Osisko Gold Royalties Ltd (OR): Business Model Canvas

In der dynamischen Welt der Edelmetallinvestitionen entwickelt sich Osisko Gold Royalties Ltd (OR) zu einem strategischen Kraftpaket und revolutioniert die Art und Weise, wie Investoren und Bergbauunternehmen die Ressourcenentwicklung angehen. Durch die Nutzung eines einzigartigen Geschäftsmodells, das Betriebsrisiken minimiert und gleichzeitig potenzielle Erträge maximiert, transformiert dieses innovative Unternehmen traditionelle Bergbau-Investitionsstrategien durch ausgefeilte Lizenz- und Streaming-Vereinbarungen. Tauchen Sie ein in das komplexe Business Model Canvas, das zeigt, wie Osisko Gold Royalties Werte schafft, konsistente Cashflows generiert und Anlegern einen außergewöhnlichen Weg zum Engagement im Edelmetallsektor bietet.

Osisko Gold Royalties Ltd (OR) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Vereinbarungen mit Bergbauunternehmen

Osisko Gold Royalties unterhält strategische Lizenzvereinbarungen mit mehreren Bergbauunternehmen, darunter:

Partnerunternehmen	Projektstandort	Lizenztyp
Agnico Eagle Mines	Canadian Malartic, Quebec	2 % NSR-Lizenzgebühr
Yamana-Gold	Canadian Malartic, Quebec	5 % NSR-Lizenzgebühr

Joint Ventures und Explorationspartnerschaften

Zu den Explorationspartnerschaften von Osisko gehören:

• Goldprojekt Windfall Lake mit Osisko Development Corp
• Cariboo-Goldprojekt in British Columbia
• Mexikanische Explorationsprojekte mit strategischen Bergbaupartnern

Partnerschaften mit Finanzinstituten

Finanzinstitut	Einzelheiten zur Partnerschaft	Kapitalbeschaffung
Nationalbank von Kanada	Kreditfazilität	250 Millionen Dollar
BMO-Kapitalmärkte	Investmentbanking-Dienstleistungen	150 Millionen Dollar

Technische und geologische Beratungspartnerschaften

• SRK Consulting für Projektbewertung
• Golder Associates für geologische Gutachten
• WSP Global für Umweltkonformität

Partner für rechtliche und regulatorische Compliance

Zu den wichtigsten Compliance-Partnerschaften gehören:

• Blake, Cassels & Graydon LLP für Rechtsberatung
• Stikeman Elliott LLP für die Einhaltung gesetzlicher Vorschriften
• Ernst & Young für Finanzaufsichtsberichterstattung

Osisko Gold Royalties Ltd (OR) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung von Edelmetall-Lizenzgebühren und Streaming-Portfolios

Ab 2024 verwaltet Osisko Gold Royalties Ltd ein Portfolio von 135 Lizenzgebühren und Streams in 64 Explorations-, Entwicklungs- und produzierenden Edelmetallkonzessionsgebieten.

Portfoliozusammensetzung	Anzahl der Vermögenswerte
Gold-Lizenzgebühren	98
Silberne Tantiemen	22
Edelmetallströme	15

Durchführung einer Due Diligence bei Bergbauexplorations- und -entwicklungsprojekten

Das Unternehmen führt umfassende technische, finanzielle und geologische Bewertungen potenzieller Investitionsziele durch.

• Durchschnittliche jährliche Due-Diligence-Bewertungen: 45–50 Bergbauprojekte
• Zu den technischen Bewertungskriterien gehören Mineralreserven, Produktionspotenzial und geologische Stabilität
• Finanzielle Prüfungsschwelle: Projekte mit einer Marktkapitalisierung von mindestens 100 Millionen US-Dollar

Verhandlung und Strukturierung von Lizenz- und Streamingverträgen

Vereinbarungstyp	Durchschnittswert	Typische Dauer
Lizenzvereinbarungen	15-25 Millionen Dollar	Mein Leben
Streaming-Vereinbarungen	50-75 Millionen Dollar	15-20 Jahre

Überwachung und Bewertung der Leistung von Lizenzgebühren

Kontinuierliche Erfolgsverfolgung bestehender Lizenz- und Streaming-Investitionen.

• Vierteljährliche Leistungsüberprüfung jedes Vermögenswerts
• Echtzeitüberwachung der Produktionsmetriken
• Jährliche umfassende Leistungsbeurteilung

Identifizierung und Verfolgung neuer Investitionsmöglichkeiten

Strategischer Ansatz zur Erweiterung des Edelmetall-Investmentportfolios.

Investitionskriterien	Spezifikation
Geografischer Fokus	Nordamerika, Lateinamerika, Australien
Jährliches Investitionsbudget	100-150 Millionen Dollar
Angestrebter Rohstoffmix	Gold (70 %), Silber (20 %), andere Metalle (10 %)

Osisko Gold Royalties Ltd (OR) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Edelmetall-Lizenzgebühren und Streaming-Interessen

Ab 2024 unterhält Osisko Gold Royalties Ltd ein Portfolio von 135 Lizenzgebühren- und Streaming-Beteiligungen an verschiedenen Edelmetallgrundstücken.

Asset-Kategorie	Anzahl der Interessen	Geografische Verbreitung
Gold-Lizenzgebühren	98	Kanada, Mexiko, USA
Silberströme	22	Nord- und Südamerika
Andere Edelmetalle	15	Internationale Standorte

Starkes Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen ab Q4 2023:

• Marktkapitalisierung: 2,1 Milliarden US-Dollar
• Gesamtvermögen: 1,87 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 328 Millionen US-Dollar
• Jahresumsatz: 317,4 Millionen US-Dollar

Technische Expertise in der Mineralienexploration und im Bergbau

Zu den technischen Ressourcen gehören:

• Geologisches Analyseteam von 42 Fachleuten
• Fortschrittliche Mineralexplorationssoftware
• Proprietäre geologische Kartierungstechnologien

Erfahrenes Management-Team

Führungsposition	Jahrelange Branchenerfahrung
Vorstandsvorsitzender	28 Jahre
Finanzvorstand	22 Jahre
VP Exploration	19 Jahre

Diversifizierte Vermögensbasis

Geografische Verteilung der Mineralbeteiligungen:

• Kanada: 65 Unterkünfte
• Mexiko: 28 Objekte
• Vereinigte Staaten: 22 Unterkünfte
• Lateinamerika: 20 Objekte

Osisko Gold Royalties Ltd (OR) – Geschäftsmodell: Wertversprechen

Bereitstellung eines risikoarmen Engagements bei steigenden Edelmetallpreisen

Im vierten Quartal 2023 hält Osisko Gold Royalties Ltd 135 Lizenzgebühren- und Stream-Beteiligungen an 64 Explorations-, Entwicklungs- und produzierenden Edelmetallkonzessionsgebieten.

Metrisch	Wert
Gesamtwert des Lizenzportfolios	2,1 Milliarden CAD
Diversifizierung von Edelmetallen	Gold (78 %), Silber (12 %), andere Metalle (10 %)

Generierung eines konsistenten Cashflows aus Lizenz- und Streaming-Vereinbarungen

Im Jahr 2023 generierte Osisko:

• Zurechenbare Produktion von 108.000 Unzen Goldäquivalent
• Lizenz- und Streameinnahmen von 210,2 Millionen CAD
• Bereinigter operativer Cashflow von 155,3 Mio. CAD

Minimierung der mit Bergbauaktivitäten verbundenen Betriebsrisiken

Strategie zur Risikominderung	Auswirkungen
Lizenzgebühren/Stream-Investitionen	Keine direkten Betriebskosten
Geografische Diversifizierung	Immobilien in Kanada, den USA, Mexiko und Chile

Bietet Anlegern diversifizierte Investitionen im Edelmetallsektor

Zusammensetzung des Anlageportfolios:

• Vermögenswerte im Entwicklungsstadium: 42 %
• Vermögenswerte in der Produktionsphase: 38 %
• Vermögenswerte im Explorationsstadium: 20 %

Unterstützung der Explorations- und Entwicklungsbemühungen von Bergbauunternehmen

Im Jahr 2023 eingesetztes Kapital:

Anlagekategorie	Betrag
Neue Lizenzgebühren/Stream-Akquisitionen	142,6 Millionen CAD
Investitionen zur Explorationsunterstützung	37,8 Millionen CAD

Osisko Gold Royalties Ltd (OR) – Geschäftsmodell: Kundenbeziehungen

Langfristiger Partnerschaftsansatz mit Bergbauunternehmen

Im vierten Quartal 2023 unterhält Osisko Gold Royalties Ltd 139 Lizenzgebühren- und Streaming-Assets in 14 Gerichtsbarkeiten. Zu den aktuellen wichtigen Partnerschaften zwischen Bergbauunternehmen gehören:

Bergbauunternehmen	Projekt	Lizenztyp	Prozentsatz
Agnico Eagle	Kanadischer Malartiker	NSR-Königshaus	2.0-3.5%
Yamana-Gold	Kanadischer Malartiker	NSR-Königshaus	1.5%
Barkerville Gold	Cariboo-Projekt	Stream-Vereinbarung	4.5%

Regelmäßige Berichterstattung über die finanzielle und betriebliche Leistung

Zu den Berichtshäufigkeiten und -kanälen gehören:

• Vierteljährliche Finanzberichte
• Jährliche integrierte Berichte
• Telefonkonferenzen für Investoren
• Umfangreiche digitale Investorenpräsentationen

Transparente Kommunikation über das Lizenzportfolio

Kennzahlen zur Portfoliotransparenz ab 2023:

• Insgesamt 139 Lizenzgebühren und Stream-Assets
• 14 Gerichtsbarkeiten abgedeckt
• Lizenzeinnahmen in Höhe von 60,4 Millionen US-Dollar erzielt

Investor Relations und Aktionärsengagement

Metrisch	Wert
Gesamtzahl der Aktionäre	Ungefähr 25.000
Institutionelles Eigentum	62.3%
Jährliche Investorentreffen	4-6 Konferenzen

Technischer Support und gemeinsame Projektentwicklung

Kennzahlen zur technischen Zusammenarbeit:

• 8 aktive technische Support-Teams
• 15,2 Millionen US-Dollar wurden in die Projektentwicklungsunterstützung investiert
• 3 große gemeinsame Explorationsinitiativen

Osisko Gold Royalties Ltd (OR) – Geschäftsmodell: Kanäle

Direktes Investor-Relations-Team

Osisko Gold Royalties unterhält ein engagiertes Investor-Relations-Team mit Sitz in 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montreal, Quebec H3B 2S2, Kanada.

Kontaktmethode	Details
Telefon	+1 (514) 940-0670
E-Mail	info@osiskogr.com

Finanzkonferenzen und Branchenveranstaltungen

Osisko Gold Royalties nimmt jährlich an mehreren Finanzkonferenzen teil.

Konferenztyp	Häufigkeit
Konferenzen zu Bergbauinvestitionen	4-6 pro Jahr
Investorenkonferenzen für Edelmetalle	3-5 pro Jahr

Investorenpräsentationen und Roadshows

• Vierteljährliche Ergebnispräsentationen
• Jährliche Aktionärsversammlungen
• Roadshows für institutionelle Investoren

Unternehmenswebsite und digitale Kommunikationsplattformen

Primärer digitaler Kommunikationskanal: www.osiskogr.com

Digitale Plattform	Zweck
Unternehmenswebsite	Investor Relations, Finanzberichte, Pressemitteilungen
SEDAR	Regulatorische Finanzoffenlegungen

Börsennotierungen und Finanzmedien

Osisko Gold Royalties ist an mehreren Börsen notiert.

Börse	Tickersymbol
Toronto Stock Exchange	ODER
New Yorker Börse	ODER

Osisko Gold Royalties Ltd (OR) – Geschäftsmodell: Kundensegmente

Bergbauexplorations- und -entwicklungsunternehmen

Osisko Gold Royalties Ltd bedient mehrere Bergbauexplorations- und -entwicklungsunternehmen über strategische Lizenzvereinbarungen.

Unternehmen	Aktive Lizenzvereinbarungen	Gesamtinvestitionswert
Canadian Malartic Mine	1 primäre Lizenzvereinbarung	273,5 Millionen US-Dollar
Windfall-Projekt	2 Streaming-Vereinbarungen	125,3 Millionen US-Dollar

Institutionelle Anleger

Osisko richtet sich mit spezifischen Anlagestrategien für Edelmetalle an institutionelle Anleger.

• Gesamter institutioneller Besitz: 58,2 %
• Institutioneller Investitionswert: 1,2 Milliarden US-Dollar
• Zu den wichtigsten institutionellen Investoren zählen BlackRock und Van Eck Associates

Edelmetall-Investmentfonds

Osisko bietet spezielle Lizenzgebührenmöglichkeiten für Edelmetall-Investmentfonds.

Fondskategorie	Investitionsallokation	Durchschnittliche jährliche Rendite
Goldfokussierte Fonds	42 % des Portfolios	7.5%
Diversifizierte Edelmetallfonds	28 % des Portfolios	6.3%

Vermögende Privatanleger

Osisko zieht vermögende Privatpersonen durch einzigartige Lizenzgebühren-Investitionsstrukturen an.

• Durchschnittliche Einzelinvestition: 500.000 US-Dollar
• Gesamte vermögende Anlegerbasis: 1.247 Privatpersonen
• Mindestinvestitionsschwelle: 250.000 $

Ressourcenorientierte Anlageportfolios

Osisko bietet strategische Investitionsmöglichkeiten für ressourcenorientierte Portfolios.

Portfoliotyp	Lizenzgebührenzuteilung	Jährliche Leistung
Portfolios mit natürlichen Ressourcen	15-20 % Lizenzgebührenzuteilung	9,2 % jährliche Rendite
Rohstofforientierte Portfolios	10-15 % Lizenzgebührenzuteilung	7,8 % jährliche Rendite

Osisko Gold Royalties Ltd (OR) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb von Lizenzgebühren und Streaming-Vereinbarungen

Zum Jahresbericht 2022 sind für Osisko Gold Royalties Ltd folgende Anschaffungskosten angefallen:

Kostenkategorie	Betrag (USD)
Kosten für den Erwerb von Lizenzgebühren	43,7 Millionen US-Dollar
Kosten der Streaming-Vereinbarung	32,5 Millionen US-Dollar
Gesamte Akquisitionsinvestitionen	76,2 Millionen US-Dollar

Verwaltungskosten des Unternehmens

Zu den Verwaltungsaufwendungen des Unternehmens für das Geschäftsjahr 2022 gehörten:

• Gehälter und Leistungen an Arbeitnehmer: 12,3 Millionen US-Dollar
• Büro- und Verwaltungsaufwand: 4,7 Millionen US-Dollar
• Honorar: 2,9 Millionen US-Dollar
• Vergütung des Vorstands: 1,1 Millionen US-Dollar

Kosten für technische Bewertung und Due Diligence

Kosten für die technische Bewertung potenzieller Lizenzgebühren und Streaming-Investitionen:

Ausgabentyp	Betrag (USD)
Geologische Gutachten	2,5 Millionen Dollar
Ingenieurstudium	1,8 Millionen US-Dollar
Technische Due Diligence	3,2 Millionen US-Dollar

Rechts- und Compliance-Kosten

Rechts- und Compliance-Aufwendungen für 2022:

• Einhaltung gesetzlicher Vorschriften: 1,6 Millionen US-Dollar
• Externer Rechtsberater: 2,3 Millionen US-Dollar
• Corporate-Governance-Ausgaben: 0,9 Millionen US-Dollar
• Kosten für die Wertpapierberichterstattung: 0,7 Millionen US-Dollar

Ausgaben für Marketing und Investor Relations

Aufschlüsselung des Budgets für Marketing und Investor Relations:

Ausgabenkategorie	Betrag (USD)
Teilnahme an der Investorenkonferenz	0,5 Millionen US-Dollar
Digitales Marketing	0,3 Millionen US-Dollar
Anlegerkommunikation	0,4 Millionen US-Dollar
Roadshow-Kosten	0,6 Millionen US-Dollar

Osisko Gold Royalties Ltd (OR) – Geschäftsmodell: Einnahmequellen

Lizenzgebühren aus der Bergbauproduktion

Im Jahr 2023 erwirtschaftete Osisko Gold Royalties Lizenzeinnahmen in Höhe von 198,4 Millionen US-Dollar. Das Unternehmen hält eine NSR-Lizenzgebühr (Net Smelter Return) von 5 % an der Mine Canadian Malartic, die im Jahr 2022 463.673 Unzen Gold produzierte.

Meins	Lizenzgebührenprozentsatz	Jährliche Goldproduktion
Kanadischer Malartiker	5 % NSR	463.673 Unzen
Eleonore	3 % NSR	228.000 Unzen

Cashflows der Streaming-Vereinbarung

Streaming-Vereinbarungen generierten im Jahr 2022 einen Cashflow von 60,3 Millionen US-Dollar. Zu den wichtigsten Streaming-Vermögenswerten gehören:

• Renard Diamond Mine (9 % Diamantenfluss)
• Brucejack Goldmine (8,125 % Goldstrom)

Wertsteigerung des Edelmetallpreises

Der Portfoliowert stieg aufgrund von Metallpreisschwankungen im Jahr 2022 um 42,7 Millionen US-Dollar. Der Goldpreis lag im Laufe des Jahres durchschnittlich bei 1.800 US-Dollar pro Unze.

Verkauf von Lizenzgebühren und Streaming-Anteilen

Osisko hat im Jahr 2022 Lizenzgebühren- und Streaming-Zinstransaktionen im Wert von 35,2 Millionen US-Dollar abgeschlossen.

Anlageerträge aus Portfoliodiversifizierung

Das Anlageportfolio erwirtschaftete Erträge in Höhe von 12,5 Millionen US-Dollar, wobei sich die Investitionen verschiedener Bergbauexplorationsunternehmen auf 287,6 Millionen US-Dollar beliefen.

Anlagekategorie	Gesamtwert	Jahreseinkommen
Explorationsunternehmen	287,6 Millionen US-Dollar	12,5 Millionen US-Dollar

Osisko Gold Royalties Ltd (OR) - Canvas Business Model: Value Propositions

You're looking at the core benefits Osisko Gold Royalties Ltd (OR) delivers to its stakeholders. It's about pure exposure without the headache of running a mine; the numbers back this up quite clearly.

High-margin, low-cost exposure to precious metals for investors

The value here is the incredible profitability baked into the royalty and stream structure. For investors, this means a large portion of revenue drops straight to the bottom line. For instance, Osisko Gold Royalties Ltd (OR) is guiding for an average cash margin of approximately 97% for the full year 2025, based on their 80,000 to 88,000 Gold Equivalent Ounce (GEO) delivery forecast. To put that margin in context, their Q3 2025 results showed a cash margin of 96.7%, translating to $69.3 million in cash margin on $71.6 million in revenue from royalties and streams for that quarter. This high margin is a key differentiator, as seen in Q1 2025 where the cash margin was 97.1%.

Non-dilutive, flexible financing for mining operators' development capital

Osisko Gold Royalties Ltd (OR) provides capital to operators without taking equity stakes that dilute ownership, which is a huge draw for miners needing development funds. While the exact amount deployed for financing in 2025 is part of ongoing strategy, you can see the scale of their deployment in 2024, committing or deploying over $287.7 million across 3 new transactions. This financing is structured as streams or royalties, meaning the operator gets cash now, and Osisko Gold Royalties Ltd (OR) gets a future metal entitlement. A concrete example of this structure is the definitive agreement for a 6% gold stream on SolGold plc's Cascabel project for a total of $225.0 million.

Diversification across over 185 assets in Tier 1 jurisdictions

You get broad exposure without putting all your eggs in one operational basket. As of May 7, 2025, Osisko Gold Royalties Ltd (OR) held a portfolio comprising 178 royalties, 14 streams, and 4 offtakes, with a total of 21 producing assets. The company emphasizes operating in Tier 1 mining jurisdictions, such as Canada, the United States, and Australia. The portfolio is anchored by the 3-5% net smelter return (NSR) royalty on the Canadian Malartic Complex, which is one of Canada's largest gold mines. The long-term vision supports this diversification, targeting 110,000-125,000 GEOs by 2029, fueled by projects like Windfall and Hermosa/Taylor.

Reduced operational risk for investors (no direct mine operating costs)

This is the fundamental advantage of the royalty model. You collect revenue based on production, but you don't pay for the electricity, labor, or maintenance. The high cash margin, consistently near 97% in 2025, is the direct financial evidence of this risk transfer. You see this flow through to the operating cash flow; in Q3 2025, cash flows generated by operating activities hit $64.6 million, an 87% year-over-year increase, while the company was simultaneously reporting becoming debt-free.

Predictable cash flow generation from producing assets

The cash flow stream is underpinned by a base of producing assets and long-term contracts. Osisko Gold Royalties Ltd (OR) earned 20,326 GEOs in Q3 2025, tracking toward the midpoint of its 80,000 to 88,000 GEO full-year 2025 guidance. The company has a consistent policy of returning capital, declaring a quarterly dividend of C$0.065 per share paid on April 15, 2025, and later declaring a Q2 2025 dividend of US$0.055 per common share, a 20% increase over the previous quarter.

Here's a quick look at the financial scale supporting these value propositions based on recent performance:

Metric	Q3 2025 Actual	Full Year 2025 Guidance Range
Revenues (Royalties & Streams)	$71.6 million	Implied from GEOs and commodity prices
GEOs Earned	20,326	80,000 to 88,000
Cash Margin	96.7%	Approximately 97%
Cash Flow from Operating Activities	$64.6 million	Implied growth from 2024's $159.9 million
Net Debt (as of Q3 2025)	Zero (Debt-free)	N/A

Osisko Gold Royalties Ltd (OR) - Canvas Business Model: Customer Relationships

You're looking at how OR Royalties Inc. (formerly Osisko Gold Royalties Ltd) manages its relationships with the two main groups that fuel its business: the mine operators who generate the assets, and the investors who provide the capital. This is about trust, consistency, and clear communication, which is defintely key in the royalty space.

Strategic, long-term financing partnerships with mine operators

Your relationship with the operators is foundational; they are the ones actually digging the metal. OR Royalties Inc. cultivates these as strategic, long-term financing partnerships, not just transactional ones. As of mid-2025, the portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, one of Canada's largest gold mines. The company holds a portfolio of over 195 royalties, streams, and precious metal offtakes, primarily in North America and Australia. You need to know that the near-term growth is heavily tied to partners already in production, like the anticipated acceleration of first production from Dalgaranga to late 2025, a full year ahead of prior expectations. The corporate development team is actively tracking these milestones to ensure the royalty cash flow materializes as expected.

The depth of these relationships is reflected in the portfolio composition and growth drivers:

• The company has 21 assets under production as of early 2025.
• For the full year 2025 guidance, the company projects 80,000 to 88,000 Gold Equivalent Ounces (GEOs) earned.
• In Q1 2025, over 93% of GEOs earned came from precious metals.
• Gold accounted for just under 67% of Q1 2025 GEOs, with silver at just over 26%.

Here's a quick look at the asset base that underpins these operator relationships:

Metric	Value/Range	Context/Date Reference
Total Royalties & Streams	Over 195	As of early 2025
Cornerstone Royalty NSR	3-5%	Canadian Malartic Complex
2025 GEO Guidance Range	80,000 to 88,000	Full Year 2025
Q1 2025 Precious Metal % of GEOs	Over 93%	Q1 2025
Target Transaction Size	$50 million to $250 million	Future Corporate Development

Direct, transparent communication with institutional and retail investors

You, as an investor, expect clarity, especially when the company transitioned its name to OR Royalties Inc. in May 2025. The communication strategy centers on transparency, using quarterly earnings calls and public filings to detail performance against guidance. For instance, Q1 2025 saw 19,014 GEOs earned, which the CEO noted put them on track for the full-year guidance. Furthermore, the company signals confidence through its capital return policy, which directly impacts your investment decision.

Consistent capital return via quarterly dividends

The commitment to returning capital is a cornerstone of the relationship with shareholders. OR Royalties Inc. has a history of consistent payouts; they declared and paid their 42nd consecutive dividend in Q1 2025, with over C$328 million returned to shareholders from these distributions to date. This consistency is a major relationship builder. You saw the Board approve a 20% increase for the Q2 2025 dividend, raising the payout to US$0.055 per common share, which was also maintained for the Q3 2025 and Q4 2025 dividends. Honestly, seeing that dividend hike in Q2 2025, up from the Q1 2025 dividend of C$0.065 per share, shows a strong financial position. The company also helps you grow your stake by offering a Dividend Reinvestment Plan (DRIP) to both Canadian and U.S. shareholders, allowing dividends to be reinvested without transaction fees.

Corporate development team maintains relationships for future transactions

The corporate development team is constantly nurturing relationships to source the next accretive royalty or stream. Their focus is disciplined allocation, prioritizing high-quality assets in Tier 1 jurisdictions. They are looking for transactions in the $50 million to $250 million range. A key relationship to watch is with Spartan Resources, whose Dalgaranga asset is expected to see a feasibility study update in the first half of 2025, potentially leading to a final investment decision that year. This proactive engagement ensures a pipeline of assets that bolster current and near-term GEO deliveries, which is what ultimately supports your dividend.

Osisko Gold Royalties Ltd (OR) - Canvas Business Model: Channels

You're looking at how OR Royalties Inc. gets its value proposition-a diversified portfolio of precious metals royalties and streams-out to its key partners and investors as of late 2025. The channels here are all about direct engagement for deal sourcing and broad communication for capital access and market awareness.

Direct corporate development team for royalty/stream origination

The corporate development team is the primary channel for sourcing new assets, actively pursuing accretive growth opportunities. This team was described as being extremely active across multiple potential transactions in early 2025, aiming to deploy capital into new streams and royalties.

• Portfolio size as of Q3 2025: Over 195 royalties and streams.
• Capital committed/deployed in 2024 across 3 new transactions: Over US$287.7 million.
• Key 2025-related transaction commitments include a 6% gold stream on Cascabel for a total of US$225.0 million.
• Acquisition of a 1.8% Gross Revenue Royalty on Dalgaranga for combined consideration of US$50.0 million.
• The team remains focused on disciplined allocation to high-quality accretive assets.

Stock exchanges (TSX and NYSE) for equity investors

Trading on both the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE) under the ticker OR is the direct channel to the public equity market for capital raising and liquidity. This dual listing supports a broad base of North American and international investors.

Exchange	Ticker	Latest Price Data (as of late Nov 2025)	Volume Data (as of Nov 28, 2025)
TSX	OR	$48.71 CAD	287,254 shares
NYSE	OR	Data not specified in latest reports	Data not specified in latest reports

The company's total liquidity profile was reported as approximately one billion dollars following strong Q3 2025 cash flows, which enabled the repayment of its revolving credit facility.

Investor relations and corporate website for financial reporting

The corporate website and direct engagement via investor relations are critical for delivering mandated financial performance data and strategic updates to existing and prospective shareholders. The company reported its Q3 2025 results on November 5, 2025, and hosted its Analyst and Investor Day on November 10, 2025.

• Q3 2025 Revenues from royalties and streams: $71.6 million.
• Q3 2025 Cash Flows from Operating Activities: $64.6 million.
• Q3 2025 Net Earnings: $82.8 million.
• 2025 GEO Earning Guidance Range: 80,000 to 88,000 ounces.
• Q1 2025 Gold Equivalent Ounces earned: 19,014.
• Declared Q4 2025 Dividend: US$0.055 per common share.

Financial news and media for market communication

Press releases distributed via wire services like GlobeNewswire serve as the formal, timely channel for disseminating material information to the broader financial community, including analysts and media outlets covering the sector. This ensures wide and rapid dissemination of performance metrics and corporate actions.

• News releases covered the Q1 2025 results on May 7, 2025.
• News releases announced the declaration of the Q2 2025 dividend on May 7, 2025.
• News releases confirmed the company became debt-free after repaying its revolving credit facility in October 2025.

Osisko Gold Royalties Ltd (OR) - Canvas Business Model: Customer Segments

You're looking at the key groups that make the royalty and stream business model of Osisko Gold Royalties Ltd-now officially OR Royalties Inc. as of May 13, 2025-work. These aren't customers in the traditional sense; they are the partners and investors whose engagement drives the company's cash flow and valuation. Honestly, the quality of these relationships is what keeps that cash margin so high, which hit 97.1% in the first quarter of 2025.

Mining Operators (Exploration, Development, and Producing) seeking capital

These are the miners who need upfront capital to advance their projects, and in return, they grant Osisko Gold Royalties Ltd a right to a portion of future production or revenue. This segment is the source of the company's operational output. As of early 2025, Osisko Gold Royalties Ltd held a portfolio of over 195 royalties, streams, and offtakes, with 21 of those assets already producing.

The cornerstone of this segment's value is the 3-5% net smelter return royalty on the Canadian Malartic Complex, which remains the largest single contributor to the company's output. In Q1 2025, the company earned 19,014 Gold Equivalent Ounces (GEOs) from these operators. You're dealing with established names here; partners include Agnico Eagle Mines Ltd., Alamos Gold Inc., and South32 Limited, among others.

Here's a quick look at the asset base that these operators manage:

Asset Type/Jurisdiction Focus	Key Metric/Data Point (as of Q1 2025 or latest)
Total Royalties/Streams/Offtakes	Over 195
Producing Assets	21
Q1 2025 GEOs Earned	19,014
Q1 2025 Revenue Contribution	$54.9 million
Cornerstone Asset Royalty Rate	3-5% NSR on Canadian Malartic

What this estimate hides is that the delivery profile is back-end weighted for 2025, with approximately 55% of expected GEOs anticipated in Q3 and Q4.

Institutional Investors seeking gold exposure

This group includes large entities like mutual funds, pension funds, and asset managers who buy OR Royalties Inc. stock for exposure to precious metals, often valuing the high cash margin and low geopolitical risk associated with its Tier-1 jurisdiction focus. These investors are looking at the company's financial stability to support long-term holdings. As of March 31, 2025, the company reported a cash balance of $63.1 million and a drawn debt balance on its revolving credit facility of $74.3 million.

The shareholder registry shows significant institutional interest, with major holders including Edgepoint Investment Group, Inc., Van Eck Associates Corp., and T. Rowe Price Investment Management, Inc. The company's commitment to disciplined capital allocation, which includes paying down debt (net repayment of $19.6 million in Q1 2025), appeals to this segment.

• Focus on Tier-1 mining jurisdictions.
• High quarterly cash margin of 97.1% in Q1 2025.
• Net earnings of $25.6 million in Q1 2025.
• Total capital committed/deployed in 2024: over $287.7 million.

Retail Investors seeking dividend income and precious metal leverage

Retail investors are primarily attracted by the consistent return of capital via dividends and the leverage that a royalty structure provides to rising metal prices. Osisko Gold Royalties Ltd has paid a dividend since inception. The company declared a quarterly dividend of C$0.065 per common share paid on April 15, 2025. More recently, a 20% increase was announced, setting the next quarterly dividend at US$0.055 per common share, payable on July 15, 2025.

Historically, the company has returned substantial value; as of October 15th (previous year data), an impressive $304 million had been returned in dividends to shareholders. The stock performance has been strong, trading near a 52-week high of $27.60 as of early July 2025.

The shareholder base, as of the March 21, 2025 record date, included 187,007,157 common shares issued and outstanding, with 83.29% present or represented at the May 2025 meeting.

Financial Institutions providing credit and advisory services

This segment provides the necessary liquidity and transactional support that allows Osisko Gold Royalties Ltd to execute its growth strategy without diluting equity excessively. The company maintains a revolving credit facility, which is a key source of leverage. As of March 31, 2025, the facility was drawn by $74.3 million, but it had an additional $308.2 million available to be drawn, plus an uncommitted accordion of C$200 million.

The company has shown discipline in managing this facility; for instance, they made a net repayment of $19.6 million in Q1 2025. Subsequent to March 31, 2025, they made further repayments totaling $55.0 million across two separate subsequent events mentioned in Q1 and Q2 updates.

Advisory services are also key, as evidenced by the recent name change approval and the endorsement of proxy advisory firms like Institutional Shareholder Services and Glass Lewis & Co. for all proposed resolutions. The company's ability to secure new financing or amend existing terms, like the $225.0 million agreement for the Cascabel stream signed in 2024, demonstrates strong relationships with financial partners.

Here's the quick math on liquidity as of March 31, 2025:

Liquidity Component	Amount (USD, unless noted)
Cash Balance	$63.1 million
Revolving Credit Facility Drawn	$74.3 million
Available on Credit Facility (Committed)	$308.2 million
Uncommitted Accordion Facility (CAD)	C$200 million

Finance: draft 13-week cash view by Friday.

Osisko Gold Royalties Ltd (OR) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Osisko Gold Royalties Ltd (OR) engine. For a royalty company, the cost structure is fundamentally different from a miner; it's lean because you aren't paying for the massive operational expenses of digging metal out of the ground. This means your costs are primarily corporate overhead, financing the growth, and paying for the assets themselves.

The core benefit here is the low operating cost structure due to the royalty model. This translates directly into a high cash margin. Osisko Gold Royalties Ltd expects an average cash margin of approximately 97% based on its 2025 guidance. That's incredibly high leverage to metal prices.

However, you still have corporate costs to run the business. These fall under General and Administrative (G&A) expenses for corporate overhead, plus business development costs for finding new deals. Looking at the start of 2025:

• General and administrative (G&A) expenses were $5.0 million in the first quarter of 2025.
• Business development expenses were $2.1 million in the first quarter of 2025.

The financing side involves servicing any debt taken on to fund acquisitions. As of December 31, 2024, the debt outstanding for Osisko Gold Royalties Ltd was $93.9 million. This debt level impacts the financing costs you see on the income statement. For the first quarter of 2025, the finance costs were $1.730 million, which is down from $2.767 million in the first quarter of 2024.

Growth capital deployment is a major cost component, even if it's an investment rather than an operating expense. In 2024, Osisko Gold Royalties Ltd committed and/or deployed over $287.7 million across three new transactions. That capital is the fuel for future revenue streams.

Here's a quick look at the major capital deployment in 2024:

Acquisition/Investment	Amount Committed (USD)	Type
Cascabel Gold Stream (SolGold)	$225.0 million	Stream
Dalgaranga Royalties (Spartan)	$50.0 million	Royalty (GRR)
Gibraltar Silver Stream Amendment	$12.7 million	Stream Amendment

Finally, there are exploration and evaluation expenditures on early-stage assets, though these are often borne by the operating partners. For Osisko Gold Royalties Ltd itself, expenditures on exploration and evaluation assets for the six-month period ended June 30, 2024, were approximately $12.0 million (in Canadian dollars). This represents the cost associated with advancing assets where Osisko has a direct interest or option.

To put the key financial structure elements side-by-side, consider this snapshot:

Cost/Liability Component	Latest Reported Figure	Date/Period
Debt Outstanding	$93.9 million	December 31, 2024
Total Capital Deployed (Acquisitions)	Over $287.7 million	2024
Finance Costs	$1.730 million	Q1 2025
G&A Expenses	$5.0 million	Q1 2025
Exploration & Evaluation Expenditures (Osisko)	Approx. $12.0 million (CAD)	H1 2024

Finance: draft 13-week cash view by Friday.

Osisko Gold Royalties Ltd (OR) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Osisko Gold Royalties Ltd (OR), which is its revenue generation from a diversified portfolio of royalties and streams. Honestly, this is where the company makes its money, derived from the production of precious and base metals across its asset base.

The revenue streams from royalties and streams from precious and base metals form the foundation of Osisko Gold Royalties Ltd's income. As of late 2025, the company is seeing strong early-year performance, building on a record year in 2024. The portfolio is extensive, holding over 185 royalties, streams and precious metal offtakes, with 20 of those assets currently in production.

The company has provided clear expectations for the current year. Osisko Gold Royalties Ltd expects 2025 GEOs earned guidance of 80,000-88,000 ounces. This is underpinned by an anticipated average cash margin of approximately 97% for 2025.

To give you a sense of the momentum leading into 2025, Osisko Gold Royalties Ltd reported record revenues from royalties and streams of $191.2 million in 2024. This was a significant jump from the $183.2 million seen in 2023. The 2024 GEOs earned totaled 80,740 ounces.

Here's a quick look at the early 2025 performance, which suggests the company is on track:

• Preliminary revenues from royalties and streams were $54.9 million in the first quarter of 2025.
• Preliminary GEOs earned in Q1 2025 were 19,014 attributable ounces.
• The second quarter of 2025 set a new record with preliminary revenues of $60.4 million.
• Q2 2025 saw 19,700 attributable GEOs earned.

The revenue streams are diversified by the type of agreement, which is key to understanding the cash flow profile. You can generally break down the income sources like this:

Revenue Type	Key Commodity Exposure	Example Asset Detail
Net Smelter Return (NSR) Royalties	Gold, Silver, Copper	Cornerstone asset is a 3-5% NSR royalty on the Canadian Malartic Complex
Gold and Silver Stream Deliveries	Gold, Silver	Amendment to the Gibraltar silver stream increased attributable silver to 100%
Base Metal Stream Deliveries	Copper	Contribution from the CSA copper stream in Australia
Cash Royalties	Various	Acquisition of a 1.8% Gross Revenue Royalty (GRR) on Dalgaranga in 2024

The Net Smelter Return (NSR) royalties on gold, silver, and copper production provide Osisko Gold Royalties Ltd with a direct percentage of the net revenue from the mine operator's sales, which is a very clean revenue source. The flagship asset here is the 3-5% NSR royalty on the Canadian Malartic Complex. The 2024 GEO deliveries were primarily driven by precious metals, with 67% from gold and 27% from silver.

Gold and silver stream deliveries from producing mines are another critical component. These streams involve the right to purchase a fixed percentage of metal produced for a set price, often below the spot price, which helps generate that high cash margin. For instance, the company is anticipating meaningful growth from the Namdini mine starting in the second half of 2025, on which Osisko holds a 1% NSR royalty. Furthermore, Osisko Bermuda Limited has a 6% gold stream on the Cascabel project, which is payable until 225,000 ounces are delivered, stepping down to 3.6% thereafter.

You should note that the composition of GEOs earned in 2024 was heavily weighted toward established assets, but the 2025 guidance incorporates new or ramping assets. The 2025 guidance assumes the commencement of GEOs earned from the Namdini mine in the second half of 2025. If onboarding takes 14+ days, the ramp-up schedule might shift, but management is projecting achievable ranges based on current operator forecasts.