OR Royalties (OM40) Q2 2026 Earnings Report

The call highlighted materially strong financial performance (revenues +62%, operating cash flow +62%, high cash conversion margin), active accretive M&A and shareholder returns (dividend +18.2%, buybacks), and preserved 2026 guidance and 2030 outlook. Negative items were concentrated around the Canadian Malartic Barnat pit rock mass movement (affecting near-term GEOs), some logistics-driven deferrals, and a higher net debt position after recent acquisitions. Management emphasized that the Malartic event has limited long-term impact on ownership and reiterated focus on accretive growth and liquidity flexibility.

OR reiterated 2026 guidance of 80,000–90,000 gold equivalent ounces (GEOs) after reporting H1 deliveries of 43,497 GEOs (up 12% vs. H1 2025), but said the second half will be modestly lighter than the first following the Canadian Malartic Barnat wall movement: Agnico estimates ~370,000 ounces of gold inaccessible over the next three years (60–80k oz in H2 2026 and roughly 150k oz in each of 2027 and 2028), which OR applied at its 5% interest to imply ~3,500 fewer GEOs in 2026 and up to ~7,500 fewer GEOs in each of 2027 and 2028 (≈18,500 GEOs total over three years) — yet the company said its 2030 outlook of 120,000–135,000 GEOs is unchanged; management also noted Canadian Malartic set a quarterly record of 28,800 oz, shaft #1 sinking reached 1,586 m with first shaft production on schedule for Q2 2027, the portfolio now has 23 producing assets (24th, Cariboo’s Coiyu, commissioning in Q4), and the 2026 outlook excludes incremental GEOs from the newly closed Spring Valley and Murray Brook transactions.