OSISKO GOLD ROYALTIES LTD Q2 2026 Earnings Recap

OR Royalties' stock inched up 2.6% following its Q2 report, reflecting a performance largely in line with expectations despite near-term headwinds from Canadian Malartic's pit wall incident, which reduced upcoming gold equivalent ounces. The market appears cautiously receptive to the company's maintained guidance and continued portfolio ramp-ups.

Key Takeaways

• Q2 revenues rose 62% year-over-year to $97.8 million, supported by a 5% increase in gold equivalent ounces (GEOs) and strong realized precious metals prices.
• Operating cash flow reached $83.2 million, reflecting a sector-leading cash margin of approximately 97% of revenue.
• Canadian Malartic experienced a significant rock mass movement, resulting in an estimated 18,500 fewer GEOs to OR Royalties over 2026-2028; however, full-year 2026 guidance (80,000–90,000 GEOs) remains intact.
• Other assets had mixed performances: Dalgaranga delivered first royalties this quarter; Namdini's ramp-up contributed significantly; CSA faced logistical delays causing inventory buildup; Mantos Blancos saw a decline due to earlier front-loaded silver grades.
• The company closed two acquisitions totaling $335 million, funded largely by its revolver with $215 million drawn at quarter-end, positioning for accretive growth opportunities in H2 2026 and beyond.