OR Royalties Delivers 20,237 Gold-Equivalent Ounces in Third Quarter
Key Facts
OR Royalties delivered 20,237 gold-equivalent ounces in the third quarter of 2026, according to preliminary data released by the company, the available figure on its performance during the period. The quarterly delivery places the company’s performance within the context of tracking its annual guidance, announced in February. Earnings-per-share figures and whether revenue exceeded market estimates in the November 11 results could not be verified, so these data do not offer a view on those comparisons. The company had described its preliminary financial information as subject to quarter-end adjustments that could be material. It also said in October that some financial figures, cash balances and debt remained preliminary and unaudited.
According to preliminary data released by OR Royalties in October, the cash margin was $87.288 million in the third quarter, compared with $69.258 million in the same period of 2025. The margin was 96.8% of revenue, versus 96.7% a year earlier, keeping the ratio close to its year-earlier level despite the increase in the margin’s cash value. These figures provide an indication of revenue remaining after direct cash costs under the company’s measure. They remain preliminary estimates that could change after the quarter-end close is completed, the company cautioned. The company said the average gold price used to calculate equivalent ounces rose to $4,262 per ounce, from $3,457 in the third quarter of 2025.
Sector context shows that gold production at Canadian Malartic declined in the third quarter, according to Agnico Eagle, which attributed the drop mainly to lower processing and grade. The decline concerns mine production by its operator and does not by itself establish a specific effect on OR Royalties’ deliveries, which are based on royalties from a broader asset portfolio. The mine’s data are therefore insufficient to attribute a change in OR Royalties’ deliveries to it. OR Royalties, meanwhile, reported preliminary attributable deliveries of 20,237 gold-equivalent ounces for the quarter. The figure should be read on the basis of the company’s delivery data, rather than by generalizing production movements at a single asset across the entire portfolio.
On liquidity, OR Royalties said its cash balance was about $76.7 million on September 30, 2026, after share buybacks during the quarter totaling $29.1 million in U.S. dollars, or $40.8 million in Canadian dollars, according to the statement. Drawings under the revolving credit facility stood at $228.2 million on the same date, with $621.8 million of capacity available. The company said it could increase the facility by up to an additional $350 million in uncommitted capacity. These figures reflect its financing and liquidity position at quarter-end, alongside deliveries for the period. They are included in preliminary information that the company said could change with quarter-end adjustments.
During the quarter, the company closed the La Verde royalty deal with Hot Chili for $15 million, saying the transaction was funded with cash on hand. The deal’s completion adds a new asset to the royalty portfolio, while its funding shows the use of cash during the period. The available data did not provide a figure for La Verde deliveries in the third quarter. The company also said in February that its 2026 annual guidance was 80,000 to 90,000 gold-equivalent ounces, with an expected average cash margin of about 97%. The guidance assumed increased production at the Dalgaranga and San Gabriel mines and the start of initial payments linked to their royalties.
OR Royalties is scheduled to hold a conference call to discuss third-quarter results on November 12, 2026, at 10:00 a.m. Eastern Time. The upcoming call will give the company an opportunity to provide details on the period’s results following its announcement of preliminary deliveries and estimated financial data. The call is scheduled for the day after the results statement date given in the story inputs. Until then, the cash margin, liquidity and debt figures remain preliminary and could change after adjustments. The available evidence did not include a documented share price or daily trading range for November 10.