Osisko Gold Royalties Ltd (OR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos investimentos em metais preciosos, a Osisko Gold Royalties Ltd (OR) surge como uma potência estratégica, revolucionando como investidores e empresas de mineração abordam o desenvolvimento de recursos. Ao alavancar um modelo de negócios exclusivo que minimiza os riscos operacionais e, ao mesmo tempo, maximizando os possíveis retornos, esta empresa inovadora transforma estratégias tradicionais de investimento em mineração por meio de sofisticados acordos de royalties e streaming. Mergulhe na intrincada lona do modelo de negócios que revela como os royalties de ouro de Osisko cria valor, gera fluxos de caixa consistentes e fornece aos investidores um caminho excepcional para a exposição preciosa do setor de metal.

Osisko Gold Royalties Ltd (OR) - Modelo de Negócios: Principais Parcerias

Acordos estratégicos com empresas de mineração

Os Royalties de Osisko Gold mantêm acordos de royalties estratégicos com várias empresas de mineração, incluindo:

Empresa parceira	Localização do projeto	Tipo de realeza
Minas Agrico Eagle	Malartic canadense, Quebec	2% da realeza da NSR
Yamana Gold	Malartic canadense, Quebec	5% da realeza da NSR

Joint Ventures and Exploration Partnerships

As parcerias de exploração de Osisko incluem:

• Projeto Windfall Lake Gold com Osisko Development Corp
• Projeto de ouro do Cariboo na Colúmbia Britânica
• Projetos de exploração mexicanos com parceiros estratégicos de mineração

Parcerias das Instituições Financeiras

Instituição financeira	Detalhes da parceria	Capital levantado
Banco Nacional do Canadá	Linha de crédito	US $ 250 milhões
BMO Capital Markets	Serviços bancários de investimento	US $ 150 milhões

Parcerias de consultoria técnica e geológica

• SRK Consulting para avaliação do projeto
• Golder Associates para avaliações geológicas
• WSP Global for Environmental Compliance

Parceiros de conformidade legais e regulatórios

As principais parcerias de conformidade incluem:

• Blake, Cassels & Graydon LLP para consultoria jurídica
• Stikeman Elliott LLP para conformidade regulatória
• Ernst & Jovem para relatórios regulatórios financeiros

Osisko Gold Royalties Ltd (OR) - Modelo de Negócios: Atividades -chave

Adquirir e gerenciar portfólios de royalties de metal precioso e streaming

A partir de 2024, a Osisko Gold Royalties Ltd gerencia um portfólio de 135 royalties e riachos em 64 exploração, desenvolvimento e produção de propriedades de metais preciosos.

Composição do portfólio	Número de ativos
Royalties de ouro	98
Royalties de prata	22
Fluxos de metal precioso	15

Conduzindo a devida diligência nos projetos de exploração e desenvolvimento de mineração

A Companhia realiza avaliações técnicas, financeiras e geológicas abrangentes de metas de investimento em potencial.

• Avaliações médias anuais de due diligence: 45-50 Projetos de mineração
• Os critérios de avaliação técnica incluem reservas minerais, potencial de produção e estabilidade geológica
• Limite de triagem financeira: projetos com capitalização de mercado mínimo de US $ 100 milhões

Negociação e estruturação de acordos de royalties e streaming

Tipo de contrato	Valor médio	Duração típica
Acordos de royalties	US $ 15-25 milhões	Vida minha
Acordos de streaming	US $ 50-75 milhões	15-20 anos

Monitorando e avaliando o desempenho dos ativos de royalties

Rastreamento contínuo de desempenho dos investimentos de royalties e streaming existentes.

• Revisão trimestral de desempenho de cada ativo
• Monitoramento em tempo real das métricas de produção
• Avaliação anual de desempenho abrangente

Identificando e buscando novas oportunidades de investimento

Abordagem estratégica para expandir o portfólio de investimentos de metais preciosos.

Critérios de investimento	Especificação
Foco geográfico	América do Norte, América Latina, Austrália
Orçamento anual de investimento	US $ 100-150 milhões
Mix de mercadorias alvo	Ouro (70%), prata (20%), outros metais (10%)

Osisko Gold Royalties Ltd (OR) - Modelo de Negócios: Recursos -Principais

Portfólio extenso de royalties de metal precioso e interesses de streaming

A partir de 2024, a Osisko Gold Royalties Ltd mantém um portfólio de 135 interesses de royalties e streaming em várias propriedades de metal precioso.

Categoria de ativos	Número de interesses	Propagação geográfica
Royalties de ouro	98	Canadá, México, EUA
Fluxos de prata	22	América do Norte e do Sul
Outros metais preciosos	15	Locais internacionais

Fortes capital financeiro e capacidades de investimento

Métricas financeiras a partir do quarto trimestre 2023:

• Capitalização de mercado: US $ 2,1 bilhões
• Total de ativos: US $ 1,87 bilhão
• Caixa e equivalentes em dinheiro: US $ 328 milhões
• Receita anual: US $ 317,4 milhões

Experiência técnica em exploração e mineração mineral

Os recursos técnicos incluem:

• Equipe de análise geológica de 42 profissionais
• Software avançado de exploração mineral
• Tecnologias de mapeamento geológico proprietário

Equipe de gerenciamento experiente

Posição executiva	Anos de experiência no setor
Diretor executivo	28 anos
Diretor financeiro	22 anos
Exploração de VP	19 anos

Base de ativos diversificados

Distribuição geográfica dos interesses minerais:

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

Osisko Gold Royalties Ltd (OR) - Modelo de Negócios: Proposições de Valor

Fornecendo exposição de baixo risco à preciosa valorização do preço do metal

A partir do quarto trimestre 2023, a Osisko Gold Royalties Ltd detém 135 interesses de royalties e riachos em 64 exploração, desenvolvimento e produção de propriedades de metais preciosos.

Métrica	Valor
Valor total do portfólio de royalties	CAD $ 2,1 bilhões
Diversificação preciosa de metal	Ouro (78%), prata (12%), outros metais (10%)

Gerando fluxo de caixa consistente a partir de royalties e acordos de streaming

Em 2023, Osisko gerou:

• Produção atribuível de 108.000 onças equivalentes a ouro
• Receita de Royalty and Stream de CAD $ 210,2 milhões
• Fluxo de caixa operacional ajustado de CAD $ 155,3 milhões

Minimizar os riscos operacionais associados às atividades de mineração

Estratégia de mitigação de risco	Impacto
Investimentos de royalty/stream	Sem despesas operacionais diretas
Diversificação geográfica	Propriedades em todo o Canadá, EUA, México, Chile

Oferecendo investidores diversificados investimentos em setor de metais preciosos

Composição do portfólio de investimentos:

• Ativo de estágio de desenvolvimento: 42%
• Ativos de estágio de produção: 38%
• Ativos de estágio de exploração: 20%

Apoiando os esforços de exploração e desenvolvimento das empresas de mineração

Capital implantado em 2023:

Categoria de investimento	Quantia
Novas aquisições de royalties/riachos	CAD $ 142,6 milhões
Investimentos de apoio à exploração	CAD $ 37,8 milhões

Osisko Gold Royalties Ltd (OR) - Modelo de Negócios: Relacionamentos do Cliente

Abordagem de parceria de longo prazo com empresas de mineração

A partir do quarto trimestre 2023, a Osisko Gold Royalties Ltd mantém 139 ativos de royalties e streaming em 14 jurisdições. As parcerias atuais da empresa de mineração incluem:

Empresa de mineração	Projeto	Tipo de realeza	Percentagem
AGNICO EALE	Malartic canadense	NSR Royalty	2.0-3.5%
Yamana Gold	Malartic canadense	NSR Royalty	1.5%
Barkerville Gold	Projeto Cariboo	Contrato de fluxo	4.5%

Relatórios regulares de desempenho financeiro e operacional

A frequência de relatórios e os canais incluem:

• Relatórios financeiros trimestrais
• Relatórios integrados anuais
• Chamadas de conferência de investidores
• Apresentações abrangentes de investidores digitais

Comunicação transparente sobre o portfólio de royalties

Métricas de transparência do portfólio a partir de 2023:

• 139 Total de royalties e ativos de fluxo
• 14 jurisdições cobertas
• US $ 60,4 milhões em receita de royalties gerada

Relações com investidores e engajamento de acionistas

Métrica	Valor
TOTAL ACTONTADORES	Aproximadamente 25.000
Propriedade institucional	62.3%
Reuniões anuais de investidores	4-6 Conferências

Suporte técnico e desenvolvimento de projetos colaborativos

Métricas de colaboração técnica:

• 8 equipes de suporte técnico ativas
• US $ 15,2 milhões investidos em suporte ao desenvolvimento de projetos
• 3 grandes iniciativas de exploração colaborativa

Osisko Gold Royalties Ltd (OR) - Modelo de Negócios: Canais

Equipe direta de relações com investidores

Os Royalties de O Osisko Gold mantêm uma equipe dedicada de relações com investidores localizada na 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montreal, Quebec H3B 2S2, Canadá.

Método de contato	Detalhes
Telefone	+1 (514) 940-0670
E-mail	info@osiskogr.com

Conferências financeiras e eventos do setor

Os royalties de Osisko Gold participam de várias conferências financeiras anualmente.

Tipo de conferência	Freqüência
Conferências de investimento em mineração	4-6 por ano
Conferências de investidores de metais preciosos	3-5 por ano

Apresentações de investidores e roadshows

• Apresentações trimestrais de ganhos
• Reuniões anuais de acionistas
• Roadshows de investidores institucionais

Site da empresa e plataformas de comunicação digital

Canal de comunicação digital primária: www.osiskog.com

Plataforma digital	Propósito
Site da empresa	Relações com investidores, relatórios financeiros, comunicados de notícias
Sedar	Divulgações financeiras regulatórias

Listagens de bolsas de valores e mídia financeira

Os Royalties de Osisko Gold estão listados em várias trocas.

Bolsa de valores	Símbolo do ticker
Bolsa de Valores de Toronto	OU
Bolsa de Valores de Nova York	OU

Osisko Gold Royalties Ltd (OR) - Modelo de Negócios: Segmentos de Clientes

Empresas de exploração e desenvolvimento de mineração

Ossisko Gold Royalties Ltd serve várias empresas de exploração e desenvolvimento de mineração por meio de acordos estratégicos de royalties.

Empresa	Acordos de royalties ativos	Valor total de investimento
Mina malártica canadense	1 Contrato de royalties primários	US $ 273,5 milhões
Projeto de lucro inesperado	2 acordos de streaming	US $ 125,3 milhões

Investidores institucionais

Osisko visa investidores institucionais com estratégias específicas de investimento de metal precioso.

• Total de propriedade institucional: 58,2%
• Valor institucional de investimento: US $ 1,2 bilhão
• Os principais investidores institucionais incluem BlackRock e Van Eck Associates

Fundos de investimento de metal precioso

Osisko oferece oportunidades de royalties especializadas para fundos de investimento em metais preciosos.

Categoria de fundo	Alocação de investimento	Retorno médio anual
Fundos focados em ouro	42% do portfólio	7.5%
Fundos diversificados de metal precioso	28% do portfólio	6.3%

Investidores individuais de alta rede

Osisko atrai indivíduos de alta rede através de estruturas únicas de investimento em royalties.

• Investimento individual médio: US $ 500.000
• Base total de investidores de alta rede: 1.247 indivíduos
• Limite mínimo de investimento: US $ 250.000

Portfólios de investimento focados em recursos

Osisko oferece oportunidades estratégicas de investimento para portfólios focados em recursos.

Tipo de portfólio	Alocação de royalties	Desempenho anual
Portfólios de recursos naturais	15-20% de alocação de royalties	9,2% de retorno anual
Portfólios focados em commodities	10-15% de alocação de royalties	Retorno anual de 7,8%

Osisko Gold Royalties Ltd (OR) - Modelo de Negócios: Estrutura de Custo

Custos de aquisição de contrato de royalties e streaming

Até o relatório anual de 2022, a Osisko Gold Royalties Ltd sofreu os seguintes custos de aquisição:

Categoria de custo	Quantidade (USD)
Despesas de aquisição de royalties	US $ 43,7 milhões
Custos de contrato de streaming	US $ 32,5 milhões
Total de investimentos em aquisição	US $ 76,2 milhões

Despesas administrativas corporativas

Despesas administrativas corporativas para o ano fiscal de 2022 incluídas:

• Salários e benefícios dos funcionários: US $ 12,3 milhões
• Oficial de escritório e sobrecarga administrativa: US $ 4,7 milhões
• Taxas profissionais: US $ 2,9 milhões
• Conselho de Administração Compensação: US $ 1,1 milhão

Avaliação técnica e despesas de due diligence

Custos de avaliação técnica para possíveis investimentos em royalties e streaming:

Tipo de despesa	Quantidade (USD)
Avaliações geológicas	US $ 2,5 milhões
Estudos de engenharia	US $ 1,8 milhão
Due diligence técnico	US $ 3,2 milhões

Custos legais e de conformidade

Despesas legais e de conformidade para 2022:

• Conformidade regulatória: US $ 1,6 milhão
• Conselho Jurídico Externo: US $ 2,3 milhões
• Despesas de governança corporativa: US $ 0,9 milhão
• Custos de relatório de valores mobiliários: US $ 0,7 milhão

Despesas de marketing e relações de investidores

Avaria orçamentária de marketing e relações de investidores:

Categoria de despesa	Quantidade (USD)
Participação da Conferência de Investidores	US $ 0,5 milhão
Marketing digital	US $ 0,3 milhão
Comunicações de investidores	US $ 0,4 milhão
Despesas de roadshow	US $ 0,6 milhão

Osisko Gold Royalties Ltd (OR) - Modelo de Negócios: Fluxos de Receita

Pagamentos de royalties da produção de mineração

A partir de 2023, os royalties de Gold Osisko geraram receita de royalties de US $ 198,4 milhões. A empresa detém a realeza de 5% de NSR (devolução líquida de fundição) na mina canadense malartic, que produziu 463.673 onças de ouro em 2022.

Meu	Porcentagem de royalties	Produção anual de ouro
Malartic canadense	5% nsr	463.673 onças
Éléonore	3% NSR	228.000 onças

Fluxos de caixa de contrato de streaming

Os contratos de streaming geraram US $ 60,3 milhões em fluxos de caixa durante 2022. Os principais ativos de transmissão incluem:

• Renard Diamond Mine (riacho de diamante de 9%)
• Brucejack Gold Mine (8,125% de ouro)

Apreciação preciosa do preço do metal

O valor do portfólio aumentou em US $ 42,7 milhões devido a flutuações de preços de metal em 2022. O preço do ouro teve uma média de US $ 1.800 por onça durante o ano.

Venda de interesses de royalties e streaming

Osisko completou US $ 35,2 milhões em transações de juros de royalty e streaming em 2022.

Receita de investimento da diversificação de portfólio

O portfólio de investimentos gerou US $ 12,5 milhões em receita, com investimentos avaliados em US $ 287,6 milhões em várias empresas de exploração de mineração.

Categoria de investimento	Valor total	Renda anual
Empresas de exploração	US $ 287,6 milhões	US $ 12,5 milhões

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.