OR Royalties : Investor Presentation (OR Royalties April 14 Corp PPT UPDATE vFINAL3)

SENIOR QUALITY PORTFOLIO, LEADING GROWTH POTENTIAL

APRIL 2026

ORroyalties.com TSX-NYSE | OR

Amounts presented are in United States Dollars, except where otherwise noted

SENIOR-QUALITY PORTFOLIO,

LEADING GROWTH POTENTIAL

TSX | NYSE: OR

73%

GEOs from 'Tier 1' Mining Jurisdictions(iii) (2025)

97%

cash margin business2 (2025)

80,775

GEOs1 delivered in 2025

+195

royalties, streams and offtakes

Senior-quality precious metals portfolio

24 producing assets(i) anchored by a 5% NSR royalty on Agnico Eagle's Canadian Malartic Complex(ii)

Peer-leading organic growth profile

Attributable GEO1 delivery growth of ~50% based on current 5-year outlook for 2030E (120-135k GEOs)

1.34x

Consensus P/NAV3

0.55%

dividend yield

$246M

2025 CFO

$7.4B

market cap (C$10.3B)

Highest concentration of producing assets in low-risk Tier-1 mining jurisdictions(iii)

On a Net Asset Value basis & vs. relevant RoyaltyCo peers

Strong balance sheet & disciplined capital allocation strategy

~$945 million in available liquidity as of March 31, 2026 between cash and undrawn revolving credit facility (incl. uncommitted $200 million accordion)

Note: Market capitalization, dividend and P/NAV as at market close on April 9, 2026.

1. Producing asset list now includes Compañia de Minas Buenaventura S.A.A.'s San Gabriel Mine in Peru and Ramelius Resources Ltd.'s Dalgaranga Mine in Australia. (San Gabriel included for illustrative purposes only at this time, as transaction to acquire the Portfolio of royalties from Gold Fields Limited, including a 1.5% NSR Royalty covering San Gabriel isn't expected to close until early in the second quarter of 2026).

2. Canadian Malartic Open Pits 5.0% NSR Royalty; Canadian Malartic Odyssey Underground Blended 4.61% NSR Royalty 3

3. Also, highest concentration of producing AND development assets (based on Net Asset Value) vs. precious metals royalty & streaming peers; 'Tier-1' mining jurisdictions defined as: Canada, USA, Australia

CORE BENEFITS OF OR ROYALTIES' ROYALTY & STREAMING BUSINESS MODEL

MODEL

OR ROYALTIES: GROWTH-ORIENTED PRECIOUS METALS ROYALTY COMPANY

Simple and efficient business model:

High asset and cash flow diversification Insulated from rising geopolitical risks

No capital cost requirements High leverage to gold

Predictable operating costs Free upside to additional ounces found

Focus on pure play precious metal royalty and stream investments

DISCIPLINED approach to capital allocation

Committed to remain accountable to this strategy

AN ATTRACTIVE INVESTMENT PROPOSITION

4

WHY OR ROYALTIES? +10-YEAR TRACK RECORD…

GOLD EQUIVALENT OUNCES EARNED 1

(koz)

89.4

80.6

78.0

80.0

80.7 80.8

66.1

58.9

38.3

30.6

94.3

OPERATING CASH FLOW PER SHARE 4

$1.31

CONSENSUS NAV PER SHARE 5

As at December 31 of given year

$23.50

$15.87

$11.96 $12.12

$12.40

$10.97

$8.84$9.40

$9.06

$8.21

$8.27

Royalty and stream segment only

$0.86

$0.73$0.74$0.75

$0.52

$0.49

$0.39

$0.40

$0.30

$0.29

COVID Impacted

Renard Shut Down + Eagle Mine Suspended

15 16

17 18

19 20

21 22 23 24 25

15 16

17 18 19

20 21

22 23 24 25

15 16

17 18

19 20

21 22 23 24 25

10+ YEAR TRACK RECORD OF CONSISTENT GROWTH IN PER SHARE METRICS

5

WHY OR ROYALTIES? TIER-1 MINING JURISDICTIONS + MARGIN MATTERS

NAV BREAKDOWN BY JURISDICTION (%)

100%

80%

60%

40%

20%

Highest Exposure to Tier-1 Mining Jurisdictions(i) vs. relevant precious metals royalty & streaming peers

GEOs earned in-line with NAV exposure:

73% of GEOs earned in 2025 from Tier-1 Mining Jurisdictions(i) vs. Tier-1 NAV exposure at 76%

0%

OR

OR

Canada USA Australia

TFPM RGLD FNV WPM

Tier-1 Jurisdictions

Latin America (Incl. Mexico & Caribbean) Europe Africa Asia

2025 CASH MARGIN (%)2,6

Data Source: Canaccord Genuity Capital Markets Precious Metals Research, February 2026

Margin Matters

97%

91%

88%

87%

85%

OR Royalties' cash margin is peer-leading

OR's cash margin was 10.1% higher vs. average of relevant peer set in 2025 due to the highest proportional GEO contribution vs. peers from royalty assets

OR

OR

FNV TFPM RGLD WPM

OR Royalties & its shareholders earn ~$0.97 of every dollar of revenue generated(ii)

Note: TFPM classifies some of its gold pre-pay costs as non-cash. These have been included in the cash margin calculation to comport with the definition of cash margin utilized by OR Royalties.

1. Canada, USA, Australia 6

2. Before depletion, interest, taxes, G&A, and finance costs

WHY OR ROYALTIES? GEO GROWTH THROUGH TO THE END OF THE DECADE…

GUIDANCE AND 5-YEAR OUTLOOK1,7

(oz AuEq)

Expansions Malartic Odyssey Shaft #2 Mantos Blancos Phase II

+

Development Altar

Back Forty Costa Fuego Casino Cascabel Copperwood Eagle Hammond Reef Horne 5 Marban

Shaakichiuwaanaan Upper Beaver West Kenya

WKP

+

Exploration AntaKori

Mt Eggerton/Glenburgh San Antonio

Upper Canada/Anoki McBean Whistler

Others

2030E outlook represents 50% GEO growth(i) over 2026E with no contingent capital required

80,775

80,740

120,000 - 135,000

Existing Assets

+

Expansions

Island Gold District Expansion

Others

+

Development Amulsar Cariboo

Hermosa (Taylor) Marimaca MOD South Railroad Nkran

Spring Valley Windfall Others

80,000 - 90,000

Existing Assets

+

AK (Macassa) Dalgaranga

Namdini @ 2.0% NSR Royalty San Gabriel

2024A 2025A 2026E

2030E

Nearer-Term &

This outlook replaces the previous outlook (published on February 19, 2025).

Guidance

Outlook

Longer-Term Optionality

The 2026 outlook (published on February 18, 2026) is based on publicly available forecasts from our operating partners.

When publicly available forecasts on properties are not available, OR Royalties obtains internal forecasts from the producers or uses management's best estimate.

The 2026 guidance uses current 2026 consensus commodity prices and a gold/silver price ratio of 73:1. The 5-year outlook uses current long-term consensus commodity prices and a gold/silver price ratio of 82:1.

Optionality bar is illustrative only:

• "Development" defined as partner having at least completed a Preliminary Economic Assessment (or more) on the project;

• "Exploration" defined as partner having completed a Mineral Resource Estimate (MRE) on the project or is in the process of exploratory drilling in or to be working towards an initial MRE.

1. Based on mid-points of 2026E GEO Guidance & 2030E GEO Outlook Ranges, respectively.

2. San Gabriel and Nkran included for illustrative purposes only at this time, as transaction to acquire the Portfolio of royalties from Gold Fields Limited, including a 1.5% NSR Royalty covering San Gabriel and the 1% NSR royalty on Nkran (after initial production of 100Koz Au), and capped at 447Koz Au), isn't expected to close 7

until early in the second quarter of 2026).

WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO8

INCLUDED

High-quality development assets continue to advance…What Greenfield Projects are Included in OR Royalties' 5-Yr Outlook for 2030e?

	SPRING VALLEY (Au)	1.0-6.0% NSR(i) ~10,000 GEO/y			FIRST PRODUCTION ANTICIPATED FOR H1 2028(i)
	CARIBOO (Au)	5.0% NSR ~9,000 GEO/y			ANNOUNCEMENT OF CONTRUCTION START ANTICIPATED FOR Q2 2026
	WINDFALL (Au)	2.0-3.0% NSR ~6,000 GEO/y			FIRST PRODUCTION ANTICIPATED FOR Q1 2029
	AMULSAR (Au, Ag)	3.34% Au Stream 49.22% Ag Stream ~6,000 GEO/y			CONSTRUCTION UNDERWAY; FIRST PRODUCTION ANTICIPATED FOR H1 2027
	HERMOSA/TAYLOR (Ag, Zn, Pb)	1.0% NSR ~3,000 GEO/y			FIRST PRODUCTION SCHEDULED FOR H1 2027 (FULL RAMP-UP BY H1 2030)
	MARIMACA MOD (Cu)	1.0% NSR ~1,500 GEO/y			PROJECT IS POSITIONED TO BE CONSTRUCTION-READY BY H2 2026
	SOUTH RAILROAD (Ag)	100% Ag Stream ~750 GEO/y			FIRST PRODUCTION SCHEDULED FOR H2 2027
NOT INCLUDED	UPPER BEAVER(ii) (Au, Cu)	2.0% NSR ~4,000 GEO/y			MINE RAMP-UP CURRENTLY EXPECTED FOR 2030(ii)
	EAGLE (Au)	5.0% NSR	-		NEW PROJECT OWNER EXPECTED TO BE ANNOUNCED IN 2026
	CASCABEL (Au, Cu)	3.0% Au Stream(iii) 0.6% NSR(iv)			JIANGXI COPPER COMPANY LIMITED CLOSED ACQUISITION IN Q1 2026

1. OR Royalties owns a 4.0% to 6.0% NSR royalty on the core of the Spring Valley deposit, and a 1.0% NSR royalty on the peripheral claims. The majority of the current pit constrained Mineral Resource sits within OR Royalties' 6.0% NSR royalty area (the "Schmidt Claims"). Royalties on the Schmidt Claims become payable once 500koz Au are recovered from the Schmidt Claims;

2. Agnico Eagle's Upper Beaver currently not included in OR Royalties 5-year outlook GEO delivery range of 120-000 - 135,000 GEOs for 2030e; first royalty payments likely expected in 2031, though could come in 2030 depending on timing of production ramp up in 2030. 8

3. 3.0% gold stream of the contained gold produced from Cascabel until 225,000 ounces of gold have been delivered, and 1.8% thereafter for the remaining life of the mine.

4. Cascabel's owner, Jiangxi Copper Company Limited, has the right to buy down one-third of the NSR (ie. down to a 0.4% NSR Royalty) until November 2026. Beginning in 2030 and until the end of 2039, OR Royalties will receive minimum annual payments under the NSR of $4 million, even if the mine is not yet in production. Note: Average GEOs based on publicly available forecasts from our operating partners. When publicly available forecasts on properties are not available, OR obtains internal forecasts from the producers or uses management's best estimate.

WHY OR ROYALTIES? A HIGH-QUALITY PORTFOLIO with 24 PRODUCING ASSETS(i)

PRODUCING ASSETS INTEREST OPERATING PARTNERS

23

11

14

8

16

9

15

1. TOCANTINZINHO

2. SAN GABRIEL(i)

3. DALGARANGA(iii)

0.75% NSR

1.5% NSR

1.44% GR

G MINING VENTURES

BUENAVENTURA RAMELIUS RESOURCES

1. DOLPHIN TUNGSTEN

2. BRALORNE

1.5% GR

1.7% NSR

GROUP 6 METALS

TALISKER RESOURCES

18

20

145

4

6

19

1

17

21

10

13(i)

12

5

5

6

7

24

20(ii)

3

Total Assets

Producing Asset

Top 10 producing assets represent

~90% of total GEOs earned

1	CANADIAN MALARTIC COMPLEX	3-5% NSR	AGNICO EAGLE
2	MANTOS BLANCOS	100% Ag Stream	CAPSTONE COPPER
3	CSA	100% Ag & 3-4.875% Cu Streams	HARMONY GOLD
4	ÉLÉONORE	2.2-3.5% NSR	DHILMAR
5	SASA	100% Ag Stream	CENTRAL ASIA METALS
6	ISLAND GOLD DISTRICT	1.38-3% NSR	ALAMOS GOLD
7	NAMDINI	2% NSR	CARDINAL NAMDINI
8	GIBRALTAR	100% Ag Stream	TASEKO MINES
9	ERMITAÑO	2% NSR	FIRST MAJESTIC SILVER
10	LAMAQUE COMPLEX	1% NSR	ELDORADO GOLD

11 PAN 4% NSR MINERA ALAMOS

1. SEABEE 3% NSR SSR MINING

2. BALD MOUNTAIN 1-4% GSR KINROSS GOLD

3. FRUTA DEL NORTE 0.1% NSR LUNDIN GOLD

4. PARRAL 2.4% Au & Ag Streams GOGOLD RESOURCES

5. MACASSA TH 1% NSR AGNICO EAGLE

6. SANTANA 3% NSR MINERA ALAMOS

   18 3

   2

   22

   Total Assets

   Producing Asset

7. AKASABA WEST 2.5% NSR (Partial Coverage) AGNICO EAGLE

24 BRAUNA 1% GR LIPARI MINERAÇÃO

Assets undergoing expansion, extension, or ramp-up

5%

30%

65%

GOLD SILVER COPPER & OTHER

PRECIOUS METALS FOCUS

2025 GEOs BY COMMODITY

95% of GEOS earned in 2025 from PRECIOUS METALS

BEST-IN-CLASS PARTNERS

PRODUCTION, DEVELOPMENT & EXPLORATION

1. San Gabriel included for illustrative purposes only at this time, as transaction to acquire the Portfolio of royalties from Gold Fields Limited, including a 1.5% NSR Royalty isn't expected to close until early in the second quarter of 2026.

2. San Gabriel NSR Royalty currently not included in total asset count numbers, as transaction to acquire the Portfolio of royalties from Gold Fields Limited, including a 1.5% NSR Royalty covering San Gabriel isn't expected to close until early in the second quarter of 2026. 9

3. First production announced in Ramelius Resources Ltd.'s March 2026 Quarterly Production Update and dated April 7th, 2026.

From 2025-27, production is expected to be sourced from the Barnat Pit and increasingly complemented by ore from Odyssey and low-grade stockpiles. Updated overall CMC production guidance

is for 585koz in 2026 and 655koz in 2027, and 735koz in 20289

Odyssey is expected to contribute ~120koz Au in 2026 & ~240koz in 2027, and

~450koz Au in 20289

Complex expected to have ~40ktpd of excess mill capacity starting

in late 2028 or 2029 (after mine transitions to 100% underground at Odyssey)9

Shaft #2 at Odyssey Underground currently officially in "technical evaluation" phase, along with "Fill the Mill / Path to 1.0Moz" with results expected EOY 2026; infill drilling and MRE expansion drilling currently underway (~20 rigs in 2026)9

• Shaft #1 (+ Ramp) results in 20ktpd of throughput, with a potential Shaft #2 adding an additional 8-10ktpd of ore9

• Estimated annual gold production in a two-shaft scenario of 750-800koz per annum (~550koz pa Au for Shaft #1, and ~225koz Au pa for Shaft #2)10

• Shaft #2 could add ~10-15k GEOs to OR's annual earned GEOs over and above

current levels (no additional cost to OR); first production expected 2033(i),9

Regional opportunities to "Fill the Mill" currently being studied for Marban (~0.9% NSR royalty + mill tonnage royalty to OR) at 14-16ktpd starting in 2033, as well as Wasamac at 3ktpd (only the mill tonnage royalty would apply to OR)9

Final permits, along with FID on 2nd Shaft and Marban, expected H1 20289

"Significant growth of MRMR since June 2023 study supports potential for meaningful mine life extension and a larger production profile; Odyssey is a multi-decade,

world-class asset."

Ammar Al-Joundi, President & CEO of Agnico Eagle Mines Ltd. February 2026

Source: Agnico Eagle Mines Ltd. (February 2026)

(i) Projected GEOs estimated internally by OR Royalties Inc. based on publicly released information from the operator. Estimates based on the following 10

assumptions: 10,000 tpd of additional ore tonnage; average gold grade of 2.75 g/t Au; 94.6% overall gold recovery; and a 4.61% blended u/g NSR Royalty rate11

CANADIAN MALARTIC COMPLEX

Barnat Pit/Stockpile, East Gouldie, Odyssey South & western half of East Malartic -

5.0% NSR Royalty

+ Odyssey North and eastern half of East Malartic - 3.0% NSR Royalty

+ Any ore processed from outside CM property - C$0.40/t Mill Royalty Québec, Canada | Agnico Eagle Mines Limited

One of Canada's highest-grade and lowest-cost underground gold mines located near Wawa, Ontario

February 2026 Proven and Probable Reserves Update at Island Gold Underground of 15.1Mt grading 10.61 g/t Au for 5.1Moz Au

10th consecutive year of gold inventory growth12

Island Gold District Expansion Study complete with results presented in February 2026; full NI 43-101 expected in March 2026:

Phase 3+ Expansion (first shaft) remains on track for completion in Q4 2026, with infrastructure designed to support higher underground mining rates of 3,000 tpd (+25% from previous)12

Island Gold District (incl. Magino) average annual gold production of 534,000 ounces over 10 years post-expansion (2028+)12

The expanded and accelerated mine plan is also anticipated to transition a greater proportion of production towards OR's 2% and 3% NSR royalty. The updated blended royalty over LOM is ~2.34% NSR

"The evolution and growth of Island Gold continues with another substantial increase in Mineral Reserves supporting another high-return expansion of the operation. Given our significant ongoing exploration success within the main Island Gold Structure…

…we are confident there is further growth and upside to come."

John A. McCluskey, President & CEO of Alamos Gold Inc. February 2026

Source: Alamos Gold Ltd. (February 2026) 11

ISLAND GOLD DISTRICT (IGD)

1.38-3% NSR Royalty at Island Gold (Underground) Mine

3% NSR Royalty on Eastern Limit of planned Magino Open Pit Ontario, Canada | Alamos Gold Inc.

Buenaventura announced first gold (and silver) production from San Gabriel in December 202513. Commercial production is expected to be achieved towards the end of 2026

At the effective date of December 31, 2024, total underground Proven and Probable Mineral Reserves at San Gabriel were estimated at 15.3Mt at

3.71 g/t Au and 6.32 g/t Ag containing 1.8Moz Au & 3.1Moz Ag14

The December 2024 MRE supports a current mine life of 14.6 years14

Mill throughput is expected to ramp up from 2,000tpd in 2026, to 3,100tpd in 2028 onwards. An expansion to 4,000tpd is expected to be completed towards the end of this decade (Phase 2)14

Production guidance is currently 48-55koz Au in 202615, 90-95koz Au in 2027, and 95-110koz Au14 from 2028 onwards until the expected mill expansion

Buenaventura is an experienced, Peruvian-based miner and project developer, operating multiple mines throughout Peru for over 70 years

Production Outlook (koz Au)

95

95

48

90

95

110 110

55

2026E 2027E 2028E(i)

Source: Cia de Minas Buenaventura SAA (November 2025, February 2026)

2029E(i)

"In terms of the long run, we will be witness of the Phase 2 of San Gabriel that we plan to treat 4,000 tonnes per day."

Leandro García,

CEO of Compañia de Minas Buenaventura S.A.A. November 2025

1. San Gabriel included for illustrative purposes only at this time, as transaction to acquire the Portfolio of royalties from Gold Fields Limited, including

   a 1.5% NSR Royalty covering San Gabriel isn't expected to close until early in the second quarter of 2026). 12

2. 2028E and 2029E production guidance based on planned throughput of 3,100tpd

SAN GABRIEL (*NEW*)

1.5% NSR Royalty(i)

Moquegua Region, Peru | Compañia de Minas Buenaventura S.A.A.

Brownfield polymetallic development project located in a Tier-1 Mining Jurisdiction (Canada), with an accelerated timeline to first production (expected H2 2028 / H1 2029)16

Canadian Copper's plan is to integrate the Murray Brook deposit (one of the largest identified Mineral Resources in the Bathurst Mining Camp) with its Caribou Processing Complex (existing permitted mill located 13km away)17

Murray Brook EIA approval expected by EOY 2026, with final construction permits expected by Q3 2027, followed by a ~12-month construction period18

July 2025 Murray Brook PEA outlined the following18:

Conventional drill/blast/load open-pit mining methods for the Murray Brook deposit; 13km haul road for processing at Caribou

13.2-Yr LOM plan proposed one open-pit with four development phases at an average production rate of 3,300 tpd, and at a strip ratio of 5.0:1

Average annual payable production of:

8Mlbs Cul, 47Mlbs zinc, 783koz Ag, and 10Mlbs Pb

AISC of US$3.14/lb CuEq, or AISC of US$0.96/lb ZnEq(ii)

Updated Technical Report (Feasibility Study) expected by EOY 202616

Future construction of a second tailings facility (expected in Year 3 of mining) to support full life of operation; Canadian Copper has secured a strategic and mutual beneficial agreement with the New Brunswick government to advance Murray Brook & manage historic and future environmental liabilities17

OR's stream shall be referenced to production from the combined Murray Brook and Caribou properties and any future contiguous or complementary claims owned or controlled by Canadian Copper19

1. OR Royalties does not currently model payable gold in concentrates produced from Murray Brook.

2. CuEq and ZnEq based on metal prices of $4.25/lb Cu, $1.30/lb Zn, $1.10/lb Pb and $27/oz Ag at a $0.746 USD/CAD exchange rate and overall process recoveries of 13

   68% for copper, 82% zinc, 55% silver, and 44% for lead, with a total milled resource of 15,486 kt.

   MURRAY BROOK (*NEW*)

   20% Gold & Silver Stream(i)

   New Brunswick, Canada | Canadian Copper Inc.

   
   
   
   
   

   KEY NEAR-TERM PORTFOLIO CATALYSTS

   PRODUCING ASSETS8 DEVELOPMENT ASSETS8

   MANTOS BLANCOS 100% Ag Stream

   Increased Ag grades expected to be mined and processed through Mantos Blancos mill (H1 2026) Phase II Expansion Feasibility Study (to 27ktpd) to increase metal production over Phase I (Q2 2026)

   WINDFALL 2.0-3.0% NSR Royalty

   Windfall Updated Feasibility Study (H1 2026) Windfall EIA review process + final permitting + final IBAs with First Nations groups (Q3 2026) Final Investment Decision + Construction (Q2 or Q3 2026); Plant Construction (starting Q4 2027)

   ISLAND GOLD DISTRICT 1.38%-3.0% NSR Royalty

   Completion of construction and commissioning of first shaft for Island Gold District Expansion (H2 2026) Completion of the 115V powerline project, supplying additional grid power for expanded operation (Q4 2026)

   CARIBOO 5% NSR Royalty

   FULLY-PERMITTED & Optimized Feasibility Study COMPLETE Final Investment Decision + Start of construction (Q2 2026) Plant commissioning and first gold production (H2 2028)

   CSA 100% Ag Stream + 3-4.875% Cu Stream

   FY27 CSA production guidance (Q3 2026) Updated CSA LOM Plan from Harmony (Q3 2026) Ventilation Project to expand underground production (H2 2026); necessary for sustainable >40ktpa Cu

   SPRING VALLEY 1.0-6.0% NSR Royalty

   FULLY-PERMITTED and FULLY-FINANCED Start of mine and process plant construction (H1 2026) Plant commissioning and first gold production (H1 2028) First NSR royalty payment to OR Royalties (Q4 2029/Q1 2030)

   DALGARANGA 1.44% GRR Royalty

   Mining and stockpiling of Dalgaranga Ore (Q1 2026) First ore through mill completed in Q1 2026; First high-grade ore through mill (Q2 2026) Dalgaranga underground mine ramp-up to full production rates (H2 2026 H1 2028)

   HERMOSA 1.0% NSR Royalty

   Positive USFS Draft ROD received; Final ROD and Notice to Proceed (Q3 2026) Ongoing shaft and surface infrastructure construction milestones (2026)

   14

   
   
   
   
   

   WHY OR ROYALTIES? ZERO-COST UPSIDE TO EXPLORATION SUCCESS ON ASSETS THAT MATTER

   DRILLING COMPLETED ON OR ROYALTIES' PROPERTIES BY OPERATING PARTNERS8

   (million meters)

   GROWTH IN OR ROYALTIES' ATTRIBUTABLE RESERVES20,(i)

   
   
   

   (koz Au)

   2023

   2024

   2025

   2025 (ACQUIRED)

   GROWTH (2024-2025)

   +15%

   3,862

   3,346

   412

   2,797

   94

   81

   81

   GEO Deliveries (koz)

   Attributable P&P (koz)

   
   
   

   1.60

   1.52

   1.42

   1.33

   1.28

   1.00

   2020 2021 2022 2023 2024 2025

   AVERAGE OF OVER 1.36 MILLION METERS DRILLED/YEAR ON SHARED PROPERTIES SINCE 2020 AT NO ADDITIONAL COST TO OR SHAREHOLDERS

   SIGNIFICANT GROWTH IN HIGH MARGIN, PROVEN & PROBABLE OUNCES - RESULTING IN A LONG LIFE OF ATTRIBUTABLE "RESERVE" GEOs

   1. As at April 11, 2025. Updated Mineral Resource and Mineral Reserve estimate to be released in conjunction with OR's 2026 Asset Handbook. 15

CAPITAL ALLOCATION: ASYMETRIC EXPOSURE TO ASSET UPSIDE

RETURN ON INVESTED CAPITAL FOR SELECT ASSETS

(US$M(i))

Investment(ii)

Cumulative After-tax Cash Flows(iii)

Consensus NAV(iv)

CANADIAN MALARTIC CSA

$150

$52

$319

$371

$387

$0 $50 $100 $150 $200 $250 $300 $350 $400

$14

$43

$268

$225

$1,113

ISLAND GOLD

$639

$1,752

$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 $275 $300

MANTOS BLANCOS

EAGLE

$166

$146

$452

$306

$78	Consensus NAV of US$142M as at 2024-06-24, when operations at Eagle were stopped due to a slope failure at the heap leach
$61	$59	$120	$203(

v)

$0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 $0 $25 $50 $75 $100 $125 $150 $175 $200 $225

(i) For investments originally denominated in CAD, acquisition values were converted to USD using the spot rate on the acquisition date. After-tax cash flows were converted to USD using the average rate in the quarter earned. Consensus NAV figures were converted to USD using the spot rate as at the relevant estimate date. (ii) Mantos Blancos and Island Gold were acquired as part of broader portfolio transactions. For Island Gold, the investment reflects the acquisition of an 85% interest from Teck Resources Limited in 2016 and the remaining 15% from Caisse de dépôt et placement du Québec (CDPQ) in 2020. Investment amounts for asset acquired in portfolios reflect the purchase price allocated to each asset. An additional deposit of US$25M was made for Mantos Blancos in 2019 to reduce the transfer price and increase the tail stream percentage. For Canadian Malartic, the investment is assumed to be C$420 million, representing the C$575 million implied value of "Spinco" shares distributed to Osisko Mining Corporation shareholders in the 2014 joint acquisition by Agnico Eagle Mines Limited and Yamana Gold Inc., net of the C$155 million in cash held by OR Royalties Inc. at inception. (iii) As at December 31, 2025. Cumulative after-tax cash flow figures represent estimates derived from previously disclosed information. After-tax cash flows by asset were estimated by deducting attributable cost of sales and cash taxes from asset-level revenues. Revenues were based on reported quarterly GEOs multiplied by the average gold price in each quarter. Estimated cash costs of sales assume a C$3.00/oz transport and refining cost for Canadian Malartic, C$3.25/oz for Island Gold, C$4.00/oz for Eagle, an 8% transfer price for Mantos Blancos as of Q4 2019 and a 25% transfer price from acquisition to Q3 2019, and a 4% transfer price for CSA. No cash taxes were paid on any of the select

assets as at December 31, 2024. Attributable cash taxes tax liability of approximately US$9.1M and US$1.0M for Canadian Malatirc and Island Gold respectively assumed for 2025. (iv) As at December 31, 2025. Collected from covering analysts in December 2025. (v) Total 16

including consensus NAV as at 2024-06-24, when operations at Eagle were stopped due to a slope failure at the heap leach.

CAPITAL ALLOCATION: RETURNS TO SHAREHOLDERS

CUMULATIVE DIVIDEND RETURNED SINCE INCEPTION(i) (US$M)

Quarterly Dividend

C$0.03/sh

C$0.04/sh

C$0.05/sh

C$0.055

C$0.06 C$0.065 US$0.055

/sh

/sh

/sh

/sh

Over $279 million returned to shareholders in dividends as of January 15, 2026(i)

Quarterly dividend of US$0.055 per common share (22% increase in 2025(ii))

$1 $11

$24

$43

$67

$89

$114

$142

$173

$205

$240

$279

Current Dividend yield of 0.55%

A total of ~9.1 million shares repurchased(iii) (~$118 million(iv, iii) since the Company's inception)

1.1 million shares repurchased for $36.7 million in 2025

Further $1.29 million spent on repurchases in Q1 2026

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

HIGH MARGIN BUSINESS RETURNING CAPITAL ACROSS COMMODITY CYCLES

1. OR Royalties's dividend was historically denoted in C$s. Historic dividends converted to US$ at the quarterly average USD:CAD exchange rate for the quarter of record for a given dividend.

2. Based on the foreign exchange rate (C$/US$) on the declaration date of the first quarter dividend.

3. As at 2025-12-31.

(iii) Historic NCIB buybacks converted to US$ using using annual average USD:CAD FX rates of 1.3245 for 2016; 1.2986 for 2017; 1.2957 for 2018; 1.3269 for 2019; 1.3415 for 2020; 1.2535 for 2021; 1.3013 for 2022; 1.3497 for 2023; 1.3698 for 2024; and 1.3971 for 2025.

BALANCE SHEET STRENGTH

CREDIT FACILITY(iii)

As at March 31, 2026

$200M

AVAILABLE CREDIT:

$850M22

UNDRAWN ACCORDION (UNCOMMITTED)

$650M

BALANCE SHEET ITEMS ($ M)	March 31, 2026
Cash	$94.9
Equity Investments21,(i)	$186.1(ii)
Debt	$0.0
Basic Shares Outstanding (M)	187.4

FINANCIAL FLEXIBILITY FOR ACCRETIVE GROWTH

1. Included within, OR Royalties' interest in Osisko Development Corp. was 10.94% as of March 31, 2026, on an undiluted basis.

2. Preliminary and unaudited; OR Royalties' full financial statements will be released on May 6th, 2026. 18

3. Revolving credit facility maturity date is May 30, 2029.

SENIOR-QUALITY PORTFOLIO WITH HIGH REPLACEMENT VALUE

UNLOCKING VALUE

	LOW-RISK PRECIOUS METALS EXPOSURE TO 'TIER 1' MINING JURISDICTIONS(i)		PROLONGED PERIOD OF GROWTH EXPECTED FROM ASSETS ALREADY BOUGHT & PAID-FOR		EXISTING ASSET NAV EXPECTED TO GROW, AS WELL AS RE-RATE

ACTIVE TRANSACTION MARKET FOR NEW GROWTH OPPORTUNITIES

1.53x

1.46x

1.34x

2.14x

2.27x

CONSENSUS P/NAV3 EV/2027E EBITDA3

17.6x

15.9x

14.9x

12.2x

17.8x

(i) Canada, USA, Australia

OR

OR

WPM	FNV	RGLD	TFPM	OR
72%	81%	75%	67%	44%

Percentage of NAV in production23

WPM FNV

OR

TFPM RGLD

19

APPENDIX A:

ADDITIONAL INFORMATION

20

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