L’Oreal surpasses LVMH to become leading French stock

Royalty streamers like Wheaton Precious Metals (WPM) and Franco-Nevada (FNV) are outperforming traditional gold producers due to higher cash margins. WPM closed a $4.3B deal and returned 510% over a decade. FNV, debt-free with $4.3B available, raised its dividend for 19 straight years. Gold prices hit $4,439/oz, benefiting these companies' models.

OR Royalties (NYSE:OR) reported Q2 call highlights. Management said $0.968 of each revenue dollar became cash margin. Canadian Malartic faced a north-wall rock mass movement, making about 370,000 oz of gold inaccessible over three years, but 2026 guidance stayed intact. The firm closed $335M acquisitions, ended June with $75.6M cash and $139M net debt, raised its dividend, and expanded its credit facility to $850M.

OR Royalties Inc. reported Q2 2026 results: revenues from royalties and streams rose to $97.8 million, up 62% year over year, and operating cash flow increased to $83.2 million. Cash margin was 96.8%. The company closed $335.0 million of acquisitions, repurchased 225,712 shares for $8.0 million under its bid, and declared a $0.065 quarterly dividend. OR also expanded its credit facility.

OR Royalties Inc. reported preliminary Q2 2026 deliveries of 20,757 attributable gold equivalent ounces. It said royalty and stream revenues were $97.8 million, cost of sales (excluding depletion) $3.1 million, and cash margin about $94.7 million (96.8%). Cash was ~$75.6 million; net debt $139.4 million after $18.0 million repayments.

OR Royalties said its operating partner, Agnico Eagle, reported a July 1, 2026 rock mass movement on the north wall of the Barnat open pit at the Canadian Malartic complex in Québec. No injuries or environmental impact were reported; mining was temporarily suspended. Agnico expects 60,000–80,000 fewer gold ounces in 2H26 and up to ~150,000 oz/year reductions in 2027–28, while Odyssey outlook and OR’s 2026 guidance remain unchanged.

Intel (INTC) stock rose 5.0% in pre-market trading after reports of potential talks with SK Hynix to produce memory chips in the U.S. SK Hynix noted no decisions have been made. Tigress Financial raised its price target to $145, citing a new Terafab partnership. The broader semiconductor sector also rebounded.