OR Royalties Net Earnings Rise to $73.6 Million
The precious metals royalty manager reported net earnings of $73.6 million for the first quarter of 2026, up from $25.6 million in the prior-year period
OR Royalties Inc. (OR), a manager of royalties and streams on precious metals and other commodities, reported net earnings of $73.6 million for the three months ended March 31, 2026. This represents an increase from the $25.6 million reported for the same period in 2025.
Revenues for the quarter rose to $102.8 million, compared with $54.9 million in the first quarter of 2025. The company earned 22,740 gold equivalent ounces during the period, an increase from the 19,014 gold equivalent ounces earned in the first quarter of 2025.
Gross profit for the period was $88.8 million, compared to $45.6 million in the prior-year quarter. The company's operating income rose to $87.8 million from $38.5 million. This result included a $7.2 million gain on the buy-down of a stream interest and a $419,000 gain on the sale of gold bullion.
Operating expenses increased during the quarter. General and administrative expenses rose to $6.0 million from $5.0 million, and business development costs increased to $2.6 million from $2.1 million. Net earnings per share, on both a basic and diluted basis, were 0.39 a share, compared to 0.14 a share in the first quarter of 2025.
As of March 31, 2026, the company held $209.8 million in investments and $1.2 billion in royalty, stream, and other interests. Cash holdings decreased to $94.9 million from $142.1 million as of December 31, 2025.
The company's cornerstone asset remains a 3-5% net smelter return royalty on the Canadian Malartic Complex in Québec.