Financial Data and Key Metrics Changes - OR Royalties achieved record annual revenues of $277.4 million in 2025, with record operating cash flow of $246 million and earnings of $1.10 per share, reflecting a cash margin of nearly 97% [4][5][8] - The company ended 2025 with $142.1 million in cash and was completely debt-free after paying off its credit facility [5][33] - The company declared a quarterly dividend of $0.055, marking its 45th consecutive dividend, with over $279 million returned to shareholders to date [5][6] Business Line Data and Key Metrics Changes - In 2025, OR Royalties earned 80,775 gold equivalent ounces (GEOs), with 95% of these coming from precious metals, primarily gold (65%) and silver (31%) [4][9] - The company had 22 producing assets at the end of 2025, with a significant portion of royalties coming from Tier One mining jurisdictions, including Canada, the U.S., and Australia [9][10] Market Data and Key Metrics Changes - The company noted that 2025 was characterized by elevated precious metals prices, which significantly influenced revenue and earnings [4][8] - The breakdown of GEOs earned indicated a strong reliance on precious metals, with expectations for continued stability in production from key assets like Mantos Blancos and Canadian Malartic [9][10][19] Company Strategy and Development Direction - OR Royalties emphasized a disciplined approach to capital allocation, completing only $25 million in royalty and stream acquisitions in 2025, while prioritizing value over volume [7][34] - The company plans to continue focusing on accretive value creation and will not pursue growth for its own sake [34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting a strong cash position and the potential for growth through new acquisitions and existing asset ramp-ups [6][34] - The company expects marginal growth in GEOs for 2026, with significant increases anticipated in 2027 due to contributions from several key assets [25][26] Other Important Information - The company recently acquired a 1.5% NSR royalty at Buenaventura's San Gabriel Mine, which is expected to contribute significantly to GEOs from 2028 onwards [12][15] - The acquisition of the Gold Fields royalty portfolio is seen as a strategic move to enhance cash flow and long-term growth potential [14][34] Q&A Session Summary Question: Guidance for year-over-year performance - Management explained that the methodology for 2026 guidance is consistent with previous years, using a consensus price deck of 73-to-1 for gold to silver ratios, with potential upside if silver prices remain stable [39][40] Question: Mine ramp-ups and production profile - Management indicated that there are no significant new ramp-ups beyond what has been disclosed, with Mantos Blancos being a key contributor to silver deliveries [41][42] Question: M&A opportunities and asset acquisitions - Management confirmed that there are significant opportunities for acquiring familiar assets and new portfolios, with a focus on maintaining a strong geographical presence in Canada, the U.S., and Australia [43][44] Question: Expected GEOs from specific assets in 2030 - Management stated that the 2030 guidance includes minimum payments from Cascabel and anticipates an aggregate upside of 20,000-30,000 GEOs from various assets [51][52] Question: Mantos production expectations - Management confirmed that expectations for Mantos are effectively flat compared to 2025 and 2026 [55][57]

Financial Data and Key Metrics Changes - OR Royalties achieved record annual revenues of $277.4 million, record operating cash flow of $246 million, and record earnings of $1.10 per share in 2025, driven by elevated precious metals prices [4][5] - The company ended 2025 with $142.1 million in cash and was completely debt-free after paying off its credit facility [5][30] - The company declared a quarterly dividend of $0.055, marking its 45th consecutive dividend, with over $279 million returned to shareholders to date [5][6] Business Line Data and Key Metrics Changes - OR Royalties earned 21,735 GEOs in Q4 2025, totaling 80,775 GEOs for the year, aligning with the annual guidance range of 80,000-88,000 GEOs [4][9] - 95% of the 2025 GEOs came from precious metals, with gold accounting for 65% and silver for approximately 31% [9][10] - The company had 22 producing assets at the end of 2025, with a significant portion of royalties from Tier One mining jurisdictions [9] Market Data and Key Metrics Changes - The company noted that 2025 saw a year-over-year improvement in cash flow per share, marking the eighth consecutive year of increases [9] - The commodity breakdown indicated that 95% of GEOs were derived from precious metals, reflecting the company's strong positioning in the market [9][10] Company Strategy and Development Direction - OR Royalties emphasized a disciplined approach to capital allocation, completing only $25 million in royalty and stream acquisitions in 2025 while prioritizing value over volume [7][8] - The company plans to continue focusing on accretive value creation and will not pursue growth for its own sake [32] - The strategic advantage of having secured near-term growth and a strong balance sheet allows the company to wait for the right investment opportunities [8][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential for significant growth in GEOs from existing assets and new acquisitions [24][26] - The company expects marginal growth in 2026, with a more substantial increase anticipated in 2027 due to contributions from key assets [24][26] - Management noted that the 2030 outlook includes expected growth from several projects, with a target of 50% growth over the next five years [26][28] Other Important Information - The company has a completely untapped credit facility of $650 million, positioning it well for future opportunities [31] - Recent acquisitions, including the Gold Fields portfolio and the Namdini royalty, are expected to enhance cash flow and strengthen the long-term pipeline [32] Q&A Session Summary Question: Guidance for year performance - Management explained that the methodology for 2026 guidance is consistent with previous years, using a consensus price deck of 73-to-1 for gold to silver [36] Question: Mine ramp-ups and production profile - Management indicated that the biggest contributors from a silver perspective are Mantos Blancos and CSA, with stable throughput expected [39] Question: M&A opportunities - Management confirmed that there are significant opportunities for acquiring familiar assets and new opportunities, with a focus on geography [41][42] Question: 2030 guidance and asset contributions - Management clarified that the 2030 guidance includes minimum payments from Cascabel and highlighted potential upside from various assets [50] Question: Mantos performance in 2030 - Management confirmed that expectations for Mantos are effectively flat compared to 2025 and 2026 [54]