Gold and silver price gains and higher deliveries drove OR Royalties’ second-quarter revenue and cash flow up sharply year over year.
OR Royalties reported second-quarter revenue of $97.8 million, up 62% from a year earlier, as operating cash flow rose to $83.2 million. Adjusted earnings climbed 78% to $60.5 million, supported by higher gold and silver prices and a 5% increase in gold-equivalent-ounce deliveries.
First-half deliveries reached 43,497 GEOs, a 12% year-over-year rise, while full-year guidance of 80,000–90,000 GEOs was maintained. The company also completed $335 million in acquisitions and raised its credit facility to $850 million.
A rock-wall movement at Canadian Malartic is expected to reduce GEOs by up to 7,500 annually in 2027–2028, though management said 2026 guidance remains intact with mining set to resume in Q4.