Key Highlights

● Second-quarter revenue rose 62 per cent year over year to $97.8 million.

● The company earned 20,757 gold equivalent ounces at a 96.8 per cent cash margin.

● Acquisitions totalling $335.0 million closed in the quarter, including Spring Valley royalties.

● A quarterly dividend of $0.065 per share was raised 18.2 per cent.

OR Royalties Inc. (NYSE:OR). In results published on 5 August 2026, the company reported revenue of $97.8 million, up 62% from $60.4 million, and net earnings of $61.4 million, or $0.33 per basic share, compared with $32.4 million, or $0.17. Adjusted earnings were $60.5 million, or $0.32 per share, and operating cash flow was $83.2 million. The company earned 20,757 gold equivalent ounces (GEOs) against 19,700, at a cash margin of 96.8%. Average prices in the quarter were $4,506 per ounce for gold and $73.15 per ounce for silver. The company said deliveries were modestly lower than in the first quarter because of a six-day unscheduled mill shutdown at Canadian Malartic, its cornerstone asset, and mine sequencing at Mantos Blancos.

Deals, balance sheet and the dividend

Acquisitions closed in the quarter totalled $335.0 million, including the Spring Valley royalties in Nevada, a Gold Fields royalty portfolio anchored by the San Gabriel mine in Peru, and deferred payment obligations from Galiano Gold. At 30 June 2026, cash was $75.6 million, the revolver drawn balance was $215.0 million and net debt was $139.4 million; the revolver was enlarged to $850.0 million with maturity extended to August 2030. A quarterly dividend of $0.065 per share, an 18.2% increase, was paid on 15 July 2026, and a further $0.065 is payable on 15 October 2026 to holders of record on 30 September. The company also repurchased 225,712 shares for $8.0 million in the second quarter and 1,007,496 shares for $29.1 million in July.

The latest update

On 7 October 2026 the company released preliminary, unaudited third-quarter figures: revenue of $90.2 million, 20,237 GEOs earned and a cash margin of $87.3 million, or 96.8% of revenue. Cash at 30 September was about $76.7 million, with $228.2 million drawn on the revolver. The La Verde royalty with Hot Chili Limited closed for $15.0 million. Full-year guidance of 80,000 to 90,000 GEOs, stated in August, remains the company's published target; no new guidance appeared in the October release. Preliminary third-quarter revenue and GEOs were below the second-quarter totals of $97.8 million and 20,757, but the release as read did not explain the sequential change, so no cause is offered here.

Preliminary Figures Point to a Softer Third Quarter

OR Royalties' revenue gain came almost entirely from higher realised gold and silver prices rather than volume, since gold equivalent ounces sold were roughly flat with a year earlier after a mill shutdown at its cornerstone Canadian Malartic asset. Preliminary, unaudited third-quarter figures released in October already show revenue and ounces below the second quarter's totals, though the company has not explained the sequential change, leaving full third-quarter results on 11 November as the report to confirm whether that softening continues.