OR Royalties (NYSE:OR) reported record financial results for full-year 2025 and introduced 2026 guidance calling for modest year-over-year growth, supported by new producing royalties and ongoing ramp-ups at several assets. Management also highlighted two recently announced transactions completed in early 2026 that it said were accretive and aligned with the company’s focus on disciplined capital allocation.
2025 results: record revenue, cash flow, and earnings
Chief Executive Officer Jason Attew said 2025 was a “remarkable year,” with fourth-quarter deliveries of 21,735 gold equivalent ounces (GEOs) bringing full-year GEOs to 80,775. The total landed within the company’s 2025 guidance range of 80,000 to 88,000 GEOs and was described as near the midpoint when normalizing for commodity price assumptions versus the company’s internal budget ratios.
- Revenue: $277.4 million
- Operating cash flow: $246 million
- Earnings: $1.10 per share
Management attributed the results in part to cash margins of nearly 97%. OR Royalties ended 2025 with $142.1 million in cash and no debt after paying off the balance of its credit facility in the third quarter.
Dividend and capital returns
The company declared and paid a quarterly dividend of $0.055 per share in 2025, marking its 45th consecutive dividend and bringing total dividend distributions to more than $279 million, according to management. Attew said the company’s track record supported its inclusion in the S&P/TSX Dividend Aristocrats Index in late January 2026.
After quarter-end, the board approved a base quarterly dividend of $0.055 per common share payable April 15, 2026, to shareholders of record as of March 31, 2026. Attew also said he and CFO Frédéric Ruel would make a dividend recommendation to the board alongside first-quarter 2026 results, noting dividend increases in the first quarters of 2024 and 2025.
Portfolio update: producing assets rise, key mines discussed
OR Royalties finished 2025 with 22 producing assets, and Attew said that figure now stands at 23 due to a recently acquired 1.5% NSR royalty on Buenaventura’s San Gabriel mine in Peru. San Gabriel poured first gold in December 2025 and is expected to ramp up in 2026 and 2027, with management expecting it to become a meaningful GEO contributor from 2028 onward.
Attew also noted that Ramelius Resources announced that first Dalgaranga ores were delivered to its Mount Magnet plant. Once processed, OR Royalties’ producing asset count is expected to increase to 24. Like San Gabriel, Dalgaranga is expected to ramp up over 2026 and 2027 and become a more material contributor from 2028 onward.
Management discussed several core assets and operational themes from 2025:
- Canadian Malartic Complex: Attew said Agnico Eagle’s operation outperformed OR Royalties’ expectations in 2025, helped by better-than-expected grades at the Barnett Pit. He later highlighted Agnico’s updated outlook, including first production from East Gouldie expected in Q1 2026 and increased production guidance for 2027 and 2028. He also cited an exploration budget of $32.6 million for a 190,700-meter campaign in 2026, targeting East Gouldie extensions and the Eclipse zone under OR’s 5% NSR coverage.
- Mantos Blancos: The company said plant throughput has been stable, though quarterly variability in processed silver grades persisted. Management expects 2026 to be largely consistent with 2025.
- CSA: Attew said performance slowed in the second half of 2025, largely tied to Harmony’s ownership transition. OR Royalties expects updated 2026 production guidance from Harmony next month and an updated long-term mine plan in Q3 2026.
New transactions: San Gabriel and a larger royalty at Namdini
Attew described two recent deals announced within the prior few weeks. First, OR Royalties announced the acquisition of a Gold Fields royalty portfolio, which management said is anchored by the San Gabriel royalty. Attew called San Gabriel the “crown jewel” of the portfolio, emphasizing immediate GEO contributions in 2026, a long reserve life, and Buenaventura’s plan to expand throughput to 4,000 tons per day by the end of the decade.
Second, the company acquired an additional 1% NSR on Namdini, bringing its total royalty to 2%. Attew said the transaction “removes development risk” by adding exposure to a mine already producing and ramping up under Shandong Gold. He noted the ramp-up has not tracked earlier technical report expectations “to the letter,” but said a January site visit helped convince the team of long-term upside beyond an initial 15-year reserve life.
2026 guidance and 2030 outlook: moderate near-term growth, larger step-up in 2027
OR Royalties issued 2026 GEO guidance of 80,000 to 90,000 GEOs, with an average cash margin of approximately 97%. The outlook assumes ramp-ups at San Gabriel and Dalgaranga, and higher contributions from the company’s now-2% NSR at Namdini. The company said it expects Mantos Blancos to be relatively consistent year over year, while taking a more conservative view on CSA pending additional guidance from Harmony.
On commodity assumptions, Attew said OR Royalties uses consensus pricing ratios and cited a gold-to-silver ratio of 73-to-1 for 2026 guidance, compared with a spot ratio around 64-to-1 at the time of the call. In response to an analyst question, Attew said that if the 64-to-1 ratio persisted, it could add an incremental 4,000 to 5,000 GEOs over the course of 2026.
Management also updated its longer-term outlook, saying expected GEO growth of 50% through 2030 exceeds what it outlined previously through 2029, and emphasized that this growth is “bought and paid for,” with no contingent capital required. New projects added to the 2030 outlook included Osisko Development’s Cariboo project in British Columbia, Solidus Resources’ Spring Valley project in Nevada, United Gold’s Amulsar project in Armenia (with construction expected to complete later in 2026), and Orla’s South Railroad project (with first production expected before the end of 2027).
During Q&A, Attew said the 2030 outlook includes minimum payments from Cascabel. He also pointed to slide materials indicating that optionality from items not included in the 2030 outlook could represent an additional 20,000 to 30,000 GEOs in aggregate. In another exchange, management said its 2030 assumptions for Mantos Blancos were effectively flat versus 2025 and expectations for 2026.
At year-end 2025, OR Royalties reported it had repurchased and canceled approximately $38 million of shares in Q4 at an average cost of about $48 per share, inclusive of Canada’s 2% tax. Attew said the company’s balance sheet also includes an untapped $650 million credit facility, positioning it to pursue additional opportunities while maintaining an emphasis on accretive returns and strict investment criteria.
About OR Royalties (NYSE:OR)
OR Royalties PLC (NYSE: OR) is a closed-ended investment company that specializes in acquiring and managing royalty interests in life science and pharmaceutical products. The company provides capital to biotechnology, specialty pharmaceutical and medical device companies in exchange for a share of future sales revenues. By focusing on royalties secured against marketed products, OR Royalties aims to deliver income and growth potential while minimizing the development and commercialization risks typically associated with direct equity stakes.
The company’s core activities include sourcing royalty transactions, structuring bespoke financing solutions and actively monitoring a diversified portfolio of assets.
