Osisko Gold Royalties Ltd (OR): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine room of Osisko Gold Royalties Ltd., and frankly, their business model is one of the cleanest ways to gain exposure to gold and silver production without any of the mine operating headaches. It's a capital-light approach, built on owning royalties and streams across a portfolio that includes 21 producing assets, which they are guiding to generate between 80,000-88,000 Gold Equivalent Ounces in 2025. The real kicker, which you need to see clearly, is that this structure allows for an incredible cash margin, projected near 97% on those earnings, underpinning their consistent dividend payments. Below, I've broken down their entire strategy-from key partnerships with operators like Agnico Eagle to their cost structure-so you can see precisely how they generate that high-margin, low-risk return.

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

The strength of Osisko Gold Royalties Ltd's business model rests heavily on the quality and reliability of its key partners, who operate the underlying assets or provide essential capital and technical support. You see this reflected in their portfolio structure, which is anchored by cornerstone assets operated by established miners.

Mining Operators for Asset Operation

Osisko Gold Royalties Ltd holds royalties and streams on assets operated by major mining companies. The cornerstone asset is the 3-5% net smelter return (NSR) royalty on the Canadian Malartic Complex, one of Canada's largest gold mines, operated by Agnico Eagle Mines Ltd.. In the first quarter of 2025, this asset contributed 7,198 Gold Equivalent Ounces (GEOs) to Osisko Gold Royalties Ltd's total. Other partners highlighted by Osisko Gold Royalties Ltd. include Alamos and G Mining. Furthermore, Osisko Bermuda Limited, a subsidiary, has a 6% gold stream agreement on SolGold plc's Cascabel project in Ecuador, with a total commitment of $225.0 million. The company also receives revenue from a copper stream at MAC Copper's CSA mine, which contributed 7% to the commodity mix in Q3 2025.

The operational partners and associated royalty/stream details include:

Financial Institutions for Credit Facilities and Capital Markets Access

Osisko Gold Royalties Ltd maintains access to capital through its revolving credit facility. As of June 30, 2025, the facility was drawn by $35.7 million, with $614.3 million available, plus an uncommitted accordion feature that could bring total availability to $850 million. The facility was previously reported as expanded to $650 million. The company's cash position as of June 30, 2025, was approximately $49.6 million, following a $40 million repayment on the facility during Q2 2025.

Exploration Companies for Early-Stage Royalty Acquisitions

Osisko Gold Royalties Ltd actively partners with exploration companies for early-stage acquisitions. For example, in Q1 2025, the company acquired a 1.5% NSR royalty from Japan Gold Corp. for a cash consideration of $5.0 million. Also subsequent to Q1 2025, Osisko acquired a basket of royalties from Sable Resources Ltd. for consideration of C$3.8 million.

The recent acquisition activity includes:

• Acquisition of 1.5% NSR royalty from Japan Gold Corp. for $5.0 million.
• Acquisition of royalties from Sable Resources Ltd. for C$3.8 million.
• Acquisition of a 1.8% Gross Revenue Royalty (GRR) from Tembo Capital Mining Fund II on the Dalgaranga Gold project for $50.0 million (part of 2024 deployment).

Strategic Partners for Joint Ventures (Related Entities)

The related entity, Osisko Development Corp., secured significant project financing for its flagship Cariboo Gold Project. On July 21, 2025, Osisko Development Corp. entered into a senior secured project loan credit facility totaling US$450 million with funds advised by Appian Capital Advisory Limited. This financing, combined with other proceeds, is intended to fund the construction of the Cariboo Gold Project. Separately, Osisko Mining Inc. has a 50/50 joint venture with a subsidiary of Gold Fields Limited on the Windfall gold project. Gold Fields made an initial cash payment of C$300 million upon signing this joint venture agreement.

For technical due diligence, Osisko Development Corp.'s 2025 Feasibility Study was prepared by BBA Engineering Ltd. as the lead independent consultant.

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

You're looking at the core engine of Osisko Gold Royalties Ltd, which is all about deploying capital smartly to grow that asset base. The key activities revolve around being an exceptional capital allocator, which you can see clearly in their balance sheet management and transaction focus.

Acquiring new royalties and streams through disciplined capital allocation

Osisko Gold Royalties Ltd focuses on deploying capital into new, accretive investment opportunities to enhance its growth profile. This discipline is evident in their recent balance sheet management. For instance, the company committed to over $287.7 million in transactions across 3 new deals during 2024. Furthermore, management indicated a focus on transactions in the $50 million to $500 million range. The result of this disciplined approach is a significantly strengthened position; Osisko Gold Royalties Ltd became debt-free for the first time in over 10 years after fully repaying its revolving credit facility during the third quarter of 2025.

Managing a portfolio of over 185 royalties and streams

A primary activity is the active management of a large, diversified portfolio. As of the third quarter of 2025, Osisko Gold Royalties Ltd holds a portfolio comprising over 195 royalties, streams and precious metal offtakes. This portfolio includes 21 producing assets. The portfolio's quality is anchored by its cornerstone asset: a 3-5% net smelter return royalty on the Canadian Malartic Complex. The company's 2025 production guidance suggests deliveries between 80,000 to 88,000 Gold Equivalent Ounces (GEOs) for the full year, targeting an average cash margin of approximately 97%.

Here are the key financial results from the third quarter of 2025, which reflect the performance of this managed portfolio:

Conducting technical and financial due diligence on potential assets

The disciplined capital allocation mentioned earlier is directly supported by rigorous due diligence. In 2024, Osisko Gold Royalties Ltd executed several transactions, including the acquisition of a 1.8% gross revenue royalty (GRR) and a 1.35% GRR on the Dalgaranga Gold project for a combined consideration of $50.0 million. They also completed a definitive agreement for a 6% gold stream on SolGold plc's Cascabel project for a total of US$225.0 million, payable upon milestones. Another activity involved amending the Gibraltar silver stream for US$12.7 million to increase their attributable silver percentage by 12.5%.

Securing non-dilutive financing for mining operators

While Osisko Gold Royalties Ltd is focused on acquiring assets, its strong balance sheet allows it to be a reliable financing partner. As of the end of Q3 2025, the company was debt-free, with the revolving credit facility fully repaid. Following the quarter end, they received an additional $49 million in October 2025 from the sale of MAC Copper shares, resulting in about $1 billion in available liquidity. This robust liquidity position, with the revolving facility undrawn as of Q3 end, supports their ability to structure deals without relying on dilutive equity issuance for funding acquisitions or supporting operator needs.

Maintaining strong investor relations and consistent dividend payments

Osisko Gold Royalties Ltd has a history of paying dividends since its inception. The company approved a second quarter 2025 dividend of US$0.055 per common share, which represented a 20% increase over the previous quarterly dividend. The third quarter 2025 dividend was also declared at US$0.055 per common share, payable on October 15, 2025. The dividend payout ratio based on trailing year earnings was reported at 27.82%. Shareholder engagement is also a key activity; at the annual and special meeting in May 2025, 83.29% of shares were represented.

Here is a look at recent dividend activity:

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

You're looking at the core assets that power Osisko Gold Royalties Ltd (OR) right now. These aren't just line items; they are the actual engines driving the business model.

The sheer scale of the asset base is a primary resource. As of early 2025 reports, Osisko Gold Royalties Ltd holds a portfolio spanning over 195 royalties, streams, and precious metal offtakes. This portfolio includes 21 producing assets, which is key because it means immediate cash flow generation.

The portfolio's value is heavily concentrated in its anchor asset. This cornerstone is a 3-5% net smelter return (NSR) royalty on the Canadian Malartic Complex, which remains one of Canada's largest gold operations. To be fair, the specific structure includes a 5.0% NSR royalty on the open pits and a blended 4.61% NSR royalty on the Odyssey Underground portion.

The financial structure supporting these assets is lean and efficient. Osisko Gold Royalties Ltd projects a strong cash margin of approximately 97% on Gold Equivalent Ounces (GEOs) earned for its 2025 guidance. This high margin is a defining feature of the royalty business; for instance, the first quarter of 2025 saw a quarterly cash margin of 97.1%.

The balance sheet provides the necessary financial capacity for growth. As of December 31, 2024, the company reported a cash balance of $59.1 million, alongside debt outstanding of $93.9 million. This position improved slightly into the next quarter, with the cash position reaching approximately $63.1 million as at March 31st, 2025. This solid footing allows for disciplined capital deployment.

The human capital-the team-is another critical, though less quantifiable, resource. Osisko Gold Royalties Ltd relies on an experienced corporate development and technical evaluation group to source and manage these assets. For example, personnel involved in evaluation and technical services include individuals like Iain Farmer, VP of Corporate Development, who has experience in financial and technical evaluation of investments, and François Vézina, Vice President, Technical Services, in related structures.

Here is a snapshot of the scale and financial efficiency:

The team's capabilities are demonstrated through specific roles and past experience:

• VP, Corporate Development with experience in financial and technical evaluation.
• Vice President, Technical Services role in related entity structures.
• Focus on origination and execution of transactions.

The company's asset base is heavily weighted toward low-risk jurisdictions, which is itself a resource that mitigates operational risk.

• 78% of GEOs earned in 2024 came from Tier-1 mining jurisdictions.
• The Canadian Malartic Complex, the flagship asset, is in Québec, Canada.

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:

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:

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.

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:

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:

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:

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:

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:

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.