reinterpreted was sold to Osisko Gold Royalties, the company now listed as OR Royalties.

A veteran management team bought Hemlo — Canada's preeminent historic gold mine — from Barrick, betting decades of underinvestment left value behind. The mill runs at 3,800 of 10,000 tons per day; a planned $130 million investment aims to lift output toward 200,000 ounces a year. Barrick ran Hemlo as a rounding error — about 5% of output — spending $2 million on exploration where the new owners plan $38 million. The sellers' technical report shows a 14-year mine life, about 140,000 annual ounces, and $1.1 billion NPV5 (value discounted at 5%) at $2,610 gold. A 130,000-metre drill program targets an updated technical report in mid-2027; management says it has over $40 million of its own money invested.

Jason Attew, President & CEO of OR Royalties | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media

5 months ago

Key Highlights

detailed

The guest argues OR Royalties still trades at attractive multiples versus mid-tier and large-cap royalty peers after only two years as a pure play, and expects the gap to close as it delivers its business plan.
He says the portfolio is modeled to deliver 120,000-135,000 gold equivalent ounces by 2030 — roughly 50% top-line growth on the 2025 base — with that growth already bought and paid for.
OR sat out 2025's record royalty-sector M&A, closing just $25 million of roughly $9.3 billion in deals, then deployed close to half a billion dollars across four royalty acquisitions in the six weeks before the interview.
The company went debt-free in September 2025 and announced an 18% dividend increase with results days before the interview, after an 18% raise the prior year and 8% in Attew's first year.
Everything is judged on a per-share basis: management's long-term compensation is tied to commodity-price-normalized cash flow and NAV per share, and the company has been buying back shares.

OR Royalties holds royalties rather than streams in safe jurisdictions, earning near-97% cash margins because royalty holders receive revenue without paying mine costs. Its cornerstone royalty is a 5% NSR (net smelter return — a cut of mine revenue) on Canadian Malartic, with operator guidance of life to 2060. CEO Jason Attew grades every acquisition on a per-share basis and walked away from 2025's $9.3 billion royalty deal wave rather than overpay for scale. Four early-2026 royalty deals — from Gold Fields, in Ghana, and at Nevada's Spring Valley — deploy about $500 million from a debt-free balance sheet. Attew argues OR still trades below mid-tier and senior peers on most financial metrics, with catch-up expected as commodity-price-adjusted per-share growth delivers.

Articles

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OR Royalties: Sitting Out 2025's $9.3 Billion Deal Wave, Then Half a Billion in Six Weeks

OR Royalties CEO Jason Attew told Rick Rule the company sat out 2025's $9.3 billion royalty-sector deal wave, went debt-free, then deployed close to $500 million on royalty acquisitions in six weeks — anchored by the 5% Canadian Malartic NSR, which delivers revenue free of capital and operating costs.

5 months ago

Jason Attew, President & CEO of OR Royalties | Rule Symposium 2026: Rick Rule interviews

Read article

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