OR Royalties Inc 2025年度报告

FORM 40-F ☐Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934 or For the fiscal year endedDecember 31, 2025 OR ROYALTIES INC. For annual reports, indicate by check mark the information filed with this form: ☒Annual Information Form ☒Audited Annual Financial Statements Indicate the number of outstanding shares of each of the registrant's classes of capital or common stock as of the close of the periodcovered by the annual report: 187,152,235 Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Actduring the preceding 12 months (or for such shorter period that the Registrant was required to file such reports); and (2) has beensubject to such filing requirements for the past 90 days. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.Emerging growth company☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if theregistrant has elected not to use the extended transition period for complying with any new or revised financial accounting standardsprovided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS Certain statements contained in this Annual Report on Form 40-F of OR Royalties Inc. (the "Registrant") may be deemed to be"forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended,and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively referred to herein as"forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but notalways, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled"and similar expressions or variations (including negative variations), or that events or conditions "will", "would", "may", "could" or"should" occur. All statements in this Annual Report on Form 40-F, other than statements of historical fact, are forward-lookingstatements, including statements that address, without limitation: future events;production estimates of the Registrant's assets (including increase of production) of the Registrant's assets (including anyestimate of gold equivalent ounces to be received for any future period);the 2026 guidance (and cash margin) and the 5-year outlook and and other guidance based on disclosure from operators;timely developments of mining properties over which the Registrant has royalties, streams, offtakes and investments;management's expectations regarding the Registrant's growth, results of operations, estimated future revenues, productioncosts, carrying value of assets, ability to continue to pay a dividend, requirements for additional capital, business prospectsand opportunities;futuredemand for and fluctuation of prices of commodities(including outlook on gold,silver,copper and othercommodities), currency markets and general market conditions. In addition, statements and estimates (including data in tables) relating to mineral reserves and mineral resources and gold equivalentounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, including theassumptions set out under "2026 Guidance and 5-Year Outlook", and no assurance can be given that the estimates or related guidancewill be realized.Forward-looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates","believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (incl