OR Royalties Reports Strong Q3 2025, Eliminates Debt

OR Royalties Inc. has announced its consolidated financial results for the third quarter of 2025, reflecting a significant turning point for the company. As of September 30, 2025, OR Royalties has successfully paid off its remaining balance on its revolving credit facility, marking its first period without debt in over a decade. The company’s liquidity profile stands at approximately $1 billion, positioning it well for future growth opportunities.

The announcement came during a conference call on November 5, 2025, where Jason Attew, President and CEO of OR Royalties, expressed optimism about the company’s financial health. He stated, “The strength of our third quarter cash flows has enabled us to pay off the remaining balance of our revolving credit facility. We are debt free for the first time in 10+ years.” This financial milestone underscores the company’s commitment to disciplined growth and strategic investment.

Key Developments and Future Prospects

The company is particularly excited about the recent Dalgaranga Integration Study released by Ramelius Resources, which indicates that first gold production is expected in early 2026. This project is anticipated to play a crucial role in Ramelius’ goal to produce 500,000 ounces of gold over the next five years. In addition to this, OR Royalties has welcomed Harmony Gold as a new operating partner at the CSA mine, following Harmony’s acquisition of MAC Copper, which has now closed.

Looking ahead, OR Royalties is keenly focused on several key portfolio catalysts expected before year-end. The company is poised to receive updates from Orla Mining regarding its Updated Feasibility Study for South Railroad, as well as developments from Osisko Development and Solidus Resources regarding near-term construction activities at their respective projects, Cariboo and Spring Valley.

Attew mentioned the anticipation surrounding these upcoming milestones, stating, “We’ll be watching for updates from these projects as they can significantly influence our portfolio’s performance.” Furthermore, the company expects Alamos Gold’s Island Gold District Expansion Study to be released early next year, adding to the potential for growth.

Company Overview and Financial Measures

Founded in June 2014, OR Royalties specializes in acquiring precious metal royalties and streaming interests in Tier-1 mining jurisdictions, including Canada, the United States, and Australia. The company has grown its portfolio to over 195 royalties, streams, and similar interests, with its cornerstone asset being a 3-5% net smelter return royalty on the Canadian Malartic Complex, one of the largest gold mines globally owned by Agnico Eagle Mines Ltd.

In its Q3 results, OR Royalties reported cash margin figures, a non-IFRS financial measure that reflects the company’s ability to generate positive cash flow from its royalty, stream, and other interests. The cash margin is calculated as revenues minus cost of sales, excluding depletion. This measure, along with adjusted earnings metrics, provides investors with insights into the company’s operational performance.

As OR Royalties continues to navigate the complexities of the mining sector, the company remains committed to transparency and strategic growth. The scientific and technical content of the financial report was reviewed by Guy Desharnais, Ph.D., P.Geo., Vice President of Project Evaluation, ensuring adherence to the National Instrument 43-101 standards.

In summary, OR Royalties’ strong Q3 performance and elimination of debt reflect its strategic direction and operational efficiency. With a robust liquidity profile and several promising projects on the horizon, the company is well-positioned for future growth in the competitive mining landscape.