Osisko Gold Royalties(US:OR)2025-11-06 15:00Q3 2025 Financial Highlights - OR Royalties earned 20,326 gold equivalent ounces (GEOs) in Q3 2025, compared to 18,408 GEOs in Q3 2024[13, 14] - The company reported revenues of $71.6 million and a quarterly cash margin of 96.7% in Q3 2025, compared to $42.0 million and 96.3% in Q3 2024[14] - OR Royalties' cash balance as of September 30, 2025, was $57.0 million, and the company is completely debt-free[14] - Adjusted earnings were $42.3 million ($0.22 per basic share) in Q3 2025, compared to $21.2 million ($0.11 per basic share) in Q3 2024[18] - Net earnings reached $82.8 million ($0.44 per basic share) in Q3 2025, a significant increase from $13.4 million ($0.07 per basic share) in Q3 2024[18] Production and Guidance - Gold accounted for 63.9% (12,991 GEOs) of Q3 2025 GEOs, silver 31.1% (6,315 GEOs), and copper & others 5.0% (1,020 GEOs)[20] - The company is tracking within its 2025 GEO delivery guidance range of 80,000-88,000 GEOs, with Q4 2025 expected to be the strongest quarter of the year[14] - The 2029E outlook represents approximately 40% GEO growth over the 2025E guidance, without requiring contingent capital[51, 53] Portfolio and Strategy - OR Royalties has a high-quality portfolio with 22 producing assets, focusing on precious metals, with 95% precious metals exposure[21, 24] - The company has a high exposure to Tier-1 mining jurisdictions, with 78% of GEOs earned in 2024 from these jurisdictions[31] - OR Royalties' cash margin was 12.8% higher than the average of its peer set in 2024, primarily due to a higher proportional GEO contribution from royalty assets[32]