What OR Royalties does

OR Royalties Inc. (formerly Osisko Gold Royalties Ltd) is a Montreal-headquartered, TSX/NYSE-listed precious metals royalty and streaming company that commenced operations in June 2014. The company provides non-dilutive capital to mid-tier and senior mining operators in Tier-1 jurisdictions (Canada, United States, Australia, and selectively Latin America and West Africa) in exchange for Net Smelter Return (NSR) royalties, precious metals streaming agreements, and offtake interests. Its portfolio encompasses over 195 royalties, streams, and similar interests, anchored by a 3-5% NSR royalty on the Canadian Malartic Complex operated by Agnico Eagle Mines — one of Canada's largest gold mines.

The business model is asset-light: OR Royalties does not operate any mines. Revenue is generated through (1) NSR royalties entitling the company to a percentage of mineral production revenue (e.g., 1.38-3.0% NSR at Alamos Gold's Island Gold District), (2) streaming agreements providing upfront capital in exchange for future deliveries at below-market prices (e.g., 20% of payable gold and silver at 20% of spot price under the Canadian Copper Murray Brook stream), and (3) offtake/exclusive rights on future financings. Pricing is negotiated bilaterally with counterparties, with no standardized tiers; financial reporting is anchored on attributable Gold Equivalent Ounces (GEOs).

In 2025, OR Royalties reported record revenue of $277.4M (+45% YoY) and 96.7% cash margins, ending the year debt-free with $94.9M cash on hand. Q1 2026 produced record revenue of $102.8M and 100% YoY EPS growth to $0.32. Through Q1-Q2 2026 the company deployed over $311M in accretive acquisitions — the Terraco Gold Corp. purchase ($168M, Spring Valley Nevada), Gold Fields portfolio ($115M, San Gabriel Peru anchor), Namdini top-up ($103.5M, Ghana), and Canadian Copper stream ($28M, New Brunswick) — alongside an 18.2% dividend increase and the appointment of mining veteran Patrick Godin to the board. Management guides to 80,000-90,000 GEOs in 2026 and 120,000-135,000 GEOs by 2030.

Name

OR Royalties

Legal name

OR Royalties Inc.

Website

https://orroyalties.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

OR Royalties Inc. is a TSX/NYSE-listed precious metals royalty and streaming company that provides non-dilutive capital to mid-tier and senior mining operators in exchange for NSR royalties and streaming agreements, with a 195+ asset portfolio anchored by the Canadian Malartic royalty.

Ownership category

akta.pro rank

Product category

Precious Metals Royalty Financing

NAICS

Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) (533)

SIC

Mineral Royalty Traders (6795)

akta.pro primary industry

Precious Metals Streaming, Royalties & Offtake (IMAKAEAF)

akta.pro secondary industry

Real Assets — Natural Resources & Minerals (Mining, Royalties/Streaming) (FSAHAIAK)

Keywords

• Precious metals royalties
• Metal streaming agreements
• Mining capital financing
• NSR royalty interests
• Gold silver streaming

Headquarters

HQ city

Montreal

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. NSR Royalties: Net Smelter Return (NSR) royalties generate revenue based on a percentage of production from mining operations. Silver ounces and copper tonnes earned from royalty agreements are converted to gold equivalent ounces (GEOs) using average commodity prices. OR Royalties holds NSR royalties on producing mines including Canadian Malartic (3-5% NSR), Island Gold (1.38%, 2.0%, 3.0% NSR), and others.
2. Streaming Agreements: Precious metals streaming agreements provide upfront capital to mining operators in exchange for delivery of a percentage of future production at below-market prices. OR Royalties receives silver and gold deliveries representing 20% of payable metals at 20% of spot price under certain stream arrangements.
3. Offtake Rights: The company holds options on royalty/stream financings and exclusive rights to participate in future royalty/stream financings on various projects.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

OR Royalties Inc. is a precious metals royalty and streaming company that provides non-dilutive capital to mining operators in exchange for Net Smelter Return (NSR) royalties, precious metals streaming agreements, and offtake rights. The company holds over 195 royalties, streams, and similar interests focused on Tier-1 mining jurisdictions in Canada, the United States, and Australia, with its cornerstone asset being a 3-5% NSR royalty on the Canadian Malartic Complex operated by Agnico Eagle Mines Limited.

Product overview

OR Royalties Inc. is a mid-tier precious metals royalty and streaming company with a portfolio of over 200 royalties, streams, and offtake interests. The company provides capital to mining operators in exchange for royalty interests and streaming agreements on precious metals (gold, silver) and other mineral production. The cornerstone asset is a 3-5% NSR royalty on the Canadian Malartic Complex operated by Agnico Eagle Mines Limited in Quebec, Canada. The portfolio spans Tier-1 mining jurisdictions in Canada, the United States, and Australia. The company generates revenue through NSR royalties (percentage of mineral production revenue), precious metals streaming agreements (upfront capital for future metal delivery), and offtake interests. Recent acquisitions include the San Gabriel 1.5% NSR royalty in Peru, Spring Valley NSR royalties in Nevada, the Murray Brook stream in New Brunswick, and the Paris 2.0% NSR royalty in Western Australia.

Differentiator

Problem solved

Functional benefit

Products and services

• NSR Royalties Net Smelter Return (NSR) royalties entitling OR Royalties to a percentage of mineral production revenue from mining properties, including cornerstone assets such as the 3-5% NSR royalty on the Canadian Malartic Complex operated by Agnico Eagle Mines Limited. Target counterparties are mid-tier to senior precious metals mining companies in Tier-1 jurisdictions.
• Precious Metals Streaming Agreements Precious metals streaming agreements providing upfront capital to mining operators in exchange for delivery of a portion of future gold, silver, and other precious metal production at preferential pricing (e.g., 20% of payable metals at 20% of spot price). Target counterparties are mining companies seeking non-dilutive financing for project development.
• San Gabriel 1.5% NSR Royalty A 1.5% NSR royalty on Compañía de Minas Buenaventura SAA's producing San Gabriel gold and silver mine in Peru, anchoring the eight-asset portfolio acquisition from Gold Fields Limited.
• Nkran 1.0% NSR Royalty A 1.0% NSR royalty on Galiano Gold's Nkran deposit, a major pushback at its Asanko Gold Mine in Ghana, expected to deliver 2,000-2,500 GEOs annually in 2029-2030.
• Paris 2.0% NSR Royalty A 2.0% NSR royalty on Torque Metals' Paris gold development project in Western Australia, an advanced exploration project near Gold Fields' St. Ives mine.
• JOY 2.5% NPI Royalty A 2.5% Net Profits Interest royalty over Freeport McMoRan and Amarc Resources' JOY copper-gold district exploration project in British Columbia, Canada, hosting the AuRORA discovery.
• Spring Valley NSR Royalties Consolidated NSR royalties covering Solidus Resources' Spring Valley Gold Project in Nevada, including a 6.0% NSR on the Schmidt Claim Block, 4.0% NSR on Additional Royalty Areas, and 1.0% NSR on the Perimeter Royalty Area, plus 2% NSR on Moonlight Property.
• Namdini 1.0% NSR Royalty An additional 1.0% NSR royalty covering the producing Namdini mine in Ghana, acquired from Savannah Mining Limited. First royalty payment received in Q1 2026.
• Murray Brook Precious Metals Stream A $28.0 million precious metals stream on Canadian Copper's Murray Brook and Caribou properties in New Brunswick, delivering 20% of payable silver and gold for the life of mine at 20% of spot price, with first production expected by 2029.

Quantifiable outcome

• 50% GEO delivery growth from 80,000-90,000 GEOs in 2026 to 120,000-135,000 GEOs in 2030
• +3 more outcomes

Named customers8 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered core and minor.

• Agnico Eagle Mines LimitedcoreStrategic or Co-development Partner · 1 July 2026Agnico Eagle is the operating partner for the Canadian Malartic Complex, OR Royalties' cornerstone asset with a 5% NSR royalty. A rock mass movement occurred at the Barnat open pit in July 2026, temporarily suspending operations. OR Royalties' 2026 guidance remains unchanged as the Odyssey underground mine development is unaffected.
• Kinterra Capital Corp.minorStrategic or Co-development Partner · 20 May 2026Kinterra Capital secured US$75 million in co-investment commitments for White Pine Copper LLC to advance the White Pine North copper-silver project in Michigan. An amended sliding-scale silver royalty framework was negotiated with OR Royalties Inc., creating stronger commercial alignment for the project.
• Canadian Copper Inc.coreStrategic or Co-development Partner · 14 April 2026OR Royalties entered into a $28 million precious metals streaming agreement with Canadian Copper Inc. for the Murray Brook and Caribou projects in New Brunswick. OR Royalties acquires 20% of payable gold and silver output at 20% of spot prices. First production expected 2029. OR Royalties also subscribed to $4 million in Canadian Copper common shares at C$0.75 per share.
• Sailfish Royalty Corp.coreStrategic or Co-development Partner · 10 April 2026Acquisition of Terraco Gold Corp. (wholly-owned subsidiary of Sailfish Royalty Corp.) for $168 million. Terraco holds NSR royalty assets covering Solidus Resources' Spring Valley Gold Project in Nevada (3% NSR on Schmidt Claims, 1% NSR on Additional Royalty Areas, 0.5% NSR on Perimeter Royalty Area) and 2% NSR on Moonlight Property.
• Highland Copper Company Inc.minorStrategic or Co-development Partner · 2 March 2026Highland Copper amended a Silver Royalty Option with OR Royalties Inc., giving OR Royalties the option to increase its NSR royalty on silver at the Copperwood Project from 11.5% to 100% by paying US$3.0 million on December 31, 2027.
• Savannah Mining LimitedcoreStrategic or Co-development Partner · 24 February 2026OR Royalties acquired an additional 1.0% NSR royalty on the producing Namdini mine in Ghana from Savannah Mining Limited for total cash consideration of up to $103.5 million (effective October 1, 2025). $98.5 million paid during Q1 2026.
• Gold Fields LimitedcoreStrategic or Co-development Partner · 18 February 2026OR Royalties acquired an eight-asset gold royalties portfolio from Gold Fields Limited for $115 million, anchored by a 1.5% NSR royalty on Buenaventura's producing San Gabriel mine in Peru. Separately, OR Royalties paid $52 million for deferred payment obligations of $60 million payable by Galiano Gold related to the Nkran project in Ghana.
• Japan Gold Corp.minorStrategic or Co-development Partner · 5 February 2026Japan Gold granted OR Royalties a 9-month extension (until November 4, 2026) to exercise an option to purchase an additional 0.5% NSR royalty on certain properties in Japan for $3 million, increasing existing royalty interest from 1.5% to 2%. Japan Gold can accelerate deadline if a JV with minimum C$5M investment is announced.
• Falco Resources Ltd.minorStrategic or Co-development Partner · 16 December 2025OR Royalties Inc. and Glencore Canada Corporation participated in senior debt transactions with Falco Resources, extending maturity dates to December 31, 2026. Falco is developing the Horne 5 Project, a volcanogenic massive sulfide deposit containing silver and other metals.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Others

• Agnico Eagle Mines Limited: Operator of the Canadian Malartic Complex and Island Gold District, and a key counterparty/partner to OR Royalties. While Agnico is a producer (not a royalty company), it's a primary relationship and counterparty that drives OR Royalties' cornerstone cash flows.
• Eldorado Gold Corporation: A mid-tier gold producer with operations in Canada, Greece, and Turkey. Not a royalty company itself but a typical OR Royalties counterparty in streaming/royalty transactions and a comparable company from a mining-customer perspective.

Emerging players

• Vox Royalty Corp. A smaller royalty company with a portfolio of precious and base metal royalties. Vox competes in the same royalty acquisition market as OR Royalties but at a smaller scale, typically targeting earlier-stage royalties.
• Metalla Royalty & Streaming Ltd. A smaller precious metals royalty and streaming company focused on gold royalties on producing mines. While smaller in scale than OR Royalties, Metalla pursues similar NSR royalty transactions in Tier-1 jurisdictions.

Direct peers

• Franco-Nevada Corporation: The largest precious metals royalty and streaming company globally and the gold standard for the sector. Franco-Nevada operates the same NSR royalty and streaming model in gold/silver that OR Royalties does, with comparable Tier-1 asset focus and overlapping counterparties (including Agnico Eagle).
• Sandstorm Gold Ltd. A precious metals royalty and streaming company that competes with OR Royalties for streaming and royalty acquisitions. Sandstorm holds a similar portfolio of gold, silver, copper, and other metal royalties on producing and development-stage assets.
• Triple Flag Precious Metals Corp. A mid-tier precious metals streaming and royalty company with a portfolio of gold, silver, copper, and other metal streams. Triple Flag (formed via Maverix Metals acquisition) competes head-to-head with OR Royalties in the mid-cap streaming deal space.
• Royal Gold, Inc. A major precious metals royalty and streaming company with a similar focus on gold and silver streaming/royalties on producing assets. Royal Gold's Mount Milligan stream and other royalty interests compete with OR Royalties for streaming transactions globally.
• Wheaton Precious Metals Corp. The world's largest precious metals streaming company, directly comparable in business model and asset focus. Wheaton's streaming agreements on Salobo, Antamina, and Constancia mirror OR Royalties' precious metals streams on Canadian Malartic and Murray Brook.

Regional players

• Erdene Gold Corp. A junior royalty and exploration company with royalty interests in Mongolia-focused mining. Less directly comparable but operates in adjacent royalty space with similar transaction structure to OR Royalties' portfolio deals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/ORroyalties

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds11 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments16 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OR Royalties