OR Royalties : Investor Presentation (20255 Major Asset Overview 06162025)

MAJOR ASSET OVERVIEW

JUNE 2025

ORroyalties.com TSX-NYSE | OR

Amounts presented are in United States Dollars, except where otherwise noted

Company Overview

TSX | NYSE: OR

SENIOR-QUALITY PORTFOLIO,

LEADING GROWTH POTENTIAL

TSX | NYSE: OR

78%

GEOs from 'Tier 1' Mining Jurisdictions(iii) (2024)

97%

cash margin business2(2025E)

80-88k

GEO1delivery guidance for 2025E

+195

royalties, streams and offtakes

Senior-quality precious metal portfolio

22 producing assets(i) anchored by a 5% NSR royalty on Agnico Eagle's Canadian Malartic Complex(ii)

Peer-leading organic growth profile

Attributable GEO1 delivery growth of ~40% based on current 5-year outlook for 2029E (110-125k GEOs)

1.55x

Consensus P/NAV3

0.86%

dividend yield

$160M

2024 CFO

$4.8B

market cap (C$6.6B)

Highest concentration of assets in low-risk Tier-1 mining jurisdictions(iii)

On a Net Asset Value basis and vs. relevant peers

Strong balance sheet & disciplined capital allocation strategy

$510 million in available liquidity as of Mar 31, 2025 -between cash and undrawn revolving credit facility (incl. C$200 million accordion)

Note: Market capitalization, dividend and P/NAV as at market close on May 30, 2025

1. Includes Cardinal Namdini Mining Ltd.'s Namdini mine in "trial production" with first meaningful royalty payment expected in H2 2025; G Mining Ventures Corp.'s Tocantinzinho (TZ) mine; Talisker Resources Ltd. Bralorne mine; and, Agnico Eagle Mines Ltd.'s Akasaba West satellite mine at Goldex

2. Canadian Malartic Open Pits 5.0% NSR Royalty; Canadian Malartic Odyssey Underground Blended 4.61% NSR Royalty 4

3. vs. precious metals royalty & streaming peers; 'Tier-1' mining jurisdictions defined as: Canada, USA, Australia

10Y TRACK RECORD OF GROWTH IN PER SHARE METRICS

GOLD EQUIVALENT OUNCES EARNED1

(koz)

89.4

80.6

78.0

80.0

80.7

66.1

58.9

38.3

30.6

94.3

OPERATING CASH FLOW PER SHARE 4

Royalty and stream segment only

�0.73 �0.74 �0.75

�0.52

�0.49

�0.39

�0.40

�0.30

�0.29

�0.86

CONSENSUS NAV PER SHARE 5

As at December 31 of given year

�15.87

�11.96�12.12

�12.40

�10.97

�9.40

�8.84

�9.06

�8.21 �8.27

COVID Impacted Renard Shut Down + Eagle Mine Suspended

15 16

17 18

19 20 21

22 23 24

15 16

17 18

19 20 21

22 23 24

15 16

17 18

19 20 21

22 23 24

5

BALANCE SHEET STRENGTH

BALANCE SHEET ITEMS	March 31, 2025
Cash (US$ M)	$63.1
Investments (US$ M)(iv)	$115.8
Debt (US$ M)	$74.3
Basic Shares Outstanding (M)	187.0

CREDIT FACILITY(i)(ii)(US$ M)

As at March 31, 2025

�139

(C$200M)

�74

(C$107M)

AVAILABLE CREDIT:

$448M(iii)

�309

(C$443M)

UNDRAWN DRAWN ACCORDION (UNCOMMITTED)

FINANCIAL FLEXIBILITY FOR ACCRETIVE GROWTH

1. Revolving credit facility maturity date recently extended to April 30, 2028.

2. Subsequent to quarter end, OR paid down an additional $30.0 million against its revolving credit facility, reducing the outstanding balance to $44.3 million as at May 8th, 2025.

3. Including the C$200 million accordion, which is uncommitted and subject to acceptance by the lenders. 6

4. The market value corresponds to the quoted price of the investments (including OR Royalties' position in Osisko Development Corp.) in a recognized stock exchange as at March 31, 2025.