The significant YoY revenue jump confirms strong commodity price tailwinds. Watch for the final Q2 2026 earnings release on August 5, 2026 for audited figures and potential guidance updates. The Murray Brook closing in Q3 adds modest growth. Track gold/silver/copper price trends as key drivers.
Price Chart
Executive Summary
OR Royalties released preliminary Q2 2026 GEO deliveries showing strong operational performance. Revenue rose to $97.8M from $60.4M YoY, driven by higher gold, silver, and copper prices. Net debt was reduced to $139.4M amid continued share buybacks. These are preliminary, unaudited figures subject to adjustment.
Key Facts
- 20,757 attributable gold equivalent ounces (GEOs) earned in Q2 2026.
- Preliminary Q2 2026 revenue from royalties and streams of $97.8 million.
- Preliminary cash margin of ~$94.7 million (96.8% of revenue).
- Cash position of ~$75.6 million as of June 30, 2026, after $8.0M (C$11.2M) in share buybacks.
- Revolving credit facility drawn by $215.0 million, with $435.0M available capacity plus $200.0M uncommitted accordion.
- Net debt reduced to $139.4 million after $18.0M in debt repayments during Q2.
- Murray Brook stream transaction with Canadian Copper Inc. (total $9.0M) expected to close in Q3 2026.
- Average gold price Q2 2026: $4,506/oz (vs $3,280/oz YoY); silver $73.15/oz (vs $33.68/oz); copper $13,329/tonne (vs $9,524/tonne).
- Results are preliminary, unaudited, and subject to adjustment.
Financial Impact
Revenue grew 62% YoY to $97.8M; cash margin steady at 96.8%. Net debt cut to $139.4M. Preliminary figures.
Risk Factors
- Figures are preliminary and unaudited — subject to material change upon quarter-end procedures.
- Revenue heavily dependent on commodity prices, which may fluctuate.
- Net debt position, while reduced, remains at $139.4M; leverage sensitive to gold price downturns.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-004527 |
| Document: f6k_070826.htm | 0001171843-26-004527 |
| Document: 0001171843-26-004527-index-headers.html | 0001171843-26-004527 |
| Document: 0001171843-26-004527-index.html | 0001171843-26-004527 |
| Document: 0001171843-26-004527.txt | 0001171843-26-004527 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 8, 2026 12w ago | 6-K | $29.23 $34.34 | ▲ +17.48% | ▲ +15.17% | $34.47 (+17.94%) |
Jul 2, 2026 13w ago | 6-K | $31.44 $34.28 | ▼ −9.03% | ▼ −5.47% | $34.47 (−9.65%) |
Jun 11, 2026 16w ago | Institutional Cluster | $32.74 $37.31 | ▲ +13.96% | ▲ +9.56% | $34.47 (+5.30%) |
May 7, 2026 21w ago | 6-K | $38.42 $30.76 | ▼ −19.94% | ▼ −24.78% | $34.47 (−10.27%) |
May 6, 2026 21w ago | 6-K | $37.48 $30.43 | ▼ −18.81% | ▼ −22.64% | $34.47 (−8.02%) |
Apr 16, 2026 24w ago | 6-K | $40.87 $28.73 | ▼ −29.70% | ▼ −36.75% | $34.47 (−15.65%) |
Apr 14, 2026 24w ago | 6-K | $40.11 $29.75 | ▼ −25.83% | ▼ −34.35% | $34.47 (−14.05%) |
Apr 14, 2026 24w ago | Press Release | $40.11 $29.75 | ▼ −25.83% | ▼ −34.35% | $34.47 (−14.05%) |
Apr 8, 2026 25w ago | 6-K | $40.23 $31.44 | ▼ −21.85% | ▼ −32.31% | $34.47 (−14.31%) |
Mar 30, 2026 26w ago | Press Release | $38.02 $32.25 | ▼ −15.18% | ▼ −27.56% | $34.47 (−9.32%) |
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