French limited company (Société anonyme) with registered capital of 106,640,982.60 eurosRegistered office: 14, rue Royale, 75008 Paris632 012 100 R.C.S. ParisLegal Entity Identifier: 529900JI1GG6F7RKVI53 Disclosure of total number of voting rights and number of sharesin the capital at August 31, 2025 Pursuant to article L-233-8 II of the French “Code de Commerce” and 223-16 of the AMF's General Regulations: Total number of shares533,204,913Number of real voting rights (excluding treasury shares)533,204,913T ...

Core Insights - Reykjavík Energy reported a profit of ISK 4.9 billion in the first half of the year, an increase from ISK 4.3 billion in the same period last year [1][2] - Operating expenses rose by ISK 340 million, while operating revenues increased by ISK 973 million, despite a decline in revenues in Q2 [2] - Significant investments totaling ISK 12.9 billion were made in infrastructure, focusing on utility system maintenance and development [3] Financial Performance - Cash flow from operations increased to ISK 15.9 billion in the first half of the year, aiding in funding investments [4] - High interest expenses on investment loans continue to impact results, but discussions for favorable financing for green projects are ongoing [4] Green Initiatives - ON Power's Hellisheiði Power Plant operations became nearly carbon neutral, contributing to around 10% of Iceland's climate targets [5] - Research into wind energy utilization and further geothermal development is underway, highlighting the company's commitment to sustainable energy [6] Operational Metrics - The company has seen a reduction in accidents per million working hours, with a ratio of 4.5 in the latest reporting period [9] - Hot water distribution reached 61.5 million m³, while electricity distribution was 566 GWh [9] - The company aims to avoid CO2 emissions through its operations, with significant reductions projected in future years [9]

Core Viewpoint - Reykjavík Energy is conducting a bond auction on August 28, 2025, offering three classes of green bonds with varying interest rates and maturity dates [1][2][3]. Group 1: Bond Offerings - The bond class OR031033 GB has a fixed nominal interest rate of 8.30%, with equal semi-annual payments and a maturity date of October 3, 2033. Previously issued bonds in this class totaled ISK 9,650 million [1]. - The bond class OR280845 GB features a fixed interest rate of 3.70%, with equal semi-annual payments and a maturity date of August 28, 2045. This bond is redeemable in 2037, with previous issuances amounting to ISK 8,600 million [2]. - The bond class OR180255 GB carries a fixed indexed interest rate of 2.60%, with equal semi-annual payments and a maturity date of February 18, 2055. Prior issuances in this class reached ISK 38,921 million [3]. Group 2: Auction Details - Bids for the bonds must be submitted via email before UTC 17:00 on August 28, 2025, with transactions set to be settled on September 4, 2025 [4]. - Fossar Investment Bank hf. is responsible for overseeing the issuance, sale, and admission of the bonds to trading on the Nasdaq sustainable bonds market in Iceland [3].

Group 1: Momentum Investing Overview - Momentum investing involves following a stock's recent trend, with the aim of buying high and selling even higher, capitalizing on established price movements [1] - The Zacks Momentum Style Score helps define momentum characteristics, with OR Royalties currently holding a Momentum Style Score of B [2] - Style Scores complement the Zacks Rank, which has a strong track record of outperformance; OR Royalties has a Zacks Rank of 2 (Buy) [3] Group 2: OR Royalties Performance Metrics - OR Royalties shares have increased by 0.07% over the past week, while the Zacks Mining - Miscellaneous industry has decreased by 6.75% during the same period [5] - Over the last quarter, OR shares have risen by 31.09%, and over the past year, they have gained 85.96%, significantly outperforming the S&P 500's increases of 13.56% and 22.6% respectively [6] - The average 20-day trading volume for OR is 857,827 shares, indicating a bullish sign if the stock is rising with above-average volume [7] Group 3: Earnings Outlook - In the past two months, five earnings estimates for OR have been revised upwards, with no downward revisions, boosting the consensus estimate from $0.73 to $0.76 [9] - For the next fiscal year, five estimates have also moved upwards without any downward revisions [9] Group 4: Conclusion - Considering all performance metrics and earnings outlook, OR Royalties is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a potential candidate for near-term investment [11]

Financial Data and Key Metrics Changes - Ore Royalty earned 19,700 GEOs in Q2 2025, a modest increase from Q1, on track to meet the full year guidance of 80,000 to 88,000 GEOs [3] - Quarterly revenues reached $60.4 million, an increase compared to the same period last year, driven by higher commodity prices [6] - Net earnings improved to $0.17 per basic common share, a significant year-over-year improvement from a loss in the previous year [6] - Cash flow per share increased to $0.27 from $0.21 in Q2 of last year, and adjusted earnings rose to $0.18 from $0.13 [6][4] - The company ended Q2 with $49.6 million in cash and achieved a net cash position for the first time in several years [4] Business Line Data and Key Metrics Changes - Over 93% of GEOs earned came from precious metals, with a modest increase in copper contribution primarily from the CSA mine [6][7] - Canadian Malartic showed strong performance with expectations for continued improvement in the second half of the year [7][34] - Mantos Blancos production was flat year-over-year, with expectations for silver grades to improve in the second half [7][34] Market Data and Key Metrics Changes - The gold-silver ratio tightened to approximately 89:1 from highs of 105:1 earlier in the year, indicating potential leverage for investors in silver [10] - Ore Royalty's revenues were predominantly generated from Tier one mining jurisdictions, including Canada, the U.S., and Australia [11] Company Strategy and Development Direction - The company aims to maintain a disciplined capital allocation strategy focused on high-quality accretive streams and royalties [30] - Ore Royalty is committed to returning capital to shareholders, having declared a quarterly dividend of $0.55 per share [5] - The corporate development team is focused on producing assets and high-quality development assets that can contribute to GEOs within the next five years [37][38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for a stronger second half of 2025, with expectations for increased GEOs from Canadian Malartic and Mantos Blancos [34] - The company is actively pursuing new transaction opportunities while maintaining a strong balance sheet with significant liquidity [30][16] Other Important Information - Ore Royalty's total debt was just under $36 million, with a net cash position of $14 million, indicating a strong financial position [16] - The company is not looking to divest its equity position in Osisko Development, currently at approximately 14.3% [52] Q&A Session Summary Question: Can you provide more color on the second half of this year and where the incremental GEO sales are coming from? - Management expects Canadian Malartic and Mantos Blancos to contribute significantly, with a 55% production split in the second half [33] Question: Can you talk about the preference for producing versus development stage royalties? - The preference is for accretive deals on producing assets, but the company is also looking at high-quality development assets that can contribute within five years [36][38] Question: What criteria do you consider for the new five-year guidance? - Key criteria include confidence in asset contributions, financing visibility, and social license [42][45] Question: How do you see Ore Royalty positioned for larger transactions? - The company is open to billion-dollar transactions if they meet economic returns, but is also working on smaller transactions [47] Question: Are you happy with the 14.3% position in Osisko Development? - Management is pleased with the 14.3% position and does not plan to divest in the near term [52] Question: What is the typical transaction size range for potential deals? - Transaction sizes range from approximately $35 million to close to $1 billion [58]

Financial Data and Key Metrics Changes - Ore Royalty earned 19,700 GEOs in Q2 2025, a modest increase from Q1, on track to meet the full year guidance of 80,000 to 88,000 GEOs [3] - Quarterly revenues reached $60.4 million, an increase compared to the same period last year, driven by higher commodity prices [6] - Net earnings improved to $0.17 per basic common share, a significant year-over-year improvement from a loss in the previous year [6] - Cash flow per share increased to $0.27 from $0.21 in Q2 of last year, and adjusted earnings rose to $0.18 from $0.13 [6] - The company ended Q2 with $49.6 million in cash and achieved a net cash position for the first time in several years [4] Business Line Data and Key Metrics Changes - Over 93% of GEOs earned came from precious metals, with a modest increase in copper contribution primarily from the CSA mine [6][7] - Canadian Malartic had a strong quarter, with expectations for continued performance in the second half of the year [8] - Mantos Blancos production was flat year-over-year, with expectations for silver grades to improve in the second half [8][9] Market Data and Key Metrics Changes - The gold-silver ratio tightened to approximately 89:1 from highs of 105:1 earlier in the year, indicating potential leverage for investors in silver [11] - Ore Royalty's revenues were predominantly generated from Tier one mining jurisdictions, including Canada, the U.S., and Australia [12] Company Strategy and Development Direction - The company is focused on disciplined capital allocation to pursue high-quality accretive streams and royalties [30] - Ore Royalty aims to enhance its portfolio with producing assets while remaining selective about development stage royalties [37] - The company is optimistic about the potential of the second shaft at Odyssey, which could significantly increase gold production [25] Management's Comments on Operating Environment and Future Outlook - Management expects a stronger second half of 2025, with Canadian Malartic and Nandimi contributing to increased GEO sales [33][34] - The corporate development team is stretched to capacity, focusing on high-quality assets that will contribute to GEOs within the next five years [38] - The company is optimistic about the Cariboo project and its potential contributions to future revenue [51] Other Important Information - Ore Royalty declared and paid a quarterly dividend of $0.55 per share, marking its 43rd consecutive dividend [5] - The company has a total debt of just under $36 million and a net cash position of $14 million, with potential liquidity exceeding $900 million [16][30] Q&A Session Summary Question: Can you provide more color on the second half of this year and where the incremental GEO sales are coming from? - Management expects most of the increase to come from Canadian Malartic and Mantos Blancos, with additional contributions from Nandimi [33][34] Question: Is there a preference for producing versus development stage royalties? - The first preference is for accretive deals on producing assets, but the company is also looking at high-quality development assets that will contribute within five years [36][38] Question: What criteria are considered for the new five-year guidance? - Key criteria include confidence in asset contributions to GEOs, financing visibility, and social license [42][45] Question: How does the company view larger transactions in the $1 billion range? - The company is open to significant transactions if they meet economic returns for shareholders, with $900 million in available liquidity [47] Question: What is the current status of Elliott's holdings? - The last public disclosure indicates Elliott owns 2.2 million shares, with no further updates available [63][65]

Q2 2025 Financial Highlights - Earned 19,700 gold equivalent ounces (GEOs) compared to 20,068 GEOs in Q2 2024[12] - Revenues reached $60.4 million with a quarterly cash margin of 95.8%, compared to $47.4 million and 96.6% in Q2 2024[12] - Declared a Q3 2025 quarterly dividend of $0.055 per common share[12] - Held a cash balance of $49.6 million and a net cash position of approximately $14.0 million as of June 30, 2025[12] - Acquired a 100% silver stream on Orla Mining's South Railroad project for a total consideration of $13 million[14] Production and Guidance - Precious metals focus with 94.3% of H1 2025 GEOs from precious metals[20] - 68% of Q2 2025 GEOs were from gold, 24.2% from silver, and 7.4% from copper & others[18] - Still tracking well against 2025 GEO delivery guidance of 80,000-88,000 GEOs, with a slightly stronger H2 expected compared to H1 2025[14] Key Assets and Developments - Canadian Malartic Complex production guidance is for 590,000 ounces of gold in 2025, 560,000 ounces in 2026, and 650,000 ounces in 2027[29] - Island Gold's updated Mineral Reserve in June 2025 was 11.8 million tonnes grading 10.85 g/t Au (4.1 million ounces), up 80% from the end of 2024[39] - Dalgaranga: An early buyback notice received in late July 2025, reducing the GRR rate on Dalgaranga from 1.8% to 1.44%, and reducing the GRR rate on Benz Mining Corp's Glenburgh and Mt Egerton projects from 1.35% to 1.08%[43] Future Growth and Financial Flexibility - 2029 outlook represents approximately 40% GEO growth over 2025 estimates, with no contingent capital required[48] - Available credit of $814 million, including a $200 million accordion[58]

Core Points - OR Royalties Inc. has announced a third quarter 2025 dividend of US$0.055 per common share, payable on October 15, 2025, to shareholders of record as of September 30, 2025 [1] - The dividend is classified as an "eligible dividend" under the Income Tax Act (Canada) [1] - Shareholders in Canada will receive the Canadian dollar equivalent based on the Bank of Canada's daily rate on September 30, 2025 [2] Dividend Reinvestment Plan - The company has implemented a dividend reinvestment plan (DRIP) for shareholders in Canada and the United States, allowing them to reinvest dividends into additional shares [3] - Non-registered beneficial shareholders may need to re-register due to a corporate name change and should consult their financial institutions for details [4] - Shareholders interested in participating in the DRIP should contact their financial advisors or the company's transfer agent for enrollment information [5] Company Overview - OR Royalties is a precious metals royalty and streaming company focused on Tier-1 mining jurisdictions, including Canada, the United States, and Australia [7] - The company has grown from a single producing asset in June 2014 to a portfolio of over 195 royalties, streams, and similar interests [7] - The cornerstone asset is a 3-5% net smelter return royalty on Agnico Eagle Mines Ltd.'s Canadian Malartic Complex, one of the largest gold mines globally [7]

Core Viewpoint - OR Royalties Inc. reported strong financial results for Q2 2025, with significant increases in revenues, cash flows, and net earnings compared to the same period in 2024, indicating a positive trajectory for the company and its operations in the precious metals sector [4][5][27]. Financial Performance - Revenues from royalties and streams reached $60.4 million, up from $47.4 million in Q2 2024, reflecting a year-over-year increase of approximately 27.5% [5][27]. - Cash flows generated by operating activities were $51.4 million, compared to $38.2 million in Q2 2024, marking a 34.5% increase [5][29]. - Net earnings for the quarter were $32.4 million, or $0.17 per basic share, a significant recovery from a net loss of $15.4 million, or $0.08 per basic share, in Q2 2024 [5][27]. Operational Highlights - The company is on track to meet its 2025 annual guidance of 80,000-88,000 gold equivalent ounces (GEOs), with a stronger second half anticipated [4]. - The first royalty payments were received from Cardinal Namdini Mining's Namdini gold mine and Talisker Resources' Bralorne gold mine, contributing to the overall GEOs earned [5]. - The company completed acquisitions, including a 100% silver stream on Orla Mining Ltd.'s South Railroad project for $13 million and a basket of royalties from Sable Resources for C$3.8 million ($2.8 million) [5]. Balance Sheet and Liquidity - As of June 30, 2025, OR Royalties had a cash balance of $49.6 million and outstanding debt of $35.7 million, indicating a strong liquidity position [5][25]. - The revolving credit facility was increased to $650 million, with an uncommitted accordion of $200 million, extending the maturity date to May 30, 2029 [5]. Dividend Declaration - The company declared a quarterly dividend of $0.055 per common share, representing a 20% increase over the previous quarterly dividend, payable on July 15, 2025 [5].

About L'Oréal For 115 years, L'Oréal, the world's leading beauty player, has devoted itself to one thing only: fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as essential, inclusive, ethical, generous and committed to social and environmental sustainability. With our broad portfolio of 37 international brands and ambitious sustainability commitments in our L'Oréal for the Future programme, we offer each ...