$OR.TO

RBC Precious Metals Price Target Changes Brief: Kinross To US$40 From $45; FNV To US$295 From $320; TFPM To US$38 From $44; OR To US$50 From $56; WPM To US$165 From $200

RBC Precious Metals Price Target Changes Brief: Kinross To US$40 From $45; FNV To US$295 From $320; TFPM To US$38 From $44; OR To US$50 From $56; WPM To US$165 From $200

Gold Royalty Valuations Have Contracted, RBC Says

Valuations of gold royalty companies have contracted especially for mid/small cap companies including Triple Flag Precious Metals (TFPM.TO) and OR Royalties (OR.TO), RBC Capital Markets said Wednesday.OR's shares trade at the lowest valuation across the royalty group and a larger discount to historical valuation levels, RBC said.The market value of larger cap royalty companies including Wheaton Precious Metals (WPM.TO) and Franco-Nevada (FNV.TO) valuation has been more resilient, according to RBC.Meanwhile, valuations of senior producers including Agnico Eagle (AEM.TO) have converged.Barrick's (ABX.TO) shares have begun to outperform peers following its positive first-quarter results, resumption of its buyback program, and potential upside from its planned initial public offering in North America.Price: $42.55, Change: $-1.09, Percent Change: -2.50%

OR Royalties Q1 Adjusted Earnings More Than Doubles, Announces 18% Dividend Hike

OR Royalties (OR.TO) Wednesday after trade reported record first-quarter adjusted earnings and raised its dividend by 18%.Adjusted earnings, excluding most one-time items, more than doubled to a record US$75.0 million, or US$0.40 per share, from US$29.5 million, or US$0.16, in the prior-year period. The result beat the consensus analyst estimate of US$0.35 per share, according to FactSet.The company said revenue from royalties and streams nearly doubled to hit a record US$102.8 million, from US$54.9 million, but missed analysts' consensus expectation of US$103.3 million.OR earned 22,740 gold-equivalent ounces, an increase from the 19,014 GEOs earned in the fiscal first quarter of last year, a statement added.The company will pay the higher dividend of US$0.065 per share on July 15 to shareholders of record on June 30."OR Royalties delivered solid operational performance across our asset base in the first quarter, establishing a strong foundation to achieve our 2026 guidance range of 80,000 to 90,000 GEOs," said chief executive Jason Attew."We committed to deploying $438.5 million during the period to acquire 13 new royalties. Several of these additions will immediately contribute to our 2026 cash flows, while others further complement our five-year growth outlook out to 2030. Most importantly, we secured these assets at above-average industry returns, ensuring that these transactions were highly accretive to our shareholders," Attew added.OR Royalties shares were last seen up US$0.01 to US$38.74 in after-hours New York trade. It closed up $3.63 to $52.83 on the Toronto Stock Exchange.

OR Royalties Sells Stake in Osisko Metals for US$34.8 Million

OR Royalties (OR.TO) has sold its entire remaining non-core equity position in Osisko Metals (OM.TO), generating US$34.8 million in proceeds, Osisko Gold Royalties said Thursday.Osisko Gold Royalties also provided an update on its portfolio. The expanded and accelerated mine plan at Alamos Gold's (AGI.TO) Island Gold District in Canada is expected to transition a greater proportion of production from OR Royalties' current 1.38% net smelter return royalty (NSR) coverage to OR Royalties' 2.0% and 3.0% NSR royalty boundaries.Benz Mining (BZ.V) is conducting a 250,000 meter drill program at the Glenburgh gold project in Western Australia. OR Royalties holds a 1.08% gross revenue royalty on Glenburgh.Talisker Reosurces (TSK.TO) closed a C$52.1 million bought-deal financing in March as it expanded a 2026 diamond drill program at the Bralorne mine in British Columbia to 105,000 meters from 30,000 m. OR Royalties holds a 1.7% NSR royalty on Bralorne.PMET Resources (PMET.TO) has submitted an environmental and social impact assessment for the Shaakichiuwaanaan project in Quebec. OR Royalties's interests in the project includes a sliding-scale 1.5-3.5% NSR royalty on precious metals and 2.0% on lithium and other products.OceanaGold (OGC.TO) reported high-grade drill results from the Wharekirauponga project in New Zealand, including 14.9 meters at 16.3 grams per tonne gold. OR Royalties owns a 2.0% NSR royalty on the project.

OR Royalties Also Announcing Strategic Sale of Osisko Metals Position

OR Royalties Providing Portfolio Update; Citing "Positive" Developments at Island Gold, Dalgaranga, Glenburgh, Eagle and Other

RBC Retains OR Royalties' Outperform Rating, US$56 Price Target

RBC Capital Markets on Tuesday maintained OR Royalties' (OR.TO) outperform rating and US$56 price target.Singapore-based Boroo has announced it had entered into an exclusivity agreement to potentially acquire the previously operating Eagle gold mine in Yukon from its receiver, PwC. OR maintains a 5% net smelter royalty on the mine.In June 2024, a catastrophic heap leach failure occurred at the Eagle mine, leading to environmental damage. OR acquired the Eagle royalty in March 2018 for C$98 million."We note that no final agreement is in place, and key hurdles to production advancement include rehabilitation of the mine's prior heap leach failure as well as local First Nations approval," RBC said.RBC added that Boroo is currently in default of its streaming obligation at the ATO operation to stream holder Triple Flag Precious Metals (TFPM.TO).OR traded at US$36.82 per share at last look Wednesday on the New York Stock Exchange.Price: $50.72, Change: $-0.74, Percent Change: -1.44%

OR Royalties Up 1% In US Premarket As Buys Precious Metals Stream on Canadian Copper's New Brunswick Assets

OR Royalties (OR.TO) was at last look up 1% in US premarket trade after the company said it is acquiring a precious metals stream on Canadian Copper's (CCI.CN) New Brunswick assets for US$28.0 million.A statement noted the assets comprise the Murray Brook properties and the Caribou property, and include the Caribou Processing Plant.OR Royalties will pay US$5.0 million cash upon closing, with US$23.0 million funded quarterly in line with project construction budgets, a statement said. A US$35.0 million concentrate prepayment facility has been provided by Ocean Partners UK, securing the full construction financing required to advance the project into commercial production.Concurrent with closing, OR Royalties will subscribe to US$4.0 million in Canadian Copper shares at C$0.75 apiece.Canadian Copper will deliver refined silver and gold equal to 20% of the payable silver and gold in concentrate or any other product for the life of mine to OR Royalties. This does not include payable gold from Murray Brook."Canadian Copper's Murray Brook Project checks all of our strategic boxes; the integration of Murray Brook and the Caribou Complex creates a premier brownfield polymetallic project with significant precious metals credits in a Tier-1 mining jurisdiction. Thanks to existing infrastructure and strong alignment with local stakeholders, the project benefits from a significantly accelerated development timeline. We are excited to partner with Canadian Copper as they advance toward a mine-and-mill restart, which is expected to deliver high-margin GEOs to OR Royalties before the end of the decade," said OR Royalties chief executive Jason Attew.OR Royalties shares closed down $0.12, to $54.44 on Monday on the Toronto Stock Exchange.

OR Royalties Announcing Acquisition of a Precious Metals Stream on Canadian Copper's New Brunswick Assets

Sailfish Royalty Completes Sale of Subsidiary Terraco Gold to OR Royalties

Sailfish Royalty (FISH.V), down 2.4% on last look, said on Friday that it has completed the sale of its subsidiary Terraco Gold to OR Royalties (OR.TO) for US$168 million in cash.Terraco Gold holds a 3% net smelter return (NSR) royalty on Solidus Resources' Spring Valley gold project and a 2% NSR royalty on Solidus Moonlight property, both in Nevada."The sale of the Spring Valley and Moonlight royalties meaningfully reduces portfolio concentration risk while strengthening our cash position at a time of significant opportunity in the current market. Sailfish intends to redeploy this capital within the mining sector, with a strong focus on precious metals streams and royalties, to support our robust dividend policy," said CEO Paolo Lostritto.Sailfish shares were last seen down $0.09, to $3.63, on the TSX Venture Exchange.Price: $3.63, Change: $-0.09, Percent Change: -2.42%

RBC Outlines OR Royalties' Stance On Sector Consolidation, Buybacks

RBC Capital Markets said Friday that it hosted investor meetings with OR Royalties (OR.TO) chief executive Jason Attew and Grant Moenting, the company's vice president of capital markets.RBC said it reviewed key questions asked by investors and a summary of management's responses.When asked why OR was less active in 2025, the company said it would remain disciplined in its capital allocation.RBC noted that management outlined low success in 2025 due to elevated valuations and returns below target thresholds, increased competition and capital availability, and 25%of deals were unsecured, which is a non-starter for OR.As for OR's outlook for return of capital, management expressed willingness to repurchase shares to drive per share growth rather than pursue dilutive acquisitions.The company said it expects to maintain an opportunistic buyback throughout 2026, contingent on investment opportunities and internal valuation.OR anticipates royalty sector consolidation to continue, driven by a significant increase of new entrants to an already fragmented industry, RBC said.Meanwhile, OR's management believes that the opportunity at the Malartic operation in Quebec is largely overlooked. The company owns a 5% net smelter royalty in the mine owned by Agnico Eagle Mines (AEM.TO).Malartic is currently undergoing a transition from low grade open-pit mining to high gradeunderground mining, RBC said.RBC maintained OR's outperform rating and US$56 price target. The company traded at US$39.65 per share at last look on the New York Stock Exchange.Price: $54.70, Change: $-0.11, Percent Change: -0.20%