OR Royalties Announces More Positive Developments on Select Assets

Executive Summary

• OR Royalties provided extensive updates on its portfolio—including positive execution plans for Cascabel, a $450 M credit facility and $203 M private placement for Cariboo, a definitive feasibility study for Marimaca MOD, full permitting for Spring Valley, and strong drill intercepts at AuWEST.
• Several financing milestones were disclosed: receipt of the second $33.3 M tranche from Franco‑Nevada for Cascabel, staged $10 M deposits to SolGold, and additional pre‑construction deposits totalling $195 M; plus a $450 M credit facility and $203 M private placement for Cariboo.
• The company highlighted forthcoming production timelines (e.g., first copper at Cascabel 2028, gold at Cariboo H2 2027, Dalgaranga FY‑26) and new royalty/stream terms that could generate multi‑million dollar cash flows over the next decade.

Key Details

• Cascabel (Ecuador – SolGold):
• Updated execution plan targets first production as early as 2028; TAM open pit feed in Jan 2028, underground ore Q4 2028.
• Phase‑1 Project Execution Plan delivered; feasibility study underway.
• Received second $33.3 M tranche of a $100 M streaming agreement with Franco‑Nevada & ORIL (July 21 2025).
• Drill results – July 28: 164.4 m @ 0.35% Cu, 0.42 g/t Au; Aug 15: 140.0 m @ 0.41% Cu, 0.59 g/t Au.

• OR Royalties holds a 0.6% NSR (minimum $4 M/yr 2030‑2039) and a 6% gold stream (first $10 M deposit paid, two further $10 M staged deposits pending milestones; total future deposits $195 M).

• Cariboo (BC – Osisko Development):

• Secured $450 M senior secured credit facility (two tranches); $100 M initial draw used for 13 km infill drilling, pre‑construction, loan repayment and working capital.
• Closed a $203 M private placement (99,065,330 units @ US$2.05) on Aug 15 2025; OR Royalties’ stake reduced to 13.97%.
• Optimized Feasibility Study shows 4,900 t/d processing capacity, 17.8 Mt @ 3.62 g/t Au (2.071 Moz). LOM gold recovery 92.6%; first production possible H2 2027.

• OR Royalties holds a 5.0% NSR royalty on Cariboo.

• Marimaca MOD (Argentina – Marimaca Copper):

• Definitive Feasibility Study released Aug 25 2025: steady‑state 49 ktpa copper cathode (LOM 43 ktpa), C1 cash cost US$1.68/lb, AISC US$2.09/lb.
• Proven reserves 94.3 Mt @ 0.46% CuT; probable reserves 84.3 Mt @ 0.37% CuT.
• Early works to commence (design, grade‑control drilling, access roads). Debt financing process launched with up to US$500 M expressions of interest.

• OR Royalties holds a 1.0% NSR royalty and a right of first refusal on additional interests.

• Spring Valley (Nevada – Solidus Resources/Waterton):

• BLM Record of Decision signed July 15 2025; project fully permitted, “shovel‑ready.”
• EXIM Letter of Interest for up to US$835 M financing received May 13 2025.
• Feasibility study (Feb 2025) projects >300 koz Au/year (348 koz/yr first five years); 2.9:1 strip ratio; 3.8 Moz contained Au.

• OR Royalties holds a tiered NSR (2.0‑3.5% core, 0.5% peripheral) payable after 500 koz Au produced.

• Dalgaranga (Western Australia – Ramelius Resources):

• FY25 results disclosed; integration study expected Dec 2025 Q4.
• Production anticipated FY26 with step‑up FY28.
• Recent drilling: 43.5 m @ 11.7 g/t Au (incl. 14.9 m @ 30 g/t Au) at Never Never; 13.5 m @ 6.22 g/t Au at Pepper.

• OR Royalties holds a 1.44% gross revenue royalty on Dalgaranga and 1.08‑2.08% GRR on adjacent Benz licences.

• Windfall (Canada – Gold Fields):

• Half‑year update (June 30 2025) shows EIA responses submitted, FID targeted Q1 2026; construction 24 months, first gold 2028.

• OR Royalties holds a 2‑3% NSR royalty on the project.

• Hermosa (Arizona – South32):

• FY25 growth capex $517 M at Taylor zinc‑lead‑silver project; FY26 outlook $750 M.
• State and federal permitting milestones achieved (ADEQ response, USFS Draft EIS).

• OR Royalties holds a 1% NSR royalty on sulphide ores.

• AuWEST (BC – TDG Gold):

• First drill hole (TDG25‑001) intersected 100 m @ 2.24 g/t Au, 0.38 % Cu from 308 m depth; broader 240.6 m @ 1.23 g/t Au, 0.23 % Cu.
• Four additional holes pending assay. TDG cash $38 M for 2025‑26 programs.
• OR Royalties holds a 1.0% NSR royalty; expects C$5 M payment to Sable Resources upon milestone.

Notable Quotes

• Jason Attew, President & CEO: “Today’s update illustrates the continued momentum across OR Royalties’ portfolio… Positive advancements … have served to further increase our confidence in their respective development and construction timelines over the near‑to‑medium term.”

Materiality Assessment: Material – Positive (the release contains multiple significant financing arrangements, feasibility studies, permitting milestones and high‑grade drill results that are likely to influence investor perception of OR Royalties’ future cash flows).