JUNIORMETRICS

OR Royalties Inc.

OR·OR·US$34.79 (CAD 48.91)·US$6.5B cap
Canada Map

OR Royalties Inc. (formerly Osisko Gold Royalties Ltd., renamed 2023) holds a portfolio of royalty, stream and other interests on precious-metals projects, most notably a 3-5% net smelter return (NSR) royalty on the Canadian Malartic complex (Quebec), alongside dozens of other royalty/stream interests. Jason Attew is President and CEO (since 1 Jan 2024); Frederic Ruel is CFO and VP Finance (since Feb 2020). Not to be confused with OGG (Osisko Gold Group Inc., formerly Osisko Development Corp.) -- a separate, real, operating mine developer/constructor building the Cariboo Gold Project, sharing 'Osisko' brand lineage but a distinct company with a distinct business model.

7.5/10
Weak track recordStrong track record
7.5/10 vs.
5.1/10
Thin runwayWell-capitalized
5.1/10 vs.
How this is calculated
9/10
Harder place to buildEasier place to build
9/10 vs.
What goes into it
  • Jurisdiction (40%, counts 100% here)9/10

    OR Royalties is a Canadian-domiciled royalty/streaming company, not an operator -- it holds no mines and bears no direct jurisdiction/operating risk of its own. This score reflects Canada as the corporate domicile only; the underlying jurisdiction risk actually sits with its royalty/stream counterparty mines and projects (its largest is the Canadian Malartic complex, Quebec), which this single-country field cannot represent. See description for the business-model caveat.

  • Infrastructure (40%)Not scored

    A royalty/streaming company holds interests in other operators' mines rather than building its own, so a flagship infrastructure checklist isn't scored for it.

  • Nearby producing mine (20%)Not scored

    Not scored for a royalty/streaming company, which doesn't build or run a mine of its own.

How this is calculated
3.9/10
Weaker portfolioStronger portfolio
3.9/10 vs.
7.2/10
Weaker profileStronger profile
7.2/10 vs.
Price Chart
$30.40$34.30$38.02$29.52$34.90AugDecMarJulOct22
Aug 12, 2025 – Oct 20, 2026
News
$34.79
+29%from low-23.8%from high
$26.96$45.63
See who ↓
0.4%
Low alignmentHigh alignment
0.4% vs.
See who ↓
89.7%
Low alignmentHigh alignment
89.7% vs.
$6.5B
Far belowFar above
$6.5B vs. $541.2M peer median
$6.6B
Far belowFar above
$6.6B vs. $457.8M peer median
186.4M
Far aboveFar below
186.4M vs. 336.8M peer median
Price (USD - Local)
US$34.79 (CAD 48.91)
Cash Position (USD)
$75.6M
Far belowFar above
$75.6M vs. $94M peer median
Debt (USD)
$219.3M
Far aboveFar below
$219.3M vs. $6.2M peer median
Jurisdiction
Canada
$303.2M
Far belowFar above
$303.2M vs. $51.8M peer median
$1.63
Far belowFar above
$1.63 vs. $0.155 peer median
0.4%
0%100%
0.4% vs. 12.1% peer median
89.7%
0%100%
89.7% vs. 3.3% peer median
21.38x
Far aboveFar below
21.38x vs. 27.49x peer median
Overall Score Trend
+2.9% since 2026-08-08 · -10% from peak

Your Rankings

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Management— (0) 
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Royalty & Streaming Portfolio

OR Royalties Inc. does not operate mines, so it has no technical study of its own. What it holds instead is a book of royalty and stream interests in other companies' assets -- the portfolio below. Only figures the company has actually disclosed are shown; nothing here is estimated.

Royalties
178
Streams
15
Producing assets
23
Development assets
24
Exploration assets
149
Attributable GEOs
43.5K
H1 2026 preliminary (six months) -- NOT annualized. FY2026 guidance is 80,000-90,000 GEOs but that is a guided range, not a disclosed actual, so it was not used.
Cash cost / GEO
$113.00
Portfolio-blended disclosed figure, not a spot-relative margin
Credit facility
$650M
$435M undrawn
Annual dividend / yield
$0.26 (0.7%)
Paid quarterly, US$0.065/share, declared Q3 2026 (Aug 5, 2026)
Tracked interests (5)
Material/flagship assets, not the full long tail — expect this to be smaller than the portfolio counts above
AssetCommodityInterestRate / price
Canadian Malartic Complex
Gold
Royalty
NSR (sliding scale, 3-5%)
—
Mantos Blancos
Silver
Stream
100%
Éléonore
Gold
Royalty
NSR, 2-3.5% (reported range)
—
Island Gold
Gold
Royalty
NSR (sliding scale, within a 2-3% boundary)
1.38%
Côté Gold
IAMGOLD Corporation / Sumitomo Metal Mining (joint venture) · Canada
Gold
Stream
5%
AISC
Cut-off Grade0.35 g/t Au (open pit, Reserve + Resource cutoff)

Management Team

President and Chief Executive Officer of OR Royalties Inc. since 1 Jan 2024. Over 25 years of mining industry experience. Immediately before OR Royalties, President, CEO and Director of Liberty Gold Corp. (Oct 2022-2023) and, before that, of Gold Standard Ventures Corp. (Dec 2020-Aug 2022, until its acquisition by Orla Mining). Began his career in investment banking with BMO Capital Markets' Global Metals and Mining Group. MBA, Queen's University; BSc (Honours), University of British Columbia.

Chief Financial Officer and Vice President, Finance of OR Royalties Inc. since Feb 2020 (Vice President, Corporate Controller from 2015). Over 25 years of financial reporting experience and 15+ years in the mining industry. Before his current role, Director, Corporate Reporting for Canadian Malartic Partnership and Osisko Mining Corporation, and for Consolidated Thompson Iron Mines, acquired by Cliffs Natural Resources in 2011. Began his career as an auditor at a premier Canadian accounting firm for 7 years. Member, Ordre des comptables professionnels agrees du Quebec; Master in Accounting, Universite de Sherbrooke.

Insiders, Investors & Smart Money

Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.

Smart money

Not scored. Smart-money tracking covers companies below about US$5B in market cap, where a single specialist fund or strategic investor taking a stake is a meaningful signal. This company was above that size when it was assessed.

No notable insiders tracked for this miner yet.

Reports, Presentations & Documents

Recent News

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