OR Royalties : Investor Presentation (OR Royalties June Corp PPT VF2)

SENIOR-QUALITY PORTFOLIO, LEADING GRWOTH POTENTIAL

JUNE 2025

ORroyalties.com TSX-NYSE | OR

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

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 GEO1delivery 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

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

CORE BENEFITS OF THE ROYALTY & STREAMING BUSINESS MODEL

ROYALTY & STREAMING MODEL

KEY BENEFITS

Highly efficient and scalable business model Significant asset and cash-flow diversification No direct capital, operating or exploration cost exposure Insulated from inflationary cost pressures Optionality to exploration success, mine life extensions and expansions High margins provide sustainable cash-flow generation and shareholder returns throughout the commodity cycle Leverage to precious metals prices

4

WHY OR ROYALTIES? +10-YEAR TRACK RECORD…

GOLD EQUIVALENT OUNCES EARNED

(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

10+ YEAR TRACK RECORD OF CONSISTENT GROWTH IN PER SHARE METRICS

5

WHY OR ROYALTIES? TIER-1 MINING JURISDICTIONS + MARGIN MATTERS

NAV Breakdown by Jurisdiction (%)

100%

80%

Highest Exposure to Tier-1 Mining Jurisdictions(i) vs. relevant precious metals royalty & streaming peers

60%

40%

GEOs earned in-line with NAV exposure:

78% of GEOs earned in 2024 from Tier-1 Mining Jurisdictions(i)

20%

0%

OR

OR

RGLD TFPM FNV WPM SAND

OR's NAV exposure to Tier-1 Mining Jurisdictions(i)

increased in 2024

Canada USA Australia

Tier-1 Jurisdictions

Latin America (Incl. Mexico & Caribbean) Europe Africa Asia

2024 Cash Margin (%)2,6

Data Source: Canaccord Genuity Capital Markets Precious Metals Research, February 2025

Margin Matters 

OR Royalties's cash margin is peer-leading

OR's cash margin was 11.9% higher vs. average of relevant peer set in 2024 due to the highest proportional GEO contribution vs. peers from royalty assets

OR

96.5%

86.4%

81.7%

85.8%

88.3%

88.7%

OR

SAND FNV RGLD TFPM WPM

OR Royalties & its shareholders earn ~$0.97 of every dollar of revenue generated(ii)

Note: TFPM classifies some of its gold pre-pay costs as non-cash. These have been included in the cash margin calculation to comport with the definition of cash margin utilized by OR Royalties.

1. Canada, USA, Australia

2. Before depletion, interest, taxes, G&A, and finance costs 6