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MONTRÉAL - OR Royalties Inc. (TSX & NYSE:OR) earned 19,700 attributable gold equivalent ounces in the second quarter of 2025, generating record quarterly revenue of $60.4 million, the company announced Monday.
The precious metals royalty and streaming company reported a preliminary cost of sales (excluding depletion) of $2.6 million, resulting in a record quarterly cash margin of approximately $57.8 million, representing 95.8% of revenue. InvestingPro data reveals that OR Royalties has maintained dividend payments for 12 consecutive years, with a 24.4% dividend growth in the last twelve months.
As of June 30, OR Royalties held a cash position of approximately $49.6 million after repaying $40 million on its revolving credit facility during the quarter. The company’s credit facility was drawn by $35.7 million at quarter-end, with an additional $614.3 million available plus an uncommitted accordion of $200 million.
Following the quarter’s end, OR Royalties paid down an additional $10 million against its revolving credit facility, reducing the outstanding balance to $25.7 million.
The company’s portfolio includes over 195 royalties, streams and similar interests, with its cornerstone asset being a 3-5% net smelter return royalty on Agnico Eagle Mines Ltd.’s Canadian Malartic Complex. Based on current metrics from InvestingPro, analysts maintain a bullish outlook on the stock, with price targets ranging from $26.58 to $29.99. Get access to the comprehensive Pro Research Report for deeper insights into OR Royalties’ performance and growth potential.
OR Royalties noted that the figures presented are preliminary and have not been audited, as the company has not completed its quarter-end procedures. The financial information is subject to quarter-end adjustments and may change.
The company will release its complete second quarter 2025 results on August 5 after market close, followed by a conference call on August 6.
According to the press release statement, gold prices averaged $3,280 per ounce during the second quarter of 2025, compared to $2,338 per ounce in the same period of 2024. The company’s stock has reflected this strong performance, with a total return of 61.4% over the past year and trading near its 52-week high of $27.60.
In other recent news, Osisko Gold Royalties Ltd announced a 20% increase in its quarterly dividend, now set at US$0.055 per common share, payable on July 15, 2025. This increase reflects the company’s commitment to returning value to shareholders. Additionally, Osisko Gold Royalties has secured a 100% silver stream on the South Railroad project in Nevada, expanding its exposure to top-tier mining jurisdictions. The acquisition involves a purchase agreement with Osisko Bermuda Limited, a subsidiary of Osisko Gold Royalties, for silver production from the South Railroad and Jasperiod Wash deposits.
In another development, BMO Capital raised its price target for Osisko Gold Royalties stock to Cdn$33.00, citing potential growth opportunities and strategic moves, including the recent silver stream acquisition. OR Royalties Inc., meanwhile, has expanded its credit facility to $650 million, with an additional uncommitted accordion feature that could increase total availability to $850 million. This expansion is expected to enhance the company’s financial flexibility for pursuing growth opportunities. Furthermore, proxy advisory firms Institutional Shareholder Services and Glass Lewis & Co. have endorsed all proposed resolutions for Osisko Gold Royalties’ upcoming Annual and Special Meeting of Shareholders. These developments highlight Osisko Gold Royalties’ strategic efforts to strengthen its portfolio and financial position.
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