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OR Royalties Inc. - Corporate Presentation, June 16, 2025

OR Royalties Inc. - Corporate Presentation, June 16, 2025

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SENIOR-QUALITY PORTFOLIO, LEADING GROWTH POTENTIAL JUNE 2025 Amounts presented are in United States Dollars, except where otherwisenoted ORroyalties.com TSX-NYSE | OR
2 FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation may be deemed “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, production estimates of OR Royalties’s assets (including increase of production), the revised 2024 guidance on GEOs and the 5-year outlook on GEOs included under “Guidance for 2024 and 5-Year Outlook” and other guidance based on disclosure from operators, timely developments of mining properties over which OR Royalties has royalties, streams, offtakes and investments, management’s expectations regarding OR Royalties’ growth, results of operations, estimated future revenues, production costs, carrying value of assets, ability to continue to pay dividend, requirements for additional capital, business prospects and opportunities, future demand for and fluctuation of prices of commodities (including outlook on gold, silver, diamonds, other commodities) currency, markets and general market conditions. In addition, statements and estimates (including data in tables) relating to mineral reserves and resources and statements and revised guidance as to gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, including the assumptions set out under “Guidance for 2024 and 5-Year Outlook”, and no assurance can be given that the estimates or related revised guidance will be realized. Forward-looking statements are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations), or by statements that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of OR Royalties, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which OR Royalties holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from resource estimates or production forecasts by operators, (d) differences in conversion rate from resources to reserves and ability to replace resources, (e) the unfavorable outcome of any challenges or litigation relating to title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks; (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by OR Royalties, (b) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (c) regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies, regulations and political or economic developments in any of the countries where properties in which OR Royalties holds a royalty, stream or other interest are located or through which they are held, (d) continued availability of capital and financing to OR Royalties or the operators of properties, and general economic, market or business conditions, and (e) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on OR Royalties’ business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by OR Royalties, (b) the integration of acquired assets or (c) the determination of OR Royalties’ Passive Foreign Investment Company (“PFIC”) status. The forward-looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in the Company’s ongoing income and assets relating to determination of its PFIC status; the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which OR Royalties holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets. For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of OR Royalties filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. OR Royalties cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. OR Royalties believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward-looking statements and such forward-looking statements included in this presentation are not guarantee of future performance and should not be unduly relied upon. In this presentation, OR Royalties relies on information publicly disclosed by other issuers and third-parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. These statements speak only as of the date of this presentation. OR Royalties undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law. SAFE HARBOUR STATEMENT This presentation has been prepared for informational purposes only in order to assist prospective investors in evaluating an investment in OR Royalties Inc. The information related to mining operators provided in this presentation has been sourced from public disclosure. Inquiries regarding this presentation can be made to the senior management of OR Royalties. CAUTIONARY NOTE TO U.S. INVESTORS REGARDING MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES OR Royalties is subject to the reporting requirements of the applicable Canadian securities laws, and as a result, reports its mineral resources and reserves according to Canadian standards. Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument 43-101 (“NI 43-101”). The definitions of NI 43-101 are adopted from those described by the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”). In a number of cases OR Royalties has disclosed resource and reserve estimates covering properties related to the mining assets that are not based on CIM definitions, but instead have been prepared in reliance upon JORC and S-K 1300 (collectively, the “Acceptable Foreign Codes”). Estimates based on Acceptable Foreign Codes are recognized under NI 43-101 in certain circumstances. New mining disclosure rules under Subpart 1300 of Regulation S-K became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. CIM definitions are not identical to those of the Acceptable Foreign Codes, the resource and reserve definitions and categories are substantively the same as the CIM definitions mandated in NI 43-101 and will typically result in reporting of substantially similar reserve and resource estimates. Nonetheless, readers are cautioned that there are differences between the terms and definitions of the CIM and the Acceptable Foreign Codes, and there is no assurance that mineral reserves or mineral resources would be identical had the owner or operator prepared the reserve or resource estimates under another code. Mr. Guy Desharnais, PhD., P.Geo., is the qualified person for this presentation as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information contained herein. Mr. Desharnais is an employee of OR Royalties and is non-independent. CAUTIONARY STATEMENTS
Senior-quality precious metal portfolio 22 producing assets(i) anchored by a 5% NSR royalty on Agnico Eagle’s Canadian Malartic Complex(ii) Peer-leading organic growth profile Attributable GEO1 delivery growth of ~40% based on current 5-year outlook for 2029E (110-125k GEOs) Highest concentration of assets in low-risk Tier-1 mining jurisdictions(iii) On a Net Asset Value basis and vs. relevant peers Strong balance sheet & disciplined capital allocation strategy $510 million in available liquidity as of Mar 31, 2025 - between cash and undrawn revolving credit facility (incl. C$200 million accordion) SENIOR-QUALITY PORTFOLIO, LEADING GROWTH POTENTIAL TSX | NYSE: OR 3 Note: Market capitalization, dividend and P/NAV as at market close on May 30, 2025 (i) Includes Cardinal Namdini Mining Ltd.’s Namdini mine in “trial production” with first meaningful royalty payment expected in H2 2025; G Mining Ventures Corp.’s Tocantinzinho (TZ) mine; Talisker Resources Ltd. Bralorne mine; and, Agnico Eagle Mines Ltd.’s Akasaba West satellite mine at Goldex (ii) Canadian Malartic Open Pits 5.0% NSR Royalty; Canadian Malartic Odyssey Underground Blended 4.61% NSR Royalty (iii) vs. precious metals royalty & streaming peers; ‘Tier-1’ mining jurisdictions defined as: Canada, USA, Australia +195 royalties, streams and offtakes $4.8B market cap (C$6.6B) 1.55x Consensus P/NAV3 78% GEOs from ‘Tier 1’ Mining Jurisdictions(iii) (2024) 97% cash margin business2 (2025E) 0.86% dividend yield 80-88k GEO1 delivery guidance for 2025E $160M 2024 CFO
4 ROYALTY & STREAMING MODEL KEY BENEFITS Highly efficient and scalable business model Significant asset and cash-flow diversification No direct capital, operating or exploration cost exposure Insulated from inflationary cost pressures Optionality to exploration success, mine life extensions and expansions High margins provide sustainable cash-flow generation and shareholder returns throughout the commodity cycle Leverage to precious metals prices CORE BENEFITS OF THE ROYALTY & STREAMING BUSINESS MODEL
$0.30 $0.39 $0.29 $0.40 $0.49 $0.52 $0.73 $0.74 $0.75 $0.86 OPERATING CASH FLOW PER SHARE 4 Royalty and stream segment only $8.21 $8.84 $9.40 $8.27 $9.06 $11.96 $12.12 $10.97 $12.40 $15.87 5 WHY OR ROYALTIES? +10-YEAR TRACK RECORD… GOLD EQUIVALENT OUNCES EARNED (koz) CONSENSUS NAV PER SHARE 5 As at December 31 of given year COVID Impacted 58.9 30.6 38.3 80.6 78.0 66.1 80.0 89.4 94.3 19 16 15 21 17 18 20 22 23 24 80.7 19 16 15 21 17 18 20 22 23 24 19 16 15 21 17 18 20 22 23 24 10+ YEAR TRACK RECORD OF CONSISTENT GROWTH IN PER SHARE METRICS Renard Shut Down + Eagle Mine Suspended
Highest Exposure to Tier-1 Mining Jurisdictions(i) vs. relevant precious metals royalty & streaming peers GEOs earned in-line with NAV exposure: 78% of GEOs earned in 2024 from Tier-1 Mining Jurisdictions(i) OR’s NAV exposure to Tier-1 Mining Jurisdictions(i) increased in 2024 6 WHY OR ROYALTIES? TIER-1 MINING JURISDICTIONS + MARGIN MATTERS Data Source: Canaccord Genuity Capital Markets Precious Metals Research, February 2025 0% 20% 40% 60% 80% 100% OR RGLD TFPM FNV WPM SAND Canada USA Australia Latin America (Incl. Mexico & Caribbean) Europe Africa Asia Tier-1 Jurisdictions 2024 Cash Margin (%)2,6 96.5% 88.7% 88.3% 86.4% 85.8% 81.7% OR SAND FNV RGLD TFPM WPM OR OR Margin Matters OR Royalties’s cash margin is peer-leading OR’s cash margin was 11.9% higher vs. average of relevant peer set in 2024 due to the highest proportional GEO contribution vs. peers from royalty assets OR Royalties & its shareholders earn ~$0.97 of every dollar of revenue generated(ii) (i) Canada, USA, Australia (ii) Before depletion, interest, taxes, G&A, and finance costs Note: TFPM classifies some of its gold pre-pay costs as non-cash. These have been included in the cash margin calculation to comport with the definition of cash margin utilized by OR Royalties. NAV Breakdown by Jurisdiction (%)
94,323 80,740 Existing Assets + Expansions Island Gold Phase 3+ Others + Development Dalgaranga Windfall Hermosa (Taylor) Marimaca MOD Others 2029E outlook represents ~40% GEO growth(i) over 2025E with no contingent capital required This outlook replaces the previous outlook (published on February 20, 2024). The 2025 outlook (published on February 19, 2025) is based on publicly available forecasts from our operating partners. When publicly available forecasts on properties are not available, OR Royalties obtains internal forecasts from the producers or uses management’s best estimate. The 2025 guidance uses current 2025 consensus commodity prices and a gold/silver price ratio of 83:1. The 5-year outlook uses current long-term consensus commodity prices and a gold/silver price ratio of 80:1. Optionality bar is illustrative only: - “Development” defined as partnerhaving at least completed a Preliminary Economic Assessment(or more) on the project; - “Exploration” defined as partner having completed a Mineral Resource Estimate (MRE) on the project, or is in the process of exploratory drilling in or to be working towards an initial MRE. 2023A 2024A 2025E Guidance 80,000 - 88,000 110,000 - 125,000 WHY OR ROYALTIES? GEO GROWTH THROUGH TO THE END OF THE DECADE… GUIDANCE AND 5-YEAR OUTLOOK1,7 (oz AuEq) Existing Assets + Bralorne Namdini 2029E Outlook Nearer-Term & Longer-Term Optionality Expansions Odyssey Shaft #2 Mantos Blancos Phase II Island Gold District Expansion CSA Expansion Project(s) + Development Amulsar Costa Fuego Cariboo Casino Cascabel Copperwood Hammond Reef Marban Shaakichiuwaanaan Spring Valley Upper Beaver West Kenya WKP Others + Exploration Altar AntaKori Whistler Others 7 Renard is Shut Down + Eagle Mine Suspended (i) Based on mid-points of 2025E GEO Guidance & 2029E GEO Outlook Ranges, respectively
SPRING VALLEY (Au) 0.5-3.5% NSR ~6,000 GEO/y Final project permits, including BLM Record of Decision expected mid-year 2025 May 2025 Letter of Interest from the Export-Import Bank US (EXIM) for up to $835M Potential for average annual prod’n of ~300koz Au over 10-yr LOM (excludes residual leach year) FID and construction start possible for H2 2025 CARIBOO (Au) 5.0% NSR ~10,000 GEO/y Rare, fully-permitted project in a Tier-1 mining jurisdiction (British Columbia, Canada) Optimized FS, underground development, bulk sampling and ore sorting further derisk asset Potential for average annual prod’n of ~190koz Au over 10-yr LOM FID possible in 2025, with first gold potentially in 2027 (subject to project financing) UPPER BEAVER (Au, Cu) 2.0% NSR ~4,000 GEO/y Road, power and shaft collar complete Excavation of the ramp and shaft sinking for project de-risking/bulk samples (H2 2025) Potential for average annual prod’n of ~210koz Au and 3.6kt Cu over 13-yr LOM First production possible for ~2030 AMULSAR (Au, Ag) 49.22% Ag Stream 3.34% Au Stream ~6,000 GEO/y Documentation ongoing for transfer of project to United Gold (private gold development company) Government participation (~12.5% equity stake) and loan guarantees Construction could resume in H2 2025 NAVIDAD (Au, Ag) 2.0% NSR ~2,000 GEO/y New discovery at First Majestic’s operating Ermitaño mine / Santa Elena mill March 31, 2025 maiden MRE of Inferred 2.3Mt at 81 g/t Ag and 3.42 g/t Au (5.9Moz Ag + 249koz Au) During 2025, additional drilling from surface is planned to continue testing the potential expansion of Navidad, which remains open in multiple directions SOUTH RAILROAD (Ag) 100% Ag Stream ~500 GEO/y Notice of Intent expected to be published mid-2025 with Record of Decision targeted for mid-2026 Following final permits, project approval and construction, first Au & Ag expected in late 2027 2025 exploration program for the South Carlin Complex is focused on increasing near-deposit oxide Mineral Resources at Pinion and Dark Star targets WHAREKIRAUPONGA (Au) 2.0% NSR ~4,000 GEO/y(i) March 2025 application submitted for the grant of Fast-track approvals for Waihi North Project, including Wharekirauponga (WKP) expected to be fully-permitted by EOY 2025, with initial ramp-development expected in 2026 WNP PFS published in December 2024; potential for average annual prod’n of ~155koz Au over 7-yr LOM 8 (i) For the 5-years during which WKP Underground is the primary source of feed to the Waihi mill Note: Average GEOs based on publicly available forecasts from our operating partners. When publicly available forecasts on properties are not available, OR obtains internal forecasts from the producers or uses management’s best estimate. WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO “Guidance Not Included”  High-quality development assets that are currently NOT included in OR Royalties’ 5-year Outlook
PRODUCING ASSETS INTEREST OPERATINGPARTNERS 1 CANADIAN MALARTIC 5% NSR AGNICO EAGLE 2 MANTOS BLANCOS 100% Ag Stream CAPSTONECOPPER 3 CSA 100% Ag & 3-4.875% Cu Streams MAC COPPER LIMITED 4 ÉLÉONORE 2.2-3.5% NSR DHILMAR 5 SASA 100% Ag Stream CENTRAL ASIA METALS 6 ISLAND GOLD 1.38-3% NSR ALAMOS GOLD 7 SEABEE 3% NSR SSR MINING 8 GIBRALTAR 100% Ag Stream TASEKO MINES 9 ERMITAÑO 2% NSR FIRST MAJESTIC SILVER 10 LAMAQUE 1% NSR ELDORADO GOLD 11 PAN 4% NSR CALIBRE MINING 12 TOCANTINZINHO 0.75% NSR G MINING VENTURES 13 NAMDINI(i) 1% NSR CARDINAL NAMDINI 14 BALD MOUNTAIN 1-4% GSR KINROSS GOLD 15 FRUTA DEL NORTE 0.1% NSR LUNDIN GOLD 16 PARRAL 2.4% Au & Ag Streams GOGOLD RESOURCES 17 MACASSA TH 1% NSR AGNICO EAGLE 18 SANTANA 3% NSR MINERA ALAMOS 19 AKASABA WEST 2.5% NSR (Partial Coverage) AGNICO EAGLE 20 DOLPHIN TUNGSTEN 1.5% GRR GROUP6 METALS 21 BRALORNE 1.7% NSR TALISKERRESOURCES 22 BRAUNA 1% GRR LIPARI MINERAÇÃO 9 PRECIOUS METALS FOCUS Q1 2025 GEOs BY COMMODITY LOW-COST MINES8 NPV BY CASH COST QUARTILE BEST-IN-CLASS PARTNERS PRODUCTION, DEVELOPMENT & EXPLORATION 96.1% 3.9% PRECIOUS METALS COPPER & OTHER 84% 16% <50TH PERCENTILE >50TH PERCENTILE Assets undergoing expansion, extension or ramp-up 1 2 4 5 7 21 6 11 10 16 3 14 15 22 18 9 20 Total Assets ProducingAsset 17 4 5 7 20 143 17 WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO 12 19 13 (i) First royalty payment from Namdini not yet received; mine is still in “trial production” phase 8
Future exploration results will be used to support a potential expansion project at Odyssey including a conceptual second shaft scenario (see next page) to increase the overall site throughput that would utilize available excess mill capacity when the open pit activities are concluded by EOY 20287 Open Pit, East Gouldie, Odyssey South & western half of East Malartic – 5.0% NSR Royalty + Odyssey North and eastern half of East Malartic – 3.0% NSR Royalty + Any ore processed from outside CM property – C$0.40/t Mill Royalty Québec, Canada | Agnico Eagle Mines Limited CANADIAN MALARTIC COMPLEX 10 (i) Additional detail on Odyssey Underground and East Gouldie on following page – Slide 11 Underground steady state production plan of 500 - 600koz of gold per year starting in 2028/29 once shaft access is complete8 Current mine plan from 2023 Internal Study extends to 2042 with ongoing exploration initiatives focused on growth in Mineral Resources8 Agnico expects to spend approximately $40.1M for 216,300 m of drilling at Canadian Malartic in 2025, including 176,300 m at Odyssey7 Objective of continuing conversion of Inferred Mineral Resources to Indicated at East Gouldie & Odyssey deposits + expanding the footprint of East Gouldie(i),7 Flagship royalty on Canada’s 2nd largest operating gold mine From 2025- 27, production is expected to be sourced from the Barnat Pit (to be exhausted in 2028) and increasingly complemented by ore from Odyssey and low-grade stockpiles. Updated overall CMC production guidance is for 590koz in 2025e, 560koz in 2026e and 650koz in 2027e7 Odyssey is expected to contribute ~85koz Au in 2025, ~120koz Au in 2026 & ~240koz in 20277 Source: Agnico Eagle Mines Ltd. (February 2025)
Complex expected to have ~40ktpd of excess mill capacity starting in late 2028 or 20297 Shaft #2 at Odyssey Underground currently in concept phase; additional clarity on potential Shaft #2 and Agnico Eagle’s “Fill the Mill” strategy expected over the next 1-2 years9  A potential Shaft #2 could add ~15k GEOs to OR’s annual earned GEOs over and above the current mine plan, starting in the early 2030’s (and at no additional cost to OR)(i),9 Regional opportunities to “Fill the Mill” currently being studied for Marban (~0.9% NSR royalty + mill tonnage royalty) at 15,000tpd starting in 2033, as well as Wasamac at 3,000tpd (only the mill tonnage royalty would apply)7 Recent exploration success:13 u/g drill rigs and 14 surface rigs drilled a total of 53,376 m in Q1/25 that targeted the eastern and depth extensions of the East Gouldie deposit, the new Eclipse zone (MEX24-325Z intersecting 3.7 g/t gold over 59.7m at 1,413m depth) and portions of the Odyssey deposit near the Odyssey shaft10 Open Pit, East Gouldie, Odyssey South & western half of East Malartic – 5.0% NSR Royalty + Odyssey North and eastern half of East Malartic – 3.0% NSR Royalty + Any ore processed from outside CM property – $0.40/t Mill Royalty Québec, Canada | Agnico Eagle Mines Limited 11 CANADIAN MALARTIC COMPLEX Source: Agnico Eagle Mines Ltd. (April 2025) (i) Projected GEOs estimated internally by OR Royalties Inc. based on publicly released information from the operator. Estimates based on the following assumptions: 10,000 tpd of additional ore tonnage; average gold grade of 2.75 g/t Au; 94.6% overall gold recovery; and a 5% NSR Royalty rate11
1.38-3% NSR Royalty at Island Gold Mine 3% NSR Royalty on Eastern Limit of planned Magino Open Pit Ontario, Canada | Alamos Gold Inc. ISLAND GOLD DISTRICT 12 One of Canada’s highest-grade and lowest-cost underground gold mines located near Wawa, Ontario February 2025 MRE Update expected to result in 9th consecutive year of growth in combined Mineral Reserves and Resources13 Island Gold Phase 3+ Expansion expected to increase underground mining throughput and is scheduled to be complete in H1/2614 Previously planned Phase 3+ mill expansion construction work at Island will no longer be required following the completed acquisition of the adjacent 10,000 tpd Magino mill, located 2.0km from the Island Gold shaft15 Evaluation of longer-term expansion of the Magino mill to between 15-20,000tpd is underway and expected to be completed by Q4 2025 (updated LOM plan expected mid-2025, prior to expansion study)14 The expanded and accelerated mine plan is also anticipated to transition a greater proportion of production towards OR Royalties’ 2% and 3% NSR royalty boundaries earlier in the mine plan (vs. OR Royalties’s current 1.38% NSR royalty) Source: Alamos Gold Ltd. (January 2025)
1.8% GRR Royalty (+ 1.35% GRR Royalty on Proximal Exploration Licenses)(i) Western Australia, Australia | Spartan Resources Limited DALGARANGA 13 Located in Western Australia, one of the most prolific and well-established mining jurisdictions, and it is one of the best gold development and production re-start projects globally March 17, 2025 announcement that Ramelius Resources and Spartan Resources have entered into a binding Transaction Implementation Deed under which it is proposed that Ramelius will acquire all of the issued ordinary shares of Spartan that it does not already own (ownership prior to announcement of 19.9%)16 Combination of complementary and proximate assets, with significant work already undertaken to optimize the synergies between Ramelius’ Mt Magnet mine + operating Checkers Mill, and Dalgaranga17 The underground mine is fully-permitted18; the project has a clear path to near- term first gold with production from underground Underground development already underway, with Ramelius management indicating first gold production from Dalgaranga ore as early as late 2025 (processed through Ramelius’ Checkers Mill)19 (i) Spartan and/or Ramelius has the ability to buy back up to 20% of the 1.8% Dalgaranga Royalty (as well as 20% of the proximal 1.35% Exploration Royalty) for a total of A$3.15 million until February 2027. Spartan still expects to complete a Maiden Mineral Reserve Estimate and a standalone Feasibility Study by Mid-2025 with a full integration study (assuming successful combination by July 2025) expected in calendar Q4 202519 Ramelius already intends to substantively increase exploration activity with a renewed focus on exploration and resource growth across the expanded tenement package16
NAMDINI(i) 1.0% NSR Royalty Mine ramp-up to commercial production and first meaningful royalty payment to OR Royalties (H2 2025) DALGARANGA 1.8% GRR Royalty(ii) Maiden Mineral Reserve & Feasibility Study (Q2 2025) Approval of Scheme of Arrangement for the combination of Ramelius Resources + Spartan Resources (late July 2025) 14 WHY OR ROYALTIES? KEY NEAR-TERM PORTFOLIO CATALYSTS20 PRODUCING ASSETS DEVELOPMENT ASSETS CSA 100% Ag Stream + 3-4.875% Cu Stream Mining from QTSS Upper + toll processing of Merrin Zn Mine material (H2 2025 – H1 2026) Ventilation Project to expand underground production (H2 2026); necessary for sustainable >50ktpa Cu MANTOS BLANCOS 100% Ag Stream Phase II Expansion Feasibility Study (to 27-30ktpd) to increase metal production over Phase I (Q4 2025) WINDFALL 2-3% NSR Royalty Windfall EIA review process + final permitting + final IBAs with First Nations groups (H2 2025) Windfall Updated Feasibility Study (H2 2025) Final Investment Decision + Construction (Q1 2026) HERMOSA 1.0% NSR Royalty Ongoing federal permitting milestones (2025+) Ongoing shaft and surface infrastructure construction milestones (2025+) MARIMACA MOD 1.0% NSR Royalty Marimaca MOD Definitive Feasibility Study (Q2 2025) Receipt of Environmental Qualification Resolution ie. final permits + Final Investment Decision (Q4 2025) ISLAND GOLD 1.38-3.0% NSR Royalty Updated Island Gold District LOM Plan (mid-2025) and Island Gold District Expansion Study (late 2025) Completion of shaft construction for Island Gold Phase 3+ Expansion (H1 2026) (i) Namdini currently in “trial production” phase as defined by the operator. (ii) Spartan has the ability to buy back up to 20% of the 1.8% Dalgaranga Royalty (as well as 20% of the proximal 1.35% Exploration Royalty) for a total of A$3.15 million until February 2027.
15 WHY OR ROYALTIES? ZERO-COST UPSIDE TO EXPLORATION SUCCESS ON ASSETS THAT MATTER AVERAGE OF OVER 1.26 MILLION METERS DRILLED/YEAR ON SHARED PROPERTIES SINCE 2019 AT NO ADDITIONAL COST TO SHAREHOLDERS SIGNIFICANT GROWTH IN HIGH MARGIN, PROVEN & PROBABLE OUNCES – RESULTING IN A LONG LIFE OF ATTRIBUTABLE “RESERVE” GEOs 1.04 1.00 1.59 1.32 1.26 1.33 2019 2020 2021 2022 2023 2024 DRILLING COMPLETED ON OR ROYALTIES PROPERTIES BY OPERATING PARTNERS20 (million meters) GROWTH IN OR ROYALTIES’ ATTRIBUTABLE RESERVES21 (koz Au) 94 2,797 81 3,346 3,862 Deliveries (koz) Proven & Probable (koz) +15% Attributable P&P (koz) GEO Deliveries (koz) 2025 (ACQUIRED) 2024 2025 2023 GROWTH (2024-2025) 412
16 RETURN ON INVESTED CAPITAL FOR SELECT ASSETS (US$M(i)) Investment(ii) Consensus NAV(iv) Cumulative After-tax Cash Flows(iii) CAPITAL ALLOCATION: ASYMETRIC EXPOSURE TO ASSET UPSIDE 16 (i) For investments originally denominated in CAD, acquisition values were converted to USD using the spot rate on the acquisition date. After-tax cash flows were converted to USD using the average rate in the quarter earned. Consensus NAV figures were converted to USD using the spot rate as at the relevant estimate date. (ii) Mantos Blancos and Island Gold were acquired as part of broader portfolio transactions. For Island Gold, the investment reflects the acquisition of an 85% interest from Teck Resources Limited in 2016 and the remaining 15% from Caisse de dépôt et placement du Québec (CDPQ) in 2020. Investment amounts for asset acquired in portfolios reflect the purchase price allocated to each asset. An additional deposit of US$25M was made for Mantos Blancos in 2019 to reduce the transfer price and increase the tail stream percentage. For Canadian Malartic, the investment is assumed to be C$420 million, representing the C$575 million implied value of “Spinco” shares distributed to Osisko Mining Corporation shareholders in the 2014 joint acquisition by Agnico Eagle Mines Limited and Yamana Gold Inc., net of the C$155 million in cash held by OR Royalties Inc. at inception. (iii) As at December 31, 2024. Cumulative after-tax cash flow figures represent estimates derived from previously disclosed information. After-tax cash flows by asset were estimated by deducting attributable cost of sales and cash taxes from asset-level revenues. Revenues were based on reported quarterly GEOs multiplied by the average gold price in each quarter. Estimated cash costs of sales assume a C$3.00/oz transport and refining cost for Canadian Malartic, C$3.25/oz for Island Gold, C$4.00/oz for Eagle, an 8% transfer price for Mantos Blancos as of Q4 2019 and a 25% transfer price from acquisition to Q3 2019, and a 4% transfer price for CSA. No cash taxes were paid on any of the select assets as at December 31, 2024. (iv) As at December 31, 2024. (v) Total including consensus NAV as at 2024-06-24, when operations at Eagle were stopped due to a slope failure at the heap leach. CANADIAN MALARTIC $538 $387 $614 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 �1,151 $61 $78 $51 $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 EAGLE �203(v) $33 $14 $128 $0 $25 $50 $75 $100 $125 $150 $175 ISLAND GOLD $161 $26 $150 $230 $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 $275 CSA $256 $104 $166 $263 $0 $50 $100 $150 $200 $250 $300 $350 $400 MANTOS BLANCOS $367 Consensus NAV of US$142M as at 2024-06-24, when operations at Eagle were stopped due to a slope failure at the heap leach $112
GIBRALTAR STREAM AMENDMENTS Increased attributable silver (stream) percentage by 12.5% to 100% of silver produced at Gibraltar Step-down delivery threshold has been increased to ~6.8Moz Ag delivered Total consideration paid to Taseko of $12.7M 17 CAPITAL ALLOCATION: ACCRETIVE INORGANIC GROWTH(i) ~$288 MILLION OF TOTAL CAPITAL COMMITTED TO / DEPLOYED CASCABEL GOLD STREAM $225M total investment by Osisko Bermuda Limited for a 6% Gold Stream until 225koz have been delivered (3.6% thereafter) US$10M due on closing (part of a total of $30M for phased pre-construction funding) Syndicated $750M transaction with Franco-Nevada Barbados (Osisko Bermuda at 30%) (i) Select OR Royalties transactions. (ii) Source: National Bank Financial Markets. Royalty and Stream transaction values for 2024 & 2023, and including corporate transactions, completed by aggregated peer group of WPM, FNV, RGLD, TFPM, OR & SAND, including streams, royalties and corporate transactions >US$5.0 million. (iii) Source: Bloomberg. Peer group includes WPM, FNV, RGLD, TFPM, SAND and is inclusive of OR. Market Capitalizations used are those recorded on December 31, 2024 and December 29, 2023, respectively. (iv) Spartan has the ability to buy back up to 20% of the 1.8% Dalgaranga Royalty (as well as 20% of the proximal 1.35% Exploration Royalty) for a total of A$3.15 million until February 2027. DALGARANGA GRR ROYALTY 1.8% GRR royalty acquired from Tembo Capital Mining Fund III on Spartan Resources’ Dalgaranga Gold Project for $44M(iv) First gold production expected 18-24 months 1.35% GRR royalty on proximal exploration licenses also acquired for $6M US$288 million committed to / deployed by OR Royalties vs. US$2.887 billion of Royalty & Streaming transactions(ii) = 10.0% OR Royalties’ EOY 2024 market capitalization as a percentage of the combined aggregate peer group market capitalization(iii) = 5.2% ~$256 MILLION OF TOTAL CAPITAL COMMITTED TO / DEPLOYED 2024 2023 CLOSING OF THE CSA Ag/Cu STREAMS $150M invested for 100% Ag stream (effective Feb 2023) and 3.0-4.875% Cu stream (effective June 2024) $40M invested in MTAL equity Total consideration paid to MAC Copper of $190M GIBRALTAR STREAM AMENDMENTS Increased attributable silver (stream) percentage by 12.5% to 87.5% of silver produced at Gibraltar Step-down delivery threshold has been increased to ~6.3Moz Ag delivered Total consideration paid to Taseko of $10.25M NAMDINI NSR ROYALTY 1.0% Au NSR royalty acquired from Savannah Mining Limited Mine operated by Cardinal Namdini Mining Ltd., with first gold poured in late 2024 & mine ramp- up in 2025 Total consideration paid to Savannah Mining of US$35M US$256 million committed to / deployed by OR Royalties vs. US$2.095 billion of Royalty & Streaming transactions(ii) = 12.2% OR Royalties’ EOY 2023 market capitalization as a percentage of the combined aggregate peer group market capitalization(iii) = 4.5%
5-Year Average (2020-2024) CASH RETURNED TO SHAREHOLDERS PER GEO22 (US$ per oz AuEq) Dividend per GEO(i) Buybacks (NCIB) per GEO(i) Weighted Average Gold Price (AGP)(i),(ii) CAPTIAL ALLOCATION: RETURNS TO SHAREHOLDERS 24% OF EVERY GEO EARNED OVER PAST 5 YEARS USED FOR DIVIDENDS AND BUYBACKS 18 Over US$248 million returned to shareholders in dividends as of April 15, 2025(iii) Quarterly dividend of C$0.065 per common share (8.3% increase in Q2/24) Current Dividend yield of 0.86% A total of ~8.0 million shares repurchased (~US$81 million) since the company’s inception(iv) A HIGH-MARGIN BUSINESS RETURNING CAPITAL ACROSS COMMODITY CYCLES (i) Share buybacks and dividend per GEO calculated using annual average USD:CAD FX rates of 1.3415 for 2020; 1.2535 for 2021; 1.3013 for 2022; 1.3497 for 2023; and 1.3698 for 2024. (ii) Represents the average of annual average gold prices for the years 2020 to 2024. This calculation uses GEOs produced in each respective year as the weighting for the calculation. (iii) OR Royalties’s dividend was historically denoted in C$s. Historic dividends converted to US$ at the quarterly average USD:CAD exchange rate for the quarter of record for a given dividend. (iv) Historic NCIB buybacks converted to US$ using using annual average USD:CAD FX rates of 1.3245 for 2016; 1.2986 for 2017; 1.2957 for 2018; 1.3269 for 2019; 1.3415 for 2020; 1.2535 for 2021; 1.3013 for 2022; 1.3497 for 2023; and 1.3698 for 2024. $106 $355 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 �1,938 $460
19 BALANCE SHEET ITEMS March 31, 2025 Cash $63.1 Investments23 $115.8 Debt $74.3 Basic Shares Outstanding (M) 187.0 CREDIT FACILITY(i)(ii) As at March 31, 2025 FINANCIAL FLEXIBILITY FOR ACCRETIVE GROWTH BALANCE SHEET STRENGTH $309 $74 $139 UNDRAWN DRAWN ACCORDION (UNCOMMITTED) AVAILABLE CREDIT: $448M24 (i) Revolving credit facility maturity date is April 30, 2028. (ii) Subsequent to quarter end, OR Royalties paid down an additional $30.0 million against its revolving credit facility, reducing the outstanding balance to $44.3 million as at May 7th, 2025. (C$200M) (C$107M) (C$443M) (C$643M)
UNLOCKING VALUE SENIOR-QUALITY PORTFOLIO WITH HIGH REPLACEMENT VALUE ACTIVE TRANSACTION MARKET FOR NEW GROWTH OPPORTUNITIES PROLONGED PERIOD OF GROWTH FROM ASSETS ALREADY PAID-FOR LOW-RISK PRECIOUS METALS EXPOSURE TO ‘TIER 1’ MINING JURISDICTIONS(i) 20 EXISTING ASSET NAV EXPECTED TO GROW, AS WELL AS RE-RATE (i) Canada, USA, Australia 25.4x 21.5x 21.1x 17.8x 16.8x 14.3x WPM OSISKO FNV TFPM SSL RGLD OR EV/2026E EBITDA3 2.58x 2.38x 2.07x 1.59x 1.55x 1.21x WPM FNV RGLD TFPM OSISKO SSL OR CONSENSUS P/NAV3 72% 44% 81% 67% 54% 83% Percentage of NAV in production8
APPENDIX A: ADDITIONAL INFORMATION
22 SUSTAINABILITLY HIGHLIGHTS Excellence in Governance and Oversight Environmental Stewardship Supporting our Employees and Communities Transparency and Recognition We are rated by ESG rating organizations on our performance (as of December 31, 2024) Ranked 4/105 for Precious Metals industry Ranked 2/80 for Gold subindustry Rated Prim e by ISS ESG CDP dis closer NOTE: Ratings and rankings as of December 31, 2024
ADDITIONAL KEY PRODUCING ASSETS Gold production from Éléonore totaled 232koz and 240 koz in 2023 and 2024, respectively28 OR Royalties has a 2.2-3.5% NSR royalty on Éléonore, with a sliding scale based on production, with maximum capped at 3.5%; assuming similar production rates under Dhilmar Ltd., the royalty rate is expected to reach 2.475% in 202629 2.2-3.5% NSR Royalty Québec, Canada | Dhilmar Ltd. . Lamaque delivered record gold production in the Q4/24 quarter of 2024 (63,742oz) and in full-year 2024 (196,538oz)32 In 2024, Lamaque Complex Mineral Reserves increased 45% with the addition of Ormaque, resulting in an increase in life of mine to 8 years (through 2032)32 Ormaque bulk sample was completed and processed through Lamaque Mill in Q4/24; bulk sample also met expectations of modelled grade33 Proven & Probable Reserves collectively recently increased by 40%; Proven Reserves at 509Mt grading 0.254% Cu, and Probable Reserves at 191Mt grading 0.23% Cu34 Taseko announced signing of a definitive agreement to purchase Sojitz’s 12.5% effective interest in Gibraltar for a minimum of $60M over a five-year period35 Amendments completed to increase the effective stream percentage by 12.5% to 100%; in addition, the step-down delivery threshold was extended 6,811,603 ounces delivered, accounting for OR Royalties’ additional silver ownership36 An updated mine plan announced in March 2023 extended mine life to 2039 based on currently defined reserves and resources30 New Paste Backfill plant operating consistently; long -hole stoping using fill is now well underway, & construction of Dry- Stack Tailings plant + Central Decline are now complete31 2024 production of 18.5kt of zinc-in-concentrate and 26.6kt lead-in-concentrate (just below low end of guidance range); FY25 guidance expected to see +5-8% growth31 LAMAQUE COMPLEX 1.0% NSR Royalty Québec, Canada | Eldorado Gold Corporation GIBRALTAR 100% Silver Stream British Columbia, Canada | Taseko Mines Limited SASA 100% Silver Stream North Macedonia | Central Asia Metals plc 23 CSA 100% Ag Stream + 3.0-4.875% Cu Stream NSW, Australia | MAC Copper Limited . MANTOS BLANCOS 100% Ag Stream Antofagasta, Chile | Capstone Copper Corp. . ÉLÉONORE December 2024 MRE Update: Mineral Reserve mine life increased to 12 years (vs. 6 years in mid-2023); ample near-mine Mineral Resource expansion potential26,27 2024-2025 payable Ag production to average ~469koz per annum, and Cu production to average ~47ktpa(ii) (updated production guidance released January 2025)26,27 Growth capital being spent to complete capital projects that are looking to increase underground mining rates to sustainably increase production to >50tkpa for 2026 and beyond27 Phase I Expansion mill processing rate increased to 20ktpd (from 11.5ktpd) & mine life extended to 203820 Phase I Expansion steady-state throughput of 20ktpd achieved in Q4 2024 with the final installation of additional key infrastructure in August 202425 Annual silver production expected to average ~1.3Moz over the first five years of Phase I20 Feasibility Study for Phase II Expansion to at least 27kptd expected late 2025 to further increase metal production25
“GROWTH STORY” NOW BREAKING GROUND – SHAFT SINKING Odyssey UG Shaft No. 1 3-5% NSR Island Gold Phase 3+ Shaft 1.38-3% NSR Hermosa (Taylor) Shaft 1% NSR Upper Beaver Shaft 2% NSR FOUR PRODUCTION SHAFTS ARE CURRENTLY UNDER CONSTRUCTION ACROSS OR’S PORTFOLIO Large portion of producing assets undergoing material expansions, extensions or ramp-up, and key development assets being pushed forward 24
“GROWTH STORY” NOW BREAKING GROUND – RAMP DRIVING Windfall Declines 2-3% NSR Dalgaranga Access Drifts 1.8% NSR(i) Cariboo Access Drifts 5% NSR Merrin (CSA) Access Drives Ag-Cu Streams Ormaque Access 1% NSR Bralorne Ramp 1.7% NSR AK (Macassa) Access Decline 2% NSR Large portion of producing assets undergoing material expansions, extensions or ramp-up, and key development assets being pushed forward SEVEN NEW RAMPS, DECLINES, OR ADITS ARE CURRENTLY UNDER DEVELOPMENT ACROSS OR’S PORTFOLIO 25 (i) Spartan has the ability to buy back up to 20% of the 1.8% Dalgaranga Royalty (as well as 20% of the proximal 1.35% Exploration Royalty) for a total of A$3.15 million until February 2027.
SUPPORTIVE SHAREHOLDERS EXTENSIVE ANALYST COVERAGE 26 (Verbena Value Capital Partners)
27 ENDNOTES 1. Gold equivalent ounces (“GEOs”) are calculated on a quarterly basis and include royalties and streams. Silver ounces and copper tonnes earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces or copper tonnes by the average silver price per ounce or copper price per tonne for the period and dividing by the average gold price per ounce for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue by the average gold price per ounce for the period. For average metal prices used, refer to the Portfolio of Royalty, Stream and Other Interests section of OR Royalties’ MD&A for the three months ended March 31, 2025 and published don May 7th, 2025. 2. Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS. It is calculated by deducting the cost of sales (excluding depletion) from the revenues. Please refer to the non-IFRS measures provided under the Non-IFRS Measures section of OR Royalties’ MD&A for the the three months ended March 31, 2025, and published on May 7th, 2025. A cash margin of 96.5% was reported for 2024 and a cash margin of 97% was estimated for 2025; https://osiskogr.com/app/uploads/2025/02/OR-Q4-2024-MDA_En_Final_for-filing.pdf 3. Broker research, as at market close on May 30, 2025. Peer P/NAV multiples may not reflect the potential dilution from announced but not yet closed transactions involving share-based consideration, as associated asset NAVs are not yet incorporated in broker estimates. 4. Operating cash flow per share is calculated by dividing net cash flows provided by operating activities from the royalties, streams and other interests segment for the year by the average number of basic common shares outstanding for the year. For 2022, 2023, and 2024, reported US$ values were used. For 2015 to 2021, reported C$ value were converted using the average annual CADUSD rate for a given year. USD:CAD FX rates of 1.2785 for 2015; 1.3245 for 2016; 1.2986 for 2017; 1.2957 for 2018; 1.3269 for 2019; 1.3415 for 2020; and 1.2535 for 2021. 5. Analyst consensus NAV per share as at December 31st of given year. Historic data retrieved from FactSet on March 24, 2025. 6. For peer cash margin data, refer to “Triple Flag Precious Metals Corp. Fourth Quarter Report for the Three and Twelve Months ended December 31, 2024” (released 2025-02-19), “Sandstrom Gold Royalties 2024 Annual Report” (released 2025-02-18), “Franco-Nevada Corporation 2024 Annual Report” (released 2025-03-10), “Wheaton Precious Metals 2024 Financial Statements” (released 2025-03-13), and “Royal Gold, Inc. Form 10-K Report for the Fiscal Year Ended December 31, 2024” (released 2025-02-12) 7. Refer to OR Royalties’ MD&A for the three months ended March 31, 2025, and published don May 7th, 2025. 8. Refer to "The Royalty Rundown: Precious Metals Streaming Quarterly Review – Q1/25" published by Scotiabank GBM Precious Metals Research on March 26, 2025. 9. Refer to Agnico Eagle Mines Ltd.’s press release titled “Agnico Eagle Provides Update on Canadian Malartic Complex – Internal Study Demonstrates Improved Value, Extends Mine Life, and Supports Potential Future Production Growth in the Abitibi Greenstone Belt; Positive Exploration Results Expected to Result in Increased Mineral Reserves and Mineral Resources; Additional Property Scale Targets Being Evaluated” and dated June 20, 2023. 10. Refer to Agnico Eagle Mines Ltd’s press release titled “Agnico Eagle Reports Second Quarter 2024 Results – Third Consecutive quarter of Record Free Cash Flow Underpinned by Consistent, Strong Operational and Cost Performance; Upper Beaver Project Study Shows Solid Risk-Adjusted Returns” and dated July 31, 2024. 11. Refer to Agnico Eagle Mines Ltd’s press release titled “Agnico Eagle Reports First Quarter 2025 Results – Strong Quarterly Operational and Financial Performance; Balance Sheet Further Strengthened by Strong Free Cash Flow Generation; 16th Annual Sustainability Report Released” and dated April 24, 2025. 12. Refer to Agnico Eagle Mines Ltd’s corporate presentation titled “TD Securities Mining Conference January 25-26, 2023” (“Production estimate is based on the assumption of a second shaft at 10,000 to 15,000 tpd and a grade of 2.5 to 2.75 g/t”) https://s21.q4cdn.com/374334112/files/doc_presentations/2023/AEM-TD-Securities-Mining-Conference-JANUARY-2023.pdf. 13. Refer to Alamos Gold Inc.’s press release titled “Alamos Gold Continues to Define High-Grade Mineralization Across the Island Gold Deposit; Ongoing Success Expected to Drive Additional Growth in Mineral Reserves and Resources” and dated January 13, 2025. 14. Refer to Alamos Gold Inc.’s press release titled “Alamos Gold Achieves Increased 2024 Guidance with Record Annual Production; Three-Year Operating Guidance Outlines 24% Production Growth by 2027 at Significantly Lower Costs” and dated January 13, 2025. 15. Refer to Alamos Gold’s press release titled “Alamos Gold Announces Friendly Acquisition of Argonaut Gold” and dated March 27, 2024. 16. Refer to Ramelius Resources Limited press released titled “Transformational Combination of Ramelius and Spartan; Vision to be +500koz/pa producer by FY30” and dated March 17, 2025. 17. Refer to Ramelius Resources Limited corporate presentation titled “Transformational Combination of Ramelius & Spartan” and dated March 17, 2025 https://www.rameliusresources.com.au/wp-content/uploads/bsk-pdf-manager/2025/03/2025-03-17-Transformational-Combination-of-Ramelius-and- Spartan-Presentation.pdf. 18. Refer to Spartan Resources Limited’s press release titled “Spartan Receives All Required Regulatory Approvals to Commence Underground Mining and Processing Operations” and dated November 25, 2024. 19. Refer to Ramelius Resources Limited and Spartan Resources Limited’s joint conference call titled “Transformational Combination of Ramelius & Spartan” and dated March 17, 2025 (located at: https://ccmediaframe.com/?id=DxJrXSMz) 20. Sourced from operator. 21. Mineral Resource and Mineral Reserve figures are only estimates. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results, and industry practices. While OR Royalties believes that the Mineral Resource and Mineral Reserves estimates, as applicable, in respect of properties in which OR Royalties holds royalties, streams, or other interests reflect best estimates performed by or on behalf of the owner of such properties, the estimating of Mineral Resource and Mineral Reserves is a subjective process and the accuracy of Mineral Resource and Mineral Reserve estimates is a function of the quantity and quality of available data, the accuracy of statistical computations, and the assumptions used and judgments made in interpreting available engineering and geological information. There is significant uncertainty in any Mineral Resource and Mineral Reserve estimate and the actual deposits encountered and the economic viability of a deposit may differ materially from estimates. Estimated Mineral Resource and Mineral Reserves may have to be re-estimated based on changes in prices of gold or other minerals, further exploration or development activity, or actual production experience. This could materially and adversely affect estimates of the volume or grade of mineralization, estimated recovery rates, or other important factors that influence such estimates. In addition, there is no assurance that any Mineral Resource estimate will ultimately be reclassified as proven or probable Mineral Reserves. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. If operators reduce their Mineral Reserves and Mineral Resources on properties underlying OR Royalties’ royalties, streams, or other interests, this may result in a material and adverse effect on OR Royalties’s profitability, results of operations, financial condition, and the trading price of OR Royalties’ securities. The Mineral Resources disclosed are based on the best available information as of April 11, 2025. Resources are exclusive of reserves in all cases. Gold equivalent ounces comprise mostly gold, other elements are converted assuming forecast long-term prices from analyst consensus published on March 3, 2025. Attributable GEOs were compiled without consideration for the potential mining or metallurgical recovery of the metals contained in the mineral resource or reserve. Detailed Resource and Reserve estimation and applicable royalty or stream interests can be found at in the following appendix pages and at www.orroyalties.com. 22. Dividend per GEO is calculated by dividing total dividends declared per year (CAD$) by the total number of GEOs earned per year. Buybacks per GEO is calculated by dividing total share buybacks per year (CAD$) by GEOs earned per year. 23. The market value corresponds to the quoted price of the investments (including OR Royalties’ position in Osisko Development Corp.) in a recognized stock exchange as at March 31, 2025. 24. Including the C$200 million accordion, which is uncommitted and subject to acceptance by the lenders. 25. Refer to Capstone Copper Corp’s press release titled “Capstone Copper Reports First Quarter 2025 Results” and dated May 1, 2025. 26. Refer to MAC Copper Limited press release titled “MAC Copper Limited Announces 2024 Resource and Reserve Statement and Production Guidance” and dated February 24, 2025. 27. Refer to MAC Copper Limited’s corporate presentation titled “Q4 2024 Quarterly Presentation” and dated January 2025. https://s202.q4cdn.com/908723817/files/doc_events/2025/Jan/28/2025-01-MAC-Copper-Presentation-FINAL-27_01_25.pdf 28. Refer to Newmont Corporation’s press release titled “Newmont Reports Fourth Quarter and Full Year 2024 Results; Provides Full Year 2025 Guidance” and dated February 20, 2025. 29. Refer to OR Royalties’ “2024 Asset Handbook” and published May 7, 2024. 30. Refer to Central Asia Metals PLC’s press release titled “2022 Full Year Results” and dated March 29, 2023. 31. Refer to Central Asia Metals PLC’s press release titled “Central Asia Metals PLC 2024 Full-Year Results” and dated March 20, 2025. 32. Refer to Eldorado Gold Corp’s press release titled “Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement; 2024 Gold Mineral Reserves Increased to 11.9 Million Oz with M&I Gold Mineral Resources of 22.0 Million Oz; Inaugural Mineral Reserve Declared at Ormaque; Outline of 2025 Reporting Schedule” and dated December 11, 2024. 33. Refer to Eldorado Gold Corp’s press release titled “Eldorado Gold Delivers Gold Production of 520,293 Ounces in 2024, Above the Midpoint of Tightened Guidance, With Solid Fourth Quarter Preliminary Gold Production of 155,669 Ounces; Provides Skouries Construction Progress and Conference Call Details” and dated January 14, 2025. 34. Refer to Taseko Mine’s Limited press released titled “Taseko Announces a 40% Increase in Gibraltar Proven and Probable Reserves” and dated March 30, 2022. 35. Refer to Taseko Mine’s Limited press released titled “Taseko Signs Definitive Agreement to Acquire 12.5% Interest in Gibraltar Copper Mine” and dated February 22, 2023. 36. Refer to OR Royalties’ press release titled “Osisko Announces Acquisition of Additional Gibraltar Silver Stream Interest and Closing of the Dalgaranga Royalties Acquisition” and dated December 23, 2024.
APPENDIX B: ATTRIBUTABLE MINERAL RESERVES & RESOURCES
29 2025 MINERAL RESERVES AND RESOURCE: PRODUCING ASSETS(i) MINERAL RESERVES AND MINERAL RESOURCES OSISKO GOLD ROYALTIES As of Ap ril 11, 20 25 with b e st a va ila b le p ub lic in form a tion . Re source s a re e xclusive of Re se rve s. GOLD Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Gold Cont a ine d (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Gold Cont a ine d (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Cont a ine d (koz) Ca na d ia n Ma la rt ic Com p le x¹ (5% or 3% NSR; b a s e d on loca t ion) Effective as of 20 24-12-31 Agnico Eagle Mines Lim ited Barnat (5% NSR) 40 .4 0 .52 677 34.5 1.14 1,270 1,940 - - - - - - - 5.6 0 .72 129 Odyssey (3% -5% NSR) 0 .0 4 2.41 3.0 4.3 2.27 315 317 - - - 1.8 1.77 10 5 10 5 20 .3 2.33 1,520 East Malartic (3% -5% NSR) - - - - - - - - - - 45.8 1.95 2,870 2,870 57.4 1.98 3,650 East Gouldie (5% NSR) - - - 48.3 3.37 5,240 5,240 - - - 5.2 1.52 257 257 61.2 2.32 4,560 Ele onore ² (2.2-3.5% NSR; curre nt ly 2.2% ) Effective as of 20 24-12-31 Dhilm ar Ltd 2.2 4.86 30 0 7.9 5.1 1,30 0 1,60 0 0 .40 4.94 10 0 2.9 4.11 40 0 40 0 2.4 4.60 40 0 Is la nd Gold Dis t rict ³ (1.38-3% NSR; b a s e d on loca t ion) Effective as of 20 24-12-31. Island Gold underground m ine only. Alam os Gold Inc. 0 .73 12.7 298 5.5 11.2 1,990 2,290 0 .24 11.0 82.8 1.9 8.5 518 60 1 7.1 16.5 3,770 Se a b e e ⁴ (3% NSR) Effective as of 20 24-12-31 SSR Mining Inc. 0 .35 6.2 69.0 1.5 5.2 243 312 0 .29 6.3 59.0 2.2 5.1 352 411 1.5 4.37 20 6 Erm it a ño⁵ (2% NSR) Effective as of 20 24-12-31. Resources adjusted to be exclusive of Reserves. Including Erm itano, Navidad and Soledad deposits. First Majestic Silver Corp. 0 .80 3.67 94.0 2.4 1.41 110 20 4 - - - - - - - 4.3 2.82 393 La m a q ue Com p le x⁶ (1% NSR) Effective as of 20 24-0 9-30 Eldorado Gold Corporation 1.4 5.7 250 4.6 6.9 1,0 30 1,280 0 .91 7.8 227 2.5 6.6 521 748 9.9 8.0 2,570 Na m d ini⁷ (1% NSR) Effective as of 20 24-12-31. Resources adjusted to be exclusive of Reserves. Constant grade assum ed across Proven and Probable Reserves and across Measured and Indicated and Inferred Resources due to operator repo Shandong Gold Mining Co., Ltd. 8.2 1.0 6 281 150 1.0 6 5,10 0 5,380 - - - 46.2 0 .93 1,380 1,380 14.2 1.0 3 470 Toca nt inzinho⁸ (0 .75% NSR) Effective as of 20 24-12-31. Resources adjusted to be exclusive of Reserves. G Mining Ventures Corp. 26.8 1.23 1,0 60 24.3 1.24 971 2,0 30 0 .52 0 .36 6.0 4.2 1.0 6 143 149 0 .75 1.12 27.0 Pa n⁹ (4% NSR ) Effective as of 20 24-12-31. Resources adjusted to be exclusive of Reserves. Calibre Mining Corp. - - - 19.5 0 .34 247 247 0 .0 7 0 .47 1.0 3.0 0 .41 40 .0 41.0 1.1 0 .34 12.0 Ba ld Mount a in¹⁰ (1% or 4% GSR; b a s e d on loca t ion; p a rt ia l cove ra ge ) Effective as of 20 24-12-31 Kinross Gold Corporation - - - 55.8 0 .65 1,170 1,170 7.1 0 .89 20 5 172 0 .45 2,480 2,680 51.3 0 .35 571 Frut a De l Nort e ¹¹ (0 .1% NSR) Effective as of 20 24-12-31, Resources adjusted to be exclusive of Reserve. Lundin Gold Inc. 7.3 9.4 2,190 14.8 7.0 3,350 5,540 1.4 12.9 568 7.2 4.12 952 1,520 14.0 5.3 2,360 Pa rra l a nd Es m e re ld a ¹² (2.4% Au s t re a m ) Effective as of 20 21-12-1for Reserves and 20 20 -0 7-28 for Resource. Resources adjusted to be exclusive of Reserves. GoGold Resources Inc. 6.8 0 .35 76.0 6.0 0 .35 68.0 144 5.7 0 .26 48.0 0 .0 8 0 .41 1.0 49.0 - - - Bra lorne ¹³ (1.7% NSR) Effective as of 20 23-0 1-20 Talisker Resources Ltd. - - - - - - - - - - 0 .12 8.9 33.4 33.4 8.0 6.3 1,630 Sa nt a na ¹⁴ (3% NSR) Effective as of 20 23-0 5-31 Minera Alam os Inc. - - - - - - - 6.5 0 .65 136 3.1 0 .64 62.0 198 5.5 0 .58 10 3 Aka s a b a We s t ¹⁵ (2.5% NSR; p a rt ia l cove ra ge ) Effective as of 20 24-12-31 Agnico Eagle Mines Lim ited 0 .85 0 .82 22.0 3.9 0 .91 116 138 - - - 4.1 0 .68 90 .0 90 .0 - - - Prop e rt y, Op e ra t or &Roya lt y or St re a m SILVER Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Silve r Cont a ine d (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Silve r Cont a ine d (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silve r Cont a ine d (Moz) Ma nt os Bla ncos ¹⁶ (10 0 % Ag s t re a m ) Effective as of 20 24-12-31. Resources adjusted to be exclusive of Reserves. Capstone Copper Corp. 57.0 6.0 11.0 47.9 3.95 6.1 17.1 24.7 4.77 3.8 47.5 4.42 6.7 10 .5 13.8 3.74 1.7 CSA¹⁷ (10 0 % Ag s t re a m ) Effective as of 20 24-12-31. MAC Copper Lim ited 11.4 13.4 4.9 4.5 12.9 1.9 6.8 3.2 20 2.1 2.4 11.7 0 .90 3.0 5.4 22 3.9 Sa s a ¹⁸ (10 0 % Ag s t re a m ) Effective as of 20 24-12-31. Resources adjusted to be exclusive of Reserves. Central Asia Metals Plc - - - 9.2 27 7.8 7.8 - - - 1.9 13.5 0 .84 0 .84 9.6 19.4 6.0 Erm it a ño⁵ (2% NSR) Effective as of 20 24-12-31. Resources adjusted to be exclusive of Reserves. Including Erm itano, Navidad and Soledad deposits. First Majestic Silver Corp. 0 .80 85 2.2 2.4 36 2.8 5.0 - - - - - - - 4.3 72 10 .0 Gib ra lt a r¹⁹ (10 0 % Ag s t re a m ) Effective as of 20 24-12-31. Resources adjusted to be exclusive of Reserves. Silver grades derived from internal estim ates by Osisko Gold Royalties Ltd Taseko Mines Lim ited 40 7 1.20 15.7 152 1.20 5.9 21.6 288 1.0 0 9.3 158 1.0 0 5.1 14.4 68.0 1.0 0 2.2 Frut a De l Nort e ¹¹ (0 .1% NSR) Effective as of 20 24-12-31, Resources adjusted to be exclusive of Reserve. Lundin Gold Inc. 7.3 10 .7 2.5 14.8 11.6 5.5 8.0 1.4 15.4 0 .68 7.2 9.5 2.2 2.9 14.0 12.2 5.5 Pa rra l a nd Es m e re ld a ¹² (2.4% Ag s t re a m ) Effective as of 20 21-12-1for Reserves and 20 20 -0 7-28 for Resource. Resources adjusted to be exclusive of Reserves. GoGold Resources Inc. 6.8 32 6.9 6.0 34 6.5 13.4 5.7 49 9.0 0 .0 8 46 0 .11 9.1 - - - BASE METALS Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Me t a l Cont a ine d (kt ) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Me t a l Cont a ine d (kt ) Tonnes (Mt) Average Grade (% ) Me t a l Cont a ine d (kt ) CSA¹⁷ (Up t o a 4.875% Cu s t re a m ) (Cop p e r) Effective as of 20 24-12-31. MAC Copper Lim ited 11.4 3.43 391 4.5 3.42 154 545 3.2 5.5 176 2.4 4.58 110 286 5.4 3.30 178 Aka s a b a We s t ¹⁵ (2.5% NSR; p a rt ia l cove ra ge ) (Cop p e r) Effective as of 20 24-12-31 Agnico Eagle Mines Lim ited 0 .85 0 .49 4.1 3.9 0 .50 19.9 24.0 - - - 4.1 0 .41 17.1 17.1 - - - Dolp hin Tungs t e n²⁰ (1.5% GRR) (Tungs t e n) Grade and m etal contained is expressed as WO₃. Effective as of 20 23-0 6-25. Resources adjusted to be exclusive of Reserves. Group 6 Metals Lim ited - - - 4.9 0 .92 44.9 44.9 - - - 6.3 0 .89 56.3 56.3 0 .15 0 .85 1.3 Re fe re nce s for Mine ra l Re s e rve s &Mine ra l Re s ource s : Not e s on Mine ra l Re s e rve s &Mine ra l Re s ource s : 3. Alam os Gold Reports Annual Inform ation Form for the year ended Decem ber 31, 20 24 (dated 20 25-0 3-31) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=f177b269265f1453e8f0 8a57d25d110 e740 57e560 90 5e5d6dbb9a0 866b7d6a68) Prop e rt y, Op e ra t or &Roya lt y or St re a m Prop e rt y, Op e ra t or &Roya lt y or St re a m 1. Agnico Eagle Mines Lim ited press release (dated 20 25-0 2-13) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=46bc759e0 ccb0 47ab48a173483753cec4543b7eba5a3d66e8fb83baf734d420 d) 2. New m ont Corporation press release tilted "New m ont Reports 20 24 Mineral Reserves of 134.1Million Gold Ounces and 13.5 Million Tonnes of Copper" (dated 20 25-0 2-25) (https://s24.q4cdn.com /38224680 8/files/doc_earnings/20 24/q4/supplem ental-info/New m ont-20 24-Reserves- 15. Agnico Eagle Mines Lim ited press release (dated 20 25-0 2-13) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=46bc759e0 ccb0 47ab48a173483753cec4543b7eba5a3d66e8fb83baf734d420 d) 4. SSR Mining Form 10 -K for the Fiscal Year Ended Decem ber 31, 20 25 (https://s22.q4cdn.com /546540 291/files/doc_earnings/20 24/q4/filing/20 24-Q4-10 -K.pdf) 5. First Majestic Silver Corp. Annual inform ation Form for the year ended Decem ber 31, 20 24 (dated 20 25-0 3-31) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=ed2bb5278fc934b8f3e761f2a88a637dfe3e73373a73dc40 e0 5d6c0 f72a9ea2e) 6. Technical Report, Lam aque Com plex, Québec, Canada (effective date of 20 24-12-31) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=7db0 82bfd70 b1c117b2cd9e79a42c0 c4b749e2b12caff540 1228c563ff69f53f) 7. Shandong Gold Mining 20 24 Annual Report (published 20 25-0 3-27) 8. G Mining Ventures press release (dated 20 25-0 2-20 ) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=b58310 cbbd80 9f36d80 52245675870 0 11f0 51d10 0 80 b2ee3bcef0 ee3776660 d3) 9. Calibre Mining Corp. Annual Inform ation Form for the year ended 20 24-12-31(dated 20 25-0 3-24) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=ea4b480 4dd58b6b3e0 bed3336b35f6f9f57185646d91f930 cabc2187698898eb) 10 . Kinross Gold press release titled "Kinross Reports 20 24 Fourth-quarter and Full-year Results" (dated 20 25-0 2-12) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=38a4d9d4e98a183c8a8c4214fde70 db20 ad70 b88420 0 b0 9f5df92d52d12559bf) 11. Lundin Gold Inc. press release titled "Lundin Gold Achieves a New High of Contained Gold Ounces in Mineral Reserves and Mineral Resources at Fruta del Norte" (dated 20 25-0 2-20 ) (https://w w w .sedarplus.ca/csa- party/records/docum ent.htm l?id=77b8fcc1d6f0 35398777ef8215f2160 df4f8c3277e4f0 caa0 bc4460 0 8978836d) 12. GoGold Resources Inc press release (dated 20 21-12-0 7) (https://gogoldresources.com /im ages/uploads/files/20 21_12_0 7_LRN_Resource.pdf) 13. Talisker Resources Ltd. press release (dated 20 23-0 1-24) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=c0 5465e1750 3330 cba81c90 15c53c5afd620 c14539792546b9eceb43dcb5418c) 14. Minera Alam os press release (dated 20 23-10 -0 3) (https://m ineraalam os.com /site/assets/files/4195/m inera_alam os_announces_the_m aiden_estim ate_of_resource.pdf) 16. Capstone Copper Corp. Annual Inform ation Form for the year ended Decem ber 31, 20 24 (dated 20 25-0 3-30 ) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=e0 0 80 50 d76ecf8952aaccfb10 ea3b0 70 3e3d8ade1d5d41e3bdc34c48844c0 b8e) 17. MAC Copper Lim ited Form 20 F for the fiscal year ended Decem ber 31, 20 24 (filed 20 25-0 3-28) (https://w w w .sec.gov/Archives/edgar/data/1950 246/0 0 0 110 4659250 290 12/m tal-20 241231x20 f.htm ) 18. Central Asia Metals Ltd press release titled "20 24 Full-Year Results" (dated 20 25-0 3-20 ) (https://polaris.brighterir.com /public/central_asia_m etals_plc/new s/rns_w idget/story/xz4qzpw ) 19. Taseko Mines Lim ited Annual Inform ation Form for the year ended Decem ber 31, 20 24 (dated 20 25-0 3-28) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=0 56c86e6dd863e80 8a46c6e1ef4651f17a60 79ac7bf0 90 64d747efd6892b20 4f) 20 . Group 6 Metals ASX release for Dolphin (dated 20 23-0 6-27) (https://w csecure.w eblink.com .au/clients/group6m etals/v2/headline.aspx?headlineid=21456629) Group 6 Metals ASX release for Bold Head (dated 20 20 -12-16) (https://w csecure.w eblink.com .au/clients/group6m etals/v2/headline.aspx?headlineid=21270 518) *The se va lue s a re e stim a te s b a se d on b e st a va ila b le inform a tion a s of Ap ril 11, 20 25. The re a d e r is a d vise d to follow the p rovid e d links to find the source a nd d e scrip tions of the origina l e stim a te s a nd the risks a ssocia te d w ith the ind ivid ua l p roje cts. Osisko ca n not ve rify a nd d oe s not ta ke re sp onsib ility of the a ccura cy of the e stim a te s p rovid e d he re . *Re source s a re e xclusive of re se rve s in a ll ca se s. *Infe rre d Re source s ha ve not d e m onstra te d e conom ic via b ility, a nd the re is no ce rta inty tha t the y ca n b e up gra d e to re se rve s. (i) Mineral Resource and Mineral Reserve figures are only estimates. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results, and industry practices. While OR Royalties believes that the Mineral Resource and Mineral Reserves estimates, as applicable, in respect of properties in which OR Royalties holds royalties, streams, or other interests reflect best estimates performed by or on behalf of the owner of such properties, the estimating of Mineral Resource and Mineral Reserves is a subjective process and the accuracy of Mineral Resource and Mineral Reserve estimates is a function of the quantity and quality of available data, the accuracy of statistical computations, and the assumptions used and judgments made in interpreting available engineering and geological information. There is significant uncertainty in any Mineral Resource and Mineral Reserve estimate and the actual deposits encountered and the economic viability of a deposit may differ materially from estimates. Estimated Mineral Resource and Mineral Reserves may have to be re-estimated based on changes in prices of gold or other minerals, further exploration or development activity, or actual production experience. This could materially and adversely affect estimates of the volume or grade of mineralization, estimated recovery rates, or other important factors that influence such estimates. In addition, there is no assurance that any Mineral Resource estimate will ultimately be reclassified as proven or probable Mineral Reserves. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. If operators reduce their Mineral Reserves and Mineral Resources on properties underlying OR Royalties’ royalties, streams, or other interests, this may result in a material and adverse effect on OR Royalties’s profitability, results of operations, financial condition, and the trading price of OR Royalties’ securities. The Mineral Resources disclosed are based on the best available information as of April 11, 2025. Resources are exclusive of reserves in all cases. Gold equivalent ounces comprise mostly gold, other elements are converted assuming forecast long-term prices from analyst consensus published on March 3, 2025. Attributable GEOs were compiled without consideration for the potential mining or metallurgical recovery of the metals contained in the mineral resource or reserve.
30 2025 MINERAL RESERVES AND RESOURCE: DEVELOPMENT ASSETS(i) MINERAL RESERVES AND MINERAL RESOURCES OSISKO GOLD ROYALTIES As of Ap ril 11, 20 25 with b e st a va ila b le p ub lic in form a tion . Re source s a re e xclusive of Re se rve s. GOLD Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Gold Cont a ine d (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Gold Cont a ine d (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Cont a ine d (koz) AK¹ (2% NSR) Effective as of 20 24-12-31 Agnico Eagle Mines Lim ited 0 .0 2 5.1 4.0 1.5 4.71 229 233 - - - 0 .33 4.81 52.0 52.0 0 .28 3.52 32.0 Am b le r (Arct ic)² (1% NSR) Effective as of 20 24-11-30 Trilogy Metals Inc. / South32 Lim ited - - - 46.7 0 .42 631 631 - - - - - - - 4.5 0 .43 62.0 Am uls a r³ (4.22% Au s t re a m ; 81.9% Au offt a ke ) Effective as of 20 19-0 9-16. Resources adjusted to be exclusive of Reserves. Lydian Canada Ventures Corporation 51.9 0 .77 1,290 67.3 0 .71 1,540 2,830 6.2 0 .65 130 36.9 0 .57 672 80 2 85.9 0 .50 1,380 Anoki-McBe a n⁴ (2% NSR) Effective as of 20 24-12-31 Agnico Eagle Mines Lim ited - - - - - - - - - - 3.9 2.77 349 349 0 .87 3.84 10 7 Ant a Kori⁵ (0 .75-1.5% NSR on ≈ 60 % of p it ) Effective as of 20 19-0 2-22 Regulus Resources Inc. - - - - - - - - - - 250 0 .29 2,30 0 2,30 0 267 0 .26 2,20 0 Ba ck Fort y⁶ (18.5% Au St re a m ) Effective as of 20 23-0 9-30 Gold Resource Corporation - - - - - - - - - - 14.5 2.21 1,0 30 1,0 30 1.2 2.33 89.0 Ca rib oo⁷ (5% NSR) Effective as of 20 22-11-11 Osisko Developm ent Corp. - - - 16.7 3.78 2,0 30 2,0 30 0 .0 5 5.1 8.0 14.6 3.32 1,560 1,570 15.5 3.44 1,710 Ca s ca b e l⁸ (0 .6% NSR a nd 6% Au St re a m ) Effective as of 20 23-12-31. Resources adjusted to be exclusive of Reserves. Including Alpala and Tandayam a-Am erica. SolGold PLC 458 0 .60 8,90 0 82.2 0 .22 60 0 9,50 0 1,120 0 .24 8,60 0 2,0 80 0 .20 13,10 0 21,70 0 853 0 .20 5,40 0 Ca s ino (He a p Le a ch)⁹ (2.75% NSR) Effective as of 20 22-0 4-29. Resource adjusted to be exclusive of Reserve. Western Copper and Gold Corporation 42.9 0 .45 620 167 0 .22 1,170 1,790 - - - 21.6 0 .14 95.9 95.9 40 .9 0 .20 267 Ca s ino (Mill)¹⁰ (2.75% NSR) Effective as of 20 22-0 4-29. Resource adjusted to be exclusive of Reserve. Western Copper and Gold Corporation 140 0 .39 1,80 0 1,0 80 0 .19 6,70 0 8,50 0 - - - 1,0 40 0 .13 4,40 0 4,40 0 1,370 0 .14 6,0 60 Ce rro d e l Ga llo¹¹ (3% NSR on ≈ 25% of p it ) Effective as of 20 23-12-31 Heliostar Metals Ltd. 70 .4 0 .59 1,330 21.3 0 .46 313 1,640 51.2 0 .35 573 59.1 0 .34 652 1,230 5.1 0 .43 71.0 Cos t a Fue go¹² (3% Au NSR) Mineral Resources effective as of 20 24-0 2-26. Mineral Reserves effective as of 20 25-0 3-27. Hot Chili Lim ited - - - 50 2 0 .10 1,580 1,580 - - - 296 0 .11 1,0 60 1,0 60 20 3 0 .0 60 416 Da lga ra nga ¹³ (1.8% GRR) Effective as of 20 24-12-0 2. Including Archie Rose deposit. Spartan Resources Ltd. - - - - - - - - - - 10 .6 6.3 2,160 2,160 6.5 3.56 747 Ea gle a nd Olive ¹⁴ (3-5% NSR) Effective as of 20 23-12-31. Reserves excluded by Osisko Gold Royalties ltd. due to current status of operation. Pricew aterhouseCoopers Inc., LIT (receiver) - - - - - - - 35.7 0 .64 738 198 0 .58 3,670 4,410 35.5 0 .62 70 4 Ea s t m a in¹⁵ (1.15% NSR) Effective as of 20 24-0 2-0 7. Benz Mining Corp. - - - - - - - - - - 1.3 9.0 380 380 3.8 5.1 620 Gold Rock a nd Mont e ¹⁶ (4% NSR on ≈ 15% of p it ) Effective as of 20 20 -0 3-31 Calibre Mining Corp. - - - - - - - - - - 19.0 0 .66 40 3 40 3 3.0 0 .87 84.3 Gurup i (form e rly Ce nt roGold )¹⁷ (0 .75% NSR) Effective as of 20 24-12-31 G Mining Ventures Corp. - - - - - - - - - - 43.5 1.31 1,830 1,830 18.5 1.29 770 Ha m m ond Re e f¹⁸ (2% NSR) Effective as of 20 24-12-31 Agnico Eagle Mines Lim ited - - - 123 0 .84 3,320 3,320 47.1 0 .54 819 86.3 0 .53 1,480 2,30 0 - - - Liont ow n¹⁹ (0 .8% NSR) Effective as of 20 24-12-31 Sunshine Metals Ltd - - - - - - - - - - 2.2 1.50 10 2 10 2 3.8 1.34 162 Ma rb a n²⁰ (Ma rb a n: 0 .5% NSR; Kie re ns : 1% NSR; Norla rt ic: 2% NSR; Ma la rt ic-H: 2% NSR ≈ 10 % of p it ) Effective as of 20 22-0 8-17 for Marban and Kierens-Norlartic and 20 23-0 6-0 7 for Malartic H. Resources adjusted to be exclusive of Reserves. Agnico Eagle Mines Lim ited - - - 56.4 0 .91 1,650 1,650 - - - 11.3 2.0 1 727 727 13.4 1.31 565 Sa n Ant onio²¹ (15% Au St re a m ) Effective as of 20 22-0 6-24 Osisko Developm ent Corp. - - - - - - - - - - 14.9 1.20 576 576 16.6 1.0 2 544 Sã o J orge ²² (1% NSR) Effective as of 20 25-0 1-28. Resources adjusted to be exclusive of Reserves. GoldMining Inc. - - - - - - - - - - 19.4 1.0 0 624 624 5.6 0 .72 129 Sp ring Va lle y²³ (0 .5-3.5% NSR) Effective as of 20 24-0 9-0 3. Resources adjusted to be exclusive of Reserves (accounting for unplanned dilution). Waterton Global Resource Managem ent, Inc. - - - 220 0 .54 3,80 0 3,80 0 - - - 42.8 0 .41 563 563 40 .2 0 .48 618 Trixie ²⁴ (2.5% Au St re a m ) Effective as of 20 24-0 3-14 Osisko Developm ent Corp. - - - - - - - 0 .12 27 10 5 0 .13 11.2 45.0 150 0 .20 7.8 51.0 Up p e r Be a ve r²⁵ (2% NSR) Effective as of 20 24-12-31 Agnico Eagle Mines Lim ited - - - 23.2 3.71 2,770 2,770 - - - 7.6 2.0 3 495 495 3.0 4.12 391 Prop e rt y, Op e ra t or &Roya lt y or St re a m GOLD Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Gold Cont a ine d (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Gold Cont a ine d (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Cont a ine d (koz) Prop e rt y, Op e ra t or &Roya lt y or St re a m We s t Ke nya ²⁷ (2% NSR) Effective as of 20 23-12-31. Saturn Resources Ltd - - - - - - - - - - 7.3 4.86 1,140 1,140 2.5 7.6 617 Wind fa ll²⁸ (2-3% NSR) Effective as of 20 22-0 6-0 7. Resources adjusted to be exclusive of Reserves. Gold Fields Lim ited - - - 12.2 8.1 3,160 3,160 - - - - - - - 12.3 8.4 3,340 Wha re kira up onga ("WKP")²⁹ (2% NSR) Effective as of 20 24-0 6-30 OceanaGold Corporation - - - 4.1 9.2 1,20 0 1,20 0 - - - - - - - 1.3 9.6 40 0 Ya lgoo³⁰ (1.35% GRR) Effective as of 20 24-12-0 2. Spartan Resources Ltd. - - - - - - - - - - 3.4 1.49 160 160 1.9 1.37 83.2 Ye nip a za r³¹ (50 % Au offt a ke ) Effective as of 20 12-11-26 Aldridge Minerals - - - 29.2 0 .88 825 825 - - - - - - - 0 .37 0 .47 5.6 SILVER Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Silve r Cont a ine d (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Silve r Cont a ine d (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silve r Cont a ine d (Moz) Am b le r (Arct ic)² (1% NSR) Effective as of 20 24-11-30 Trilogy Metals Inc. / South32 Lim ited - - - 46.7 32 47.7 47.7 - - - - - - - 4.5 36 5.0 Am uls a r³ (62.5% Ag s t re a m ) Effective as of 20 19-0 9-16. Resources adjusted to be exclusive of Reserves. Lydian Canada Ventures Corporation 51.9 4.44 7.4 67.3 3.24 7.0 14.4 6.2 5.4 1.1 36.9 3.19 3.8 4.9 85.9 3.10 8.6 Ant a Kori⁵ (0 .75-1.5% NSR on ≈ 60 % of p it ) Effective as of 20 19-0 2-22 Regulus Resources Inc. - - - - - - - - - - 250 7.8 61.0 61.0 267 7.8 67.0 Ba ck Fort y⁶ (85% Ag St re a m ) Effective as of 20 23-0 9-30 Gold Resource Corporation - - - - - - - - - - 14.5 27 12.4 12.4 1.2 37 1.4 Ca s ca b e l⁸ (0 .6% NSR) Effective as of 20 23-12-31. Resources adjusted to be exclusive of Reserves. Including Alpala and Tandayam a-Am erica. SolGold PLC 458 1.70 24.9 82.2 1.20 3.1 28.0 1,120 0 .94 33.7 2,0 80 0 .44 29.6 63.3 853 0 .40 11.0 Ca s ino (He a p Le a ch)⁹ (2.75% NSR) Effective as of 20 22-0 4-29. Resource adjusted to be exclusive of Reserve. Western Copper and Gold Corporation 42.9 2.70 3.7 167 1.80 9.4 13.1 - - - 21.6 1.38 0 .96 0 .96 40 .9 1.43 1.9 Ca s ino (Mill)¹⁰ (2.75% NSR) Effective as of 20 22-0 4-29. Resource adjusted to be exclusive of Reserve. Western Copper and Gold Corporation 140 2.10 9.4 1,0 80 1.60 55.5 64.9 - - - 1,0 40 1.14 38.0 38.0 1,370 1.14 50 .5 Ce rro d e l Ga llo¹¹ (3% NSR on ≈ 25% of p it ) Effective as of 20 23-12-31 Heliostar Metals Ltd. 70 .4 13.7 31.1 21.3 11.7 8.0 39.1 51.2 12.1 20 .0 59.1 10 .5 20 .0 40 .0 5.1 11.9 1.9 Cop p e rw ood ³² (10 0 % Ag NSR) Effective as of 20 22-0 2-28 for Resource and 20 22-0 5-22 for Reserves. Resources adjusted to be exclusive of Reserves. Highland Copper Com pany Inc. 18.2 4.47 2.6 7.5 2.56 0 .60 3.2 9.8 4.76 1.5 18.7 2.66 1.6 3.1 79.1 3.54 9.0 He rm os a (Ta ylor)³³ (1% NSR) Effective as of 20 23-0 6-30 for Resource and 20 24-0 1-0 1for Reserve. Resource adjusted to be exclusive of Reserve. South32 Lim ited - - - 65.0 82 171 171 - - - 59.0 63 120 120 28.0 93 83.7 Horne 5³⁴ (90 -10 0 % Ag St re a m ) Effective as of 20 17-0 8-26. Resources adjusted to be exclusive of Reserves. Falco Resources Ltd. 8.4 15.8 4.3 72.5 14.0 32.6 36.8 2.4 15.5 1.2 22.3 14.8 10 .6 11.8 24.3 21 16.7 Liont ow n¹⁹ (0 .8% NSR) Effective as of 20 24-12-31 Sunshine Metals Ltd - - - - - - - - - - 2.2 37 2.6 2.6 3.8 22 2.6 Sa n Ant onio²¹ (15% Ag St re a m ) Effective as of 20 22-0 6-24 Osisko Developm ent Corp. - - - - - - - - - - 14.9 2.90 1.4 1.4 16.6 3.30 1.8 Trixie ²⁴ (2.5% Ag St re a m ) Effective as of 20 24-0 3-14 Osisko Developm ent Corp. - - - - - - - 0 .12 62 0 .24 0 .13 60 0 .24 0 .48 0 .20 49 0 .32 Whit e Pine Nort h³⁵ (10 0 % Ag NSR) Effective as of 20 23-0 6-12 Highland Copper Com pany Inc. / Kinterra Capital Corp. - - - - - - - - - - 151 13.5 65.5 65.5 96.4 9.0 27.8 Wha re kira up onga ("WKP")²⁹ (2% NSR) Effective as of 20 24-0 6-30 OceanaGold Corporation - - - 4.1 16.1 2.1 2.1 - - - - - - - 1.3 17.1 0 .70 Prop e rt y, Op e ra t or &Roya lt y or St re a m (i) Mineral Resource and Mineral Reserve figures are only estimates. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results, and industry practices. While OR Royalties believes that the Mineral Resource and Mineral Reserves estimates, as applicable, in respect of properties in which OR Royalties holds royalties, streams, or other interests reflect best estimates performed by or on behalf of the owner of such properties, the estimating of Mineral Resource and Mineral Reserves is a subjective process and the accuracy of Mineral Resource and Mineral Reserve estimates is a function of the quantity and quality of available data, the accuracy of statistical computations, and the assumptions used and judgments made in interpreting available engineering and geological information. There is significant uncertainty in any Mineral Resource and Mineral Reserve estimate and the actual deposits encountered and the economic viability of a deposit may differ materially from estimates. Estimated Mineral Resource and Mineral Reserves may have to be re-estimated based on changes in prices of gold or other minerals, further exploration or development activity, or actual production experience. This could materially and adversely affect estimates of the volume or grade of mineralization, estimated recovery rates, or other important factors that influence such estimates. In addition, there is no assurance that any Mineral Resource estimate will ultimately be reclassified as proven or probable Mineral Reserves. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. If operators reduce their Mineral Reserves and Mineral Resources on properties underlying OR Royalties’ royalties, streams, or other interests, this may result in a material and adverse effect on OR Royalties’s profitability, results of operations, financial condition, and the trading price of OR Royalties’ securities. The Mineral Resources disclosed are based on the best available information as of April 11, 2025. Resources are exclusive of reserves in all cases. Gold equivalent ounces comprise mostly gold, other elements are converted assuming forecast long-term prices from analyst consensus published on March 3, 2025. Attributable GEOs were compiled without consideration for the potential mining or metallurgical recovery of the metals contained in the mineral resource or reserve.
BASE METALS Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Me t a l Cont a ine d (kt ) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Me t a l Cont a ine d (kt ) Tonnes (Mt) Average Grade (% ) Me t a l Cont a ine d (kt ) Am b le r (Arct ic)² (1% NSR) (Cop p e r) Effective as of 20 24-11-30 Trilogy Metals Inc. / South32 Lim ited - - - 46.7 2.11 985 985 - - - - - - - 4.5 1.92 85.7 Am b le r (Arct ic)² (1% NSR) (Zinc) Effective as of 20 24-11-30 Trilogy Metals Inc. / South32 Lim ited - - - 46.7 2.90 1,350 1,350 - - - - - - - 4.5 2.93 131 Am b le r (Arct ic)² (1% NSR) (Le a d ) Effective as of 20 24-11-30 Trilogy Metals Inc. / South32 Lim ited - - - 46.7 0 .56 262 262 - - - - - - - 4.5 0 .70 31.3 Ant a Kori⁵ (0 .75-1.5% NSR on ≈ 60 % of p it ) (Cop p e r) Effective as of 20 19-0 2-22 Regulus Resources Inc. - - - - - - - - - - 250 0 .48 1,180 1,180 267 0 .41 1,0 90 Ca s ca b e l⁸ (0 .6% NSR) (Cop p e r) Effective as of 20 23-12-31. Resources adjusted to be exclusive of Reserves. Including Alpala and Tandayam a-Am erica. SolGold PLC 458 0 .64 2,90 0 82.2 0 .36 30 0 3,20 0 1,120 0 .34 3,80 0 2,0 80 0 .26 5,40 0 9,20 0 853 0 .23 2,0 0 0 Ca s ino (Mill)¹⁰ (2.75% NSR) (Cop p e r) Effective as of 20 22-0 4-29. Resource adjusted to be exclusive of Reserve. Western Copper and Gold Corporation 140 0 .31 428 1,0 80 0 .17 1,880 2,30 0 - - - 1,0 40 0 .10 1,0 70 1,0 70 1,370 0 .10 1,370 Ca s ino (Mill)¹⁰ (2.75% NSR) (Molyb d e num ) Effective as of 20 22-0 4-29. Resource adjusted to be exclusive of Reserve. Western Copper and Gold Corporation 140 0 .0 24 34.0 1,0 80 0 .0 21 225 259 - - - 1,0 40 0 .0 0 96 99.3 99.3 1,370 0 .0 0 95 130 Ce rro d e l Ga llo¹¹ (3% NSR on ≈ 25% of p it ) (Cop p e r) Effective as of 20 23-12-31 Heliostar Metals Ltd. 70 .4 0 .0 97 68.0 21.3 0 .0 85 18.0 86.0 51.2 0 .11 54.0 59.1 0 .0 81 48.0 10 2 5.1 0 .0 90 5.0 Cop p e rw ood ³² (1.5% Cu NSR) (Cop p e r) Effective as of 20 22-0 2-28 for Resource and 20 22-0 5-22 for Reserves. Resources adjusted to be exclusive of Reserves. Highland Copper Com pany Inc. 18.2 1.49 271 7.5 1.34 10 1 371 9.8 1.98 194 18.7 1.39 259 453 79.1 1.0 9 860 Cos t a Fue go¹² (1% Cu NSR) (Cop p e r) Mineral Resources effective as of 20 24-0 2-26. Mineral Reserves effective as of 20 25-0 3-27. Hot Chili Lim ited - - - 50 2 0 .37 1,860 1,860 - - - 296 0 .36 1,0 50 1,0 50 20 3 0 .31 516 He rm os a (Ta ylor)³³ (1% NSR) (Le a d ) Effective as of 20 23-0 6-30 for Resource and 20 24-0 1-0 1for Reserve. Resource adjusted to be exclusive of Reserve. South32 Lim ited - - - 65.0 4.90 3,190 3,190 - - - 59.0 3.0 6 1,80 0 1,80 0 28.0 2.97 832 He rm os a (Ta ylor)³³ (1% NSR) (Zinc) Effective as of 20 23-0 6-30 for Resource and 20 24-0 1-0 1for Reserve. Resource adjusted to be exclusive of Reserve. South32 Lim ited - - - 65.0 4.35 2,830 2,830 - - - 59.0 2.90 1,710 1,710 28.0 2.96 829 Liont ow n¹⁹ (0 .8% NSR) (Cop p e r) Effective as of 20 24-12-31 Sunshine Metals Ltd - - - - - - - - - - 2.2 0 .60 13.4 13.4 3.8 0 .97 36.3 Liont ow n¹⁹ (0 .8% NSR) (Zinc) Effective as of 20 24-12-31 Sunshine Metals Ltd - - - - - - - - - - 2.2 5.0 10 9 10 9 3.8 4.28 161 Liont ow n¹⁹ (0 .8% NSR) (Le a d ) Effective as of 20 24-12-31 Sunshine Metals Ltd - - - - - - - - - - 2.2 1.80 38.6 38.6 3.8 1.57 59.1 Ma rim a ca ³⁶ (1% NSR) (Cop p e r) Effective as of 20 23-0 5-17 Marim aca Copper Corp. - - - - - - - 97.0 0 .49 474 10 3 0 .41 426 90 0 37.3 0 .38 141 Pine Point ³⁷ (3% NSR) (Le a d ) Effective as of 20 24-0 5-31 Osisko Metals Incorporated; Appian Capital Advisory LLP - - - - - - - - - - 49.5 1.49 737 737 8.3 1.69 139 Pine Point ³⁷ (3% NSR) (Zinc) Effective as of 20 24-0 5-31 Osisko Metals Incorporated; Appian Capital Advisory LLP - - - - - - - - - - 49.5 4.22 2,0 90 2,0 90 8.3 4.18 345 Sha a kichiuw a a na a n (form e rly Corve t t e )³⁸ (2% NSR on 80 -95% of p it ) (Lit hium ) Grades and m etal contained are expressed as Li₂O. Effective as of 20 24-0 6-27 Patriot Battery Metals Inc. - - - - - - - - - - 80 .1 1.44 1,150 1,150 62.5 1.31 820 Silve r Sw a n a nd Gold e n Sw a n³⁹ (0 .76% NSR) (Nicke l) Effective as of 20 22-11-21. Resources adjusted to be exclusive of Reserves. Horizon Minerals Ltd. - - - 0 .28 4.66 13.0 13.0 - - - 0 .69 1.0 8 7.4 7.4 0 .0 6 2.75 1.5 Sout h Croft y⁴⁰ (1.5% NSR) (Cop p e r) Effective as of 20 23-0 9-0 6 Cornish Metals Inc. - - - - - - - - - - 3.2 0 .0 64 2.0 2.0 3.1 0 .0 95 2.9 Sout h Croft y⁴⁰ (1.5% NSR) (Zinc) Effective as of 20 23-0 9-0 6 Cornish Metals Inc. - - - - - - - - - - 3.2 0 .0 49 1.5 1.5 3.1 0 .0 95 2.9 Sout h Croft y⁴⁰ (1.5% NSR) (Tin) Effective as of 20 23-0 9-0 6 Cornish Metals Inc. - - - - - - - - - - 3.2 1.43 45.2 45.2 3.1 1.31 40 .4 Up p e r Be a ve r²⁵ (2% NSR) (Cop p e r) Effective as of 20 24-12-31 Agnico Eagle Mines Lim ited - - - 23.2 0 .24 54.9 54.9 - - - 7.6 0 .16 12.1 12.1 3.0 0 .36 10 .6 Whit e Pine Nort h³⁵ (1.5% Cu NSR) (Cop p e r) Effective as of 20 23-0 6-12 Highland Copper Com pany Inc. / Kinterra Capital Corp. - - - - - - - - - - 151 1.0 5 1,590 1,590 96.4 1.0 3 990 Prop e rt y, Op e ra t or &Roya lt y or St re a m 31 2025 MINERAL RESERVES AND RESOURCE: DEVELOPMENT ASSETS(i) (CONT’D) Re fe re nce s for Mine ra l Re s e rve s &Mine ra l Re s ource s : Not e s on Mine ra l Re s e rve s &Mine ra l Re s ource s : 1. Agnico Eagle Mines Lim ited press release (dated 20 25-0 2-13) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=46bc759e0 ccb0 47ab48a173483753cec4543b7eba5a3d66e8fb83baf734d420 d) 13. Spartan Resources announcem ent (dated 20 24-12-0 2) (https://cdn-api.m arkitdigital.com /apim an-gatew ay/ASX/asx-research/1.0 /file/2924-0 2888768-6A12410 70 &v=7bc42bd11d853ed5e8c28f2ffcd6a0 69ee5cd6b4) 2. Trilogy Metals Inc, Form 10 -k for the fiscal year ended 20 24-11-30 (dated 20 25-0 2-14) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=b0 754c420 86c21be13a7e8695d91e91fa3ddcee63673c58880 f21e483e32ace0 ) 3. Feasibility Study Technical Report Am ulsar Project Arm enia (filed 20 19-10 -16) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=e75cec6229d26ded734f0 82d90 83c6c5b4446a2720 4c60 afcea42bbba966921e) 4. Agnico Eagle Mines Lim ited press release (dated 20 25-0 2-13) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=46bc759e0 ccb0 47ab48a173483753cec4543b7eba5a3d66e8fb83baf734d420 d) 5. Regulus Resources press release (dated 20 19-0 3-0 1) (https://w w w .globenew sw ire.com /en/new s-release/20 19/0 3/0 1/1745593/0 /en/Regulus-Reports-Substantial-Increase-in-Resource-Estim ate-at-Antakori-Copper-Gold-Project-Peru.htm l) 6. SK130 0 Technical Report Sum m ary on the Back Forty Project (filed 20 23-10 -27) (https://goldresourcecorp.com /site/assets/files/6493/sk130 0 _b40 _gold_resource_corp_filed_10 _27_20 23.pdf) 7. NI 43-10 1Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Colum bia, Canada (dated 20 23-0 1-12) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=6e7c980 2c72f0 12ac41c850 90 0 4a3474aadf747c98de17b1f1b39e7baf995d76) 8. SolGold press release (dated 20 24-0 2-16) (https://polaris.brighterir.com /public/solgold/new s/rns/story/xze0 9lx/export) 9. Western Copper and Gold Corporation press release (dated 20 22-0 6-28) (https://w w w .w esterncopperandgold.com /new s-and-resources/new s-release/w estern-copper-and-gold-announces-positive-feasibility-on-casino/) 10 . Western Copper and Gold Corporation press release (dated 20 22-0 6-28) (https://w w w .w esterncopperandgold.com /new s-and-resources/new s-release/w estern-copper-and-gold-announces-positive-feasibility-on-casino/) 11. Argonaut Gold Inc. Annual Inform ation Form for the year ended 20 23-12-31(dated 20 24-0 3-28) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=e468be993460 c5566a4c1e0 8a1a6ea3b0 15ac10 650 5e0 6e0 0 b6de70 d19de7174) 12. Hot Chili ASX release titled "Hot Chili Presentation Costa Fuego PFS Maiden Ore Reserve" (dated 20 25-0 3-26) (https://cdn-api.m arkitdigital.com /apim an-gatew ay/ASX/asx-research/1.0 /file/2924-0 2929293-6A1257464&v=7bc42bd11d853ed5e8c28f2ffcd6a0 69ee5cd6b4) 25. Agnico Eagle Mines Lim ited press release (dated 20 25-0 2-13) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=46bc759e0 ccb0 47ab48a173483753cec4543b7eba5a3d66e8fb83baf734d420 d) 14. Victoria Gold Corp. Managem ent's Discussion and Analysis for Year Ended Decem ber 31, 20 23 (dated 20 24-0 2-20 ) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=5fd5f7e14d1c4ef254b4990 e3c5574d1af895f65d712222c35832df6655aa259) 15. Technical Report and Updated Mineral Resource Estim ate of the Eastm ain Gold Mine Property (signed 20 23-0 7-0 7) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=746fcaef6d15cc62859650 5f0 a9514334c0 36d92fb5efba382d6e2b3ad7b7a41) 16. Fiore Gold Ltd. Annual Inform ation Form for the year ended 20 20 -0 9-30 (effective as of 20 20 -12-0 6) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=8dfc0 0 140 cf494ce5112f0 fa723ab20 6efa9cbc8c1e8f80 12963935284f6bb74) 17. G Mining Ventures Corp. press release titled "G Mining Ventures Announces Consolidated Mineral Reserves and Resources for Year-End 20 24 including Mineral Resource Estim ate for the Gurupi Project in Brazil" (dated 20 25-0 2-20 ) (https://w w w .sedarplus.ca/csa- party/records/docum ent.htm l?id=b58310 cbbd80 9f36d80 52245675870 0 11f0 51d10 0 80 b2ee3bcef0 ee3776660 d3) 18. Agnico Eagle Mines Lim ited press release (dated 20 25-0 2-13) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=46bc759e0 ccb0 47ab48a173483753cec4543b7eba5a3d66e8fb83baf734d420 d) 19. Sunshine Metals Ltd Quarterly Activities Report for the quarter ended 31Decem ber 20 24 (dated 20 25-0 1-25) (https://cdn-api.m arkitdigital.com /apim an-gatew ay/ASX/asx-research/1.0 /file/2924-0 290 7719-6A1249166&v=7bc42bd11d853ed5e8c28f2ffcd6a0 69ee5cd6b4) 20 . O3 Mining inc. MD&A for the Three- and Nine-Month Periods Ended Septem ber 30 , 20 24 and 20 23 (dated 20 25-0 2-13) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=9b40 3b8e8f36e26fce2dacb2453910 90 2de7ea9ccd60 da0 973f31b6550 8eebeb) 21. NI 43-10 1Technical Report for the Mineral Resource Estim ate on the San Antonio Project (filed 20 22-0 7-12) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=ca919644b4692aa2bbd9e625edb80 54aeaed9380 45428a7516a79aec2df1c724) 22. GoldMining Inc. Annual Inform ation Form for the year ended 20 24-12-31(dated 20 25-0 2-27) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=0 0 c5736251ebb4b60 24378be93ec1cb7cea0 87d21ebd2f717290 27e62278f50 8) 23. Solidus Resources press release (dated 20 25-0 2-18) (https://w w w .globenew sw ire.com /new s-release/20 25/0 2/18/30 28291/0 /en/Solidus-Resources-LLC-Announces-Positive-Feasibility-Study-Results-for-Its-Spring-Valley-Gold-Project-in-Nevada.htm l) 24. NI 43-10 1Technical Report, Mineral Resource Estim ate for the Trixie Deposit, Tintic Project, Utah, United States of Am erica (dated 20 24-0 4-25) (https://w w w .sedarplus.ca/csa- 37. Osisko Metals press release (dated 20 24-0 6-25) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=c4468840 b67cd948d0 bd1c8ddbb16cb898dd5cc627b62370 e48cc90 e560 3ba90 ) 26. Agnico Eagle Mines Lim ited press release (dated 20 25-0 2-13) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=46bc759e0 ccb0 47ab48a173483753cec4543b7eba5a3d66e8fb83baf734d420 d) 27. Shanta Gold press release (dated 20 24-0 4-0 3) (https://shantagold.com /_resources/Group% 20 Reserves% 20 &% 20 Resources% 20 Statem ent.pdf) 28. Osisko Mining press release (dated 20 22-11-28) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=10 c67965bb7a0 b96f80 489b1de46cfcedad69b274bd4eb5b8b5559640 0 339b85) 29. NI 43-10 1Technical Report –Waihi District Pre-feasibility Study, New Zealand (released 20 24-12-11) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=4f0 e44452c83b590 990 27b20 4d9889e69c680 e68f186dd76dbda5e62d5f1e89d) 30 . Spartan Resources Ltd. ASX release (dated 20 24-12-0 2) (https://cdn-api.m arkitdigital.com /apim an-gatew ay/ASX/asx-research/1.0 /file/2924-0 2888768-6A12410 70 &v=7bc42bd11d853ed5e8c28f2ffcd6a0 69ee5cd6b4) 31. NI 43-10 1Technical Report on the Yenipazar Optim ization Study, Yozgat Province, Turkey (effective date of 20 14-0 4-15) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=50 64cb73e1a15be38526d10 98ddbc4b22213ab3d720 6852450 47dcfcb48d5a6a) 32. Highland Copper press release (dated 20 23-0 3-0 6) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=0 92f4ed573d996c7343c4b177a1843d427f20 674960 dd0 c739631c22dcaf0 13a) 33. South32 Lim ited ASX release titled "Final Investm ent Approval to Develop Herm osa's Taylor Deposit" (dated 20 24-0 2-15) (https://w w w .south32.net/docs/default-source/exchange-releases/final-investm ent-approval-to-develop-herm osa-taylor-deposit- 0 x5ffd9fac3b216589.pdf?sfvrsn=5638590 a_0 ) 34. Falco Resources Ltd. MD&A for the three-m onth and six-m onth periods ended Decem ber 31, 20 24 (dated 20 25-0 2-19) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=698bd6ff0 0 b89bcc8c666aa4874184735f95b83e15d161b2a8df3bbaa7bcacc9) 35. Highland Copper press release (dated 20 23-0 7-24) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=eaa0 548f0 0 8533a12e743d5fe461fc63e0 e27349e5de4912c12e288efe1d2b8e) 36. Marim aca Copper Corp. MD&A for the year ended Decem ber 31, 20 24 and 20 23 (released 20 25-0 3-21) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=2f16d2b0 41734a6adcbd9380 1b7264f158b840 9cd369de0 70 ea3a468c9ef6e43) 38. Patriot Battery Metals press release (dated 20 24-0 8-0 5) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=0 c1ca24221c64c1a23816e250 9270 c0 223b2ab27dbff14c8f3cad16f95eafcf4) 39. Poseidon Nickel Lim ited ASX release (dated 20 22-11-0 1) (https://w w w .asx.com .au/asx/v2/statistics/displayAnnouncem ent.do?display=pdf&idsId=0 260 0 561) 40 . South Crofty Tin Project - Mineral Resource Update NI 43-10 1Technical Report (dated 20 23-10 -27) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=7cdfa152972885ba340 47670 0 27c0 f30 5494fd3ab4355dab98fd77c3dcf20 7d7) *The se va lue s a re e stim a te s b a se d on b e st a va ila b le inform a tion a s of Ap ril 11, 20 25. The re a d e r is a d vise d to follow the p rovid e d links to find the source a nd d e scrip tions of the origina l e stim a te s a nd the risks a ssocia te d w ith the ind ivid ua l p roje cts. Osisko ca n not ve rify a nd d oe s not ta ke re sp onsib ility of the a ccura cy of the e stim a te s p rovid e d he re . *Re source s a re e xclusive of re se rve s in a ll ca se s. *Infe rre d Re source s ha ve not d e m onstra te d e conom ic via b ility, a nd the re is no ce rta inty tha t the y ca n b e up gra d e to re se rve s. (i) Mineral Resource and Mineral Reserve figures are only estimates. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results, and industry practices. While OR Royalties believes that the Mineral Resource and Mineral Reserves estimates, as applicable, in respect of properties in which OR Royalties holds royalties, streams, or other interests reflect best estimates performed by or on behalf of the owner of such properties, the estimating of Mineral Resource and Mineral Reserves is a subjective process and the accuracy of Mineral Resource and Mineral Reserve estimates is a function of the quantity and quality of available data, the accuracy of statistical computations, and the assumptions used and judgments made in interpreting available engineering and geological information. There is significant uncertainty in any Mineral Resource and Mineral Reserve estimate and the actual deposits encountered and the economic viability of a deposit may differ materially from estimates. Estimated Mineral Resource and Mineral Reserves may have to be re-estimated based on changes in prices of gold or other minerals, further exploration or development activity, or actual production experience. This could materially and adversely affect estimates of the volume or grade of mineralization, estimated recovery rates, or other important factors that influence such estimates. In addition, there is no assurance that any Mineral Resource estimate will ultimately be reclassified as proven or probable Mineral Reserves. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. If operators reduce their Mineral Reserves and Mineral Resources on properties underlying OR Royalties’ royalties, streams, or other interests, this may result in a material and adverse effect on OR Royalties’s profitability, results of operations, financial condition, and the trading price of OR Royalties’ securities. The Mineral Resources disclosed are based on the best available information as of April 11, 2025. Resources are exclusive of reserves in all cases. Gold equivalent ounces comprise mostly gold, other elements are converted assuming forecast long-term prices from analyst consensus published on March 3, 2025. Attributable GEOs were compiled without consideration for the potential mining or metallurgical recovery of the metals contained in the mineral resource or reserve.
32 2025 MINERAL RESERVES AND RESOURCE: EXPLORATION ASSETS(i) MINERAL RESERVES AND MINERAL RESOURCES OSISKO GOLD ROYALTIES As of Ap ril 11, 20 25 with b e st a va ila b le p ub lic in form a tion . Re source s a re e xclusive of Re se rve s. GOLD Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Gold Cont a ine d (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Gold Cont a ine d (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Cont a ine d (koz) Alt a r¹ (1% NSR) Effective as of 20 25-11-25 Aldebaran Resources Inc. - - - - - - - 781 0 .0 92 2,30 0 1,620 0 .0 54 2,80 0 5,10 0 1,220 0 .0 43 1,70 0 Bonne fond ² (2.5% NSR) Effective as of 20 20 -10 -31 Eldorado Gold Corporation - - - - - - - - - - 7.4 1.67 397 397 3.3 2.71 291 Ca m e ron La ke ³ (1% NSR) Effective as of 20 17-0 1-17 First Mining Gold Corp. - - - - - - - 3.4 2.75 297 2.2 2.39 167 464 6.5 2.54 533 Coulon⁴ (3% NSR) Effective as of 20 0 9-0 4-0 3 Electric Elem ents Mining Corp. - - - - - - - - - - 3.7 0 .25 29.5 29.5 10 .1 0 .18 58.2 Cuiú Cuiú⁵ (1% NSR) Oxides effective as of 20 24-10 -0 9. Fresh effective as of 20 22-0 7-31 Cabral Gold Inc. - - - - - - - - - - 23.4 0 .83 622 622 25.9 0 .73 60 7 Ga s coyne Prop e rt ie s ⁶ (1.35% NSR) Glenburgh effective as of 20 20 -12-18. Mt Egerton effective as of 20 21-0 5-31 Benz Mining Corp. - - - - - - - - - - 13.7 1.0 3 456 456 2.8 0 .89 81.4 Ka nd iolé ⁷ (1% NSR) Effective as of 20 22-0 3-31 Roscan Gold Corporation - - - - - - - - - - 27.4 1.16 1,0 20 1,0 20 5.2 1.19 199 Lorra ine ⁸ (2% NSR) Effective as of 20 22-0 6-22 NorthWest Copper Corp. - - - - - - - - - - 13.0 0 .16 68.0 68.0 45.5 0 .0 99 145 Nut m e g Mount a in⁹ (0 .5% NSR a nd 30 % Offt a ke ) Effective as of 20 23-0 6-22 NevGold Corp. - - - - - - - - - - 51.7 0 .61 1,0 10 1,0 10 17.9 0 .48 275 Olla che a ¹⁰ (1% NSR) Effective as of 20 21-0 6-30 Minera IRL Lim ited - - - - - - - - - - 10 .7 3.28 1,130 1,130 7.3 2.70 60 0 Ora cle Rid ge ¹¹ (3% NSR) Effective as of 20 23-11-21 Marble Mountain Ventures LLC - - - - - - - 3.1 0 .18 18.0 12.2 0 .18 71.0 89.0 13.0 0 .13 53.0 Ra ve n¹² (3-5% NSR) Effective as of 20 22-0 9-15 Pricew aterhouseCoopers Inc., LIT (receiver) - - - - - - - - - - - - - - 20 .0 1.67 1,0 70 Sa nd m a n¹³ ( 0 -5% NSR; va ria b le cove ra ge ) Effective as of 20 21-0 1-20 Borealis Mining Com pany Ltd. - - - - - - - - - - 18.6 0 .73 433 433 3.2 0 .58 60 .8 Shove lnos e ¹⁴ (2% NSR) Effective as of 20 25-0 2-28 Westhaven Gold Corp. - - - - - - - - - - 3.4 6.1 677 677 2.3 3.67 270 Tijirit ¹⁵ (1.5% NSR) Effective as of 20 21-0 5-12 Aya Gold and Silver Inc. - - - - - - - 0 .67 2.54 54.5 3.5 2.13 238 293 10 .2 1.63 533 Whis t le r¹⁶ (2.75% NSR) Effective as of 20 24-0 9-12 U.S. GoldMining Inc. - - - - - - - - - - 294 0 .42 3,930 3,930 198 0 .52 3,310 SILVER Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Silve r Cont a ine d (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Silve r Cont a ine d (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silve r Cont a ine d (Moz) Alt a r¹ (1% NSR) Effective as of 20 25-11-25 Aldebaran Resources Inc. - - - - - - - 781 1.0 3 25.8 1,620 1.31 68.0 93.8 1,220 1.25 49.0 Coulon⁴ (3% NSR) Effective as of 20 0 9-0 4-0 3 Electric Elem ents Mining Corp. - - - - - - - - - - 3.7 37 4.4 4.4 10 .1 35 11.2 Nim b us ¹⁷ (10 0 % Ag offt a ke ) Effective as of 20 15-0 4-30 Horizon Minerals Lim ited - - - - - - - 3.6 10 2 11.9 3.2 47 4.9 16.7 5.3 21 3.5 Ora cle Rid ge ¹¹ (3% NSR) Effective as of 20 23-11-21 Marble Mountain Ventures LLC - - - - - - - 3.1 13.9 1.4 12.2 12.0 4.7 6.1 13.0 9.5 4.0 Shove lnos e ¹⁴ (2% NSR) Effective as of 20 25-0 2-28 Westhaven Gold Corp. - - - - - - - - - - 3.4 32 3.6 3.6 2.3 25 1.9 We s t De s e rt ¹⁸ (1.5% NSR) Effective as of 20 23-0 2-0 1 Am erican West Metals Lim ited - - - - - - - - - - 27.3 9.5 8.4 8.4 6.3 7.1 1.4 Whis t le r¹⁶ (2.75% NSR) Effective as of 20 24-0 9-12 U.S. GoldMining Inc. - - - - - - - - - - 294 2.0 1 19.0 19.0 198 1.81 11.5 Prop e rt y, Op e ra t or &Roya lt y or St re a m Prop e rt y, Op e ra t or &Roya lt y or St re a m BASE METALS Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Me t a l Cont a ine d (kt ) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Me t a l Cont a ine d (kt ) Tonnes (Mt) Average Grade (% ) Me t a l Cont a ine d (kt ) Alt a r¹ (1% NSR) (Cop p e r) Effective as of 20 25-11-25 Aldebaran Resources Inc. - - - - - - - 781 0 .43 3,340 1,620 0 .41 6,650 9,980 1,220 0 .37 4,460 Coulon⁴ (3% NSR) (Cop p e r) Effective as of 20 0 9-0 4-0 3 Electric Elem ents Mining Corp. - - - - - - - - - - 3.7 1.27 46.7 46.7 10 .1 1.33 134 Coulon⁴ (3% NSR) (Le a d ) Effective as of 20 0 9-0 4-0 3 Electric Elem ents Mining Corp. - - - - - - - - - - 3.7 0 .40 14.7 14.7 10 .1 0 .19 19.1 Coulon⁴ (3% NSR) (Zinc) Effective as of 20 0 9-0 4-0 3 Electric Elem ents Mining Corp. - - - - - - - - - - 3.7 3.61 133 133 10 .1 3.92 394 J a m e s Ba y Niob ium ¹⁹ (1% NSR) (Niob ium ) Grade and m etal contained is expressed as Nb₂O₅. Effective as of 20 20 -0 7-0 9 NioBay Metals Inc. - - - - - - - - - - 29.7 0 .53 158 158 33.8 0 .52 177 Lorra ine ⁸ (2% NSR) (Cop p e r) Effective as of 20 22-0 6-22 NorthWest Copper Corp. - - - - - - - - - - 13.0 0 .55 70 .8 70 .8 45.5 0 .43 194 Ora cle Rid ge ¹¹ (3% NSR) (Cop p e r) Effective as of 20 23-11-21 Marble Mountain Ventures LLC - - - - - - - 3.1 1.40 43.0 12.2 1.36 166 20 9 13.0 1.32 171 We s t De s e rt ¹⁸ (1.5% NSR) (Cop p e r) Effective as of 20 23-0 2-0 1 Am erican West Metals Lim ited - - - - - - - - - - 27.3 0 .14 40 .6 40 .6 6.3 0 .13 8.5 We s t De s e rt ¹⁸ (1.5% NSR) (Zinc) Effective as of 20 23-0 2-0 1 Am erican West Metals Lim ited - - - - - - - - - - 27.3 3.79 1,0 40 1,0 40 6.3 4.0 1 254 Whis t le r¹⁶ (2.75% NSR) (Cop p e r) Effective as of 20 24-0 9-12 U.S. GoldMining Inc. - - - - - - - - - - 294 0 .16 464 464 198 0 .0 73 144 Re fe re nce s for Mine ra l Re s e rve s &Mine ra l Re s ource s : Not e s on Mine ra l Re s e rve s &Mine ra l Re s ource s : 3. First Mining Gold press release (dated 20 17-0 3-22) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=f0 a7d0 0 0 ea58d8b8e9dfd485ae1827ec8a9d158cca8a26c180 b7d926d98fa3e3) Prop e rt y, Op e ra t or &Roya lt y or St re a m 1. Aldebaran Resources press release (dated 20 24-11-25) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=f4aa397d0 1b3d6c1fa880 bca97e5afbab971aa6380 3f3e5d423e3e5d0 a95790 3) 2. QMX Gold Corporation press release (dated 20 21-0 1-18) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=d2541845972b2d0 e3633280 df8ca8cd7e2b331e2735f572a4d2f1c69de865e97) 15. Aya Gold &Silver press release (dated 20 21-0 6-11) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=50 17654197114390 78878dab76e28dd0 8ee4427d318a2370 8440 10 f6b98da4d0 ) 4. Virginia Mines technical report (dated 20 0 9-0 5-28) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=7c0 861e7d850 a72b3e53f9cc46df5978834182e0 ee8ae21fc10 2f394c50 1abb9) 5. Cabral Gold press release for gold-in-oxide PFS (dated 20 24-10 -21) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=d7956c0 42ffc70 8f24eb926475d228d8b111356a76ead0 ea60 55328ef77382c2). Cabral Gold press release (dated 20 22-0 9-30 ) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=9f230 e1f782ae3b38923168f59778c90 c7cd27e75227667937bcb61fd40 a0 c46) 6. Spartan Resources press release for Glenburgh (dated 20 20 -12-18) (https://announcem ents.asx.com .au/asxpdf/20 20 1218/pdf/44r2zzcx29zn9x.pdf). Spartan Resources press release for Mt Egerton (dated 20 21-0 5-31) (https://announcem ents.asx.com .au/asxpdf/20 210 531/pdf/44w yvh4bm bbbj0 .pdf) 7. Roscan Gold press release (dated 20 22-0 6-0 8) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=f1d71bba0 0 5f59ad5b9d10 ab14614b17222d85416728ad96d68b2fdfa5357ab4) 8. NorthWest Copper press release (dated 20 22-0 7-27) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=ef748da58f229819ce29c58210 12a4cbbbabb14c89af399d7ae5517ab50 c32e8) 9. Technical Report on the Nutm eg Mountain Gold Property (dated 20 23-0 8-23) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=30 3b1fcb33fa0 181187bb74e4fb36aa664f6e490 74cd8194a116f114ef1354b4) 10 . Mineral IRL press release (dated 20 21-0 7-19) (https://w w w .globenew sw ire.com /en/new s-release/20 21/0 7/19/2264744/0 /en/Minera-IRL-Announces-Positive-Prelim inary-Econom ic-Assessm ent-Results-for-the-Ollachea-Gold-Project.htm l) 11. Eagle Mountain Mining press release (dated 20 23-11-21) (https://announcem ents.asx.com .au/asxpdf/20 231121/pdf/0 5xknj9xr61x4k.pdf) 12. Victoria Gold Corp press release (dated 20 22-0 9-15) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=53a8ddce0 60 14eef828d65238622c4125beed50 89c82978ad134439893210 e0 1) 13. Technical Report on Sandm an Gold Property (dated 20 21-0 1-20 ) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=52d9d9b187c7ce90 6152920 dc4c26b4767bf1d29f2787b68d17dc95eb2db8712) 14. Westhaven Gold press release (dated 20 25-0 3-0 3) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=264cf99fe2725d9b1d424a220 41b91f935cc20 2212672588525fde820 364ea47) *Infe rre d Re source s ha ve not d e m onstra te d e conom ic via b ility, a nd the re is no ce rta inty tha t the y ca n b e up gra d e to re se rve s. 16. Technical Report for the Whistler Project (dated 20 24-11-21) (https://w w w .sec.gov/Archives/edgar/data/1947244/0 0 0 1437749240 3590 7/ex_750 818.htm ) 17. Horizon Minerals Ltd press release (dated 20 24-0 8-28) (https://announcem ents.asx.com .au/asxpdf/20 240 828/pdf/0 674518j42dw gh.pdf) 18. Am erican West Metals press release (dated 20 23-0 2-0 9) (https://announcem ents.asx.com .au/asxpdf/20 231213/pdf/0 5yhrjghhnhlr0 .pdf) 19. Technical Report on the Jam es Bay Niobium Project (dated 20 20 -0 8-23) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=cdd11bc40 49e0 aeabb0 afe4d0 60 523d0 3a15f0 dd1527ba0 cc1c596a75b1b1176) *The se va lue s a re e stim a te s b a se d on b e st a va ila b le inform a tion a s of Ap ril 11, 20 25. The re a d e r is a d vise d to follow the p rovid e d links to find the source a nd d e scrip tions of the origina l e stim a te s a nd the risks a ssocia te d w ith the ind ivid ua l p roje cts. Osisko ca n not ve rify a nd d oe s not ta ke re sp onsib ility of the a ccura cy of the e stim a te s p rovid e d he re . *Re source s a re e xclusive of re se rve s in a ll ca se s. (i) Mineral Resource and Mineral Reserve figures are only estimates. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results, and industry practices. While OR Royalties believes that the Mineral Resource and Mineral Reserves estimates, as applicable, in respect of properties in which OR Royalties holds royalties, streams, or other interests reflect best estimates performed by or on behalf of the owner of such properties, the estimating of Mineral Resource and Mineral Reserves is a subjective process and the accuracy of Mineral Resource and Mineral Reserve estimates is a function of the quantity and quality of available data, the accuracy of statistical computations, and the assumptions used and judgments made in interpreting available engineering and geological information. There is significant uncertainty in any Mineral Resource and Mineral Reserve estimate and the actual deposits encountered and the economic viability of a deposit may differ materially from estimates. Estimated Mineral Resource and Mineral Reserves may have to be re-estimated based on changes in prices of gold or other minerals, further exploration or development activity, or actual production experience. This could materially and adversely affect estimates of the volume or grade of mineralization, estimated recovery rates, or other important factors that influence such estimates. In addition, there is no assurance that any Mineral Resource estimate will ultimately be reclassified as proven or probable Mineral Reserves. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. If operators reduce their Mineral Reserves and Mineral Resources on properties underlying OR Royalties’ royalties, streams, or other interests, this may result in a material and adverse effect on OR Royalties’s profitability, results of operations, financial condition, and the trading price of OR Royalties’ securities. The Mineral Resources disclosed are based on the best available information as of April 11, 2025. Resources are exclusive of reserves in all cases. Gold equivalent ounces comprise mostly gold, other elements are converted assuming forecast long-term prices from analyst consensus published on March 3, 2025. Attributable GEOs were compiled without consideration for the potential mining or metallurgical recovery of the metals contained in the mineral resource or reserve.

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OR Royalties Inc. - Corporate Presentation, June 16, 2025

  • 1.
    SENIOR-QUALITY PORTFOLIO, LEADING GROWTHPOTENTIAL JUNE 2025 Amounts presented are in United States Dollars, except where otherwisenoted ORroyalties.com TSX-NYSE | OR
  • 2.
    2 FORWARD-LOOKING STATEMENTS Certain statementscontained in this presentation may be deemed “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, production estimates of OR Royalties’s assets (including increase of production), the revised 2024 guidance on GEOs and the 5-year outlook on GEOs included under “Guidance for 2024 and 5-Year Outlook” and other guidance based on disclosure from operators, timely developments of mining properties over which OR Royalties has royalties, streams, offtakes and investments, management’s expectations regarding OR Royalties’ growth, results of operations, estimated future revenues, production costs, carrying value of assets, ability to continue to pay dividend, requirements for additional capital, business prospects and opportunities, future demand for and fluctuation of prices of commodities (including outlook on gold, silver, diamonds, other commodities) currency, markets and general market conditions. In addition, statements and estimates (including data in tables) relating to mineral reserves and resources and statements and revised guidance as to gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, including the assumptions set out under “Guidance for 2024 and 5-Year Outlook”, and no assurance can be given that the estimates or related revised guidance will be realized. Forward-looking statements are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations), or by statements that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of OR Royalties, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which OR Royalties holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from resource estimates or production forecasts by operators, (d) differences in conversion rate from resources to reserves and ability to replace resources, (e) the unfavorable outcome of any challenges or litigation relating to title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks; (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by OR Royalties, (b) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (c) regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies, regulations and political or economic developments in any of the countries where properties in which OR Royalties holds a royalty, stream or other interest are located or through which they are held, (d) continued availability of capital and financing to OR Royalties or the operators of properties, and general economic, market or business conditions, and (e) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on OR Royalties’ business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by OR Royalties, (b) the integration of acquired assets or (c) the determination of OR Royalties’ Passive Foreign Investment Company (“PFIC”) status. The forward-looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in the Company’s ongoing income and assets relating to determination of its PFIC status; the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which OR Royalties holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets. For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of OR Royalties filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. OR Royalties cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. OR Royalties believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward-looking statements and such forward-looking statements included in this presentation are not guarantee of future performance and should not be unduly relied upon. In this presentation, OR Royalties relies on information publicly disclosed by other issuers and third-parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. These statements speak only as of the date of this presentation. OR Royalties undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law. SAFE HARBOUR STATEMENT This presentation has been prepared for informational purposes only in order to assist prospective investors in evaluating an investment in OR Royalties Inc. The information related to mining operators provided in this presentation has been sourced from public disclosure. Inquiries regarding this presentation can be made to the senior management of OR Royalties. CAUTIONARY NOTE TO U.S. INVESTORS REGARDING MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES OR Royalties is subject to the reporting requirements of the applicable Canadian securities laws, and as a result, reports its mineral resources and reserves according to Canadian standards. Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument 43-101 (“NI 43-101”). The definitions of NI 43-101 are adopted from those described by the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”). In a number of cases OR Royalties has disclosed resource and reserve estimates covering properties related to the mining assets that are not based on CIM definitions, but instead have been prepared in reliance upon JORC and S-K 1300 (collectively, the “Acceptable Foreign Codes”). Estimates based on Acceptable Foreign Codes are recognized under NI 43-101 in certain circumstances. New mining disclosure rules under Subpart 1300 of Regulation S-K became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. CIM definitions are not identical to those of the Acceptable Foreign Codes, the resource and reserve definitions and categories are substantively the same as the CIM definitions mandated in NI 43-101 and will typically result in reporting of substantially similar reserve and resource estimates. Nonetheless, readers are cautioned that there are differences between the terms and definitions of the CIM and the Acceptable Foreign Codes, and there is no assurance that mineral reserves or mineral resources would be identical had the owner or operator prepared the reserve or resource estimates under another code. Mr. Guy Desharnais, PhD., P.Geo., is the qualified person for this presentation as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information contained herein. Mr. Desharnais is an employee of OR Royalties and is non-independent. CAUTIONARY STATEMENTS
  • 3.
    Senior-quality precious metalportfolio 22 producing assets(i) anchored by a 5% NSR royalty on Agnico Eagle’s Canadian Malartic Complex(ii) Peer-leading organic growth profile Attributable GEO1 delivery growth of ~40% based on current 5-year outlook for 2029E (110-125k GEOs) Highest concentration of assets in low-risk Tier-1 mining jurisdictions(iii) On a Net Asset Value basis and vs. relevant peers Strong balance sheet & disciplined capital allocation strategy $510 million in available liquidity as of Mar 31, 2025 - between cash and undrawn revolving credit facility (incl. C$200 million accordion) SENIOR-QUALITY PORTFOLIO, LEADING GROWTH POTENTIAL TSX | NYSE: OR 3 Note: Market capitalization, dividend and P/NAV as at market close on May 30, 2025 (i) Includes Cardinal Namdini Mining Ltd.’s Namdini mine in “trial production” with first meaningful royalty payment expected in H2 2025; G Mining Ventures Corp.’s Tocantinzinho (TZ) mine; Talisker Resources Ltd. Bralorne mine; and, Agnico Eagle Mines Ltd.’s Akasaba West satellite mine at Goldex (ii) Canadian Malartic Open Pits 5.0% NSR Royalty; Canadian Malartic Odyssey Underground Blended 4.61% NSR Royalty (iii) vs. precious metals royalty & streaming peers; ‘Tier-1’ mining jurisdictions defined as: Canada, USA, Australia +195 royalties, streams and offtakes $4.8B market cap (C$6.6B) 1.55x Consensus P/NAV3 78% GEOs from ‘Tier 1’ Mining Jurisdictions(iii) (2024) 97% cash margin business2 (2025E) 0.86% dividend yield 80-88k GEO1 delivery guidance for 2025E $160M 2024 CFO
  • 4.
    4 ROYALTY & STREAMINGMODEL KEY BENEFITS Highly efficient and scalable business model Significant asset and cash-flow diversification No direct capital, operating or exploration cost exposure Insulated from inflationary cost pressures Optionality to exploration success, mine life extensions and expansions High margins provide sustainable cash-flow generation and shareholder returns throughout the commodity cycle Leverage to precious metals prices CORE BENEFITS OF THE ROYALTY & STREAMING BUSINESS MODEL
  • 5.
    $0.30 $0.39 $0.29 $0.40 $0.49 $0.52 $0.73 $0.74 $0.75 $0.86 OPERATING CASHFLOW PER SHARE 4 Royalty and stream segment only $8.21 $8.84 $9.40 $8.27 $9.06 $11.96 $12.12 $10.97 $12.40 $15.87 5 WHY OR ROYALTIES? +10-YEAR TRACK RECORD… GOLD EQUIVALENT OUNCES EARNED (koz) CONSENSUS NAV PER SHARE 5 As at December 31 of given year COVID Impacted 58.9 30.6 38.3 80.6 78.0 66.1 80.0 89.4 94.3 19 16 15 21 17 18 20 22 23 24 80.7 19 16 15 21 17 18 20 22 23 24 19 16 15 21 17 18 20 22 23 24 10+ YEAR TRACK RECORD OF CONSISTENT GROWTH IN PER SHARE METRICS Renard Shut Down + Eagle Mine Suspended
  • 6.
    Highest Exposure toTier-1 Mining Jurisdictions(i) vs. relevant precious metals royalty & streaming peers GEOs earned in-line with NAV exposure: 78% of GEOs earned in 2024 from Tier-1 Mining Jurisdictions(i) OR’s NAV exposure to Tier-1 Mining Jurisdictions(i) increased in 2024 6 WHY OR ROYALTIES? TIER-1 MINING JURISDICTIONS + MARGIN MATTERS Data Source: Canaccord Genuity Capital Markets Precious Metals Research, February 2025 0% 20% 40% 60% 80% 100% OR RGLD TFPM FNV WPM SAND Canada USA Australia Latin America (Incl. Mexico & Caribbean) Europe Africa Asia Tier-1 Jurisdictions 2024 Cash Margin (%)2,6 96.5% 88.7% 88.3% 86.4% 85.8% 81.7% OR SAND FNV RGLD TFPM WPM OR OR Margin Matters OR Royalties’s cash margin is peer-leading OR’s cash margin was 11.9% higher vs. average of relevant peer set in 2024 due to the highest proportional GEO contribution vs. peers from royalty assets OR Royalties & its shareholders earn ~$0.97 of every dollar of revenue generated(ii) (i) Canada, USA, Australia (ii) Before depletion, interest, taxes, G&A, and finance costs Note: TFPM classifies some of its gold pre-pay costs as non-cash. These have been included in the cash margin calculation to comport with the definition of cash margin utilized by OR Royalties. NAV Breakdown by Jurisdiction (%)
  • 7.
    94,323 80,740 Existing Assets + Expansions Island GoldPhase 3+ Others + Development Dalgaranga Windfall Hermosa (Taylor) Marimaca MOD Others 2029E outlook represents ~40% GEO growth(i) over 2025E with no contingent capital required This outlook replaces the previous outlook (published on February 20, 2024). The 2025 outlook (published on February 19, 2025) is based on publicly available forecasts from our operating partners. When publicly available forecasts on properties are not available, OR Royalties obtains internal forecasts from the producers or uses management’s best estimate. The 2025 guidance uses current 2025 consensus commodity prices and a gold/silver price ratio of 83:1. The 5-year outlook uses current long-term consensus commodity prices and a gold/silver price ratio of 80:1. Optionality bar is illustrative only: - “Development” defined as partnerhaving at least completed a Preliminary Economic Assessment(or more) on the project; - “Exploration” defined as partner having completed a Mineral Resource Estimate (MRE) on the project, or is in the process of exploratory drilling in or to be working towards an initial MRE. 2023A 2024A 2025E Guidance 80,000 - 88,000 110,000 - 125,000 WHY OR ROYALTIES? GEO GROWTH THROUGH TO THE END OF THE DECADE… GUIDANCE AND 5-YEAR OUTLOOK1,7 (oz AuEq) Existing Assets + Bralorne Namdini 2029E Outlook Nearer-Term & Longer-Term Optionality Expansions Odyssey Shaft #2 Mantos Blancos Phase II Island Gold District Expansion CSA Expansion Project(s) + Development Amulsar Costa Fuego Cariboo Casino Cascabel Copperwood Hammond Reef Marban Shaakichiuwaanaan Spring Valley Upper Beaver West Kenya WKP Others + Exploration Altar AntaKori Whistler Others 7 Renard is Shut Down + Eagle Mine Suspended (i) Based on mid-points of 2025E GEO Guidance & 2029E GEO Outlook Ranges, respectively
  • 8.
    SPRING VALLEY (Au) 0.5-3.5% NSR ~6,000GEO/y Final project permits, including BLM Record of Decision expected mid-year 2025 May 2025 Letter of Interest from the Export-Import Bank US (EXIM) for up to $835M Potential for average annual prod’n of ~300koz Au over 10-yr LOM (excludes residual leach year) FID and construction start possible for H2 2025 CARIBOO (Au) 5.0% NSR ~10,000 GEO/y Rare, fully-permitted project in a Tier-1 mining jurisdiction (British Columbia, Canada) Optimized FS, underground development, bulk sampling and ore sorting further derisk asset Potential for average annual prod’n of ~190koz Au over 10-yr LOM FID possible in 2025, with first gold potentially in 2027 (subject to project financing) UPPER BEAVER (Au, Cu) 2.0% NSR ~4,000 GEO/y Road, power and shaft collar complete Excavation of the ramp and shaft sinking for project de-risking/bulk samples (H2 2025) Potential for average annual prod’n of ~210koz Au and 3.6kt Cu over 13-yr LOM First production possible for ~2030 AMULSAR (Au, Ag) 49.22% Ag Stream 3.34% Au Stream ~6,000 GEO/y Documentation ongoing for transfer of project to United Gold (private gold development company) Government participation (~12.5% equity stake) and loan guarantees Construction could resume in H2 2025 NAVIDAD (Au, Ag) 2.0% NSR ~2,000 GEO/y New discovery at First Majestic’s operating Ermitaño mine / Santa Elena mill March 31, 2025 maiden MRE of Inferred 2.3Mt at 81 g/t Ag and 3.42 g/t Au (5.9Moz Ag + 249koz Au) During 2025, additional drilling from surface is planned to continue testing the potential expansion of Navidad, which remains open in multiple directions SOUTH RAILROAD (Ag) 100% Ag Stream ~500 GEO/y Notice of Intent expected to be published mid-2025 with Record of Decision targeted for mid-2026 Following final permits, project approval and construction, first Au & Ag expected in late 2027 2025 exploration program for the South Carlin Complex is focused on increasing near-deposit oxide Mineral Resources at Pinion and Dark Star targets WHAREKIRAUPONGA (Au) 2.0% NSR ~4,000 GEO/y(i) March 2025 application submitted for the grant of Fast-track approvals for Waihi North Project, including Wharekirauponga (WKP) expected to be fully-permitted by EOY 2025, with initial ramp-development expected in 2026 WNP PFS published in December 2024; potential for average annual prod’n of ~155koz Au over 7-yr LOM 8 (i) For the 5-years during which WKP Underground is the primary source of feed to the Waihi mill Note: Average GEOs based on publicly available forecasts from our operating partners. When publicly available forecasts on properties are not available, OR obtains internal forecasts from the producers or uses management’s best estimate. WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO “Guidance Not Included”  High-quality development assets that are currently NOT included in OR Royalties’ 5-year Outlook
  • 9.
    PRODUCING ASSETS INTERESTOPERATINGPARTNERS 1 CANADIAN MALARTIC 5% NSR AGNICO EAGLE 2 MANTOS BLANCOS 100% Ag Stream CAPSTONECOPPER 3 CSA 100% Ag & 3-4.875% Cu Streams MAC COPPER LIMITED 4 ÉLÉONORE 2.2-3.5% NSR DHILMAR 5 SASA 100% Ag Stream CENTRAL ASIA METALS 6 ISLAND GOLD 1.38-3% NSR ALAMOS GOLD 7 SEABEE 3% NSR SSR MINING 8 GIBRALTAR 100% Ag Stream TASEKO MINES 9 ERMITAÑO 2% NSR FIRST MAJESTIC SILVER 10 LAMAQUE 1% NSR ELDORADO GOLD 11 PAN 4% NSR CALIBRE MINING 12 TOCANTINZINHO 0.75% NSR G MINING VENTURES 13 NAMDINI(i) 1% NSR CARDINAL NAMDINI 14 BALD MOUNTAIN 1-4% GSR KINROSS GOLD 15 FRUTA DEL NORTE 0.1% NSR LUNDIN GOLD 16 PARRAL 2.4% Au & Ag Streams GOGOLD RESOURCES 17 MACASSA TH 1% NSR AGNICO EAGLE 18 SANTANA 3% NSR MINERA ALAMOS 19 AKASABA WEST 2.5% NSR (Partial Coverage) AGNICO EAGLE 20 DOLPHIN TUNGSTEN 1.5% GRR GROUP6 METALS 21 BRALORNE 1.7% NSR TALISKERRESOURCES 22 BRAUNA 1% GRR LIPARI MINERAÇÃO 9 PRECIOUS METALS FOCUS Q1 2025 GEOs BY COMMODITY LOW-COST MINES8 NPV BY CASH COST QUARTILE BEST-IN-CLASS PARTNERS PRODUCTION, DEVELOPMENT & EXPLORATION 96.1% 3.9% PRECIOUS METALS COPPER & OTHER 84% 16% <50TH PERCENTILE >50TH PERCENTILE Assets undergoing expansion, extension or ramp-up 1 2 4 5 7 21 6 11 10 16 3 14 15 22 18 9 20 Total Assets ProducingAsset 17 4 5 7 20 143 17 WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO 12 19 13 (i) First royalty payment from Namdini not yet received; mine is still in “trial production” phase 8
  • 10.
    Future exploration resultswill be used to support a potential expansion project at Odyssey including a conceptual second shaft scenario (see next page) to increase the overall site throughput that would utilize available excess mill capacity when the open pit activities are concluded by EOY 20287 Open Pit, East Gouldie, Odyssey South & western half of East Malartic – 5.0% NSR Royalty + Odyssey North and eastern half of East Malartic – 3.0% NSR Royalty + Any ore processed from outside CM property – C$0.40/t Mill Royalty Québec, Canada | Agnico Eagle Mines Limited CANADIAN MALARTIC COMPLEX 10 (i) Additional detail on Odyssey Underground and East Gouldie on following page – Slide 11 Underground steady state production plan of 500 - 600koz of gold per year starting in 2028/29 once shaft access is complete8 Current mine plan from 2023 Internal Study extends to 2042 with ongoing exploration initiatives focused on growth in Mineral Resources8 Agnico expects to spend approximately $40.1M for 216,300 m of drilling at Canadian Malartic in 2025, including 176,300 m at Odyssey7 Objective of continuing conversion of Inferred Mineral Resources to Indicated at East Gouldie & Odyssey deposits + expanding the footprint of East Gouldie(i),7 Flagship royalty on Canada’s 2nd largest operating gold mine From 2025- 27, production is expected to be sourced from the Barnat Pit (to be exhausted in 2028) and increasingly complemented by ore from Odyssey and low-grade stockpiles. Updated overall CMC production guidance is for 590koz in 2025e, 560koz in 2026e and 650koz in 2027e7 Odyssey is expected to contribute ~85koz Au in 2025, ~120koz Au in 2026 & ~240koz in 20277 Source: Agnico Eagle Mines Ltd. (February 2025)
  • 11.
    Complex expected tohave ~40ktpd of excess mill capacity starting in late 2028 or 20297 Shaft #2 at Odyssey Underground currently in concept phase; additional clarity on potential Shaft #2 and Agnico Eagle’s “Fill the Mill” strategy expected over the next 1-2 years9  A potential Shaft #2 could add ~15k GEOs to OR’s annual earned GEOs over and above the current mine plan, starting in the early 2030’s (and at no additional cost to OR)(i),9 Regional opportunities to “Fill the Mill” currently being studied for Marban (~0.9% NSR royalty + mill tonnage royalty) at 15,000tpd starting in 2033, as well as Wasamac at 3,000tpd (only the mill tonnage royalty would apply)7 Recent exploration success:13 u/g drill rigs and 14 surface rigs drilled a total of 53,376 m in Q1/25 that targeted the eastern and depth extensions of the East Gouldie deposit, the new Eclipse zone (MEX24-325Z intersecting 3.7 g/t gold over 59.7m at 1,413m depth) and portions of the Odyssey deposit near the Odyssey shaft10 Open Pit, East Gouldie, Odyssey South & western half of East Malartic – 5.0% NSR Royalty + Odyssey North and eastern half of East Malartic – 3.0% NSR Royalty + Any ore processed from outside CM property – $0.40/t Mill Royalty Québec, Canada | Agnico Eagle Mines Limited 11 CANADIAN MALARTIC COMPLEX Source: Agnico Eagle Mines Ltd. (April 2025) (i) Projected GEOs estimated internally by OR Royalties Inc. based on publicly released information from the operator. Estimates based on the following assumptions: 10,000 tpd of additional ore tonnage; average gold grade of 2.75 g/t Au; 94.6% overall gold recovery; and a 5% NSR Royalty rate11
  • 12.
    1.38-3% NSR Royaltyat Island Gold Mine 3% NSR Royalty on Eastern Limit of planned Magino Open Pit Ontario, Canada | Alamos Gold Inc. ISLAND GOLD DISTRICT 12 One of Canada’s highest-grade and lowest-cost underground gold mines located near Wawa, Ontario February 2025 MRE Update expected to result in 9th consecutive year of growth in combined Mineral Reserves and Resources13 Island Gold Phase 3+ Expansion expected to increase underground mining throughput and is scheduled to be complete in H1/2614 Previously planned Phase 3+ mill expansion construction work at Island will no longer be required following the completed acquisition of the adjacent 10,000 tpd Magino mill, located 2.0km from the Island Gold shaft15 Evaluation of longer-term expansion of the Magino mill to between 15-20,000tpd is underway and expected to be completed by Q4 2025 (updated LOM plan expected mid-2025, prior to expansion study)14 The expanded and accelerated mine plan is also anticipated to transition a greater proportion of production towards OR Royalties’ 2% and 3% NSR royalty boundaries earlier in the mine plan (vs. OR Royalties’s current 1.38% NSR royalty) Source: Alamos Gold Ltd. (January 2025)
  • 13.
    1.8% GRR Royalty(+ 1.35% GRR Royalty on Proximal Exploration Licenses)(i) Western Australia, Australia | Spartan Resources Limited DALGARANGA 13 Located in Western Australia, one of the most prolific and well-established mining jurisdictions, and it is one of the best gold development and production re-start projects globally March 17, 2025 announcement that Ramelius Resources and Spartan Resources have entered into a binding Transaction Implementation Deed under which it is proposed that Ramelius will acquire all of the issued ordinary shares of Spartan that it does not already own (ownership prior to announcement of 19.9%)16 Combination of complementary and proximate assets, with significant work already undertaken to optimize the synergies between Ramelius’ Mt Magnet mine + operating Checkers Mill, and Dalgaranga17 The underground mine is fully-permitted18; the project has a clear path to near- term first gold with production from underground Underground development already underway, with Ramelius management indicating first gold production from Dalgaranga ore as early as late 2025 (processed through Ramelius’ Checkers Mill)19 (i) Spartan and/or Ramelius has the ability to buy back up to 20% of the 1.8% Dalgaranga Royalty (as well as 20% of the proximal 1.35% Exploration Royalty) for a total of A$3.15 million until February 2027. Spartan still expects to complete a Maiden Mineral Reserve Estimate and a standalone Feasibility Study by Mid-2025 with a full integration study (assuming successful combination by July 2025) expected in calendar Q4 202519 Ramelius already intends to substantively increase exploration activity with a renewed focus on exploration and resource growth across the expanded tenement package16
  • 14.
    NAMDINI(i) 1.0% NSR Royalty Mineramp-up to commercial production and first meaningful royalty payment to OR Royalties (H2 2025) DALGARANGA 1.8% GRR Royalty(ii) Maiden Mineral Reserve & Feasibility Study (Q2 2025) Approval of Scheme of Arrangement for the combination of Ramelius Resources + Spartan Resources (late July 2025) 14 WHY OR ROYALTIES? KEY NEAR-TERM PORTFOLIO CATALYSTS20 PRODUCING ASSETS DEVELOPMENT ASSETS CSA 100% Ag Stream + 3-4.875% Cu Stream Mining from QTSS Upper + toll processing of Merrin Zn Mine material (H2 2025 – H1 2026) Ventilation Project to expand underground production (H2 2026); necessary for sustainable >50ktpa Cu MANTOS BLANCOS 100% Ag Stream Phase II Expansion Feasibility Study (to 27-30ktpd) to increase metal production over Phase I (Q4 2025) WINDFALL 2-3% NSR Royalty Windfall EIA review process + final permitting + final IBAs with First Nations groups (H2 2025) Windfall Updated Feasibility Study (H2 2025) Final Investment Decision + Construction (Q1 2026) HERMOSA 1.0% NSR Royalty Ongoing federal permitting milestones (2025+) Ongoing shaft and surface infrastructure construction milestones (2025+) MARIMACA MOD 1.0% NSR Royalty Marimaca MOD Definitive Feasibility Study (Q2 2025) Receipt of Environmental Qualification Resolution ie. final permits + Final Investment Decision (Q4 2025) ISLAND GOLD 1.38-3.0% NSR Royalty Updated Island Gold District LOM Plan (mid-2025) and Island Gold District Expansion Study (late 2025) Completion of shaft construction for Island Gold Phase 3+ Expansion (H1 2026) (i) Namdini currently in “trial production” phase as defined by the operator. (ii) Spartan has the ability to buy back up to 20% of the 1.8% Dalgaranga Royalty (as well as 20% of the proximal 1.35% Exploration Royalty) for a total of A$3.15 million until February 2027.
  • 15.
    15 WHY OR ROYALTIES?ZERO-COST UPSIDE TO EXPLORATION SUCCESS ON ASSETS THAT MATTER AVERAGE OF OVER 1.26 MILLION METERS DRILLED/YEAR ON SHARED PROPERTIES SINCE 2019 AT NO ADDITIONAL COST TO SHAREHOLDERS SIGNIFICANT GROWTH IN HIGH MARGIN, PROVEN & PROBABLE OUNCES – RESULTING IN A LONG LIFE OF ATTRIBUTABLE “RESERVE” GEOs 1.04 1.00 1.59 1.32 1.26 1.33 2019 2020 2021 2022 2023 2024 DRILLING COMPLETED ON OR ROYALTIES PROPERTIES BY OPERATING PARTNERS20 (million meters) GROWTH IN OR ROYALTIES’ ATTRIBUTABLE RESERVES21 (koz Au) 94 2,797 81 3,346 3,862 Deliveries (koz) Proven & Probable (koz) +15% Attributable P&P (koz) GEO Deliveries (koz) 2025 (ACQUIRED) 2024 2025 2023 GROWTH (2024-2025) 412
  • 16.
    16 RETURN ON INVESTEDCAPITAL FOR SELECT ASSETS (US$M(i)) Investment(ii) Consensus NAV(iv) Cumulative After-tax Cash Flows(iii) CAPITAL ALLOCATION: ASYMETRIC EXPOSURE TO ASSET UPSIDE 16 (i) For investments originally denominated in CAD, acquisition values were converted to USD using the spot rate on the acquisition date. After-tax cash flows were converted to USD using the average rate in the quarter earned. Consensus NAV figures were converted to USD using the spot rate as at the relevant estimate date. (ii) Mantos Blancos and Island Gold were acquired as part of broader portfolio transactions. For Island Gold, the investment reflects the acquisition of an 85% interest from Teck Resources Limited in 2016 and the remaining 15% from Caisse de dépôt et placement du Québec (CDPQ) in 2020. Investment amounts for asset acquired in portfolios reflect the purchase price allocated to each asset. An additional deposit of US$25M was made for Mantos Blancos in 2019 to reduce the transfer price and increase the tail stream percentage. For Canadian Malartic, the investment is assumed to be C$420 million, representing the C$575 million implied value of “Spinco” shares distributed to Osisko Mining Corporation shareholders in the 2014 joint acquisition by Agnico Eagle Mines Limited and Yamana Gold Inc., net of the C$155 million in cash held by OR Royalties Inc. at inception. (iii) As at December 31, 2024. Cumulative after-tax cash flow figures represent estimates derived from previously disclosed information. After-tax cash flows by asset were estimated by deducting attributable cost of sales and cash taxes from asset-level revenues. Revenues were based on reported quarterly GEOs multiplied by the average gold price in each quarter. Estimated cash costs of sales assume a C$3.00/oz transport and refining cost for Canadian Malartic, C$3.25/oz for Island Gold, C$4.00/oz for Eagle, an 8% transfer price for Mantos Blancos as of Q4 2019 and a 25% transfer price from acquisition to Q3 2019, and a 4% transfer price for CSA. No cash taxes were paid on any of the select assets as at December 31, 2024. (iv) As at December 31, 2024. (v) Total including consensus NAV as at 2024-06-24, when operations at Eagle were stopped due to a slope failure at the heap leach. CANADIAN MALARTIC $538 $387 $614 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 �1,151 $61 $78 $51 $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 EAGLE �203(v) $33 $14 $128 $0 $25 $50 $75 $100 $125 $150 $175 ISLAND GOLD $161 $26 $150 $230 $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 $275 CSA $256 $104 $166 $263 $0 $50 $100 $150 $200 $250 $300 $350 $400 MANTOS BLANCOS $367 Consensus NAV of US$142M as at 2024-06-24, when operations at Eagle were stopped due to a slope failure at the heap leach $112
  • 17.
    GIBRALTAR STREAM AMENDMENTS Increasedattributable silver (stream) percentage by 12.5% to 100% of silver produced at Gibraltar Step-down delivery threshold has been increased to ~6.8Moz Ag delivered Total consideration paid to Taseko of $12.7M 17 CAPITAL ALLOCATION: ACCRETIVE INORGANIC GROWTH(i) ~$288 MILLION OF TOTAL CAPITAL COMMITTED TO / DEPLOYED CASCABEL GOLD STREAM $225M total investment by Osisko Bermuda Limited for a 6% Gold Stream until 225koz have been delivered (3.6% thereafter) US$10M due on closing (part of a total of $30M for phased pre-construction funding) Syndicated $750M transaction with Franco-Nevada Barbados (Osisko Bermuda at 30%) (i) Select OR Royalties transactions. (ii) Source: National Bank Financial Markets. Royalty and Stream transaction values for 2024 & 2023, and including corporate transactions, completed by aggregated peer group of WPM, FNV, RGLD, TFPM, OR & SAND, including streams, royalties and corporate transactions >US$5.0 million. (iii) Source: Bloomberg. Peer group includes WPM, FNV, RGLD, TFPM, SAND and is inclusive of OR. Market Capitalizations used are those recorded on December 31, 2024 and December 29, 2023, respectively. (iv) Spartan has the ability to buy back up to 20% of the 1.8% Dalgaranga Royalty (as well as 20% of the proximal 1.35% Exploration Royalty) for a total of A$3.15 million until February 2027. DALGARANGA GRR ROYALTY 1.8% GRR royalty acquired from Tembo Capital Mining Fund III on Spartan Resources’ Dalgaranga Gold Project for $44M(iv) First gold production expected 18-24 months 1.35% GRR royalty on proximal exploration licenses also acquired for $6M US$288 million committed to / deployed by OR Royalties vs. US$2.887 billion of Royalty & Streaming transactions(ii) = 10.0% OR Royalties’ EOY 2024 market capitalization as a percentage of the combined aggregate peer group market capitalization(iii) = 5.2% ~$256 MILLION OF TOTAL CAPITAL COMMITTED TO / DEPLOYED 2024 2023 CLOSING OF THE CSA Ag/Cu STREAMS $150M invested for 100% Ag stream (effective Feb 2023) and 3.0-4.875% Cu stream (effective June 2024) $40M invested in MTAL equity Total consideration paid to MAC Copper of $190M GIBRALTAR STREAM AMENDMENTS Increased attributable silver (stream) percentage by 12.5% to 87.5% of silver produced at Gibraltar Step-down delivery threshold has been increased to ~6.3Moz Ag delivered Total consideration paid to Taseko of $10.25M NAMDINI NSR ROYALTY 1.0% Au NSR royalty acquired from Savannah Mining Limited Mine operated by Cardinal Namdini Mining Ltd., with first gold poured in late 2024 & mine ramp- up in 2025 Total consideration paid to Savannah Mining of US$35M US$256 million committed to / deployed by OR Royalties vs. US$2.095 billion of Royalty & Streaming transactions(ii) = 12.2% OR Royalties’ EOY 2023 market capitalization as a percentage of the combined aggregate peer group market capitalization(iii) = 4.5%
  • 18.
    5-Year Average (2020-2024) CASHRETURNED TO SHAREHOLDERS PER GEO22 (US$ per oz AuEq) Dividend per GEO(i) Buybacks (NCIB) per GEO(i) Weighted Average Gold Price (AGP)(i),(ii) CAPTIAL ALLOCATION: RETURNS TO SHAREHOLDERS 24% OF EVERY GEO EARNED OVER PAST 5 YEARS USED FOR DIVIDENDS AND BUYBACKS 18 Over US$248 million returned to shareholders in dividends as of April 15, 2025(iii) Quarterly dividend of C$0.065 per common share (8.3% increase in Q2/24) Current Dividend yield of 0.86% A total of ~8.0 million shares repurchased (~US$81 million) since the company’s inception(iv) A HIGH-MARGIN BUSINESS RETURNING CAPITAL ACROSS COMMODITY CYCLES (i) Share buybacks and dividend per GEO calculated using annual average USD:CAD FX rates of 1.3415 for 2020; 1.2535 for 2021; 1.3013 for 2022; 1.3497 for 2023; and 1.3698 for 2024. (ii) Represents the average of annual average gold prices for the years 2020 to 2024. This calculation uses GEOs produced in each respective year as the weighting for the calculation. (iii) OR Royalties’s dividend was historically denoted in C$s. Historic dividends converted to US$ at the quarterly average USD:CAD exchange rate for the quarter of record for a given dividend. (iv) Historic NCIB buybacks converted to US$ using using annual average USD:CAD FX rates of 1.3245 for 2016; 1.2986 for 2017; 1.2957 for 2018; 1.3269 for 2019; 1.3415 for 2020; 1.2535 for 2021; 1.3013 for 2022; 1.3497 for 2023; and 1.3698 for 2024. $106 $355 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 �1,938 $460
  • 19.
    19 BALANCE SHEET ITEMSMarch 31, 2025 Cash $63.1 Investments23 $115.8 Debt $74.3 Basic Shares Outstanding (M) 187.0 CREDIT FACILITY(i)(ii) As at March 31, 2025 FINANCIAL FLEXIBILITY FOR ACCRETIVE GROWTH BALANCE SHEET STRENGTH $309 $74 $139 UNDRAWN DRAWN ACCORDION (UNCOMMITTED) AVAILABLE CREDIT: $448M24 (i) Revolving credit facility maturity date is April 30, 2028. (ii) Subsequent to quarter end, OR Royalties paid down an additional $30.0 million against its revolving credit facility, reducing the outstanding balance to $44.3 million as at May 7th, 2025. (C$200M) (C$107M) (C$443M) (C$643M)
  • 20.
    UNLOCKING VALUE SENIOR-QUALITY PORTFOLIO WITH HIGH REPLACEMENT VALUE ACTIVE TRANSACTION MARKETFOR NEW GROWTH OPPORTUNITIES PROLONGED PERIOD OF GROWTH FROM ASSETS ALREADY PAID-FOR LOW-RISK PRECIOUS METALS EXPOSURE TO ‘TIER 1’ MINING JURISDICTIONS(i) 20 EXISTING ASSET NAV EXPECTED TO GROW, AS WELL AS RE-RATE (i) Canada, USA, Australia 25.4x 21.5x 21.1x 17.8x 16.8x 14.3x WPM OSISKO FNV TFPM SSL RGLD OR EV/2026E EBITDA3 2.58x 2.38x 2.07x 1.59x 1.55x 1.21x WPM FNV RGLD TFPM OSISKO SSL OR CONSENSUS P/NAV3 72% 44% 81% 67% 54% 83% Percentage of NAV in production8
  • 21.
  • 22.
    22 SUSTAINABILITLY HIGHLIGHTS Excellence in Governanceand Oversight Environmental Stewardship Supporting our Employees and Communities Transparency and Recognition We are rated by ESG rating organizations on our performance (as of December 31, 2024) Ranked 4/105 for Precious Metals industry Ranked 2/80 for Gold subindustry Rated Prim e by ISS ESG CDP dis closer NOTE: Ratings and rankings as of December 31, 2024
  • 23.
    ADDITIONAL KEY PRODUCINGASSETS Gold production from Éléonore totaled 232koz and 240 koz in 2023 and 2024, respectively28 OR Royalties has a 2.2-3.5% NSR royalty on Éléonore, with a sliding scale based on production, with maximum capped at 3.5%; assuming similar production rates under Dhilmar Ltd., the royalty rate is expected to reach 2.475% in 202629 2.2-3.5% NSR Royalty Québec, Canada | Dhilmar Ltd. . Lamaque delivered record gold production in the Q4/24 quarter of 2024 (63,742oz) and in full-year 2024 (196,538oz)32 In 2024, Lamaque Complex Mineral Reserves increased 45% with the addition of Ormaque, resulting in an increase in life of mine to 8 years (through 2032)32 Ormaque bulk sample was completed and processed through Lamaque Mill in Q4/24; bulk sample also met expectations of modelled grade33 Proven & Probable Reserves collectively recently increased by 40%; Proven Reserves at 509Mt grading 0.254% Cu, and Probable Reserves at 191Mt grading 0.23% Cu34 Taseko announced signing of a definitive agreement to purchase Sojitz’s 12.5% effective interest in Gibraltar for a minimum of $60M over a five-year period35 Amendments completed to increase the effective stream percentage by 12.5% to 100%; in addition, the step-down delivery threshold was extended 6,811,603 ounces delivered, accounting for OR Royalties’ additional silver ownership36 An updated mine plan announced in March 2023 extended mine life to 2039 based on currently defined reserves and resources30 New Paste Backfill plant operating consistently; long -hole stoping using fill is now well underway, & construction of Dry- Stack Tailings plant + Central Decline are now complete31 2024 production of 18.5kt of zinc-in-concentrate and 26.6kt lead-in-concentrate (just below low end of guidance range); FY25 guidance expected to see +5-8% growth31 LAMAQUE COMPLEX 1.0% NSR Royalty Québec, Canada | Eldorado Gold Corporation GIBRALTAR 100% Silver Stream British Columbia, Canada | Taseko Mines Limited SASA 100% Silver Stream North Macedonia | Central Asia Metals plc 23 CSA 100% Ag Stream + 3.0-4.875% Cu Stream NSW, Australia | MAC Copper Limited . MANTOS BLANCOS 100% Ag Stream Antofagasta, Chile | Capstone Copper Corp. . ÉLÉONORE December 2024 MRE Update: Mineral Reserve mine life increased to 12 years (vs. 6 years in mid-2023); ample near-mine Mineral Resource expansion potential26,27 2024-2025 payable Ag production to average ~469koz per annum, and Cu production to average ~47ktpa(ii) (updated production guidance released January 2025)26,27 Growth capital being spent to complete capital projects that are looking to increase underground mining rates to sustainably increase production to >50tkpa for 2026 and beyond27 Phase I Expansion mill processing rate increased to 20ktpd (from 11.5ktpd) & mine life extended to 203820 Phase I Expansion steady-state throughput of 20ktpd achieved in Q4 2024 with the final installation of additional key infrastructure in August 202425 Annual silver production expected to average ~1.3Moz over the first five years of Phase I20 Feasibility Study for Phase II Expansion to at least 27kptd expected late 2025 to further increase metal production25
  • 24.
    “GROWTH STORY” NOWBREAKING GROUND – SHAFT SINKING Odyssey UG Shaft No. 1 3-5% NSR Island Gold Phase 3+ Shaft 1.38-3% NSR Hermosa (Taylor) Shaft 1% NSR Upper Beaver Shaft 2% NSR FOUR PRODUCTION SHAFTS ARE CURRENTLY UNDER CONSTRUCTION ACROSS OR’S PORTFOLIO Large portion of producing assets undergoing material expansions, extensions or ramp-up, and key development assets being pushed forward 24
  • 25.
    “GROWTH STORY” NOWBREAKING GROUND – RAMP DRIVING Windfall Declines 2-3% NSR Dalgaranga Access Drifts 1.8% NSR(i) Cariboo Access Drifts 5% NSR Merrin (CSA) Access Drives Ag-Cu Streams Ormaque Access 1% NSR Bralorne Ramp 1.7% NSR AK (Macassa) Access Decline 2% NSR Large portion of producing assets undergoing material expansions, extensions or ramp-up, and key development assets being pushed forward SEVEN NEW RAMPS, DECLINES, OR ADITS ARE CURRENTLY UNDER DEVELOPMENT ACROSS OR’S PORTFOLIO 25 (i) Spartan has the ability to buy back up to 20% of the 1.8% Dalgaranga Royalty (as well as 20% of the proximal 1.35% Exploration Royalty) for a total of A$3.15 million until February 2027.
  • 26.
    SUPPORTIVE SHAREHOLDERS EXTENSIVEANALYST COVERAGE 26 (Verbena Value Capital Partners)
  • 27.
    27 ENDNOTES 1. Gold equivalentounces (“GEOs”) are calculated on a quarterly basis and include royalties and streams. Silver ounces and copper tonnes earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces or copper tonnes by the average silver price per ounce or copper price per tonne for the period and dividing by the average gold price per ounce for the period. Diamonds, other metals and cash royalties are converted into gold equivalent ounces by dividing the associated revenue by the average gold price per ounce for the period. For average metal prices used, refer to the Portfolio of Royalty, Stream and Other Interests section of OR Royalties’ MD&A for the three months ended March 31, 2025 and published don May 7th, 2025. 2. Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS. It is calculated by deducting the cost of sales (excluding depletion) from the revenues. Please refer to the non-IFRS measures provided under the Non-IFRS Measures section of OR Royalties’ MD&A for the the three months ended March 31, 2025, and published on May 7th, 2025. A cash margin of 96.5% was reported for 2024 and a cash margin of 97% was estimated for 2025; https://osiskogr.com/app/uploads/2025/02/OR-Q4-2024-MDA_En_Final_for-filing.pdf 3. Broker research, as at market close on May 30, 2025. Peer P/NAV multiples may not reflect the potential dilution from announced but not yet closed transactions involving share-based consideration, as associated asset NAVs are not yet incorporated in broker estimates. 4. Operating cash flow per share is calculated by dividing net cash flows provided by operating activities from the royalties, streams and other interests segment for the year by the average number of basic common shares outstanding for the year. For 2022, 2023, and 2024, reported US$ values were used. For 2015 to 2021, reported C$ value were converted using the average annual CADUSD rate for a given year. USD:CAD FX rates of 1.2785 for 2015; 1.3245 for 2016; 1.2986 for 2017; 1.2957 for 2018; 1.3269 for 2019; 1.3415 for 2020; and 1.2535 for 2021. 5. Analyst consensus NAV per share as at December 31st of given year. Historic data retrieved from FactSet on March 24, 2025. 6. For peer cash margin data, refer to “Triple Flag Precious Metals Corp. Fourth Quarter Report for the Three and Twelve Months ended December 31, 2024” (released 2025-02-19), “Sandstrom Gold Royalties 2024 Annual Report” (released 2025-02-18), “Franco-Nevada Corporation 2024 Annual Report” (released 2025-03-10), “Wheaton Precious Metals 2024 Financial Statements” (released 2025-03-13), and “Royal Gold, Inc. Form 10-K Report for the Fiscal Year Ended December 31, 2024” (released 2025-02-12) 7. Refer to OR Royalties’ MD&A for the three months ended March 31, 2025, and published don May 7th, 2025. 8. Refer to "The Royalty Rundown: Precious Metals Streaming Quarterly Review – Q1/25" published by Scotiabank GBM Precious Metals Research on March 26, 2025. 9. Refer to Agnico Eagle Mines Ltd.’s press release titled “Agnico Eagle Provides Update on Canadian Malartic Complex – Internal Study Demonstrates Improved Value, Extends Mine Life, and Supports Potential Future Production Growth in the Abitibi Greenstone Belt; Positive Exploration Results Expected to Result in Increased Mineral Reserves and Mineral Resources; Additional Property Scale Targets Being Evaluated” and dated June 20, 2023. 10. Refer to Agnico Eagle Mines Ltd’s press release titled “Agnico Eagle Reports Second Quarter 2024 Results – Third Consecutive quarter of Record Free Cash Flow Underpinned by Consistent, Strong Operational and Cost Performance; Upper Beaver Project Study Shows Solid Risk-Adjusted Returns” and dated July 31, 2024. 11. Refer to Agnico Eagle Mines Ltd’s press release titled “Agnico Eagle Reports First Quarter 2025 Results – Strong Quarterly Operational and Financial Performance; Balance Sheet Further Strengthened by Strong Free Cash Flow Generation; 16th Annual Sustainability Report Released” and dated April 24, 2025. 12. Refer to Agnico Eagle Mines Ltd’s corporate presentation titled “TD Securities Mining Conference January 25-26, 2023” (“Production estimate is based on the assumption of a second shaft at 10,000 to 15,000 tpd and a grade of 2.5 to 2.75 g/t”) https://s21.q4cdn.com/374334112/files/doc_presentations/2023/AEM-TD-Securities-Mining-Conference-JANUARY-2023.pdf. 13. Refer to Alamos Gold Inc.’s press release titled “Alamos Gold Continues to Define High-Grade Mineralization Across the Island Gold Deposit; Ongoing Success Expected to Drive Additional Growth in Mineral Reserves and Resources” and dated January 13, 2025. 14. Refer to Alamos Gold Inc.’s press release titled “Alamos Gold Achieves Increased 2024 Guidance with Record Annual Production; Three-Year Operating Guidance Outlines 24% Production Growth by 2027 at Significantly Lower Costs” and dated January 13, 2025. 15. Refer to Alamos Gold’s press release titled “Alamos Gold Announces Friendly Acquisition of Argonaut Gold” and dated March 27, 2024. 16. Refer to Ramelius Resources Limited press released titled “Transformational Combination of Ramelius and Spartan; Vision to be +500koz/pa producer by FY30” and dated March 17, 2025. 17. Refer to Ramelius Resources Limited corporate presentation titled “Transformational Combination of Ramelius & Spartan” and dated March 17, 2025 https://www.rameliusresources.com.au/wp-content/uploads/bsk-pdf-manager/2025/03/2025-03-17-Transformational-Combination-of-Ramelius-and- Spartan-Presentation.pdf. 18. Refer to Spartan Resources Limited’s press release titled “Spartan Receives All Required Regulatory Approvals to Commence Underground Mining and Processing Operations” and dated November 25, 2024. 19. Refer to Ramelius Resources Limited and Spartan Resources Limited’s joint conference call titled “Transformational Combination of Ramelius & Spartan” and dated March 17, 2025 (located at: https://ccmediaframe.com/?id=DxJrXSMz) 20. Sourced from operator. 21. Mineral Resource and Mineral Reserve figures are only estimates. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results, and industry practices. While OR Royalties believes that the Mineral Resource and Mineral Reserves estimates, as applicable, in respect of properties in which OR Royalties holds royalties, streams, or other interests reflect best estimates performed by or on behalf of the owner of such properties, the estimating of Mineral Resource and Mineral Reserves is a subjective process and the accuracy of Mineral Resource and Mineral Reserve estimates is a function of the quantity and quality of available data, the accuracy of statistical computations, and the assumptions used and judgments made in interpreting available engineering and geological information. There is significant uncertainty in any Mineral Resource and Mineral Reserve estimate and the actual deposits encountered and the economic viability of a deposit may differ materially from estimates. Estimated Mineral Resource and Mineral Reserves may have to be re-estimated based on changes in prices of gold or other minerals, further exploration or development activity, or actual production experience. This could materially and adversely affect estimates of the volume or grade of mineralization, estimated recovery rates, or other important factors that influence such estimates. In addition, there is no assurance that any Mineral Resource estimate will ultimately be reclassified as proven or probable Mineral Reserves. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. If operators reduce their Mineral Reserves and Mineral Resources on properties underlying OR Royalties’ royalties, streams, or other interests, this may result in a material and adverse effect on OR Royalties’s profitability, results of operations, financial condition, and the trading price of OR Royalties’ securities. The Mineral Resources disclosed are based on the best available information as of April 11, 2025. Resources are exclusive of reserves in all cases. Gold equivalent ounces comprise mostly gold, other elements are converted assuming forecast long-term prices from analyst consensus published on March 3, 2025. Attributable GEOs were compiled without consideration for the potential mining or metallurgical recovery of the metals contained in the mineral resource or reserve. Detailed Resource and Reserve estimation and applicable royalty or stream interests can be found at in the following appendix pages and at www.orroyalties.com. 22. Dividend per GEO is calculated by dividing total dividends declared per year (CAD$) by the total number of GEOs earned per year. Buybacks per GEO is calculated by dividing total share buybacks per year (CAD$) by GEOs earned per year. 23. The market value corresponds to the quoted price of the investments (including OR Royalties’ position in Osisko Development Corp.) in a recognized stock exchange as at March 31, 2025. 24. Including the C$200 million accordion, which is uncommitted and subject to acceptance by the lenders. 25. Refer to Capstone Copper Corp’s press release titled “Capstone Copper Reports First Quarter 2025 Results” and dated May 1, 2025. 26. Refer to MAC Copper Limited press release titled “MAC Copper Limited Announces 2024 Resource and Reserve Statement and Production Guidance” and dated February 24, 2025. 27. Refer to MAC Copper Limited’s corporate presentation titled “Q4 2024 Quarterly Presentation” and dated January 2025. https://s202.q4cdn.com/908723817/files/doc_events/2025/Jan/28/2025-01-MAC-Copper-Presentation-FINAL-27_01_25.pdf 28. Refer to Newmont Corporation’s press release titled “Newmont Reports Fourth Quarter and Full Year 2024 Results; Provides Full Year 2025 Guidance” and dated February 20, 2025. 29. Refer to OR Royalties’ “2024 Asset Handbook” and published May 7, 2024. 30. Refer to Central Asia Metals PLC’s press release titled “2022 Full Year Results” and dated March 29, 2023. 31. Refer to Central Asia Metals PLC’s press release titled “Central Asia Metals PLC 2024 Full-Year Results” and dated March 20, 2025. 32. Refer to Eldorado Gold Corp’s press release titled “Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement; 2024 Gold Mineral Reserves Increased to 11.9 Million Oz with M&I Gold Mineral Resources of 22.0 Million Oz; Inaugural Mineral Reserve Declared at Ormaque; Outline of 2025 Reporting Schedule” and dated December 11, 2024. 33. Refer to Eldorado Gold Corp’s press release titled “Eldorado Gold Delivers Gold Production of 520,293 Ounces in 2024, Above the Midpoint of Tightened Guidance, With Solid Fourth Quarter Preliminary Gold Production of 155,669 Ounces; Provides Skouries Construction Progress and Conference Call Details” and dated January 14, 2025. 34. Refer to Taseko Mine’s Limited press released titled “Taseko Announces a 40% Increase in Gibraltar Proven and Probable Reserves” and dated March 30, 2022. 35. Refer to Taseko Mine’s Limited press released titled “Taseko Signs Definitive Agreement to Acquire 12.5% Interest in Gibraltar Copper Mine” and dated February 22, 2023. 36. Refer to OR Royalties’ press release titled “Osisko Announces Acquisition of Additional Gibraltar Silver Stream Interest and Closing of the Dalgaranga Royalties Acquisition” and dated December 23, 2024.
  • 28.
  • 29.
    29 2025 MINERAL RESERVESAND RESOURCE: PRODUCING ASSETS(i) MINERAL RESERVES AND MINERAL RESOURCES OSISKO GOLD ROYALTIES As of Ap ril 11, 20 25 with b e st a va ila b le p ub lic in form a tion . Re source s a re e xclusive of Re se rve s. GOLD Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Gold Cont a ine d (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Gold Cont a ine d (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Cont a ine d (koz) Ca na d ia n Ma la rt ic Com p le x¹ (5% or 3% NSR; b a s e d on loca t ion) Effective as of 20 24-12-31 Agnico Eagle Mines Lim ited Barnat (5% NSR) 40 .4 0 .52 677 34.5 1.14 1,270 1,940 - - - - - - - 5.6 0 .72 129 Odyssey (3% -5% NSR) 0 .0 4 2.41 3.0 4.3 2.27 315 317 - - - 1.8 1.77 10 5 10 5 20 .3 2.33 1,520 East Malartic (3% -5% NSR) - - - - - - - - - - 45.8 1.95 2,870 2,870 57.4 1.98 3,650 East Gouldie (5% NSR) - - - 48.3 3.37 5,240 5,240 - - - 5.2 1.52 257 257 61.2 2.32 4,560 Ele onore ² (2.2-3.5% NSR; curre nt ly 2.2% ) Effective as of 20 24-12-31 Dhilm ar Ltd 2.2 4.86 30 0 7.9 5.1 1,30 0 1,60 0 0 .40 4.94 10 0 2.9 4.11 40 0 40 0 2.4 4.60 40 0 Is la nd Gold Dis t rict ³ (1.38-3% NSR; b a s e d on loca t ion) Effective as of 20 24-12-31. Island Gold underground m ine only. Alam os Gold Inc. 0 .73 12.7 298 5.5 11.2 1,990 2,290 0 .24 11.0 82.8 1.9 8.5 518 60 1 7.1 16.5 3,770 Se a b e e ⁴ (3% NSR) Effective as of 20 24-12-31 SSR Mining Inc. 0 .35 6.2 69.0 1.5 5.2 243 312 0 .29 6.3 59.0 2.2 5.1 352 411 1.5 4.37 20 6 Erm it a ño⁵ (2% NSR) Effective as of 20 24-12-31. Resources adjusted to be exclusive of Reserves. Including Erm itano, Navidad and Soledad deposits. First Majestic Silver Corp. 0 .80 3.67 94.0 2.4 1.41 110 20 4 - - - - - - - 4.3 2.82 393 La m a q ue Com p le x⁶ (1% NSR) Effective as of 20 24-0 9-30 Eldorado Gold Corporation 1.4 5.7 250 4.6 6.9 1,0 30 1,280 0 .91 7.8 227 2.5 6.6 521 748 9.9 8.0 2,570 Na m d ini⁷ (1% NSR) Effective as of 20 24-12-31. Resources adjusted to be exclusive of Reserves. Constant grade assum ed across Proven and Probable Reserves and across Measured and Indicated and Inferred Resources due to operator repo Shandong Gold Mining Co., Ltd. 8.2 1.0 6 281 150 1.0 6 5,10 0 5,380 - - - 46.2 0 .93 1,380 1,380 14.2 1.0 3 470 Toca nt inzinho⁸ (0 .75% NSR) Effective as of 20 24-12-31. Resources adjusted to be exclusive of Reserves. G Mining Ventures Corp. 26.8 1.23 1,0 60 24.3 1.24 971 2,0 30 0 .52 0 .36 6.0 4.2 1.0 6 143 149 0 .75 1.12 27.0 Pa n⁹ (4% NSR ) Effective as of 20 24-12-31. Resources adjusted to be exclusive of Reserves. Calibre Mining Corp. - - - 19.5 0 .34 247 247 0 .0 7 0 .47 1.0 3.0 0 .41 40 .0 41.0 1.1 0 .34 12.0 Ba ld Mount a in¹⁰ (1% or 4% GSR; b a s e d on loca t ion; p a rt ia l cove ra ge ) Effective as of 20 24-12-31 Kinross Gold Corporation - - - 55.8 0 .65 1,170 1,170 7.1 0 .89 20 5 172 0 .45 2,480 2,680 51.3 0 .35 571 Frut a De l Nort e ¹¹ (0 .1% NSR) Effective as of 20 24-12-31, Resources adjusted to be exclusive of Reserve. Lundin Gold Inc. 7.3 9.4 2,190 14.8 7.0 3,350 5,540 1.4 12.9 568 7.2 4.12 952 1,520 14.0 5.3 2,360 Pa rra l a nd Es m e re ld a ¹² (2.4% Au s t re a m ) Effective as of 20 21-12-1for Reserves and 20 20 -0 7-28 for Resource. Resources adjusted to be exclusive of Reserves. GoGold Resources Inc. 6.8 0 .35 76.0 6.0 0 .35 68.0 144 5.7 0 .26 48.0 0 .0 8 0 .41 1.0 49.0 - - - Bra lorne ¹³ (1.7% NSR) Effective as of 20 23-0 1-20 Talisker Resources Ltd. - - - - - - - - - - 0 .12 8.9 33.4 33.4 8.0 6.3 1,630 Sa nt a na ¹⁴ (3% NSR) Effective as of 20 23-0 5-31 Minera Alam os Inc. - - - - - - - 6.5 0 .65 136 3.1 0 .64 62.0 198 5.5 0 .58 10 3 Aka s a b a We s t ¹⁵ (2.5% NSR; p a rt ia l cove ra ge ) Effective as of 20 24-12-31 Agnico Eagle Mines Lim ited 0 .85 0 .82 22.0 3.9 0 .91 116 138 - - - 4.1 0 .68 90 .0 90 .0 - - - Prop e rt y, Op e ra t or &Roya lt y or St re a m SILVER Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Silve r Cont a ine d (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Silve r Cont a ine d (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silve r Cont a ine d (Moz) Ma nt os Bla ncos ¹⁶ (10 0 % Ag s t re a m ) Effective as of 20 24-12-31. Resources adjusted to be exclusive of Reserves. Capstone Copper Corp. 57.0 6.0 11.0 47.9 3.95 6.1 17.1 24.7 4.77 3.8 47.5 4.42 6.7 10 .5 13.8 3.74 1.7 CSA¹⁷ (10 0 % Ag s t re a m ) Effective as of 20 24-12-31. MAC Copper Lim ited 11.4 13.4 4.9 4.5 12.9 1.9 6.8 3.2 20 2.1 2.4 11.7 0 .90 3.0 5.4 22 3.9 Sa s a ¹⁸ (10 0 % Ag s t re a m ) Effective as of 20 24-12-31. Resources adjusted to be exclusive of Reserves. Central Asia Metals Plc - - - 9.2 27 7.8 7.8 - - - 1.9 13.5 0 .84 0 .84 9.6 19.4 6.0 Erm it a ño⁵ (2% NSR) Effective as of 20 24-12-31. Resources adjusted to be exclusive of Reserves. Including Erm itano, Navidad and Soledad deposits. First Majestic Silver Corp. 0 .80 85 2.2 2.4 36 2.8 5.0 - - - - - - - 4.3 72 10 .0 Gib ra lt a r¹⁹ (10 0 % Ag s t re a m ) Effective as of 20 24-12-31. Resources adjusted to be exclusive of Reserves. Silver grades derived from internal estim ates by Osisko Gold Royalties Ltd Taseko Mines Lim ited 40 7 1.20 15.7 152 1.20 5.9 21.6 288 1.0 0 9.3 158 1.0 0 5.1 14.4 68.0 1.0 0 2.2 Frut a De l Nort e ¹¹ (0 .1% NSR) Effective as of 20 24-12-31, Resources adjusted to be exclusive of Reserve. Lundin Gold Inc. 7.3 10 .7 2.5 14.8 11.6 5.5 8.0 1.4 15.4 0 .68 7.2 9.5 2.2 2.9 14.0 12.2 5.5 Pa rra l a nd Es m e re ld a ¹² (2.4% Ag s t re a m ) Effective as of 20 21-12-1for Reserves and 20 20 -0 7-28 for Resource. Resources adjusted to be exclusive of Reserves. GoGold Resources Inc. 6.8 32 6.9 6.0 34 6.5 13.4 5.7 49 9.0 0 .0 8 46 0 .11 9.1 - - - BASE METALS Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Me t a l Cont a ine d (kt ) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Me t a l Cont a ine d (kt ) Tonnes (Mt) Average Grade (% ) Me t a l Cont a ine d (kt ) CSA¹⁷ (Up t o a 4.875% Cu s t re a m ) (Cop p e r) Effective as of 20 24-12-31. MAC Copper Lim ited 11.4 3.43 391 4.5 3.42 154 545 3.2 5.5 176 2.4 4.58 110 286 5.4 3.30 178 Aka s a b a We s t ¹⁵ (2.5% NSR; p a rt ia l cove ra ge ) (Cop p e r) Effective as of 20 24-12-31 Agnico Eagle Mines Lim ited 0 .85 0 .49 4.1 3.9 0 .50 19.9 24.0 - - - 4.1 0 .41 17.1 17.1 - - - Dolp hin Tungs t e n²⁰ (1.5% GRR) (Tungs t e n) Grade and m etal contained is expressed as WO₃. Effective as of 20 23-0 6-25. Resources adjusted to be exclusive of Reserves. Group 6 Metals Lim ited - - - 4.9 0 .92 44.9 44.9 - - - 6.3 0 .89 56.3 56.3 0 .15 0 .85 1.3 Re fe re nce s for Mine ra l Re s e rve s &Mine ra l Re s ource s : Not e s on Mine ra l Re s e rve s &Mine ra l Re s ource s : 3. Alam os Gold Reports Annual Inform ation Form for the year ended Decem ber 31, 20 24 (dated 20 25-0 3-31) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=f177b269265f1453e8f0 8a57d25d110 e740 57e560 90 5e5d6dbb9a0 866b7d6a68) Prop e rt y, Op e ra t or &Roya lt y or St re a m Prop e rt y, Op e ra t or &Roya lt y or St re a m 1. Agnico Eagle Mines Lim ited press release (dated 20 25-0 2-13) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=46bc759e0 ccb0 47ab48a173483753cec4543b7eba5a3d66e8fb83baf734d420 d) 2. New m ont Corporation press release tilted "New m ont Reports 20 24 Mineral Reserves of 134.1Million Gold Ounces and 13.5 Million Tonnes of Copper" (dated 20 25-0 2-25) (https://s24.q4cdn.com /38224680 8/files/doc_earnings/20 24/q4/supplem ental-info/New m ont-20 24-Reserves- 15. Agnico Eagle Mines Lim ited press release (dated 20 25-0 2-13) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=46bc759e0 ccb0 47ab48a173483753cec4543b7eba5a3d66e8fb83baf734d420 d) 4. SSR Mining Form 10 -K for the Fiscal Year Ended Decem ber 31, 20 25 (https://s22.q4cdn.com /546540 291/files/doc_earnings/20 24/q4/filing/20 24-Q4-10 -K.pdf) 5. First Majestic Silver Corp. Annual inform ation Form for the year ended Decem ber 31, 20 24 (dated 20 25-0 3-31) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=ed2bb5278fc934b8f3e761f2a88a637dfe3e73373a73dc40 e0 5d6c0 f72a9ea2e) 6. Technical Report, Lam aque Com plex, Québec, Canada (effective date of 20 24-12-31) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=7db0 82bfd70 b1c117b2cd9e79a42c0 c4b749e2b12caff540 1228c563ff69f53f) 7. Shandong Gold Mining 20 24 Annual Report (published 20 25-0 3-27) 8. G Mining Ventures press release (dated 20 25-0 2-20 ) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=b58310 cbbd80 9f36d80 52245675870 0 11f0 51d10 0 80 b2ee3bcef0 ee3776660 d3) 9. Calibre Mining Corp. Annual Inform ation Form for the year ended 20 24-12-31(dated 20 25-0 3-24) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=ea4b480 4dd58b6b3e0 bed3336b35f6f9f57185646d91f930 cabc2187698898eb) 10 . Kinross Gold press release titled "Kinross Reports 20 24 Fourth-quarter and Full-year Results" (dated 20 25-0 2-12) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=38a4d9d4e98a183c8a8c4214fde70 db20 ad70 b88420 0 b0 9f5df92d52d12559bf) 11. Lundin Gold Inc. press release titled "Lundin Gold Achieves a New High of Contained Gold Ounces in Mineral Reserves and Mineral Resources at Fruta del Norte" (dated 20 25-0 2-20 ) (https://w w w .sedarplus.ca/csa- party/records/docum ent.htm l?id=77b8fcc1d6f0 35398777ef8215f2160 df4f8c3277e4f0 caa0 bc4460 0 8978836d) 12. GoGold Resources Inc press release (dated 20 21-12-0 7) (https://gogoldresources.com /im ages/uploads/files/20 21_12_0 7_LRN_Resource.pdf) 13. Talisker Resources Ltd. press release (dated 20 23-0 1-24) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=c0 5465e1750 3330 cba81c90 15c53c5afd620 c14539792546b9eceb43dcb5418c) 14. Minera Alam os press release (dated 20 23-10 -0 3) (https://m ineraalam os.com /site/assets/files/4195/m inera_alam os_announces_the_m aiden_estim ate_of_resource.pdf) 16. Capstone Copper Corp. Annual Inform ation Form for the year ended Decem ber 31, 20 24 (dated 20 25-0 3-30 ) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=e0 0 80 50 d76ecf8952aaccfb10 ea3b0 70 3e3d8ade1d5d41e3bdc34c48844c0 b8e) 17. MAC Copper Lim ited Form 20 F for the fiscal year ended Decem ber 31, 20 24 (filed 20 25-0 3-28) (https://w w w .sec.gov/Archives/edgar/data/1950 246/0 0 0 110 4659250 290 12/m tal-20 241231x20 f.htm ) 18. Central Asia Metals Ltd press release titled "20 24 Full-Year Results" (dated 20 25-0 3-20 ) (https://polaris.brighterir.com /public/central_asia_m etals_plc/new s/rns_w idget/story/xz4qzpw ) 19. Taseko Mines Lim ited Annual Inform ation Form for the year ended Decem ber 31, 20 24 (dated 20 25-0 3-28) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=0 56c86e6dd863e80 8a46c6e1ef4651f17a60 79ac7bf0 90 64d747efd6892b20 4f) 20 . Group 6 Metals ASX release for Dolphin (dated 20 23-0 6-27) (https://w csecure.w eblink.com .au/clients/group6m etals/v2/headline.aspx?headlineid=21456629) Group 6 Metals ASX release for Bold Head (dated 20 20 -12-16) (https://w csecure.w eblink.com .au/clients/group6m etals/v2/headline.aspx?headlineid=21270 518) *The se va lue s a re e stim a te s b a se d on b e st a va ila b le inform a tion a s of Ap ril 11, 20 25. The re a d e r is a d vise d to follow the p rovid e d links to find the source a nd d e scrip tions of the origina l e stim a te s a nd the risks a ssocia te d w ith the ind ivid ua l p roje cts. Osisko ca n not ve rify a nd d oe s not ta ke re sp onsib ility of the a ccura cy of the e stim a te s p rovid e d he re . *Re source s a re e xclusive of re se rve s in a ll ca se s. *Infe rre d Re source s ha ve not d e m onstra te d e conom ic via b ility, a nd the re is no ce rta inty tha t the y ca n b e up gra d e to re se rve s. (i) Mineral Resource and Mineral Reserve figures are only estimates. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results, and industry practices. While OR Royalties believes that the Mineral Resource and Mineral Reserves estimates, as applicable, in respect of properties in which OR Royalties holds royalties, streams, or other interests reflect best estimates performed by or on behalf of the owner of such properties, the estimating of Mineral Resource and Mineral Reserves is a subjective process and the accuracy of Mineral Resource and Mineral Reserve estimates is a function of the quantity and quality of available data, the accuracy of statistical computations, and the assumptions used and judgments made in interpreting available engineering and geological information. There is significant uncertainty in any Mineral Resource and Mineral Reserve estimate and the actual deposits encountered and the economic viability of a deposit may differ materially from estimates. Estimated Mineral Resource and Mineral Reserves may have to be re-estimated based on changes in prices of gold or other minerals, further exploration or development activity, or actual production experience. This could materially and adversely affect estimates of the volume or grade of mineralization, estimated recovery rates, or other important factors that influence such estimates. In addition, there is no assurance that any Mineral Resource estimate will ultimately be reclassified as proven or probable Mineral Reserves. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. If operators reduce their Mineral Reserves and Mineral Resources on properties underlying OR Royalties’ royalties, streams, or other interests, this may result in a material and adverse effect on OR Royalties’s profitability, results of operations, financial condition, and the trading price of OR Royalties’ securities. The Mineral Resources disclosed are based on the best available information as of April 11, 2025. Resources are exclusive of reserves in all cases. Gold equivalent ounces comprise mostly gold, other elements are converted assuming forecast long-term prices from analyst consensus published on March 3, 2025. Attributable GEOs were compiled without consideration for the potential mining or metallurgical recovery of the metals contained in the mineral resource or reserve.
  • 30.
    30 2025 MINERAL RESERVESAND RESOURCE: DEVELOPMENT ASSETS(i) MINERAL RESERVES AND MINERAL RESOURCES OSISKO GOLD ROYALTIES As of Ap ril 11, 20 25 with b e st a va ila b le p ub lic in form a tion . Re source s a re e xclusive of Re se rve s. GOLD Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Gold Cont a ine d (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Gold Cont a ine d (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Cont a ine d (koz) AK¹ (2% NSR) Effective as of 20 24-12-31 Agnico Eagle Mines Lim ited 0 .0 2 5.1 4.0 1.5 4.71 229 233 - - - 0 .33 4.81 52.0 52.0 0 .28 3.52 32.0 Am b le r (Arct ic)² (1% NSR) Effective as of 20 24-11-30 Trilogy Metals Inc. / South32 Lim ited - - - 46.7 0 .42 631 631 - - - - - - - 4.5 0 .43 62.0 Am uls a r³ (4.22% Au s t re a m ; 81.9% Au offt a ke ) Effective as of 20 19-0 9-16. Resources adjusted to be exclusive of Reserves. Lydian Canada Ventures Corporation 51.9 0 .77 1,290 67.3 0 .71 1,540 2,830 6.2 0 .65 130 36.9 0 .57 672 80 2 85.9 0 .50 1,380 Anoki-McBe a n⁴ (2% NSR) Effective as of 20 24-12-31 Agnico Eagle Mines Lim ited - - - - - - - - - - 3.9 2.77 349 349 0 .87 3.84 10 7 Ant a Kori⁵ (0 .75-1.5% NSR on ≈ 60 % of p it ) Effective as of 20 19-0 2-22 Regulus Resources Inc. - - - - - - - - - - 250 0 .29 2,30 0 2,30 0 267 0 .26 2,20 0 Ba ck Fort y⁶ (18.5% Au St re a m ) Effective as of 20 23-0 9-30 Gold Resource Corporation - - - - - - - - - - 14.5 2.21 1,0 30 1,0 30 1.2 2.33 89.0 Ca rib oo⁷ (5% NSR) Effective as of 20 22-11-11 Osisko Developm ent Corp. - - - 16.7 3.78 2,0 30 2,0 30 0 .0 5 5.1 8.0 14.6 3.32 1,560 1,570 15.5 3.44 1,710 Ca s ca b e l⁸ (0 .6% NSR a nd 6% Au St re a m ) Effective as of 20 23-12-31. Resources adjusted to be exclusive of Reserves. Including Alpala and Tandayam a-Am erica. SolGold PLC 458 0 .60 8,90 0 82.2 0 .22 60 0 9,50 0 1,120 0 .24 8,60 0 2,0 80 0 .20 13,10 0 21,70 0 853 0 .20 5,40 0 Ca s ino (He a p Le a ch)⁹ (2.75% NSR) Effective as of 20 22-0 4-29. Resource adjusted to be exclusive of Reserve. Western Copper and Gold Corporation 42.9 0 .45 620 167 0 .22 1,170 1,790 - - - 21.6 0 .14 95.9 95.9 40 .9 0 .20 267 Ca s ino (Mill)¹⁰ (2.75% NSR) Effective as of 20 22-0 4-29. Resource adjusted to be exclusive of Reserve. Western Copper and Gold Corporation 140 0 .39 1,80 0 1,0 80 0 .19 6,70 0 8,50 0 - - - 1,0 40 0 .13 4,40 0 4,40 0 1,370 0 .14 6,0 60 Ce rro d e l Ga llo¹¹ (3% NSR on ≈ 25% of p it ) Effective as of 20 23-12-31 Heliostar Metals Ltd. 70 .4 0 .59 1,330 21.3 0 .46 313 1,640 51.2 0 .35 573 59.1 0 .34 652 1,230 5.1 0 .43 71.0 Cos t a Fue go¹² (3% Au NSR) Mineral Resources effective as of 20 24-0 2-26. Mineral Reserves effective as of 20 25-0 3-27. Hot Chili Lim ited - - - 50 2 0 .10 1,580 1,580 - - - 296 0 .11 1,0 60 1,0 60 20 3 0 .0 60 416 Da lga ra nga ¹³ (1.8% GRR) Effective as of 20 24-12-0 2. Including Archie Rose deposit. Spartan Resources Ltd. - - - - - - - - - - 10 .6 6.3 2,160 2,160 6.5 3.56 747 Ea gle a nd Olive ¹⁴ (3-5% NSR) Effective as of 20 23-12-31. Reserves excluded by Osisko Gold Royalties ltd. due to current status of operation. Pricew aterhouseCoopers Inc., LIT (receiver) - - - - - - - 35.7 0 .64 738 198 0 .58 3,670 4,410 35.5 0 .62 70 4 Ea s t m a in¹⁵ (1.15% NSR) Effective as of 20 24-0 2-0 7. Benz Mining Corp. - - - - - - - - - - 1.3 9.0 380 380 3.8 5.1 620 Gold Rock a nd Mont e ¹⁶ (4% NSR on ≈ 15% of p it ) Effective as of 20 20 -0 3-31 Calibre Mining Corp. - - - - - - - - - - 19.0 0 .66 40 3 40 3 3.0 0 .87 84.3 Gurup i (form e rly Ce nt roGold )¹⁷ (0 .75% NSR) Effective as of 20 24-12-31 G Mining Ventures Corp. - - - - - - - - - - 43.5 1.31 1,830 1,830 18.5 1.29 770 Ha m m ond Re e f¹⁸ (2% NSR) Effective as of 20 24-12-31 Agnico Eagle Mines Lim ited - - - 123 0 .84 3,320 3,320 47.1 0 .54 819 86.3 0 .53 1,480 2,30 0 - - - Liont ow n¹⁹ (0 .8% NSR) Effective as of 20 24-12-31 Sunshine Metals Ltd - - - - - - - - - - 2.2 1.50 10 2 10 2 3.8 1.34 162 Ma rb a n²⁰ (Ma rb a n: 0 .5% NSR; Kie re ns : 1% NSR; Norla rt ic: 2% NSR; Ma la rt ic-H: 2% NSR ≈ 10 % of p it ) Effective as of 20 22-0 8-17 for Marban and Kierens-Norlartic and 20 23-0 6-0 7 for Malartic H. Resources adjusted to be exclusive of Reserves. Agnico Eagle Mines Lim ited - - - 56.4 0 .91 1,650 1,650 - - - 11.3 2.0 1 727 727 13.4 1.31 565 Sa n Ant onio²¹ (15% Au St re a m ) Effective as of 20 22-0 6-24 Osisko Developm ent Corp. - - - - - - - - - - 14.9 1.20 576 576 16.6 1.0 2 544 Sã o J orge ²² (1% NSR) Effective as of 20 25-0 1-28. Resources adjusted to be exclusive of Reserves. GoldMining Inc. - - - - - - - - - - 19.4 1.0 0 624 624 5.6 0 .72 129 Sp ring Va lle y²³ (0 .5-3.5% NSR) Effective as of 20 24-0 9-0 3. Resources adjusted to be exclusive of Reserves (accounting for unplanned dilution). Waterton Global Resource Managem ent, Inc. - - - 220 0 .54 3,80 0 3,80 0 - - - 42.8 0 .41 563 563 40 .2 0 .48 618 Trixie ²⁴ (2.5% Au St re a m ) Effective as of 20 24-0 3-14 Osisko Developm ent Corp. - - - - - - - 0 .12 27 10 5 0 .13 11.2 45.0 150 0 .20 7.8 51.0 Up p e r Be a ve r²⁵ (2% NSR) Effective as of 20 24-12-31 Agnico Eagle Mines Lim ited - - - 23.2 3.71 2,770 2,770 - - - 7.6 2.0 3 495 495 3.0 4.12 391 Prop e rt y, Op e ra t or &Roya lt y or St re a m GOLD Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Gold Cont a ine d (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Gold Cont a ine d (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Cont a ine d (koz) Prop e rt y, Op e ra t or &Roya lt y or St re a m We s t Ke nya ²⁷ (2% NSR) Effective as of 20 23-12-31. Saturn Resources Ltd - - - - - - - - - - 7.3 4.86 1,140 1,140 2.5 7.6 617 Wind fa ll²⁸ (2-3% NSR) Effective as of 20 22-0 6-0 7. Resources adjusted to be exclusive of Reserves. Gold Fields Lim ited - - - 12.2 8.1 3,160 3,160 - - - - - - - 12.3 8.4 3,340 Wha re kira up onga ("WKP")²⁹ (2% NSR) Effective as of 20 24-0 6-30 OceanaGold Corporation - - - 4.1 9.2 1,20 0 1,20 0 - - - - - - - 1.3 9.6 40 0 Ya lgoo³⁰ (1.35% GRR) Effective as of 20 24-12-0 2. Spartan Resources Ltd. - - - - - - - - - - 3.4 1.49 160 160 1.9 1.37 83.2 Ye nip a za r³¹ (50 % Au offt a ke ) Effective as of 20 12-11-26 Aldridge Minerals - - - 29.2 0 .88 825 825 - - - - - - - 0 .37 0 .47 5.6 SILVER Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Silve r Cont a ine d (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Silve r Cont a ine d (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silve r Cont a ine d (Moz) Am b le r (Arct ic)² (1% NSR) Effective as of 20 24-11-30 Trilogy Metals Inc. / South32 Lim ited - - - 46.7 32 47.7 47.7 - - - - - - - 4.5 36 5.0 Am uls a r³ (62.5% Ag s t re a m ) Effective as of 20 19-0 9-16. Resources adjusted to be exclusive of Reserves. Lydian Canada Ventures Corporation 51.9 4.44 7.4 67.3 3.24 7.0 14.4 6.2 5.4 1.1 36.9 3.19 3.8 4.9 85.9 3.10 8.6 Ant a Kori⁵ (0 .75-1.5% NSR on ≈ 60 % of p it ) Effective as of 20 19-0 2-22 Regulus Resources Inc. - - - - - - - - - - 250 7.8 61.0 61.0 267 7.8 67.0 Ba ck Fort y⁶ (85% Ag St re a m ) Effective as of 20 23-0 9-30 Gold Resource Corporation - - - - - - - - - - 14.5 27 12.4 12.4 1.2 37 1.4 Ca s ca b e l⁸ (0 .6% NSR) Effective as of 20 23-12-31. Resources adjusted to be exclusive of Reserves. Including Alpala and Tandayam a-Am erica. SolGold PLC 458 1.70 24.9 82.2 1.20 3.1 28.0 1,120 0 .94 33.7 2,0 80 0 .44 29.6 63.3 853 0 .40 11.0 Ca s ino (He a p Le a ch)⁹ (2.75% NSR) Effective as of 20 22-0 4-29. Resource adjusted to be exclusive of Reserve. Western Copper and Gold Corporation 42.9 2.70 3.7 167 1.80 9.4 13.1 - - - 21.6 1.38 0 .96 0 .96 40 .9 1.43 1.9 Ca s ino (Mill)¹⁰ (2.75% NSR) Effective as of 20 22-0 4-29. Resource adjusted to be exclusive of Reserve. Western Copper and Gold Corporation 140 2.10 9.4 1,0 80 1.60 55.5 64.9 - - - 1,0 40 1.14 38.0 38.0 1,370 1.14 50 .5 Ce rro d e l Ga llo¹¹ (3% NSR on ≈ 25% of p it ) Effective as of 20 23-12-31 Heliostar Metals Ltd. 70 .4 13.7 31.1 21.3 11.7 8.0 39.1 51.2 12.1 20 .0 59.1 10 .5 20 .0 40 .0 5.1 11.9 1.9 Cop p e rw ood ³² (10 0 % Ag NSR) Effective as of 20 22-0 2-28 for Resource and 20 22-0 5-22 for Reserves. Resources adjusted to be exclusive of Reserves. Highland Copper Com pany Inc. 18.2 4.47 2.6 7.5 2.56 0 .60 3.2 9.8 4.76 1.5 18.7 2.66 1.6 3.1 79.1 3.54 9.0 He rm os a (Ta ylor)³³ (1% NSR) Effective as of 20 23-0 6-30 for Resource and 20 24-0 1-0 1for Reserve. Resource adjusted to be exclusive of Reserve. South32 Lim ited - - - 65.0 82 171 171 - - - 59.0 63 120 120 28.0 93 83.7 Horne 5³⁴ (90 -10 0 % Ag St re a m ) Effective as of 20 17-0 8-26. Resources adjusted to be exclusive of Reserves. Falco Resources Ltd. 8.4 15.8 4.3 72.5 14.0 32.6 36.8 2.4 15.5 1.2 22.3 14.8 10 .6 11.8 24.3 21 16.7 Liont ow n¹⁹ (0 .8% NSR) Effective as of 20 24-12-31 Sunshine Metals Ltd - - - - - - - - - - 2.2 37 2.6 2.6 3.8 22 2.6 Sa n Ant onio²¹ (15% Ag St re a m ) Effective as of 20 22-0 6-24 Osisko Developm ent Corp. - - - - - - - - - - 14.9 2.90 1.4 1.4 16.6 3.30 1.8 Trixie ²⁴ (2.5% Ag St re a m ) Effective as of 20 24-0 3-14 Osisko Developm ent Corp. - - - - - - - 0 .12 62 0 .24 0 .13 60 0 .24 0 .48 0 .20 49 0 .32 Whit e Pine Nort h³⁵ (10 0 % Ag NSR) Effective as of 20 23-0 6-12 Highland Copper Com pany Inc. / Kinterra Capital Corp. - - - - - - - - - - 151 13.5 65.5 65.5 96.4 9.0 27.8 Wha re kira up onga ("WKP")²⁹ (2% NSR) Effective as of 20 24-0 6-30 OceanaGold Corporation - - - 4.1 16.1 2.1 2.1 - - - - - - - 1.3 17.1 0 .70 Prop e rt y, Op e ra t or &Roya lt y or St re a m (i) Mineral Resource and Mineral Reserve figures are only estimates. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results, and industry practices. While OR Royalties believes that the Mineral Resource and Mineral Reserves estimates, as applicable, in respect of properties in which OR Royalties holds royalties, streams, or other interests reflect best estimates performed by or on behalf of the owner of such properties, the estimating of Mineral Resource and Mineral Reserves is a subjective process and the accuracy of Mineral Resource and Mineral Reserve estimates is a function of the quantity and quality of available data, the accuracy of statistical computations, and the assumptions used and judgments made in interpreting available engineering and geological information. There is significant uncertainty in any Mineral Resource and Mineral Reserve estimate and the actual deposits encountered and the economic viability of a deposit may differ materially from estimates. Estimated Mineral Resource and Mineral Reserves may have to be re-estimated based on changes in prices of gold or other minerals, further exploration or development activity, or actual production experience. This could materially and adversely affect estimates of the volume or grade of mineralization, estimated recovery rates, or other important factors that influence such estimates. In addition, there is no assurance that any Mineral Resource estimate will ultimately be reclassified as proven or probable Mineral Reserves. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. If operators reduce their Mineral Reserves and Mineral Resources on properties underlying OR Royalties’ royalties, streams, or other interests, this may result in a material and adverse effect on OR Royalties’s profitability, results of operations, financial condition, and the trading price of OR Royalties’ securities. The Mineral Resources disclosed are based on the best available information as of April 11, 2025. Resources are exclusive of reserves in all cases. Gold equivalent ounces comprise mostly gold, other elements are converted assuming forecast long-term prices from analyst consensus published on March 3, 2025. Attributable GEOs were compiled without consideration for the potential mining or metallurgical recovery of the metals contained in the mineral resource or reserve.
  • 31.
    BASE METALS Prove nRe s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Me t a l Cont a ine d (kt ) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Me t a l Cont a ine d (kt ) Tonnes (Mt) Average Grade (% ) Me t a l Cont a ine d (kt ) Am b le r (Arct ic)² (1% NSR) (Cop p e r) Effective as of 20 24-11-30 Trilogy Metals Inc. / South32 Lim ited - - - 46.7 2.11 985 985 - - - - - - - 4.5 1.92 85.7 Am b le r (Arct ic)² (1% NSR) (Zinc) Effective as of 20 24-11-30 Trilogy Metals Inc. / South32 Lim ited - - - 46.7 2.90 1,350 1,350 - - - - - - - 4.5 2.93 131 Am b le r (Arct ic)² (1% NSR) (Le a d ) Effective as of 20 24-11-30 Trilogy Metals Inc. / South32 Lim ited - - - 46.7 0 .56 262 262 - - - - - - - 4.5 0 .70 31.3 Ant a Kori⁵ (0 .75-1.5% NSR on ≈ 60 % of p it ) (Cop p e r) Effective as of 20 19-0 2-22 Regulus Resources Inc. - - - - - - - - - - 250 0 .48 1,180 1,180 267 0 .41 1,0 90 Ca s ca b e l⁸ (0 .6% NSR) (Cop p e r) Effective as of 20 23-12-31. Resources adjusted to be exclusive of Reserves. Including Alpala and Tandayam a-Am erica. SolGold PLC 458 0 .64 2,90 0 82.2 0 .36 30 0 3,20 0 1,120 0 .34 3,80 0 2,0 80 0 .26 5,40 0 9,20 0 853 0 .23 2,0 0 0 Ca s ino (Mill)¹⁰ (2.75% NSR) (Cop p e r) Effective as of 20 22-0 4-29. Resource adjusted to be exclusive of Reserve. Western Copper and Gold Corporation 140 0 .31 428 1,0 80 0 .17 1,880 2,30 0 - - - 1,0 40 0 .10 1,0 70 1,0 70 1,370 0 .10 1,370 Ca s ino (Mill)¹⁰ (2.75% NSR) (Molyb d e num ) Effective as of 20 22-0 4-29. Resource adjusted to be exclusive of Reserve. Western Copper and Gold Corporation 140 0 .0 24 34.0 1,0 80 0 .0 21 225 259 - - - 1,0 40 0 .0 0 96 99.3 99.3 1,370 0 .0 0 95 130 Ce rro d e l Ga llo¹¹ (3% NSR on ≈ 25% of p it ) (Cop p e r) Effective as of 20 23-12-31 Heliostar Metals Ltd. 70 .4 0 .0 97 68.0 21.3 0 .0 85 18.0 86.0 51.2 0 .11 54.0 59.1 0 .0 81 48.0 10 2 5.1 0 .0 90 5.0 Cop p e rw ood ³² (1.5% Cu NSR) (Cop p e r) Effective as of 20 22-0 2-28 for Resource and 20 22-0 5-22 for Reserves. Resources adjusted to be exclusive of Reserves. Highland Copper Com pany Inc. 18.2 1.49 271 7.5 1.34 10 1 371 9.8 1.98 194 18.7 1.39 259 453 79.1 1.0 9 860 Cos t a Fue go¹² (1% Cu NSR) (Cop p e r) Mineral Resources effective as of 20 24-0 2-26. Mineral Reserves effective as of 20 25-0 3-27. Hot Chili Lim ited - - - 50 2 0 .37 1,860 1,860 - - - 296 0 .36 1,0 50 1,0 50 20 3 0 .31 516 He rm os a (Ta ylor)³³ (1% NSR) (Le a d ) Effective as of 20 23-0 6-30 for Resource and 20 24-0 1-0 1for Reserve. Resource adjusted to be exclusive of Reserve. South32 Lim ited - - - 65.0 4.90 3,190 3,190 - - - 59.0 3.0 6 1,80 0 1,80 0 28.0 2.97 832 He rm os a (Ta ylor)³³ (1% NSR) (Zinc) Effective as of 20 23-0 6-30 for Resource and 20 24-0 1-0 1for Reserve. Resource adjusted to be exclusive of Reserve. South32 Lim ited - - - 65.0 4.35 2,830 2,830 - - - 59.0 2.90 1,710 1,710 28.0 2.96 829 Liont ow n¹⁹ (0 .8% NSR) (Cop p e r) Effective as of 20 24-12-31 Sunshine Metals Ltd - - - - - - - - - - 2.2 0 .60 13.4 13.4 3.8 0 .97 36.3 Liont ow n¹⁹ (0 .8% NSR) (Zinc) Effective as of 20 24-12-31 Sunshine Metals Ltd - - - - - - - - - - 2.2 5.0 10 9 10 9 3.8 4.28 161 Liont ow n¹⁹ (0 .8% NSR) (Le a d ) Effective as of 20 24-12-31 Sunshine Metals Ltd - - - - - - - - - - 2.2 1.80 38.6 38.6 3.8 1.57 59.1 Ma rim a ca ³⁶ (1% NSR) (Cop p e r) Effective as of 20 23-0 5-17 Marim aca Copper Corp. - - - - - - - 97.0 0 .49 474 10 3 0 .41 426 90 0 37.3 0 .38 141 Pine Point ³⁷ (3% NSR) (Le a d ) Effective as of 20 24-0 5-31 Osisko Metals Incorporated; Appian Capital Advisory LLP - - - - - - - - - - 49.5 1.49 737 737 8.3 1.69 139 Pine Point ³⁷ (3% NSR) (Zinc) Effective as of 20 24-0 5-31 Osisko Metals Incorporated; Appian Capital Advisory LLP - - - - - - - - - - 49.5 4.22 2,0 90 2,0 90 8.3 4.18 345 Sha a kichiuw a a na a n (form e rly Corve t t e )³⁸ (2% NSR on 80 -95% of p it ) (Lit hium ) Grades and m etal contained are expressed as Li₂O. Effective as of 20 24-0 6-27 Patriot Battery Metals Inc. - - - - - - - - - - 80 .1 1.44 1,150 1,150 62.5 1.31 820 Silve r Sw a n a nd Gold e n Sw a n³⁹ (0 .76% NSR) (Nicke l) Effective as of 20 22-11-21. Resources adjusted to be exclusive of Reserves. Horizon Minerals Ltd. - - - 0 .28 4.66 13.0 13.0 - - - 0 .69 1.0 8 7.4 7.4 0 .0 6 2.75 1.5 Sout h Croft y⁴⁰ (1.5% NSR) (Cop p e r) Effective as of 20 23-0 9-0 6 Cornish Metals Inc. - - - - - - - - - - 3.2 0 .0 64 2.0 2.0 3.1 0 .0 95 2.9 Sout h Croft y⁴⁰ (1.5% NSR) (Zinc) Effective as of 20 23-0 9-0 6 Cornish Metals Inc. - - - - - - - - - - 3.2 0 .0 49 1.5 1.5 3.1 0 .0 95 2.9 Sout h Croft y⁴⁰ (1.5% NSR) (Tin) Effective as of 20 23-0 9-0 6 Cornish Metals Inc. - - - - - - - - - - 3.2 1.43 45.2 45.2 3.1 1.31 40 .4 Up p e r Be a ve r²⁵ (2% NSR) (Cop p e r) Effective as of 20 24-12-31 Agnico Eagle Mines Lim ited - - - 23.2 0 .24 54.9 54.9 - - - 7.6 0 .16 12.1 12.1 3.0 0 .36 10 .6 Whit e Pine Nort h³⁵ (1.5% Cu NSR) (Cop p e r) Effective as of 20 23-0 6-12 Highland Copper Com pany Inc. / Kinterra Capital Corp. - - - - - - - - - - 151 1.0 5 1,590 1,590 96.4 1.0 3 990 Prop e rt y, Op e ra t or &Roya lt y or St re a m 31 2025 MINERAL RESERVES AND RESOURCE: DEVELOPMENT ASSETS(i) (CONT’D) Re fe re nce s for Mine ra l Re s e rve s &Mine ra l Re s ource s : Not e s on Mine ra l Re s e rve s &Mine ra l Re s ource s : 1. Agnico Eagle Mines Lim ited press release (dated 20 25-0 2-13) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=46bc759e0 ccb0 47ab48a173483753cec4543b7eba5a3d66e8fb83baf734d420 d) 13. Spartan Resources announcem ent (dated 20 24-12-0 2) (https://cdn-api.m arkitdigital.com /apim an-gatew ay/ASX/asx-research/1.0 /file/2924-0 2888768-6A12410 70 &v=7bc42bd11d853ed5e8c28f2ffcd6a0 69ee5cd6b4) 2. Trilogy Metals Inc, Form 10 -k for the fiscal year ended 20 24-11-30 (dated 20 25-0 2-14) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=b0 754c420 86c21be13a7e8695d91e91fa3ddcee63673c58880 f21e483e32ace0 ) 3. Feasibility Study Technical Report Am ulsar Project Arm enia (filed 20 19-10 -16) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=e75cec6229d26ded734f0 82d90 83c6c5b4446a2720 4c60 afcea42bbba966921e) 4. Agnico Eagle Mines Lim ited press release (dated 20 25-0 2-13) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=46bc759e0 ccb0 47ab48a173483753cec4543b7eba5a3d66e8fb83baf734d420 d) 5. Regulus Resources press release (dated 20 19-0 3-0 1) (https://w w w .globenew sw ire.com /en/new s-release/20 19/0 3/0 1/1745593/0 /en/Regulus-Reports-Substantial-Increase-in-Resource-Estim ate-at-Antakori-Copper-Gold-Project-Peru.htm l) 6. SK130 0 Technical Report Sum m ary on the Back Forty Project (filed 20 23-10 -27) (https://goldresourcecorp.com /site/assets/files/6493/sk130 0 _b40 _gold_resource_corp_filed_10 _27_20 23.pdf) 7. NI 43-10 1Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Colum bia, Canada (dated 20 23-0 1-12) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=6e7c980 2c72f0 12ac41c850 90 0 4a3474aadf747c98de17b1f1b39e7baf995d76) 8. SolGold press release (dated 20 24-0 2-16) (https://polaris.brighterir.com /public/solgold/new s/rns/story/xze0 9lx/export) 9. Western Copper and Gold Corporation press release (dated 20 22-0 6-28) (https://w w w .w esterncopperandgold.com /new s-and-resources/new s-release/w estern-copper-and-gold-announces-positive-feasibility-on-casino/) 10 . Western Copper and Gold Corporation press release (dated 20 22-0 6-28) (https://w w w .w esterncopperandgold.com /new s-and-resources/new s-release/w estern-copper-and-gold-announces-positive-feasibility-on-casino/) 11. Argonaut Gold Inc. Annual Inform ation Form for the year ended 20 23-12-31(dated 20 24-0 3-28) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=e468be993460 c5566a4c1e0 8a1a6ea3b0 15ac10 650 5e0 6e0 0 b6de70 d19de7174) 12. Hot Chili ASX release titled "Hot Chili Presentation Costa Fuego PFS Maiden Ore Reserve" (dated 20 25-0 3-26) (https://cdn-api.m arkitdigital.com /apim an-gatew ay/ASX/asx-research/1.0 /file/2924-0 2929293-6A1257464&v=7bc42bd11d853ed5e8c28f2ffcd6a0 69ee5cd6b4) 25. Agnico Eagle Mines Lim ited press release (dated 20 25-0 2-13) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=46bc759e0 ccb0 47ab48a173483753cec4543b7eba5a3d66e8fb83baf734d420 d) 14. Victoria Gold Corp. Managem ent's Discussion and Analysis for Year Ended Decem ber 31, 20 23 (dated 20 24-0 2-20 ) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=5fd5f7e14d1c4ef254b4990 e3c5574d1af895f65d712222c35832df6655aa259) 15. Technical Report and Updated Mineral Resource Estim ate of the Eastm ain Gold Mine Property (signed 20 23-0 7-0 7) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=746fcaef6d15cc62859650 5f0 a9514334c0 36d92fb5efba382d6e2b3ad7b7a41) 16. Fiore Gold Ltd. Annual Inform ation Form for the year ended 20 20 -0 9-30 (effective as of 20 20 -12-0 6) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=8dfc0 0 140 cf494ce5112f0 fa723ab20 6efa9cbc8c1e8f80 12963935284f6bb74) 17. G Mining Ventures Corp. press release titled "G Mining Ventures Announces Consolidated Mineral Reserves and Resources for Year-End 20 24 including Mineral Resource Estim ate for the Gurupi Project in Brazil" (dated 20 25-0 2-20 ) (https://w w w .sedarplus.ca/csa- party/records/docum ent.htm l?id=b58310 cbbd80 9f36d80 52245675870 0 11f0 51d10 0 80 b2ee3bcef0 ee3776660 d3) 18. Agnico Eagle Mines Lim ited press release (dated 20 25-0 2-13) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=46bc759e0 ccb0 47ab48a173483753cec4543b7eba5a3d66e8fb83baf734d420 d) 19. Sunshine Metals Ltd Quarterly Activities Report for the quarter ended 31Decem ber 20 24 (dated 20 25-0 1-25) (https://cdn-api.m arkitdigital.com /apim an-gatew ay/ASX/asx-research/1.0 /file/2924-0 290 7719-6A1249166&v=7bc42bd11d853ed5e8c28f2ffcd6a0 69ee5cd6b4) 20 . O3 Mining inc. MD&A for the Three- and Nine-Month Periods Ended Septem ber 30 , 20 24 and 20 23 (dated 20 25-0 2-13) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=9b40 3b8e8f36e26fce2dacb2453910 90 2de7ea9ccd60 da0 973f31b6550 8eebeb) 21. NI 43-10 1Technical Report for the Mineral Resource Estim ate on the San Antonio Project (filed 20 22-0 7-12) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=ca919644b4692aa2bbd9e625edb80 54aeaed9380 45428a7516a79aec2df1c724) 22. GoldMining Inc. Annual Inform ation Form for the year ended 20 24-12-31(dated 20 25-0 2-27) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=0 0 c5736251ebb4b60 24378be93ec1cb7cea0 87d21ebd2f717290 27e62278f50 8) 23. Solidus Resources press release (dated 20 25-0 2-18) (https://w w w .globenew sw ire.com /new s-release/20 25/0 2/18/30 28291/0 /en/Solidus-Resources-LLC-Announces-Positive-Feasibility-Study-Results-for-Its-Spring-Valley-Gold-Project-in-Nevada.htm l) 24. NI 43-10 1Technical Report, Mineral Resource Estim ate for the Trixie Deposit, Tintic Project, Utah, United States of Am erica (dated 20 24-0 4-25) (https://w w w .sedarplus.ca/csa- 37. Osisko Metals press release (dated 20 24-0 6-25) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=c4468840 b67cd948d0 bd1c8ddbb16cb898dd5cc627b62370 e48cc90 e560 3ba90 ) 26. Agnico Eagle Mines Lim ited press release (dated 20 25-0 2-13) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=46bc759e0 ccb0 47ab48a173483753cec4543b7eba5a3d66e8fb83baf734d420 d) 27. Shanta Gold press release (dated 20 24-0 4-0 3) (https://shantagold.com /_resources/Group% 20 Reserves% 20 &% 20 Resources% 20 Statem ent.pdf) 28. Osisko Mining press release (dated 20 22-11-28) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=10 c67965bb7a0 b96f80 489b1de46cfcedad69b274bd4eb5b8b5559640 0 339b85) 29. NI 43-10 1Technical Report –Waihi District Pre-feasibility Study, New Zealand (released 20 24-12-11) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=4f0 e44452c83b590 990 27b20 4d9889e69c680 e68f186dd76dbda5e62d5f1e89d) 30 . Spartan Resources Ltd. ASX release (dated 20 24-12-0 2) (https://cdn-api.m arkitdigital.com /apim an-gatew ay/ASX/asx-research/1.0 /file/2924-0 2888768-6A12410 70 &v=7bc42bd11d853ed5e8c28f2ffcd6a0 69ee5cd6b4) 31. NI 43-10 1Technical Report on the Yenipazar Optim ization Study, Yozgat Province, Turkey (effective date of 20 14-0 4-15) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=50 64cb73e1a15be38526d10 98ddbc4b22213ab3d720 6852450 47dcfcb48d5a6a) 32. Highland Copper press release (dated 20 23-0 3-0 6) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=0 92f4ed573d996c7343c4b177a1843d427f20 674960 dd0 c739631c22dcaf0 13a) 33. South32 Lim ited ASX release titled "Final Investm ent Approval to Develop Herm osa's Taylor Deposit" (dated 20 24-0 2-15) (https://w w w .south32.net/docs/default-source/exchange-releases/final-investm ent-approval-to-develop-herm osa-taylor-deposit- 0 x5ffd9fac3b216589.pdf?sfvrsn=5638590 a_0 ) 34. Falco Resources Ltd. MD&A for the three-m onth and six-m onth periods ended Decem ber 31, 20 24 (dated 20 25-0 2-19) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=698bd6ff0 0 b89bcc8c666aa4874184735f95b83e15d161b2a8df3bbaa7bcacc9) 35. Highland Copper press release (dated 20 23-0 7-24) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=eaa0 548f0 0 8533a12e743d5fe461fc63e0 e27349e5de4912c12e288efe1d2b8e) 36. Marim aca Copper Corp. MD&A for the year ended Decem ber 31, 20 24 and 20 23 (released 20 25-0 3-21) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=2f16d2b0 41734a6adcbd9380 1b7264f158b840 9cd369de0 70 ea3a468c9ef6e43) 38. Patriot Battery Metals press release (dated 20 24-0 8-0 5) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=0 c1ca24221c64c1a23816e250 9270 c0 223b2ab27dbff14c8f3cad16f95eafcf4) 39. Poseidon Nickel Lim ited ASX release (dated 20 22-11-0 1) (https://w w w .asx.com .au/asx/v2/statistics/displayAnnouncem ent.do?display=pdf&idsId=0 260 0 561) 40 . South Crofty Tin Project - Mineral Resource Update NI 43-10 1Technical Report (dated 20 23-10 -27) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=7cdfa152972885ba340 47670 0 27c0 f30 5494fd3ab4355dab98fd77c3dcf20 7d7) *The se va lue s a re e stim a te s b a se d on b e st a va ila b le inform a tion a s of Ap ril 11, 20 25. The re a d e r is a d vise d to follow the p rovid e d links to find the source a nd d e scrip tions of the origina l e stim a te s a nd the risks a ssocia te d w ith the ind ivid ua l p roje cts. Osisko ca n not ve rify a nd d oe s not ta ke re sp onsib ility of the a ccura cy of the e stim a te s p rovid e d he re . *Re source s a re e xclusive of re se rve s in a ll ca se s. *Infe rre d Re source s ha ve not d e m onstra te d e conom ic via b ility, a nd the re is no ce rta inty tha t the y ca n b e up gra d e to re se rve s. (i) Mineral Resource and Mineral Reserve figures are only estimates. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results, and industry practices. While OR Royalties believes that the Mineral Resource and Mineral Reserves estimates, as applicable, in respect of properties in which OR Royalties holds royalties, streams, or other interests reflect best estimates performed by or on behalf of the owner of such properties, the estimating of Mineral Resource and Mineral Reserves is a subjective process and the accuracy of Mineral Resource and Mineral Reserve estimates is a function of the quantity and quality of available data, the accuracy of statistical computations, and the assumptions used and judgments made in interpreting available engineering and geological information. There is significant uncertainty in any Mineral Resource and Mineral Reserve estimate and the actual deposits encountered and the economic viability of a deposit may differ materially from estimates. Estimated Mineral Resource and Mineral Reserves may have to be re-estimated based on changes in prices of gold or other minerals, further exploration or development activity, or actual production experience. This could materially and adversely affect estimates of the volume or grade of mineralization, estimated recovery rates, or other important factors that influence such estimates. In addition, there is no assurance that any Mineral Resource estimate will ultimately be reclassified as proven or probable Mineral Reserves. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. If operators reduce their Mineral Reserves and Mineral Resources on properties underlying OR Royalties’ royalties, streams, or other interests, this may result in a material and adverse effect on OR Royalties’s profitability, results of operations, financial condition, and the trading price of OR Royalties’ securities. The Mineral Resources disclosed are based on the best available information as of April 11, 2025. Resources are exclusive of reserves in all cases. Gold equivalent ounces comprise mostly gold, other elements are converted assuming forecast long-term prices from analyst consensus published on March 3, 2025. Attributable GEOs were compiled without consideration for the potential mining or metallurgical recovery of the metals contained in the mineral resource or reserve.
  • 32.
    32 2025 MINERAL RESERVESAND RESOURCE: EXPLORATION ASSETS(i) MINERAL RESERVES AND MINERAL RESOURCES OSISKO GOLD ROYALTIES As of Ap ril 11, 20 25 with b e st a va ila b le p ub lic in form a tion . Re source s a re e xclusive of Re se rve s. GOLD Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Gold Cont a ine d (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Contained (koz) Gold Cont a ine d (koz) Tonnes (Mt) Average Gold Grade (g/t) Gold Cont a ine d (koz) Alt a r¹ (1% NSR) Effective as of 20 25-11-25 Aldebaran Resources Inc. - - - - - - - 781 0 .0 92 2,30 0 1,620 0 .0 54 2,80 0 5,10 0 1,220 0 .0 43 1,70 0 Bonne fond ² (2.5% NSR) Effective as of 20 20 -10 -31 Eldorado Gold Corporation - - - - - - - - - - 7.4 1.67 397 397 3.3 2.71 291 Ca m e ron La ke ³ (1% NSR) Effective as of 20 17-0 1-17 First Mining Gold Corp. - - - - - - - 3.4 2.75 297 2.2 2.39 167 464 6.5 2.54 533 Coulon⁴ (3% NSR) Effective as of 20 0 9-0 4-0 3 Electric Elem ents Mining Corp. - - - - - - - - - - 3.7 0 .25 29.5 29.5 10 .1 0 .18 58.2 Cuiú Cuiú⁵ (1% NSR) Oxides effective as of 20 24-10 -0 9. Fresh effective as of 20 22-0 7-31 Cabral Gold Inc. - - - - - - - - - - 23.4 0 .83 622 622 25.9 0 .73 60 7 Ga s coyne Prop e rt ie s ⁶ (1.35% NSR) Glenburgh effective as of 20 20 -12-18. Mt Egerton effective as of 20 21-0 5-31 Benz Mining Corp. - - - - - - - - - - 13.7 1.0 3 456 456 2.8 0 .89 81.4 Ka nd iolé ⁷ (1% NSR) Effective as of 20 22-0 3-31 Roscan Gold Corporation - - - - - - - - - - 27.4 1.16 1,0 20 1,0 20 5.2 1.19 199 Lorra ine ⁸ (2% NSR) Effective as of 20 22-0 6-22 NorthWest Copper Corp. - - - - - - - - - - 13.0 0 .16 68.0 68.0 45.5 0 .0 99 145 Nut m e g Mount a in⁹ (0 .5% NSR a nd 30 % Offt a ke ) Effective as of 20 23-0 6-22 NevGold Corp. - - - - - - - - - - 51.7 0 .61 1,0 10 1,0 10 17.9 0 .48 275 Olla che a ¹⁰ (1% NSR) Effective as of 20 21-0 6-30 Minera IRL Lim ited - - - - - - - - - - 10 .7 3.28 1,130 1,130 7.3 2.70 60 0 Ora cle Rid ge ¹¹ (3% NSR) Effective as of 20 23-11-21 Marble Mountain Ventures LLC - - - - - - - 3.1 0 .18 18.0 12.2 0 .18 71.0 89.0 13.0 0 .13 53.0 Ra ve n¹² (3-5% NSR) Effective as of 20 22-0 9-15 Pricew aterhouseCoopers Inc., LIT (receiver) - - - - - - - - - - - - - - 20 .0 1.67 1,0 70 Sa nd m a n¹³ ( 0 -5% NSR; va ria b le cove ra ge ) Effective as of 20 21-0 1-20 Borealis Mining Com pany Ltd. - - - - - - - - - - 18.6 0 .73 433 433 3.2 0 .58 60 .8 Shove lnos e ¹⁴ (2% NSR) Effective as of 20 25-0 2-28 Westhaven Gold Corp. - - - - - - - - - - 3.4 6.1 677 677 2.3 3.67 270 Tijirit ¹⁵ (1.5% NSR) Effective as of 20 21-0 5-12 Aya Gold and Silver Inc. - - - - - - - 0 .67 2.54 54.5 3.5 2.13 238 293 10 .2 1.63 533 Whis t le r¹⁶ (2.75% NSR) Effective as of 20 24-0 9-12 U.S. GoldMining Inc. - - - - - - - - - - 294 0 .42 3,930 3,930 198 0 .52 3,310 SILVER Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Silve r Cont a ine d (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silver Contained (Moz) Silve r Cont a ine d (Moz) Tonnes (Mt) Average Silver Grade (g/t) Silve r Cont a ine d (Moz) Alt a r¹ (1% NSR) Effective as of 20 25-11-25 Aldebaran Resources Inc. - - - - - - - 781 1.0 3 25.8 1,620 1.31 68.0 93.8 1,220 1.25 49.0 Coulon⁴ (3% NSR) Effective as of 20 0 9-0 4-0 3 Electric Elem ents Mining Corp. - - - - - - - - - - 3.7 37 4.4 4.4 10 .1 35 11.2 Nim b us ¹⁷ (10 0 % Ag offt a ke ) Effective as of 20 15-0 4-30 Horizon Minerals Lim ited - - - - - - - 3.6 10 2 11.9 3.2 47 4.9 16.7 5.3 21 3.5 Ora cle Rid ge ¹¹ (3% NSR) Effective as of 20 23-11-21 Marble Mountain Ventures LLC - - - - - - - 3.1 13.9 1.4 12.2 12.0 4.7 6.1 13.0 9.5 4.0 Shove lnos e ¹⁴ (2% NSR) Effective as of 20 25-0 2-28 Westhaven Gold Corp. - - - - - - - - - - 3.4 32 3.6 3.6 2.3 25 1.9 We s t De s e rt ¹⁸ (1.5% NSR) Effective as of 20 23-0 2-0 1 Am erican West Metals Lim ited - - - - - - - - - - 27.3 9.5 8.4 8.4 6.3 7.1 1.4 Whis t le r¹⁶ (2.75% NSR) Effective as of 20 24-0 9-12 U.S. GoldMining Inc. - - - - - - - - - - 294 2.0 1 19.0 19.0 198 1.81 11.5 Prop e rt y, Op e ra t or &Roya lt y or St re a m Prop e rt y, Op e ra t or &Roya lt y or St re a m BASE METALS Prove n Re s e rve s Prob a b le Re s e rve s P&P Me a s ure d Re s ource s Ind ica t e d Re s ource s M&I Infe rre d Re s ource s Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Me t a l Cont a ine d (kt ) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Tonnes (Mt) Average Grade (% ) Metal Contained (kt) Me t a l Cont a ine d (kt ) Tonnes (Mt) Average Grade (% ) Me t a l Cont a ine d (kt ) Alt a r¹ (1% NSR) (Cop p e r) Effective as of 20 25-11-25 Aldebaran Resources Inc. - - - - - - - 781 0 .43 3,340 1,620 0 .41 6,650 9,980 1,220 0 .37 4,460 Coulon⁴ (3% NSR) (Cop p e r) Effective as of 20 0 9-0 4-0 3 Electric Elem ents Mining Corp. - - - - - - - - - - 3.7 1.27 46.7 46.7 10 .1 1.33 134 Coulon⁴ (3% NSR) (Le a d ) Effective as of 20 0 9-0 4-0 3 Electric Elem ents Mining Corp. - - - - - - - - - - 3.7 0 .40 14.7 14.7 10 .1 0 .19 19.1 Coulon⁴ (3% NSR) (Zinc) Effective as of 20 0 9-0 4-0 3 Electric Elem ents Mining Corp. - - - - - - - - - - 3.7 3.61 133 133 10 .1 3.92 394 J a m e s Ba y Niob ium ¹⁹ (1% NSR) (Niob ium ) Grade and m etal contained is expressed as Nb₂O₅. Effective as of 20 20 -0 7-0 9 NioBay Metals Inc. - - - - - - - - - - 29.7 0 .53 158 158 33.8 0 .52 177 Lorra ine ⁸ (2% NSR) (Cop p e r) Effective as of 20 22-0 6-22 NorthWest Copper Corp. - - - - - - - - - - 13.0 0 .55 70 .8 70 .8 45.5 0 .43 194 Ora cle Rid ge ¹¹ (3% NSR) (Cop p e r) Effective as of 20 23-11-21 Marble Mountain Ventures LLC - - - - - - - 3.1 1.40 43.0 12.2 1.36 166 20 9 13.0 1.32 171 We s t De s e rt ¹⁸ (1.5% NSR) (Cop p e r) Effective as of 20 23-0 2-0 1 Am erican West Metals Lim ited - - - - - - - - - - 27.3 0 .14 40 .6 40 .6 6.3 0 .13 8.5 We s t De s e rt ¹⁸ (1.5% NSR) (Zinc) Effective as of 20 23-0 2-0 1 Am erican West Metals Lim ited - - - - - - - - - - 27.3 3.79 1,0 40 1,0 40 6.3 4.0 1 254 Whis t le r¹⁶ (2.75% NSR) (Cop p e r) Effective as of 20 24-0 9-12 U.S. GoldMining Inc. - - - - - - - - - - 294 0 .16 464 464 198 0 .0 73 144 Re fe re nce s for Mine ra l Re s e rve s &Mine ra l Re s ource s : Not e s on Mine ra l Re s e rve s &Mine ra l Re s ource s : 3. First Mining Gold press release (dated 20 17-0 3-22) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=f0 a7d0 0 0 ea58d8b8e9dfd485ae1827ec8a9d158cca8a26c180 b7d926d98fa3e3) Prop e rt y, Op e ra t or &Roya lt y or St re a m 1. Aldebaran Resources press release (dated 20 24-11-25) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=f4aa397d0 1b3d6c1fa880 bca97e5afbab971aa6380 3f3e5d423e3e5d0 a95790 3) 2. QMX Gold Corporation press release (dated 20 21-0 1-18) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=d2541845972b2d0 e3633280 df8ca8cd7e2b331e2735f572a4d2f1c69de865e97) 15. Aya Gold &Silver press release (dated 20 21-0 6-11) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=50 17654197114390 78878dab76e28dd0 8ee4427d318a2370 8440 10 f6b98da4d0 ) 4. Virginia Mines technical report (dated 20 0 9-0 5-28) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=7c0 861e7d850 a72b3e53f9cc46df5978834182e0 ee8ae21fc10 2f394c50 1abb9) 5. Cabral Gold press release for gold-in-oxide PFS (dated 20 24-10 -21) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=d7956c0 42ffc70 8f24eb926475d228d8b111356a76ead0 ea60 55328ef77382c2). Cabral Gold press release (dated 20 22-0 9-30 ) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=9f230 e1f782ae3b38923168f59778c90 c7cd27e75227667937bcb61fd40 a0 c46) 6. Spartan Resources press release for Glenburgh (dated 20 20 -12-18) (https://announcem ents.asx.com .au/asxpdf/20 20 1218/pdf/44r2zzcx29zn9x.pdf). Spartan Resources press release for Mt Egerton (dated 20 21-0 5-31) (https://announcem ents.asx.com .au/asxpdf/20 210 531/pdf/44w yvh4bm bbbj0 .pdf) 7. Roscan Gold press release (dated 20 22-0 6-0 8) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=f1d71bba0 0 5f59ad5b9d10 ab14614b17222d85416728ad96d68b2fdfa5357ab4) 8. NorthWest Copper press release (dated 20 22-0 7-27) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=ef748da58f229819ce29c58210 12a4cbbbabb14c89af399d7ae5517ab50 c32e8) 9. Technical Report on the Nutm eg Mountain Gold Property (dated 20 23-0 8-23) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=30 3b1fcb33fa0 181187bb74e4fb36aa664f6e490 74cd8194a116f114ef1354b4) 10 . Mineral IRL press release (dated 20 21-0 7-19) (https://w w w .globenew sw ire.com /en/new s-release/20 21/0 7/19/2264744/0 /en/Minera-IRL-Announces-Positive-Prelim inary-Econom ic-Assessm ent-Results-for-the-Ollachea-Gold-Project.htm l) 11. Eagle Mountain Mining press release (dated 20 23-11-21) (https://announcem ents.asx.com .au/asxpdf/20 231121/pdf/0 5xknj9xr61x4k.pdf) 12. Victoria Gold Corp press release (dated 20 22-0 9-15) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=53a8ddce0 60 14eef828d65238622c4125beed50 89c82978ad134439893210 e0 1) 13. Technical Report on Sandm an Gold Property (dated 20 21-0 1-20 ) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=52d9d9b187c7ce90 6152920 dc4c26b4767bf1d29f2787b68d17dc95eb2db8712) 14. Westhaven Gold press release (dated 20 25-0 3-0 3) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=264cf99fe2725d9b1d424a220 41b91f935cc20 2212672588525fde820 364ea47) *Infe rre d Re source s ha ve not d e m onstra te d e conom ic via b ility, a nd the re is no ce rta inty tha t the y ca n b e up gra d e to re se rve s. 16. Technical Report for the Whistler Project (dated 20 24-11-21) (https://w w w .sec.gov/Archives/edgar/data/1947244/0 0 0 1437749240 3590 7/ex_750 818.htm ) 17. Horizon Minerals Ltd press release (dated 20 24-0 8-28) (https://announcem ents.asx.com .au/asxpdf/20 240 828/pdf/0 674518j42dw gh.pdf) 18. Am erican West Metals press release (dated 20 23-0 2-0 9) (https://announcem ents.asx.com .au/asxpdf/20 231213/pdf/0 5yhrjghhnhlr0 .pdf) 19. Technical Report on the Jam es Bay Niobium Project (dated 20 20 -0 8-23) (https://w w w .sedarplus.ca/csa-party/records/docum ent.htm l?id=cdd11bc40 49e0 aeabb0 afe4d0 60 523d0 3a15f0 dd1527ba0 cc1c596a75b1b1176) *The se va lue s a re e stim a te s b a se d on b e st a va ila b le inform a tion a s of Ap ril 11, 20 25. The re a d e r is a d vise d to follow the p rovid e d links to find the source a nd d e scrip tions of the origina l e stim a te s a nd the risks a ssocia te d w ith the ind ivid ua l p roje cts. Osisko ca n not ve rify a nd d oe s not ta ke re sp onsib ility of the a ccura cy of the e stim a te s p rovid e d he re . *Re source s a re e xclusive of re se rve s in a ll ca se s. (i) Mineral Resource and Mineral Reserve figures are only estimates. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results, and industry practices. While OR Royalties believes that the Mineral Resource and Mineral Reserves estimates, as applicable, in respect of properties in which OR Royalties holds royalties, streams, or other interests reflect best estimates performed by or on behalf of the owner of such properties, the estimating of Mineral Resource and Mineral Reserves is a subjective process and the accuracy of Mineral Resource and Mineral Reserve estimates is a function of the quantity and quality of available data, the accuracy of statistical computations, and the assumptions used and judgments made in interpreting available engineering and geological information. There is significant uncertainty in any Mineral Resource and Mineral Reserve estimate and the actual deposits encountered and the economic viability of a deposit may differ materially from estimates. Estimated Mineral Resource and Mineral Reserves may have to be re-estimated based on changes in prices of gold or other minerals, further exploration or development activity, or actual production experience. This could materially and adversely affect estimates of the volume or grade of mineralization, estimated recovery rates, or other important factors that influence such estimates. In addition, there is no assurance that any Mineral Resource estimate will ultimately be reclassified as proven or probable Mineral Reserves. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. If operators reduce their Mineral Reserves and Mineral Resources on properties underlying OR Royalties’ royalties, streams, or other interests, this may result in a material and adverse effect on OR Royalties’s profitability, results of operations, financial condition, and the trading price of OR Royalties’ securities. The Mineral Resources disclosed are based on the best available information as of April 11, 2025. Resources are exclusive of reserves in all cases. Gold equivalent ounces comprise mostly gold, other elements are converted assuming forecast long-term prices from analyst consensus published on March 3, 2025. Attributable GEOs were compiled without consideration for the potential mining or metallurgical recovery of the metals contained in the mineral resource or reserve.