OR Royalties Inc. (TSX & NYSE: OR) has released preliminary third-quarter 2026 results, reporting 20,237 attributable gold equivalent ounces (GEOs) earned and revenues from royalties and streams of $90.2 million. The Montréal-based precious metals royalty and streaming company also disclosed a quarterly cash margin of approximately $87.3 million, representing 96.8% of revenues. Investors may be watching these figures closely as the company reports year-over-year revenue growth from $71.6 million in Q3 2025, supported by notably higher average gold, silver, and copper prices during the period.

Key Points

  • OR Royalties Inc. (TSX & NYSE: OR) released preliminary Q3 2026 financial results on October 7, 2026.
  • The company earned 20,237 attributable GEOs with preliminary revenues of $90.2 million and a cash margin of approximately $87.3 million (96.8%).
  • Cash position stood at approximately $76.7 million as at September 30, 2026, after $29.1 million in share repurchases; the revolving credit facility had $621.8 million of available capacity.
  • Full Q3 2026 results are scheduled for release on November 11, 2026, with a conference call on November 12, 2026.

OR Royalties' Q3 2026 Revenue and Cash Margin Performance

OR Royalties recorded preliminary revenues of $90.2 million in Q3 2026, up from $71.6 million in the same quarter of 2025. Preliminary cost of sales, excluding depletion, totalled $2.9 million, yielding a cash margin of approximately $87.3 million or 96.8% of revenues. The company notes that cash margin is a non-IFRS measure used by management to evaluate its ability to generate positive cash flow from royalty, stream, and other interests. The prior-year comparative cash margin was $69.3 million, representing 96.7% of revenues. These figures are unaudited and remain subject to quarter-end adjustments.

Average Metal Prices Driving GEO Conversion in the Quarter

Average metal prices during the three months ended September 30, 2026 were notably higher than a year earlier. Gold averaged $4,262 per ounce versus $3,457 in Q3 2025, silver averaged $62.59 per ounce versus $39.40, and copper averaged $14,104 per tonne versus $9,797. These price increases play a direct role in GEO calculations, as silver and copper royalty revenues are converted to gold equivalent ounces using prevailing average prices, meaning higher commodity prices amplify reported GEO totals and revenues for royalty and streaming companies like OR Royalties.

La Verde Transaction and Balance Sheet Position at Quarter End

The release states that the La Verde royalty transaction with Hot Chili Limited closed during Q3 2026 for a total of $15.0 million, funded from the company's available cash. OR Royalties also repurchased $29.1 million (C$40.8 million) of common shares under its normal course issuer bid during the quarter. As at September 30, 2026, the cash position was approximately $76.7 million. The revolving credit facility was drawn by $228.2 million, leaving $621.8 million of available capacity, plus an uncommitted accordion of up to $350.0 million.