Osisko Gold Royalties Ltd (OR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las inversiones de metales preciosos, Osisko Gold Royalties Ltd (OR) emerge como una potencia estratégica, revolucionando cómo los inversores y las compañías mineras abordan el desarrollo de recursos. Al aprovechar un modelo comercial único que minimiza los riesgos operativos al tiempo que maximiza los rendimientos potenciales, esta empresa innovadora transforma las estrategias tradicionales de inversión minera a través de acuerdos sofisticados de regalías y transmisión. Cumplir con el intrincado lienzo de modelo de negocio que revela cómo las regalías de oro de Osisko crean valor, genera flujos de efectivo consistentes y brinda a los inversores una vía excepcional a la exposición al sector de metales preciosos.

Osisko Gold Royalties Ltd (OR) - Modelo de negocios: asociaciones clave

Acuerdos estratégicos con compañías mineras

Osisko Gold Royalties mantiene acuerdos de regalías estratégicas con múltiples compañías mineras, que incluyen:

Empresa asociada	Ubicación del proyecto	Tipo de regalías
Minas de águila agnico	Malártico canadiense, Quebec	2% de regalías NSR
Yamana Gold	Malártico canadiense, Quebec	5% de regalías NSR

Asociaciones conjuntas de empresas y exploración

Las asociaciones de exploración de Osisko incluyen:

• Proyecto Windfall Lake Gold con Osisko Development Corp
• Proyecto de Oro Cariboo en Columbia Británica
• Proyectos de exploración mexicana con socios mineros estratégicos

Asociaciones de instituciones financieras

Institución financiera	Detalles de la asociación	Capital recaudada
Banco Nacional de Canadá	Línea de crédito	$ 250 millones
Mercados de capitales de BMO	Servicios de banca de inversión	$ 150 millones

Asociaciones de consultoría técnica y geológica

• SRK Consulting para evaluación de proyectos
• Golder Associates para evaluaciones geológicas
• WSP Global para el cumplimiento ambiental

Socios de cumplimiento legal y regulatorio

Las asociaciones de cumplimiento clave incluyen:

• Blake, casas & Graydon LLP para asesoramiento legal
• Stikeman Elliott LLP para cumplimiento regulatorio
• Ernst & Jóvenes para informes regulatorios financieros

Osisko Gold Royalties Ltd (OR) - Modelo de negocio: actividades clave

Adquirir y administrar carteras de regalías y transmisiones de metales preciosos

A partir de 2024, Osisko Gold Royalties Ltd administra una cartera de 135 regalías y corrientes en 64 exploración, desarrollo y producción de propiedades metálicas preciosas.

Composición de cartera	Número de activos
Regalías de oro	98
Regalías de plata	22
Corrientes de metales preciosas	15

Realización de la debida diligencia en proyectos de exploración minera y desarrollo

La Compañía realiza evaluaciones técnicas, financieras y geológicas integrales de posibles objetivos de inversión.

• Evaluaciones promedio de diligencia debida anual: 45-50 proyectos mineros
• Los criterios de evaluación técnica incluyen reservas minerales, potencial de producción y estabilidad geológica
• Umbral de detección financiera: proyectos con capitalización de mercado mínima de $ 100 millones

Negociación y estructuración de acuerdos de regalías y transmisión

Tipo de acuerdo	Valor promedio	Duración típica
Acuerdos de regalías	$ 15-25 millones	Vida mía
Acuerdos de transmisión	$ 50-75 millones	15-20 años

Monitoreo y evaluación del desempeño de los activos de regalías

Seguimiento continuo de rendimiento de las regalías existentes y las inversiones de transmisión.

• Revisión de rendimiento trimestral de cada activo
• Monitoreo en tiempo real de las métricas de producción
• Evaluación anual de desempeño integral

Identificar y buscar nuevas oportunidades de inversión

Enfoque estratégico para expandir la cartera de inversión de metales preciosos.

Criterio de inversión	Especificación
Enfoque geográfico	América del Norte, América Latina, Australia
Presupuesto de inversión anual	$ 100-150 millones
Mezcla de productos básicos	Oro (70%), plata (20%), otros metales (10%)

Osisko Gold Royalties Ltd (OR) - Modelo de negocio: recursos clave

Extensa cartera de regalías de metales preciosos y intereses de transmisión

A partir de 2024, Osisko Gold Royalties Ltd mantiene una cartera de 135 intereses de regalías y transmisión en varias propiedades de metales preciosos.

Categoría de activos	Número de intereses	Extensión geográfica
Regalías de oro	98	Canadá, México, EE. UU.
Corrientes de plata	22	América del Norte y del Sur
Otros metales preciosos	15	Ubicaciones internacionales

Capacidades de capital financiero y de inversión sólidos

Métricas financieras a partir del cuarto trimestre 2023:

• Capitalización de mercado: $ 2.1 mil millones
• Activos totales: $ 1.87 mil millones
• Efectivo y equivalentes de efectivo: $ 328 millones
• Ingresos anuales: $ 317.4 millones

Experiencia técnica en exploración y minería minerales

Los recursos técnicos incluyen:

• Equipo de análisis geológico de 42 profesionales
• Software avanzado de exploración mineral
• Tecnologías de mapeo geológico patentado

Equipo de gestión experimentado

Puesto ejecutivo	Años de experiencia en la industria
Director ejecutivo	28 años
Director financiero	22 años
Exploración de vicepresidente	19 años

Base de activos diversificada

Distribución geográfica de intereses minerales:

• Canadá: 65 propiedades
• México: 28 propiedades
• Estados Unidos: 22 propiedades
• América Latina: 20 propiedades

Osisko Gold Royalties Ltd (OR) - Modelo de negocio: propuestas de valor

Proporcionar una exposición de bajo riesgo a una preciosa apreciación del precio de los metales

A partir del cuarto trimestre de 2023, Osisko Gold Royalties Ltd posee 135 intereses de regalías y arroyos en 64 exploración, desarrollo y producción de propiedades de metales preciosos.

Métrico	Valor
Valor total de la cartera de regalías	CAD $ 2.1 mil millones
Diversificación de metales preciosos	Oro (78%), plata (12%), otros metales (10%)

Generar un flujo de efectivo consistente a partir de acuerdos de regalías y transmisión

En 2023, Osisko generó:

• Producción atribuible de 108,000 onzas equivalentes de oro
• Royalty and Stream Ingresos de CAD $ 210.2 millones
• Flujo de efectivo operativo ajustado de CAD $ 155.3 millones

Minimizar los riesgos operativos asociados con las actividades mineras

Estrategia de mitigación de riesgos	Impacto
Inversiones de regalías/flujo	Sin gastos operativos directos
Diversificación geográfica	Propiedades en Canadá, EE. UU., México, Chile

Ofrecer a los inversores una inversión diversificada en el sector de metales preciosos

Composición de cartera de inversiones:

• Activos de la etapa de desarrollo: 42%
• Activos de la etapa de producción: 38%
• Activos de exploración en etapa: 20%

Apoyo a los esfuerzos de exploración y desarrollo de las compañías mineras

Capital desplegada en 2023:

Categoría de inversión	Cantidad
Nuevas adquisiciones de regalías/transmisiones	CAD $ 142.6 millones
Inversiones de soporte de exploración	CAD $ 37.8 millones

Osisko Gold Royalties Ltd (OR) - Modelo de negocios: relaciones con los clientes

Enfoque de asociación a largo plazo con compañías mineras

A partir del cuarto trimestre de 2023, Osisko Gold Royalties Ltd mantiene 139 activos de regalías y transmisión en 14 jurisdicciones. Las asociaciones actuales de la empresa minera de minería incluyen:

Empresa minera	Proyecto	Tipo de regalías	Porcentaje
Agnico Eagle	Malártico canadiense	Regalía de la NSR	2.0-3.5%
Yamana Gold	Malártico canadiense	Regalía de la NSR	1.5%
Barkerville Gold	Proyecto Cariboo	Acuerdo de transmisión	4.5%

Informes regulares de desempeño financiero y operativo

La frecuencia de los informes y los canales incluyen:

• Informes financieros trimestrales
• Informes integrados anuales
• Llamadas a la conferencia de inversores
• Presentaciones integrales de inversores digitales

Comunicación transparente sobre la cartera de regalías

Métricas de transparencia de cartera a partir de 2023:

• 139 activos totales de regalías y transmisión
• 14 jurisdicciones cubiertas
• $ 60.4 millones en ingresos de regalías generados

Relaciones con los inversores y participación de los accionistas

Métrico	Valor
Total de accionistas	Aproximadamente 25,000
Propiedad institucional	62.3%
Reuniones anuales de inversores	4-6 conferencias

Soporte técnico y desarrollo de proyectos colaborativos

Métricas de colaboración técnica:

• 8 equipos de soporte técnico activo
• $ 15.2 millones invertidos en soporte de desarrollo de proyectos
• 3 principales iniciativas de exploración colaborativa

Osisko Gold Royalties Ltd (OR) - Modelo de negocios: canales

Equipo directo de relaciones con los inversores

Osisko Gold Royalties mantiene un equipo dedicado de relaciones con los inversores ubicado en 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montreal, Quebec H3B 2S2, Canadá.

Método de contacto	Detalles
Teléfono	+1 (514) 940-0670
Correo electrónico	info@osiskogr.com

Conferencias financieras y eventos de la industria

Osisko Gold Royalties participa en múltiples conferencias financieras anualmente.

Tipo de conferencia	Frecuencia
Conferencias de inversión minera	4-6 por año
Conferencias de inversores de metales preciosos	3-5 por año

Presentaciones de inversores y roadshows

• Presentaciones de ganancias trimestrales
• Reuniones anuales de accionistas
• Roadswows de inversores institucionales

Sitio web de la empresa y plataformas de comunicación digital

Canal de comunicación digital primaria: www.osiskogr.com

Plataforma digital	Objetivo
Sitio web de la empresa	Relaciones con inversores, informes financieros, comunicados de prensa
Sedar	Divulgaciones financieras regulatorias

Listados de bolsa y medios financieros

Osisko Gold Royalties aparece en múltiples intercambios.

Bolsa	Símbolo de ticker
Bolsa de Toronto	O
Bolsa de Nueva York	O

Osisko Gold Royalties Ltd (OR) - Modelo de negocios: segmentos de clientes

Compañías de exploración y desarrollo minero

Osisko Gold Royalties Ltd sirve múltiples compañías de exploración y desarrollo mineras a través de acuerdos estratégicos de regalías.

Compañía	Acuerdos de regalías activas	Valor de inversión total
Mina malártica canadiense	1 acuerdo principal de regalías	$ 273.5 millones
Proyecto inesperado	2 acuerdos de transmisión	$ 125.3 millones

Inversores institucionales

Osisko se dirige a inversores institucionales con estrategias específicas de inversión de metales preciosos.

• Propiedad institucional total: 58.2%
• Valor de inversión institucional: $ 1.2 mil millones
• Los principales inversores institucionales incluyen BlackRock y Van Eck Associates

Fondos de inversión de metales preciosos

Osisko ofrece oportunidades especializadas de regalías para fondos de inversión de metales preciosos.

Categoría de fondos	Asignación de inversión	Rendimiento anual promedio
Fondos centrados en el oro	42% de la cartera	7.5%
Fondos diversificados de metales preciosos	28% de la cartera	6.3%

Inversores individuales de alto nivel de red

Osisko atrae a individuos de alto valor neto a través de estructuras únicas de inversión de regalías.

• Inversión individual promedio: $ 500,000
• Base de inversionista total de alto nivel de red: 1,247 individuos
• Umbral de inversión mínima: $ 250,000

Carteras de inversión centradas en recursos

Osisko ofrece oportunidades de inversión estratégica para carteras centradas en recursos.

Tipo de cartera	Asignación de regalías	Rendimiento anual
Carteras de recursos naturales	15-20% de asignación de regalías	9.2% de retorno anual
Carteras centradas en productos básicos	10-15% de asignación de regalías	Retorno anual de 7.8%

Osisko Gold Royalties Ltd (OR) - Modelo de negocio: Estructura de costos

Costos de adquisición del acuerdo de regalías y transmisión

A partir del informe anual de 2022, Osisko Gold Royalties Ltd incurrió en los siguientes costos de adquisición:

Categoría de costos	Cantidad (USD)
Gastos de adquisición de regalías	$ 43.7 millones
Costos de acuerdo de transmisión	$ 32.5 millones
Inversiones de adquisición total	$ 76.2 millones

Gastos administrativos corporativos

Los gastos administrativos corporativos para el año fiscal 2022 incluyeron:

• Salarios y beneficios para empleados: $ 12.3 millones
• Oficina y gastos generales administrativos: $ 4.7 millones
• Tarifas profesionales: $ 2.9 millones
• Junta Directiva Compensación: $ 1.1 millones

Evaluación técnica y gastos de debida diligencia

Costos de evaluación técnica para posibles inversiones de regalías y transmisión:

Tipo de gasto	Cantidad (USD)
Evaluaciones geológicas	$ 2.5 millones
Estudios de ingeniería	$ 1.8 millones
Diligencia debida técnica	$ 3.2 millones

Costos legales y de cumplimiento

Gastos legales y de cumplimiento para 2022:

• Cumplimiento regulatorio: $ 1.6 millones
• Asesor legal externo: $ 2.3 millones
• Gastos de gobierno corporativo: $ 0.9 millones
• Costos de informes de valores: $ 0.7 millones

Gastos de marketing y relaciones con los inversores

Desglose del presupuesto de marketing y relaciones con los inversores:

Categoría de gastos	Cantidad (USD)
Participación de la conferencia de inversores	$ 0.5 millones
Marketing digital	$ 0.3 millones
Comunicaciones de los inversores	$ 0.4 millones
Gastos de carretera	$ 0.6 millones

Osisko Gold Royalties Ltd (OR) - Modelo de negocios: flujos de ingresos

Pagos de regalías de la producción minera

A partir de 2023, las regalías de oro de Osisko generaron ingresos por regalías de $ 198.4 millones. La compañía posee 5% de regalías NSR (retorno neto de fundición) en la mina malártica canadiense, que produjo 463,673 onzas de oro en 2022.

Mío	Porcentaje de regalías	Producción anual de oro
Malártico canadiense	5% NSR	463,673 onzas
Cétero	3% NSR	228,000 onzas

Flujos de efectivo de acuerdo de transmisión

Los acuerdos de transmisión generaron $ 60.3 millones en flujos de efectivo durante 2022. Los activos de transmisión clave incluyen:

• Mina Renard Diamond (corriente de diamante al 9%)
• Mina de oro Brucajack (8.125% de oro de oro)

Apreciación del precio del metal precioso

El valor de la cartera aumentó en $ 42.7 millones debido a las fluctuaciones del precio del metal en 2022. El precio del oro promedió $ 1,800 por onza durante el año.

Venta de los intereses de regalías y transmisión

Osisko completó $ 35.2 millones en regalías y transacciones de intereses de transmisión en 2022.

Ingresos de inversión de la diversificación de cartera

La cartera de inversiones generó $ 12.5 millones en ingresos, con inversiones valoradas en $ 287.6 millones en varias compañías de exploración minera.

Categoría de inversión	Valor total	Renta anual
Compañías de exploración	$ 287.6 millones	$ 12.5 millones

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.