OR Royalties Inc. reported record preliminary revenue of $90.5 million for the fourth quarter of 2025, up 59% from $56.74 million in Q4 2024, and $277.4 million for the full year, a 45% increase over the $191.16 million reported for 2024. The company produced 21,735 gold‑equivalent ounces (GEOs) in Q4, an 8% rise from 20,005 GEOs in the same quarter last year, and 80,775 GEOs for the year, slightly above the 80,740 GEOs reported in 2024 and comfortably within the guidance range of 80,000‑88,000 GEOs.
The cash margin reached 97.2% in Q4 and 96.7% for the year, the highest on record. The margin expansion reflects a favorable mix of high‑margin royalty assets, disciplined cost management, and pricing power in Tier‑1 jurisdictions. Cash and cash equivalents stood at $142.1 million as of December 31, 2025, after fully repaying the revolving credit facility and completing $36.7 million of share repurchases under the normal‑course issuer bid.
Management reiterated its 2025 guidance, maintaining expectations for continued high cash margins and a strong dividend trajectory. The company remains debt‑free, with the revolving credit facility undrawn and $650 million available, positioning it to pursue opportunistic acquisitions in a debt‑free environment. OR Royalties also reaffirmed its target of 40% organic growth in GEOs by 2029, driven by expansions at existing mines and a focus on Tier‑1 jurisdictions such as Canada, the United States, and Australia.
The results underscore the company’s robust financial health: a large cash cushion, record revenue growth, and a consistently high cash margin provide a solid foundation for future dividend increases and strategic investments. The debt‑free status and available credit line enhance flexibility, allowing the company to capitalize on attractive acquisition opportunities while maintaining a strong balance sheet.
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