OR Royalties Net Earnings Reach $135 Million in First Half
The company reported net earnings of $134.97 million for the six months ended June 30, 2026, compared with $57.99 million in the prior year period.
OR Royalties Inc. (OR), a manager of precious metals royalties and streams, reported a significant increase in profitability for the first half of 2026, driven by a rise in revenues and a series of strategic asset acquisitions.
Net earnings for the six months ended June 30, 2026, were $134.97 million, up from $57.99 million during the same period in 2025. Revenues for the first half rose to $200.65 million from $115.28 million a year earlier. The company's operating income for the period reached $163.14 million, compared with $79.94 million in the first half of 2025.
To fund growth, the company shifted its liquidity position by drawing $215.0 million on its revolving credit facility during the second quarter of 2026. This move resulted in a net debt position of $139.39 million as of June 30, 2026, compared to a net cash position of $142.13 million at the end of 2025.
OR Royalties deployed significant capital into its portfolio during the first half of 2026. The company spent $168.0 million to acquire additional royalties for the Spring Valley project and $115.0 million for a portfolio of precious metals assets from Gold Fields, which included a 1.5% net smelter return royalty on the San Gabriel mine. Additionally, the company paid $52.0 million for deferred payment obligations related to Galiano. These investments followed a more conservative spending period in the first half of 2025, when the company invested $23.2 million in royalty and stream interests.
Cash flows from financing activities for the first half of 2026 totaled $169.0 million, a reversal from the $71.5 million used in the first half of 2025. Alongside its credit draw, the company spent $20.9 million to purchase common shares under its normal course issuer bid program and paid $19.2 million in dividends during the first six months of the year.
Looking forward, the company expects its portfolio to generate between 120,000 and 135,000 gold equivalent ounces in 2030. This outlook assumes the commencement of production at several projects, including Gold Fields' Windfall and South32 Limited's Hermosa/Taylor. The company noted that its 2026 guidance remains unchanged despite recent wall movement at the Barnat Open Pit at the Canadian Malartic Complex.