Core Insights - OR Royalties Inc. reported record quarterly revenues of $71.6 million for Q3 2025, representing a significant increase from $42.0 million in Q3 2024, alongside an 87% year-over-year increase in cash flows from operating activities to $64.6 million [1][6][28]. Financial Performance - The company generated 20,326 gold equivalent ounces (GEOs) in Q3 2025, up from 18,408 GEOs in Q3 2024 [6]. - Net earnings reached $82.8 million, or $0.44 per basic share, compared to $13.4 million, or $0.07 per basic share in Q3 2024 [6][28]. - Adjusted earnings were $42.3 million, or $0.22 per basic share, compared to $21.2 million, or $0.11 per basic share in Q3 2024 [6][22]. - The cash margin was $69.3 million, representing 96.7% of revenues, compared to $40.4 million or 96.3% in Q3 2024 [6][17]. Debt and Liquidity - The company is now debt-free after fully repaying its revolving credit facility, which amounted to $35.4 million in repayments during Q3 2025 [3][6]. - OR Royalties has an aggregate liquidity profile of approximately $1 billion [3]. Strategic Developments - The Dalgaranga Integration Study by Ramelius Resources is expected to lead to first gold production in early 2026, contributing to Ramelius' goal of becoming a 500,000 ounces gold producer over the next five years [4]. - Harmony Gold has become a new operating partner at the CSA mine following its acquisition of MAC Copper [4]. - Upcoming catalysts include Orla Mining's Updated Feasibility Study for South Railroad and updates from Osisko Development and Solidus Resources regarding near-term mine construction activities [4]. Dividend Information - The company declared a quarterly dividend of $0.055 per common share, which was paid on October 15, 2025, to shareholders of record as of September 30, 2025 [6][28].