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].

Company Overview - L'Oréal is the world's leading beauty player with a commitment to fulfilling beauty aspirations globally, emphasizing essential, inclusive, ethical, and sustainable beauty [2] - The company has a diverse portfolio of 37 international brands and ambitious sustainability commitments under the L'Oréal for the Future program [2] Financial Performance - In 2024, L'Oréal generated sales of 43.48 billion euros, showcasing a strong financial performance across various distribution networks including e-commerce, mass market, and retail [3] Innovation and Recognition - In 2025, L'Oréal was named the most innovative company in Europe by Fortune magazine, ranking among 300 companies across 21 countries and 16 industries [4]

Core Viewpoint - L'Oréal has released its half-year financial report for 2025, highlighting its commitment to innovation and sustainability in the beauty industry [1][2]. Financial Performance - In 2024, L'Oréal generated sales of €43.48 billion, showcasing its strong market presence and diverse distribution channels [3]. Innovation and Recognition - L'Oréal was named the most innovative company in Europe by Fortune magazine in 2025, ranking among 300 companies across 21 countries and 16 industries [4]. Company Overview - L'Oréal has a portfolio of 37 international brands and emphasizes social and environmental sustainability through its L'Oréal for the Future program [2]. - The company employs over 90,000 individuals and operates 21 research centers in 13 countries, focusing on beauty technology and innovation [3].

Core Insights - L'Oréal experienced sequential acceleration in like-for-like growth, with a reported sales increase of 1.6% to €22.47 billion in the first half of 2025, and a like-for-like growth of 3.0% [5][9] - The company's operating margin improved by 30 basis points to 21.1%, driven by effective management of operating expenses and strong brand support for upcoming product launches [4][49] Sales Performance - Sales growth was supported by emerging markets, a rebound in mainland China, and recovery in North America, which offset a slowdown in Europe [2][3] - By division, Professional Products led growth with a like-for-like increase of 6.5%, while Consumer Products grew by 2.8%, Luxe by 2.0%, and Dermatological Beauty by 3.1% [11][15][20][24] - Emerging markets showed double-digit growth, particularly in Brazil, Mexico, and India, while North America showed early signs of recovery [16][39] Regional Performance - In Europe, sales grew by 3.4% like-for-like, with strong momentum in Spain-Portugal and Germany-Austria-Switzerland clusters [28] - North America saw a modest growth of 2.0% like-for-like, with improvements in the premium haircare segment [33] - North Asia experienced a decline of 1.1% like-for-like, although mainland China showed a recovery with approximately 3% growth in the second quarter [36][37] - SAPMENA-SSA region reported a robust growth of 10.4% like-for-like, driven by all divisions and categories [39] - Latin America also performed well with a 10.3% like-for-like growth, particularly in haircare and fragrances [42] Financial Highlights - The net profit excluding non-recurring items increased by 1.0% to €3.783 billion, with earnings per share rising by 1.2% to €7.07 [54][55] - Operating profit rose by 3.1% to €4.740 billion, representing 21.1% of sales, an increase of 30 basis points compared to the first half of 2024 [49][53] - The company continued to invest in acquisitions, strengthening its portfolio with the purchase of Medik8 and Color Wow [59][60] Innovation and Strategy - L'Oréal was recognized as the most innovative company in Europe by Fortune, highlighting its commitment to research and development [67] - The company is focusing on sustainability and digital transformation, with initiatives such as the Sustainable Innovation Accelerator and collaborations with AI technology [67][68]

Core Viewpoint - Growth investors are increasingly focused on stocks with above-average financial growth, which can lead to solid returns, but identifying such stocks is challenging due to their inherent risks and volatility [1] Group 1: Company Overview - OR Royalties (OR) is currently highlighted as a recommended growth stock by the Zacks Growth Style Score system, which evaluates a company's growth prospects beyond traditional metrics [2] - The stock has a favorable Growth Score and a top Zacks Rank, indicating strong potential for growth investors [2][10] Group 2: Earnings Growth - Earnings growth is a critical factor for growth investors, with double-digit growth being particularly attractive as it signals strong future prospects [4] - OR Royalties has a historical EPS growth rate of 26.6%, with projected EPS growth of 46.2% for the current year, significantly surpassing the industry average of 29.4% [5] Group 3: Cash Flow Growth - Higher-than-average cash flow growth is essential for growth-oriented companies, allowing them to expand without relying on external funding [6] - OR Royalties has a year-over-year cash flow growth rate of 12%, compared to an industry average of -2.1% [6] - The company's annualized cash flow growth rate over the past 3-5 years is 14%, exceeding the industry average of 6.8% [7] Group 4: Earnings Estimate Revisions - Positive trends in earnings estimate revisions are crucial, as they correlate strongly with near-term stock price movements [8] - OR Royalties has seen a 3.6% increase in current-year earnings estimates over the past month, indicating positive momentum [8] Group 5: Conclusion - OR Royalties has achieved a Growth Score of B and a Zacks Rank of 2 due to favorable earnings estimate revisions, positioning it as a potential outperformer for growth investors [10]

Company Overview - L'Oréal is the world's leading beauty player with a history of 115 years, focusing on fulfilling global beauty aspirations [2] - The company operates with a broad portfolio of 37 international brands and emphasizes sustainability through its L'Oréal for the Future program [2] Financial Performance - In 2024, L'Oréal generated sales of 43.48 billion euros, showcasing its strong market presence [3] - The company has a significant workforce of over 90,000 employees and maintains a balanced geographical footprint across various distribution networks [3] Research and Innovation - L'Oréal has established 21 research centers in 13 countries, supported by a dedicated team of over 4,000 scientists and 8,000 digital talents [3] - The company aims to become a Beauty Tech powerhouse, focusing on inventing the future of beauty [3] Shareholder Information - As of June 30, 2025, L'Oréal has a total of 534,315,434 shares, with 532,958,798 real voting rights [1]

Company Overview - OR Royalties currently holds a Momentum Style Score of A, indicating strong momentum potential [3] - The company has a Zacks Rank of 2 (Buy), suggesting favorable market performance [4] Price Performance - Over the past week, OR shares have increased by 4%, outperforming the Zacks Mining - Miscellaneous industry, which rose by 1.58% [6] - In the last month, OR's shares have gained 5.53%, slightly below the industry's performance of 5.93% [6] - Over the past quarter, OR shares have increased by 19.46%, and over the last year, they have gained 66.59%, compared to the S&P 500's increases of 17.01% and 13.4%, respectively [7] Trading Volume - OR's average 20-day trading volume is 786,526 shares, which serves as a baseline for price-to-volume analysis [8] Earnings Outlook - In the past two months, two earnings estimates for OR have been revised upwards, while none have been lowered, increasing the consensus estimate from $0.72 to $0.75 [10] - For the next fiscal year, three estimates have moved upwards with no downward revisions during the same period [10] Conclusion - Considering the positive price performance, trading volume, and favorable earnings outlook, OR Royalties is positioned as a strong momentum stock with a Momentum Score of A [12]