Advertisement – This article is distributed on behalf of OR Royalties Inc. and Gold Royalty Corp., with which SRC swiss resource capital AG has paid IR consulting agreements. · Producer: SRC swiss resource capital AG · Author: freelance journalist · First published: August 20, 2026, 5:35 a.m. Zurich/Berlin ·

+++ Gold Stabilizes – and the Royalty Sector Delivers +++

Dear Readers,

As of August 19, gold has recovered from its recent setbacks. Reuters reported a spot price of around $4,370 per troy ounce at noon, about 0.8% higher than the previous day. A weaker U.S. dollar and declining yields in the bond market provided support. At the same time, the futures market has recently been pricing in largely unchanged U.S. key interest rates for September. Thus, the environment for gold remains constructive, though this does not necessarily imply a straight upward trend.

From a technical perspective, a well-known zone is also coming into focus: The 200-day moving average currently hovers around $4,500 per troy ounce. A sustained breakout above this level would further brighten the chart picture. However, a broader uptrend would require additional confirmation from trend structure, volume, and other technical signals.

High precious metal prices are particularly attractive for royalty and streaming companies: They receive contractually defined shares of revenue or metal deliveries from underlying mines without having to manage the day-to-day mining operations themselves. While this means they remain dependent on metal prices, operators, and project progress, their direct exposure to mining cost inflation is typically lower than that of traditional producers.

OR Royalties: 62% increase in revenue and cash flow – plus $335 million in portfolio expansion

OR Royalties – https://www.commodity-tv.com/ondemand/companies/profil/or-royalties-inc/ – is one of the established precious metals royalty and streaming companies. The portfolio comprises more than 200 royalties, streams, and similar interests and is focused on Tier-1 mining regions such as Canada, the U.S., and Australia. The core asset remains the royalty on the Canadian-Malartic Complex in Québec.

The figures for the second quarter of 2026 demonstrate how strongly the model can scale with higher precious metal prices: Revenue from royalties and streams rose 62% year-over-year to $97.8 million; operating cash flow also increased by 62% to $83.2 million. At the same time, OR Royalties earned 20,757 gold-equivalent ounces (GEOs), 5% more than a year earlier. The cash margin reported by the company was $94.7 million, or 96.8% of revenue. The cash margin is a non-IFRS metric and does not have a uniformly standardized definition.

OR Royalties is also making strides on the capital side. During the quarter, previously announced acquisitions totaling $335 million were completed. These include, among others, the Spring Valley royalties in Nevada and a portfolio of eight royalties acquired from Gold Fields, anchored by a 1.5% NSR royalty on the already producing San Gabriel gold-silver mine in Peru. The reported volume of royalty, stream, and other interests thus rose to approximately $1.48 billion by the end of June.

For shareholders, there are two additional points to note: The quarterly dividend was increased by 18.2% from the previous level to $0.065 per share, and OR Royalties is maintaining its 2026 guidance of 80,000 to 90,000 GEOs. At the same time, the revolving credit facility was expanded to $850 million, with an additional uncommitted accordion option of $350 million. As of June 30, the company had $75.6 million in cash and $215 million in debt on its balance sheet, corresponding to a net debt of $139.4 million as reported by the company. Thus, following the significant expansion of its portfolio, the balance sheet remains a key factor for future capital allocation.

Gold Royalty: Record Half-Year, Debt-Free Balance Sheet, and More Than 250 Royalties

Gold Royalty – https://www.commodity-tv.com/ondemand/companies/profil/gold-royalty-corp/ – takes a more growth-oriented approach and now has a portfolio of more than 250 royalties and streams, primarily on projects in North and South America. The focus is on gold, supplemented by copper and other metals.

The first half of 2026 set new records. IFRS revenue rose to $13.91 million, nearly double the prior-year figure of $6.96 million. The additional non-IFRS metric used by the company, “Total Revenue, Land Agreement Proceeds, and Interest”, increased by approximately 116% to $17.30 million. GEOs, also a non-IFRS metric, rose by approximately 42% to 3,677.

Earnings quality also improved significantly: For the first six months, Gold Royalty reported a net income of $3.55 million, compared to a loss of $2.08 million in the same period last year, while adjusted EBITDA rose to $12.60 million. In the second quarter alone, the company reported $6.73 million in IFRS revenue, $1.78 million in net income, and $5.60 million in adjusted EBITDA. Adjusted EBITDA is a non-IFRS metric  and is therefore not directly comparable to similarly named metrics reported by other issuers.

The company’s financial flexibility is particularly noteworthy. Gold Royalty ended the quarter with more than $11.3 million in cash, no financial debt, and a fully undrawn credit line of up to $150 million, including a $25 million accordion component. According to the company, this creates room for further acquisitions and portfolio development, although this does not constitute a guarantee of future growth.

For the second half of the year, management cites several operational catalysts at the underlying projects, including expected first production at Ren, the planned start of construction at South Railroad, and further progress at Vareš, Borborema, Côté, Granite Creek, Jerritt Canyon, and Odyssey. At the same time, Gold Royalty is maintaining its 2026 guidance of 7,500 to 9,300 GEOs.

Conclusion: Two Royalty Models – Two Different Strengths

The current gold market environment is providing tailwinds for both companies, but their investment profiles differ. OR Royalties stands for scale, high cash conversion, dividends, and an already highly diversified portfolio of high-quality royalty and streaming rights. The 62 percent growth in revenue and operating cash flow, as well as the $335 million expansion of the portfolio, underscore the company’s operational momentum.

Gold Royalty focuses more on growth from a broad, predominantly U.S.-centric portfolio. The record half-year, GEOs up by around 42%, a return to profitability, a debt-free balance sheet, and a fully undrawn credit line create a solid foundation for the announced catalysts in the coming quarters.

Both models stand to benefit from higher metal prices and project progress by the respective operators, but remain dependent on their operational execution, resource and reserve development, permits, counterparty risks, and commodity prices. For investors, the appeal of the royalty model lies precisely in having a stake in a large number of mines and projects without having to finance and manage their day-to-day operations themselves.

Current company information and press releases from OR Royalties (-  https://www.resource-capital.ch/de/unternehmen/or-royalties-inc/ -) and Gold Royalty (-  https://www.resource-capital.ch/de/unternehmen/gold-royalty-corp/ -).

You can also find further information in our new Precious Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/.

Best regards
Yours,
Marc Ollinger
Swiss Resource Capital AG

Scientific and Technical Basis and Qualified Persons

OR Royalties: The scientific and technical content of the Q2 2026 company announcement dated August 5, 2026, was reviewed and approved by Guy Desharnais, Ph.D., P.Geo., Vice President, Project Evaluation at OR Royalties Inc. and a Qualified Person under NI 43-101. Gold Royalty: Alastair Still, P.Geo., Director of Technical Services at Gold Royalty Corp. and a Qualified Person under NI 43-101, has reviewed and approved the technical information in the Q2/H1 2026 corporate announcement dated August 5, 2026. Gold Royalty notes that information regarding the projects covered by its royalties is primarily based on publications by the respective operators and can only be independently verified by the company to a limited extent.

The QP reviews mentioned refer exclusively to the respective primary sources and not to this German-language article. SRC Swiss Resource Capital AG has not independently verified the scientific or technical information.

Sources and Data as of
 

• Reuters, “Gold rises as dollar weakens, bond yields ease,” August 19, 2026
• OR Royalties, “OR Royalties Reports 62% Year-Over-Year Increase in Revenues and Cash Flows from Operations in Q2 2026…,” August 5, 2026
• OR Royalties, 2026 Asset Handbook
• Gold Royalty, “Gold Royalty Reports Record Six-Month Results with Continued Strong Cash Flow and Earnings Growth,” August 5, 2026
• Gold Royalty, Portfolio Overview
• World Gold Council, August 2026 Goldhub Market Commentary
• BC Securities Commission, “Promotional Communications about Companies”
• BC Securities Commission, NI 43-101 Standards of Disclosure for Mineral Projects, current version effective June 9, 2023

Important Notices, Conflicts of Interest, and Disclaimer

Nature of the Article and Material Conflict of Interest: This article is a paid promotional and marketing communication (advertorial) and not an independent financial analysis. SRC Swiss Resource Capital AG receives compensation from OR Royalties Inc. and Gold Royalty Corp. for investor relations consulting and communications services. This creates a material conflict of interest that may influence the selection of the companies discussed as well as the manner in which they are presented.

Disclosure of Positions and Business Relationships pursuant to Art. 20 of the Market Abuse Regulation (MAR), Delegated Regulation (EU) 2016/958, and § 85 of the German Securities Trading Act (WpHG): The freelance journalist holds no shares, options, warrants, derivatives, or short positions in OR Royalties Inc. or Gold Royalty Corp. SRC Swiss Resource Capital AG holds no net position in the shares of either of the two issuers discussed. Neither issuer holds at least a 5% stake in SRC Swiss Resource Capital AG. Aside from the disclosed IR advisory and communications agreements, according to information available to , there are no market-making or liquidity-providing relationships, no investment banking, lead, or co-lead mandates, and no other advisory relationships with the two issuers.

Date and Update: This report was first published on August 19, 2026, at 5:35 a.m. Zurich/Berlin time. This version reflects publicly available information as of the editorial deadline/update status on August 19, 2026, at 2:03 p.m. Zurich/Berlin time. No scheduled updates are planned; statutory obligations to correct or update the information remain unaffected.

Methodology, Sources, Market Prices, and Technical Classification: Market, corporate, financial, scientific, and technical data were taken from the publications listed in the bibliography. Market prices are spot prices valid at a specific point in time and may vary depending on the data provider, trading venue, and observation period. Facts, company information, forecasts, forward-looking statements, and editorial assessments have been linguistically distinguished from one another. Technical chart levels are interpretations dependent on methodology and time horizon and do not constitute price targets or trading signals.

IFRS and Non-IFRS Metrics: Where the article refers to cash margin, adjusted EBITDA, GEOs, or “Total Revenue, Land Agreement Proceeds, and Interest,” these are in some cases non-IFRS metrics used by the respective companies. These metrics do not have a uniformly standardized definition under IFRS and may be only partially comparable to metrics with the same or similar names used by other issuers. IFRS revenue, net income, and operating cash flow are presented separately.

No Individual Investment Advice: The information provided is for general informational purposes only. It is not tailored to the personal investment objectives, financial circumstances, or risk tolerance of any individual and does not constitute individual investment advice, nor does it constitute an invitation, offer, or solicitation to buy or sell securities or other financial instruments. Investment decisions should be made solely on the basis of your own analysis and, if necessary, with the assistance of independent professional advice.

Risks: Securities of commodity, royalty, streaming, mining, and project development companies are subject to significant risks. These include, in particular, gold, silver, and copper price risks, as well as currency, liquidity, financing, dilution, counterparty, operator, exploration, resource and reserve, permitting, construction, operational, environmental, remediation, political, regulatory, and country-specific risks. Royalty and streaming companies are largely dependent on the respective operators of the underlying mines for production, costs, permits, and project progress. Projects may fail technically or economically, miss schedules and production targets, or be discontinued. Price losses, up to and including the complete loss of invested capital, are possible.

Forward-Looking Information and Scientific and Technical Information: This article contains forward-looking information, corporate objectives, and scientific and technical information. These are based on assumptions, estimates, and expectations as of the respective date of publication; actual results may differ materially due to known and unknown risks. Information regarding projects, mineral resources, mineral reserves, production plans, and technical studies related to royalty and streaming rights is derived primarily from publications by the respective operators. Mineral resources are not mineral reserves and do not indicate proven economic viability. The QP reviews mentioned refer exclusively to the respective primary sources; SRC Swiss Resource Capital AG has not independently verified the scientific or technical information.

Accuracy, Completeness, and External Content: The content has been prepared with editorial care based on the sources cited, which are considered reliable. However, no guarantee can be given as to accuracy, completeness, timeliness, or continued availability. Mandatory statutory liability provisions remain unaffected. The operators of external websites are solely responsible for their content. If illegal content becomes known, the corresponding links will be removed.

Use of AI-Supported Systems: AI-supported systems may be used as editorial tools in the creation and editing of our articles, particularly to assist with research, analysis, structuring, and linguistic revision. All content intended for publication undergoes a thorough human and editorial review prior to publication, is revised as necessary, and is approved by the responsible editorial team. Editorial responsibility for the published content remains solely with the respective publisher.

In addition, the general disclaimer of SRC Swiss Resource Capital AG applies:  resource-capital.ch/de/disclaimer-agb/