OR Royalties Inc. (OR)

OR Royalties Inc. (formerly Osisko Gold Royalties Ltd) is a Canadian precious metals royalty and streaming company. It holds royalty, stream, offtake and other interests in mining properties operated by third parties, and earns revenue from them rather than operating mines itself. Its financial statements are presented in U.S. dollars under IFRS Accounting Standards. Its shares trade on the Toronto Stock Exchange and the New York Stock Exchange.

The portfolio is measured in gold equivalent ounces (GEOs), which combine royalties and streams. Silver ounces and copper tonnes received are converted to gold equivalents using average metal prices, and cash royalties and other commodities are converted by dividing the related revenue by the average gold price. The company provides 2026 guidance and a 5-year outlook on GEOs and cash margin. The only material mineral project identified is the Canadian Malartic Royalty, a net smelter return royalty on the Canadian Malartic Complex operated by Agnico Eagle, which covers the Canadian Malartic and Barnat open-pit mines and the Odyssey Underground Mine. Other holdings named in the text include the Cascabel Royalty and Cascabel Gold Stream, the CSA Silver Stream and CSA Copper Stream, the Gibraltar Silver Stream, and the South Railroad Silver Stream. The glossary also refers to Namdini, Dalgaranga and other projects, and to equity investments in mining companies.

The text does not describe the company's customers or end markets in detail. Its revenue depends on commodity prices, mainly gold, silver and copper, and on the production of the mine owners and operators, which include Agnico Eagle, Taseko, MAC Copper and Gold Fields.

OR Royalties is a Québec corporation governed by the Québec Business Corporations Act, with subsidiaries including OR Royalties International Ltd. It generally has limited or no access to the underlying properties and relies on public disclosure from the operators. It has a $650 million revolving credit facility maturing May 30, 2029, with an uncommitted accordion of up to $200 million. PwC is named as its external auditor. Competitors, suppliers and manufacturing are not covered in the text provided.