OR Royalties acquires and manages royalties, streams, and offtake agreements on precious metals and commodity mining projects. The company provides upfront capital to miners in exchange for the right to receive a share of production revenue — or physical metal — for the life of a mine, with no obligation to fund ongoing operating costs, capex, or cost overruns. OR Royalties earns revenue in two ways: royalties, where it receives a fixed percentage of gross mine revenue, and streams, where it purchases physical metal at a deeply discounted fixed price (often 4% of spot) and earns the spread to market. Because ongoing costs are minimal or fixed, nearly all revenue converts to operating cash flow, and the company reports a ~97% cash margin. The portfolio spans 179 royalties, 15 streams, and 3 offtakes across 23 producing assets, with additional exposure to development and exploration-stage projects. The cornerstone asset is a 3-5% NSR royalty on the Canadian Malartic Complex in Québec — one of the world's largest gold mines, operated by Agnico Eagle. Other meaningful producing assets include the Mantos Blancos silver stream in Chile and the CSA copper and silver streams in Australia. OR Royalties measures output in GEOs (gold equivalent ounces), which converts all commodity income into a common unit. The company guides GEOs to grow from ~80,000-90,000 in 2026 to 120,000-135,000 by 2030 as development-stage assets come online. OR Royalties emphasizes Tier 1 jurisdictions — Canada, the U.S., and Australia — and ended 2025 debt-free with $142M in cash and an undrawn $650M credit facility.