Here are 1-2 brief analogies to describe OR Royalties:

• Visa or Mastercard for the mining industry: OR Royalties earns a percentage of the production or revenue from mines without having to operate the mines themselves, similar to how Visa and Mastercard earn a small fee from every transaction without running the stores.
• A Real Estate Investment Trust (REIT) for mineral royalties: Just as a REIT owns real estate properties and collects rent, OR Royalties owns royalty interests on mining projects and collects a percentage of the value of minerals extracted.

• Royalty and Stream Acquisition & Management: Acquiring and managing financial interests, such as royalties, streams, and offtake agreements, in precious metal and other mining projects to generate revenue.
• Mining Project Exploration & Development: Directly engaging in the exploration, evaluation, and development of mining projects, primarily focused on precious metals.

OR Royalties (Osisko Gold Royalties Ltd) is a royalty and streaming company. Its business model involves acquiring interests (such as royalties, streams, and off-take agreements) in mining projects. Rather than selling a product or service directly to individuals or companies, OR Royalties receives payments or deliveries of precious metals from the mining companies that operate these projects based on its acquired interests.

Therefore, OR Royalties' "major customers" are the operating mining companies that are obligated to make these payments or deliveries. Based on the provided background, OR Royalties' primary asset is a 5% net smelter return royalty on the Canadian Malartic mine.

The major operating company responsible for this primary asset, and thus a significant source of revenue for OR Royalties, is:

• Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM)

While Osisko Gold Royalties holds a diversified portfolio of other royalty and stream interests, implying revenue from various other mining companies, Agnico Eagle Mines Limited is specifically identified as the counterparty for its primary asset.

Jason Attew, President, Chief Executive Officer and Director
Mr. Attew is a mining industry veteran with over 25 years of experience. He previously served as Chief Financial Officer at Goldcorp Inc., where he played a key role in the US$32 billion merger with Newmont Corporation. Mr. Attew was also the President and CEO of Gold Standard Ventures Corp until its acquisition by Orla Mining Ltd.

Frédéric Ruel, Chief Financial Officer and Vice President, Finance
Mr. Ruel is a CPA with over 20 years of experience in financial reporting, including more than 12 years in the mining industry. Prior to joining Osisko Gold Royalties, he was Director, Corporate Reporting for Canadian Malartic Partnership, Osisko Mining Corporation, and Consolidated Thompson Iron Mines. He also served as Chief Financial Officer of NioGold Mining Corporation and Vice President, Corporate Controller of Falco Resources Ltd. Mr. Ruel began his career as an auditor.

Sean Roosen, Chair Emeritus and Director
Mr. Roosen is a founder and former Executive Chairman and CEO of Osisko Gold Royalties, serving from its inception in 2014 until 2023. He was also a founding member of Osisko Mining Corporation (2003), where he was instrumental in the discovery and development of the Canadian Malartic mine and led its sale, which subsequently led to the creation of Osisko Gold Royalties. Additionally, he was a founding member of EurAsia Holding AG, a European venture capital fund. Mr. Roosen has over 30 years of experience in the mining industry.

Michael Spencer, President, OR Royalties International Ltd.
Mr. Spencer joined OR Royalties in 2017 and has over 10 years of experience in business development, corporate finance, and mergers and acquisitions within the global metals and mining industry. His background includes more than seven years in mining-focused investment banking.

Guy Desharnais, Vice President, Project Evaluation
Mr. Desharnais joined OR Royalties' Technical Services team in 2017 and was appointed Vice President, Project Evaluation in August 2020. He holds a Ph.D. in geochemistry and igneous petrology and previously worked as an exploration geologist for Xstrata Nickel (Glencore) and as a Qualified Person and manager for SGS Geostat. He led the team that won the Integra Gold Rush Challenge in 2016.

The key risks to OR Royalties (symbol: OR) include:

1. Concentration Risk and Operational Performance of Underlying Mines: A primary risk for OR Royalties stems from its significant reliance on a limited number of core assets, particularly the Canadian Malartic mine, which constitutes a substantial portion of the company's net asset value. The financial health and revenue generation of OR Royalties are highly dependent on the operational performance, production levels, and successful development of these underlying mining properties by third-party operators. Any adverse developments, such as operational disruptions, lower-than-expected production, or delays in mine development at key assets, could significantly impact the company's revenue and cash flow.
2. Commodity Price Volatility: As a precious metals royalty company, OR Royalties is inherently exposed to the volatility of commodity prices, particularly gold, silver, and copper. Fluctuations in these metal prices directly affect the value of the royalties and streams the company receives. A sharp downturn in precious metal prices would significantly reduce OR Royalties' revenue and profitability.
3. Reliance on Third-Party Information and Mine Development Risk: OR Royalties' business model relies on the ongoing operation and development plans of mining properties owned and operated by other companies. This introduces risks related to the accuracy of public statements, disclosures, and reserve and resource estimates provided by these third-party operators. Delays or failures in the development of projects not yet in production, or significant changes in mineral reserve and resource estimates, could lead to impairment charges and negatively impact the company's financial performance.

OR Royalties (symbol: OR) acquires and manages precious metal and other royalties, streams, and off-take interests, with its primary asset being a 5% net smelter return royalty on the Canadian Malartic mine. The company primarily explores for precious metals, including gold, silver, and diamonds. Therefore, the addressable markets for their main interests are the global markets for these underlying commodities.

The estimated global market sizes for the precious metals relevant to OR Royalties in 2023 are as follows:

• Gold: The global precious metals market was valued at approximately USD 347.06 billion in 2023. Gold dominated this market with a share of 75.3% in the same year. Based on these figures, the estimated global market size for gold was approximately USD 261.35 billion in 2023. Another estimation of total gold demand, including OTC and stock flows, reached 4,899 metric tons in 2023, with an average price of US$1,940.54 per ounce, equating to approximately USD 305.6 billion.
• Silver: The global silver market was valued at approximately USD 28.9 billion in 2023. Global demand for silver reached approximately 1.14 billion ounces in 2023.
• Diamonds: The global diamond jewelry market generated a revenue of approximately USD 90.02 billion in 2023. Additionally, the global industrial diamond market size was estimated at USD 1.45 billion in 2023.

OR Royalties (symbol: OR), also known as Osisko Gold Royalties Ltd, is expected to drive future revenue growth over the next 2-3 years through several key avenues:

1. Increased Gold Equivalent Ounce (GEO) Production from Existing and Development Assets: A primary driver of revenue growth for OR Royalties is the anticipated increase in gold equivalent ounces (GEOs) from its portfolio of royalties and streams. This includes ramp-ups and expansions at existing operations and the commencement of production from development projects. For instance, the company's 2025 guidance projects earning between 80,000 and 88,000 Gold Equivalent Ounces (GEOs). Specific projects contributing to this growth include the Canadian Malartic complex, which is targeted for million-ounce production by 2030, and anticipated meaningful payments from the Namdini mine in the second half of 2025. Additionally, the Cariboo project is fully permitted with potential for first gold in the second half of 2027, and the Spring Valley project is entering construction aiming for first gold production in the first half of 2028.
2. Favorable Precious Metal Prices: As a precious metals royalty company, OR Royalties' revenue is highly sensitive to commodity prices, particularly gold. Significant revenue growth in recent periods has been attributed to higher realized gold prices. Continued strength or increases in precious metal prices are expected to directly boost the revenue generated from its royalty and stream interests without a corresponding increase in operating costs due to its business model.
3. Strategic Acquisitions and Royalty/Stream Investments: OR Royalties actively pursues a strategy of disciplined allocation in acquiring new high-quality, accretive precious metal streams and royalties. For example, the company recently agreed to acquire a portfolio of eight precious metal assets from Gold Fields, including a royalty on the newly producing San Gabriel gold and silver mine, which is expected to immediately increase expected gold equivalent ounces for 2026. The company also maintains the financial capacity and flexibility to complete additional meaningful transactions in the near term.

Share Repurchases

• In December 2025, Osisko Gold Royalties renewed its Normal Course Issuer Bid (NCIB) program, authorizing the repurchase of up to 9,399,294 common shares, representing approximately 5% of its outstanding shares, until December 11, 2026.
• Under the previous NCIB program, Osisko repurchased 593,432 shares for C$28.0 million in 2025.
• In December 2024, the company received approval to repurchase up to 9,331,275 common shares, or approximately 5% of its issued and outstanding shares, under an NCIB program that terminates on December 11, 2025.

Share Issuance

• In March 2022, Osisko issued 18,600,000 common shares in a bought deal offering, generating total gross proceeds of US$250,170,000.
• The net proceeds from the 2022 offering were intended for general corporate purposes, including funding resource royalty and stream acquisitions, and potentially repaying amounts drawn under the company's revolving credit facility.

Outbound Investments

• In 2024, Osisko executed a definitive agreement for a 6% gold stream on SolGold plc's Cascabel copper-gold development project in Ecuador for a total of $225.0 million, payable upon achieving certain milestones.
• Also in 2024, the company acquired a 1.8% gross revenue royalty on Spartan Resources Limited's Dalgaranga Gold project in Western Australia for $50.0 million.
• In February 2025, Osisko acquired a royalty from Japan Gold Corp., with the net proceeds expected to be utilized by Japan Gold for the exploration, development, and advancement of the royalty properties.

Capital Expenditures

• As a royalty and streaming company, Osisko Gold Royalties typically maintains low capital expenditures related to its own operations.
• The company's investment strategy focuses on acquiring royalty and stream interests, which are categorized as outbound investments, rather than direct operational capital spending.