OR Royalties (NYSE: OR) posts $87.3 million cash margin amid buybacks

What happened

OR Royalties Inc. (NYSE: OR) reported preliminary third-quarter 2026 results on October 7, 2026. The company said it earned 20,237 attributable gold equivalent ounces and recorded $90.2 million of royalty and stream revenue.

Preliminary cost of sales, excluding depletion, was $2.9 million. That left cash margin at about $87.3 million, or 96.8% of revenue.

OR Royalties said cash was about $76.7 million at September 30, 2026, after $29.1 million of common share repurchases under its normal course issuer bid during the quarter. The company also closed the La Verde royalty transaction with Hot Chili Limited for $15.0 million, financed with cash available on the balance sheet.

The company said its revolving credit facility was drawn by $228.2 million at September 30, 2026. That left $621.8 million of available capacity, plus an uncommitted accordion of up to $350.0 million. The release says all monetary amounts are in United States dollars unless otherwise noted.

Key numbers

Metric	Latest	Change	Source
Attributable GEOs	20,237 attributable gold equivalent ounces		SEC 6-K
Preliminary royalties and streams revenue	$90.2 million	from $71.6 million, +26.0%	SEC 6-K
Preliminary cash margin dollars	$87.3 million	from $69.3 million, +26.0%	SEC 6-K
Cash margin	96.8%	from 96.7%, +0.1 percentage points	SEC 6-K
Cash position	approximately $76.7 million		SEC 6-K
Revolver drawn	$228.2 million		SEC 6-K

Read more: OR Royalties (OR) stock analysis and investment case

Why it matters

Preliminary revenue rose 26.0% from $71.6 million a year earlier. Cash margin dollars also rose 26.0% from $69.3 million.

Cash margin as a share of revenue edged up to 96.8% from 96.7%. That shows the quarter stayed close to the same operating spread.

For a capital-light royalty company, cash, revolver capacity and a funded royalty purchase after buybacks matter. OptimistFi's case is that OR Royalties depends on mine operators and gold and silver prices for the heavy lifting while keeping most incremental revenue as cash. This update fits that model.

The release is preliminary and subject to quarter-end adjustments, so revenue, cash margin, cash balance and debt figures may change materially.

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What's next

Results are scheduled for Wednesday, November 11, 2026 after market close, with a conference call on Thursday, November 12, 2026 at 10:00 am ET. A replay will be available until Saturday, December 12, 2026 at 11:59 PM ET.

A final release close to these numbers would support the case. Lower final revenue, margin or liquidity would weaken it.

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