Osisko Gold Royalies Ltd (OR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des investissements en métaux précieux, Osisko Gold Royalies Ltd (ou) apparaît comme une puissance stratégique, révolutionnant la façon dont les investisseurs et les sociétés minières abordent le développement des ressources. En tirant parti d'un modèle commercial unique qui minimise les risques opérationnels tout en maximisant les rendements potentiels, cette entreprise innovante transforme les stratégies d'investissement minier traditionnelles à travers des accords sophistiqués de redevances et de streaming. Plongez dans la toile du modèle commercial complexe qui révèle comment les redevances d'or Osisko créent de la valeur, génère des flux de trésorerie cohérents et fournit aux investisseurs une voie exceptionnelle vers une exposition précieuse sur le secteur des métaux.

Osisko Gold Royalies Ltd (OR) - Modèle commercial: partenariats clés

Accords stratégiques avec des sociétés minières

Les redevances d'or Osisko conservent des accords de redevance stratégiques avec plusieurs sociétés minières, notamment:

Entreprise partenaire	Emplacement du projet	Type de redevance
Mines agnico aigle	Malartique canadien, Québec	Royeuse NSR à 2%
Yamana Gold	Malartique canadien, Québec	5% de redevance NSR

Coentreprises et partenariats d'exploration

Les partenariats d'exploration d'Osisko comprennent:

• Projet d'or du lac Windfall avec Osisko Development Corp
• Cariboo Gold Project en Colombie-Britannique
• Projets d'exploration mexicaine avec des partenaires minières stratégiques

Partenariats des institutions financières

Institution financière	Détails du partenariat	Capital levé
Banque nationale du Canada	Facilité de crédit	250 millions de dollars
BMO Marchés des capitaux	Services de banque d'investissement	150 millions de dollars

Partenariats de conseil technique et géologique

• SRK Consulting pour l'évaluation du projet
• Golder Associates for Geological Assessments
• WSP Global pour la conformité environnementale

Partenaires de conformité juridique et réglementaire

Les principaux partenariats de conformité comprennent:

• Blake, Cassels & Graydon LLP pour un conseil juridique
• Stikeman Elliott LLP pour la conformité réglementaire
• Ernst & Young for Financial Regulatory Reporting

Osisko Gold Royalies Ltd (OR) - Modèle d'entreprise: Activités clés

Acquérir et gérer des portefeuilles de redevances en métal précieux et de streaming

En 2024, Osisko Gold Royalies Ltd gère un portefeuille de 135 redevances et ruisseaux à travers 64 Exploration, développement et production de propriétés métalliques précieuses.

Composition de portefeuille	Nombre d'actifs
Redevances d'or	98
Redevances en argent	22
Streams métalliques précieux	15

Mener une diligence raisonnable sur les projets d'exploration et de développement miniers

La Société effectue des évaluations techniques, financières et géologiques complètes des objectifs d'investissement potentiels.

• Évaluations annuelles moyennes de la diligence raisonnable: 45-50 projets miniers
• Les critères d'évaluation technique comprennent les réserves minérales, le potentiel de production et la stabilité géologique
• Seuil de dépistage financier: projets avec un minimum de 100 millions de dollars de capitalisation boursière

Négociation et structuration des accords de redevance et de streaming

Type d'accord	Valeur moyenne	Durée typique
Accords de redevance	15-25 millions de dollars	La vie de la vie
Accords de streaming	50-75 millions de dollars	15-20 ans

Surveillance et évaluation des performances des actifs de redevance

Suivi continu des performances des redevances existantes et des investissements en streaming.

• Examen trimestriel des performances de chaque actif
• Surveillance en temps réel des mesures de production
• Évaluation annuelle des performances complètes

Identifier et poursuivre de nouvelles opportunités d'investissement

Approche stratégique de l'expansion du portefeuille d'investissement en métaux précieux.

Critères d'investissement	Spécification
Focus géographique	Amérique du Nord, Amérique latine, Australie
Budget d'investissement annuel	100 à 150 millions de dollars
Mixage de marchandises cible	Or (70%), argent (20%), autres métaux (10%)

Osisko Gold Royalies Ltd (OR) - Modèle d'entreprise: Ressources clés

Portfolio vaste de royauté en métal précieux et d'intérêts en streaming

En 2024, Osisko Gold Royalies Ltd maintient un portefeuille de 135 intérêts de royauté et de streaming à travers diverses propriétés métalliques précieuses.

Catégorie d'actifs	Nombre d'intérêts	Propagation géographique
Redevances d'or	98	Canada, Mexique, États-Unis
Silver Streams	22	Amérique du Nord et du Sud
Autres métaux précieux	15	Lieux internationaux

Capacités financières et investissements solides

Mesures financières auprès du quatrième trimestre 2023:

• Capitalisation boursière: 2,1 milliards de dollars
• Actif total: 1,87 milliard de dollars
• Equivalents en espèces et en espèces: 328 millions de dollars
• Revenu annuel: 317,4 millions de dollars

Expertise technique dans l'exploration minérale et l'exploitation minière

Les ressources techniques comprennent:

• Équipe d'analyse géologique de 42 professionnels
• Logiciel avancé d'exploration minérale
• Technologies de cartographie géologique propriétaire

Équipe de gestion expérimentée

Poste de direction	Années d'expérience dans l'industrie
Directeur général	28 ans
Directeur financier	22 ans
Exploration VP	19 ans

Base d'actifs diversifiée

Distribution géographique des intérêts minéraux:

• Canada: 65 propriétés
• Mexique: 28 propriétés
• États-Unis: 22 propriétés
• Amérique latine: 20 propriétés

Osisko Gold Royalies Ltd (OR) - Modèle d'entreprise: propositions de valeur

Fournir une exposition à faible risque à une appréciation précieuse des prix des métaux

Depuis le quatrième trimestre 2023, Osisko Gold Royalies Ltd détient 135 intérêts de redevance et de cours d'eau à travers 64 Exploration, développement et production de propriétés métalliques précieuses.

Métrique	Valeur
Valeur du portefeuille de redevances totale	2,1 milliards de dollars CAD
Diversification des métaux précieux	Or (78%), argent (12%), autres métaux (10%)

Générer des flux de trésorerie cohérents à partir des accords de redevance et de streaming

En 2023, Osisko a généré:

• Production attribuable de 108 000 onces équivalentes d'or
• Redevance et revenus de difficultés de 210,2 millions de CAD
• Flux de trésorerie d'exploitation ajusté de 155,3 millions de dollars

Minimiser les risques opérationnels associés aux activités minières

Stratégie d'atténuation des risques	Impact
Investissements de redevances / de flux	Pas de dépenses opérationnelles directes
Diversification géographique	Propriétés à travers le Canada, les États-Unis, le Mexique, le Chili

Offrir aux investisseurs des investissements diversifiés dans le secteur des métaux précieux

Composition du portefeuille d'investissement:

• Actifs du stade de développement: 42%
• Actifs de la production: 38%
• Assets d'exploration: 20%

Soutenir les efforts d'exploration et de développement des sociétés minières

Capital déployé en 2023:

Catégorie d'investissement	Montant
Nouvelles acquisitions de redevances / ruisseaux	CAD 142,6 millions de dollars
Investissements de soutien à l'exploration	CAD 37,8 millions de dollars

Osisko Gold Royalies Ltd (OR) - Modèle d'entreprise: relations avec les clients

Approche de partenariat à long terme avec les sociétés minières

Au quatrième trimestre 2023, Osisko Gold Royalies Ltd maintient 139 actifs de redevance et de streaming dans 14 juridictions. Les partenariats actuels de l'entreprise de mines clés comprennent:

Entreprise minière	Projet	Type de redevance	Pourcentage
Aigle agnico	Malartique canadien	Royauté NSR	2.0-3.5%
Yamana Gold	Malartique canadien	Royauté NSR	1.5%
Barkerville Gold	Cariboo Project	Contrat de flux	4.5%

Rapports de performance financière et opérationnelle régulière

La fréquence des rapports et les canaux comprennent:

• Rapports financiers trimestriels
• Rapports intégrés annuels
• Conférence téléphonique des investisseurs
• Présentations complètes des investisseurs numériques

Communication transparente sur le portefeuille de redevances

Métriques de transparence du portefeuille en 2023:

• 139 Total des redevances et des actifs de flux
• 14 juridictions couvertes
• 60,4 millions de dollars de revenus de redevances générés

Relations avec les investisseurs et engagement des actionnaires

Métrique	Valeur
Total des actionnaires	Environ 25 000
Propriété institutionnelle	62.3%
Réunions annuelles des investisseurs	4-6 conférences

Support technique et développement de projets collaboratifs

Métriques de collaboration technique:

• 8 équipes de support technique actif
• 15,2 millions de dollars investis dans le support de développement de projets
• 3 principales initiatives d'exploration collaborative

Osisko Gold Royalies Ltd (OR) - Modèle d'entreprise: canaux

Équipe de relations avec les investisseurs directs

Osisko Gold Royalies maintient une équipe dévouée des relations avec les investisseurs située au 1100 Avenue des Canadiens de-Montréal, Suite 300, Montréal, Québec H3B 2S2, Canada.

Méthode de contact	Détails
Téléphone	+1 (514) 940-0670
E-mail	info@osiskogr.com

Conférences financières et événements de l'industrie

Les redevances d'or Osisko participent chaque année à plusieurs conférences financières.

Type de conférence	Fréquence
Conférences d'investissement minière	4-6 par an
Conférences d'investisseurs en métaux précieux	3-5 par an

Présentations des investisseurs et tas de routes

• Présentations de bénéfices trimestriels
• Réunions annuelles des actionnaires
• Bouc-bassins d'investisseurs institutionnels

Site Web de l'entreprise et plateformes de communication numérique

Canal de communication numérique primaire: www.osiskogr.com

Plate-forme numérique	But
Site Web de l'entreprise	Relations avec les investisseurs, rapports financiers, communiqués de presse
Sédar	Divulgations financières réglementaires

Listes de bourse et médias financiers

Osisko Gold Royalies est répertorié sur plusieurs échanges.

Bourse	Symbole de ticker
Bourse de Toronto	OU
Bourse de New York	OU

Osisko Gold Royalies Ltd (OR) - Modèle d'entreprise: segments de clientèle

Sociétés d'exploration et de développement minières

Osisko Gold Royalies Ltd dessert plusieurs sociétés d'exploration et de développement minières grâce à des accords de redevance stratégiques.

Entreprise	Accords de redevance actifs	Valeur d'investissement totale
Mine malartique canadienne	1 accord de redevance primaire	273,5 millions de dollars
Projet de manne	2 accords de streaming	125,3 millions de dollars

Investisseurs institutionnels

Osisko cible les investisseurs institutionnels avec des stratégies d'investissement en métaux précieux spécifiques.

• Propriété totale institutionnelle: 58,2%
• Valeur d'investissement institutionnelle: 1,2 milliard de dollars
• Les principaux investisseurs institutionnels incluent BlackRock et Van Eck Associates

Fonds d'investissement en métal précieux

Osisko offre des opportunités de redevances spécialisées pour les fonds d'investissement en métal précieux.

Catégorie de fonds	Allocation des investissements	Rendement annuel moyen
Fonds axés sur l'or	42% du portefeuille	7.5%
Fonds diversifiés en métal précieux	28% du portefeuille	6.3%

Investisseurs individuels à haute nette

Osisko attire des individus à haute teneur en naissance grâce à des structures d'investissement de redevances uniques.

• Investissement individuel moyen: 500 000 $
• Base totale des investisseurs à forte intensité: 1 247 individus
• Seuil d'investissement minimum: 250 000 $

Portefeuilles d'investissement axés sur les ressources

Osisko offre des opportunités d'investissement stratégiques pour les portefeuilles axés sur les ressources.

Type de portefeuille	Allocation de redevances	Performance annuelle
Portefeuilles de ressources naturelles	15-20% d'allocation de redevances	9,2% de rendement annuel
Portefeuilles axés sur les produits	10 à 15% d'allocation de redevances	7,8% de rendement annuel

Osisko Gold Royalies Ltd (OR) - Modèle d'entreprise: Structure des coûts

Coûts d'acquisition des accords de redevance et de streaming

Depuis le rapport annuel de 2022, Osisko Gold Royalties Ltd a engagé les frais d'acquisition suivants:

Catégorie de coûts	Montant (USD)
Frais d'acquisition de redevances	43,7 millions de dollars
Coûts de l'accord de streaming	32,5 millions de dollars
Investissements d'acquisition totaux	76,2 millions de dollars

Frais administratifs d'entreprise

Les dépenses administratives des entreprises pour l'exercice 2022 comprenaient:

• Salaires et avantages sociaux des employés: 12,3 millions de dollars
• Office et frais généraux administratifs: 4,7 millions de dollars
• Frais professionnels: 2,9 millions de dollars
• Condemnisation du conseil d'administration: 1,1 million de dollars

Évaluation technique et dépenses de diligence raisonnable

Coûts d'évaluation technique pour les investissements potentiels de redevances et de streaming:

Type de dépenses	Montant (USD)
Évaluations géologiques	2,5 millions de dollars
Études d'ingénierie	1,8 million de dollars
Diligence raisonnable technique	3,2 millions de dollars

Frais juridiques et de conformité

Dépenses juridiques et de conformité pour 2022:

• Conformité réglementaire: 1,6 million de dollars
• Conseil juridique externe: 2,3 millions de dollars
• Dépenses de gouvernance d'entreprise: 0,9 million de dollars
• Coûts de rapport de valeurs mobilières: 0,7 million de dollars

Dépenses de marketing et de relations avec les investisseurs

Répartition budgétaire du marketing et des relations avec les investisseurs:

Catégorie de dépenses	Montant (USD)
Participation de la conférence des investisseurs	0,5 million de dollars
Marketing numérique	0,3 million de dollars
Communications des investisseurs	0,4 million de dollars
Dépenses de roadshow	0,6 million de dollars

Osisko Gold Royalies Ltd (OR) - Modèle d'entreprise: Strots de revenus

Paiements de redevances de la production minière

En 2023, les redevances d'or Osisko ont généré des revenus de redevances de 198,4 millions de dollars. La société détient des redevances de 5% de NSR (retour de fonte nette) sur la mine malartique canadienne, qui a produit 463 673 onces d'or en 2022.

Le mien	Pourcentage de redevances	Production annuelle de l'or
Malartique canadien	5% NSR	463 673 onces
Éléonore	3% NSR	228 000 onces

Flux de trésorerie des accords de streaming

Les accords de streaming générés de 60,3 millions de dollars en flux de trésorerie en 2022. Les actifs de streaming clés comprennent:

• Renard Diamond Mine (9% de diamant)
• Brucejack Gold Mine (8,125% de ruisseau en or)

Appréciation précieuse des prix du métal

La valeur du portefeuille a augmenté de 42,7 millions de dollars en raison des fluctuations des prix des métaux en 2022. Le prix de l'or était en moyenne de 1 800 $ l'once au cours de l'année.

Vente d'intérêts de redevance et de streaming

Osisko a effectué 35,2 millions de dollars de transactions d'intérêt de redevance et de streaming en 2022.

Revenu de placement de la diversification du portefeuille

Le portefeuille d'investissement a généré 12,5 millions de dollars de revenus, avec des investissements d'une valeur de 287,6 millions de dollars dans diverses sociétés d'exploration minière.

Catégorie d'investissement	Valeur totale	Revenu annuel
Sociétés d'exploration	287,6 millions de dollars	12,5 millions de dollars

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.