OR Royalties Inc
Company Overview
OR Royalties Inc. (TSX/NYSE: OR), formerly Osisko Gold Royalties Ltd., is a senior precious-metals royalty and streaming company with a diversified portfolio of royalties and streams, predominantly gold-focused, on producing and development-stage assets primarily in the Americas. In the second quarter of 2026 the company earned 20,757 gold-equivalent ounces (GEOs), generated revenue of US$97.8 million (up 62% year-over-year), converted 96.8% of revenue to cash margin, and produced operating cash flow of US$83.2 million (up 62%). Net earnings were US$61.4 million. First-half GEOs of 43,497 keep the company on track for full-year 2026 guidance of 80,000–90,000 GEOs at an average cash margin of approximately 97%. The five-year outlook targets 120,000–135,000 GEOs by 2030 from the existing portfolio. The quarterly dividend has been increased to US$0.065 per share. Recent portfolio additions include the Spring Valley royalty (Nevada), the San Gabriel royalty (Peru) and other interests acquired from Gold Fields, as well as subsequent transactions. Market capitalization is approximately US$6.0–6.5 billion. CEO is Jason Attew.
Investment Thesis
OR offers leveraged exposure to gold (and other metals) through a high-margin royalty and streaming model with peer-leading cash conversion (~97%), a progressive dividend, and a clear organic growth path to 120,000–135,000 GEOs by 2030 from assets already in the portfolio. The business model provides insulation from operating-cost inflation and capital intensity. Key risks include gold-price cyclicality, operator production and sequencing risk (including temporary impacts at Canadian Malartic), concentration in a limited number of large assets, and the multi-year timeline for development-stage royalties to contribute material GEOs. Relative to junior royalty companies or pure explorers, OR ranks at the low end of the risk spectrum as a senior, cash-flowing royalty platform; residual commodity and operator risks remain
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