• It's like Prologis (a major REIT), but for mining royalties instead of industrial real estate.
• It's like Barrick Gold (a major gold miner), but OR Royalties doesn't operate mines; it just collects a percentage of the minerals produced by other companies.

• Precious Metals Royalties: These are financial interests entitling OR Royalties to a percentage of the gross or net revenues from the production of gold, silver, and other precious metals at various mining operations.
• Precious Metals Streams: These are agreements to purchase a fixed percentage of future gold or silver production from specific mines at a predetermined, typically discounted, price.

• Lundin Mining Corporation (TSX: LUN)
• Orla Mining Ltd. (NYSE: OLA)
• Kinross Gold Corporation (NYSE: KGC)

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Jason Attew, President, Chief Executive Officer and Director

Mr. Attew is a mining industry veteran with over 25 years of experience in the sector. He previously served as President, CEO, and Director of Liberty Gold Corp and Gold Standard Ventures Corp. Before joining OR Royalties, he was the Chief Financial Officer at Goldcorp Inc., where he was responsible for leading finance and investor relations operations, and also for corporate development and strategy, which concluded with the US$32 billion merger with Newmont Corporation. Mr. Attew possesses extensive international capital markets experience from his 16 years in investment banking with the BMO Global Metals and Mining Group, where he played a key role in structuring and raising significant growth capital, as well as advising on transformative mergers and acquisitions.

Frédéric Ruel, Chief Financial Officer and Vice President, Finance

Mr. Ruel brings over 20 years of experience in financial reporting, with more than 12 years dedicated to the mining industry. Prior to his role at OR Royalties Inc., he held the position of Director, Corporate Reporting for Canadian Malartic Partnership, Osisko Mining Corporation, and Consolidated Thompson Iron Mines. He began his career as an auditor at a leading Canadian accounting firm.

André Le Bel, Vice President, Legal Affairs and Corporate Secretary

Mr. Le Bel was appointed Vice President of Legal Affairs and Corporate Secretary of OR Royalties Inc. in February 2015. From November 2007 to June 2014, he served as Vice-President of Legal Affairs and Corporate Secretary of Osisko Mining Corporation. His prior experience includes serving as Vice President Legal affairs with Iamgold Corporation from November 2006 to October 2007, and as Senior Legal Counsel and Assistant Corporate Secretary of Cambior Inc. before that.

Iain Farmer, Vice President, Corporate Development

Mr. Farmer has over a decade of experience in the mining industry. Most recently, he served as Director of Evaluations for OR Royalties Inc., where his responsibilities included the financial and technical evaluation of investments, as well as the origination and execution of transactions. Before joining OR Royalties Inc., Mr. Farmer worked in equity research, covering the mining sector.

Heather Taylor, Vice President, Sustainability and Communications

Ms. Taylor joined OR Royalties Inc. in early 2021 and has more than 15 years of capital markets experience, specializing in the global metals and mining industry. She most recently served as Head of Business Development at Nexa Resources, where she oversaw and executed the company's M&A strategy. Previously, she managed investor relations at Nevsun Resources, a company that was acquired by Zijin Mining for $1.9 billion.

The key risks to OR Royalties' business include its exposure to volatile commodity prices, dependence on the operational performance of its mining partners, and geopolitical risks in various mining regions.

1. Commodity Price Volatility: As a company primarily focused on precious metal royalties, OR Royalties' revenue is directly and inherently exposed to fluctuations in the prices of commodities such as gold, silver, and copper. A significant downturn in these commodity prices would negatively impact its revenue.
2. Dependence on Mining Partners' Operational Performance: OR Royalties operates on an asset-light model, collecting royalties and streams from mines operated by its partners, meaning it has no direct control over the day-to-day mining operations. This exposes the company to risks associated with its partners' operational performance, including labor issues, equipment failures, permitting delays, the pace of mine development, or the possibility that a project may never reach production.
3. Geopolitical Risks in Mining Regions: While OR Royalties focuses heavily on assets in stable, Tier-1 mining jurisdictions like Canada, the United States, and Australia, its portfolio also includes interests in other regions, including parts of South America, Africa, and Europe. Geopolitical instability, regulatory changes, or other country-specific risks in these regions could adversely affect the operations of the underlying mines and, consequently, OR Royalties' income.

OR Royalties (symbol: OR) operates primarily in the acquisition and management of precious metal royalties and streams.

The addressable market for these services can be viewed in two ways:

• Mining Royalty Sector (Global): The mining royalty sector has seen significant growth, with the combined market capitalizations of royalty companies skyrocketing to approximately US$70 billion. This figure represents the collective valuation of companies specializing in royalties and streams within the mining industry.
• Global Mining Market: The broader market from which royalties and streams are generated is the global mining market. This market was valued at an estimated US$1.96 trillion in 2024 and is projected to grow to US$2.06 trillion in 2025.

Here are 3-5 expected drivers of future revenue growth for OR Royalties (symbol: OR) over the next 2-3 years:

• Growth in Gold Equivalent Ounces (GEOs) from Existing and Development Assets: OR Royalties anticipates a significant increase in gold equivalent ounces (GEOs) from its portfolio. The company projects 110,000-125,000 GEOs by 2029, representing approximately 40% growth over 2025 levels, stemming from existing assets, expansions, and development projects. For example, the Namdini mine reached its first gold pour in November 2024, adding to the producing assets. Other development projects like Cascabel, with first production targeted for as early as 2028, and the Cariboo gold project, with potential first gold production by the second half of 2027, are expected to contribute to future GEO deliveries.
• Strategic Acquisitions of New Royalties and Streams: A core part of OR Royalties' business model is the acquisition of new royalties and streams. The company's robust balance sheet and strong cash flow generation enable it to pursue inorganic growth through further acquisitions. Recent examples include the acquisition of a 100% silver stream on Orla Mining's South Railroad project, which is anticipated to commence production by 2027. The company also acquired a 1.8% gross revenue royalty on Spartan Resources' Dalgaranga Gold project in Western Australia, expected to close in Q4 2024.
• Favorable Precious Metal and Commodity Prices: As a royalty and streaming company, OR Royalties' revenue is directly influenced by commodity prices. Elevated precious metal prices, particularly gold, have historically contributed to record annual revenues. Strong commodity prices were cited as a significant factor in the company's strong revenue growth in recent quarters.
• Operational Performance and Ramp-up of Existing Royalty Assets: Continued strong performance from cornerstone assets, such as the 5% net smelter return royalty on Agnico Eagle's Canadian Malartic Mine, remains a crucial revenue driver. Additionally, contributions from newer assets like the CSA copper stream are expected to positively impact the commodity mix and revenue.