Mr. Grant Moenting reports

OR ROYALTIES ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has approved OR Royalties Inc.'s notice of intention to make a normal course issuer bid (NCIB). Under the terms of the NCIB program, OR Royalties may acquire up to 9,399,294 of its common shares from time to time in accordance with the normal course issuer bid procedures of the TSX.

The NCIB program will be conducted through the facilities of the TSX or through alternative trading systems in Canada, if eligible, and will conform to their regulations. Purchases under the NCIB program will be made by means of open-market transactions or such other means as a securities regulatory authority may permit, including prearranged crosses, exempt offers and private agreements under an issuer bid exemption order issued by a securities regulatory authority.

Repurchases under the NCIB program may commence on Dec. 12, 2025, and will terminate on Dec. 11, 2026, or on such earlier date as the NCIB program is completed. Daily purchases will be limited to 107,496 common shares, other than block purchase exemptions, representing 25 per cent of the average daily trading volume of the common shares on the TSX for the six-month period ending Nov. 28, 2025, being 429,986 common shares.

The price that the company may pay for any common share purchased in the open market under the NCIB program will be the prevailing market price at the time of purchase (plus brokerage fees when applicable) and any common share purchased by the company will be cancelled. In the event that the company purchases common shares by prearranged crosses, exempt offers, block purchases or private agreements, the purchase price of the common shares may be, and will be in the case of purchases by private agreements, as may be permitted by the securities regulatory authority, at a discount to the market price of the common shares at the time of the acquisition.

The board of directors of OR Royalties believes that the underlying value of the company may not be reflected in the market price of the common shares from time to time and that, accordingly, the purchase of common shares will increase the proportionate interest in the company of and be advantageous to all remaining shareholders of the company.

As of Nov. 28, 2025, there were 187,985,880 common shares issued and outstanding. The 9,399,294 common shares that may be repurchased under the NCIB program represent approximately 5 per cent of the issued and outstanding common shares of the company at such date.

Under the prior NCIB program, which commenced on Dec. 12, 2024, and will terminate on Dec. 11, 2025, the company received approval from the TSX to purchase up to 9,331,275 common shares. Under this NCIB program, 228,183 common shares were repurchased up to and including Nov. 28, 2025, at a weighted average price of approximately $45.83 per common share through the facilities of the TSX. From Dec. 1 to Dec. 5, 2025, an additional 365,249 common shares were also purchased at a weighted average price of approximately $47.92 per common share through the facilities of the TSX, representing a total acquisition price of $28-million in 2025 (weighted average price of $47.12 per common share in 2025).

About OR Royalties Inc.

OR Royalties is a precious metals royalty and streaming company focused on Tier 1 mining jurisdictions defined as Canada, the United States and Australia. OR Royalties commenced activities in June, 2014, with a single producing asset and today holds a portfolio of over 195 royalties, streams and similar interests. OR Royalties' portfolio is anchored by its cornerstone asset, the 3-to-5-per-cent net smelter return royalty on Agnico Eagle Mines Ltd.'s Canadian Malartic complex, one of the world's largest gold mines.

OR Royalties' head office is located at 1100 Ave. des Canadiens-de-Montreal, Suite 300, Montreal, Que., H3B 2S2.

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