OR Royalties (TSX: OR) (NYSE: OR) earned 20,237 attributable gold equivalent ounces in the third quarter of 2026, bringing its nine month total to 63,734 GEOs and keeping the royalty and streaming company on pace for the middle of its full year guidance.
The company recorded preliminary revenue of US$90.2 million from royalties and streams during the quarter, up 26% from US$71.6 million a year earlier. Cost of sales excluding depletion came in at US$2.9 million, leaving a cash margin of roughly US$87.3 million, or 96.8% of revenue.
The quarter was softer sequentially. GEOs slipped 2.5% from the 20,757 earned in the second quarter, and revenue fell from US$97.8 million.
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Metal prices drove most of the year over year gain. Gold averaged US$4,262 per ounce in the quarter, compared with US$3,457 a year ago. Silver averaged US$62.59 per ounce, up from US$39.40, and copper climbed to US$14,104 per tonne from US$9,797.
OR Royalties guided to 80,000 to 90,000 GEOs for 2026 at an average cash margin of about 97%. The year to date total works out to 75% of the guidance midpoint with one quarter remaining.
Reaching the low end of the range requires about 16,300 GEOs in the fourth quarter. The midpoint calls for roughly 21,300, which is in line with what the portfolio has delivered in each quarter this year.
When the company set its outlook in February, President and CEO Jason Attew tied it to new production coming online across the portfolio. “Our 2026 guidance reflects the immediate benefit of production ramp-ups at Namdini, Dalgaranga, and San Gabriel, all of which serve to offset ongoing transitional impacts at CSA,” he said.
The balance sheet has changed considerably since then. OR Royalties ended 2025 debt-free with US$142.1 million in cash. As of September 30, it held about US$76.7 million in cash and had drawn US$228.2 million on its revolving credit facility, following a run of acquisitions that included an additional Namdini royalty and a royalty portfolio from Gold Fields.
The facility still has US$621.8 million of available capacity, plus an uncommitted accordion of up to US$350.0 million.
During the quarter, the company also repurchased US$29.1 million (C$40.8 million) of shares under its normal course issuer bid and closed the US$15.0 million La Verde royalty transaction with Hot Chili, both funded from cash on hand.
Full third quarter results are scheduled for release on November 11 after market close.
OR Royalties last traded at $49.00 on the TSX.
