OR Royalties Inc. completed a normal‑course issuer bid (NCIB) program on December 16, 2025, buying back 920,632 common shares at an average price of C$47.63 for a total cost of C$43.9 million. The repurchases were executed between December 12 and December 16, 2025, the first five days of the program’s 12‑month run that began on December 12 and will end on December 11, 2026.
The buyback was funded from the company’s strong cash position, which grew to C$57.0 million in cash and cash equivalents as of September 30, 2025. OR Royalties achieved a debt‑free status in Q3 2025 after eliminating approximately C$300 million of debt over 19 months, a move that has bolstered its liquidity profile and freed up capital for shareholder returns. Q3 2025 also delivered a record operating cash flow of C$64.6 million, an 87% year‑over‑year increase, underscoring the company’s robust cash‑generating capability.
Management emphasized that the repurchase reflects confidence that the market undervalues the company’s long‑term asset base. CEO Jason Attew noted, “While OR Royalties’ confidence in our GEO growth profile continues to build, we believe that much of the value outlined in today’s update is not currently reflected in our share price.” The statement signals that the company views the share price as below intrinsic value, justifying the use of excess cash to return capital to shareholders.
The share buyback reduces the outstanding share count, which can lift earnings per share and potentially increase shareholder value. It also signals to investors that OR Royalties has sufficient liquidity to fund future growth initiatives, such as the development of Dalgaranga and Cascabel, while maintaining a debt‑free balance sheet. The program’s scale—C$43.9 million—constitutes a modest portion of the company’s cash reserves but is significant relative to the prior NCIB program approved in December 2024, which allowed up to 9,331,275 shares to be repurchased.
The program follows a history of disciplined capital allocation. The previous NCIB, approved in December 2024, had a much larger purchase ceiling, but OR Royalties has chosen a more conservative approach this year, reflecting a focus on preserving liquidity for strategic acquisitions and portfolio expansion. The company’s portfolio now includes over 195 royalties and streams across Tier‑1 jurisdictions, positioning it to capture upside from future gold and copper production while maintaining a low‑risk profile.
Overall, the share repurchase demonstrates OR Royalties’ confidence in its financial health and long‑term growth prospects. By returning capital to shareholders while maintaining a debt‑free balance sheet and strong cash flow, the company reinforces its commitment to creating shareholder value and sustaining a resilient, growth‑oriented business model.
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