OR Royalties Acquires Additional 1.0% NSR Royalty on the Namdini Gold Mine in Ghana

The most recent news release (January 29, 2026) announces that OR Royalties has acquired an additional 1.0% Net Smelter Return (NSR) royalty on the Namdini Gold Mine in Ghana from Savannah Mining Limited for a total consideration of $103.5 million USD. This transaction doubles the company's previous interest, bringing its total royalty to a 2.0% NSR. The payment structure includes an initial $28.5 million already paid, $70 million contingent on milestones over the next two quarters, and $5 million in deferred payments over two years. The mine, operated by Cardinal Namdini Mining Limited (a subsidiary of Shandong Gold), is in the production stage with first royalty payments for the 2.0% stake expected in Q1 2026.

This acquisition is materially positive for OR Royalties. By "doubling down" on a producing asset, the company secures immediate, low-risk cash flow without the exploration or construction risks associated with greenfield projects. - Revenue Impact: The Namdini mine is targeted to produce 360,000 ounces of gold per year during its first three years. A 2.0% NSR at a $3,000/oz gold price (reflective of 2025/2026 realized levels) would generate approximately $21.6 million in annual gross revenue. - Accretion: Management indicates the transaction is accretive to its precious metals profile. - Liquidity Usage: The $103.5 million is well-covered by the company’s preliminary cash balance of $142.1 million reported at the end of 2025 and its undrawn $650 million revolving credit facility. - Strategic Alignment: The move confirms the CEO’s stated strategy of "disciplined capital allocation" by acquiring assets where the technical team has verified operational quality via site visits.

OR Royalties (formerly Osisko Gold Royalties) is a precious metals-focused royalty and streaming company. - Flagship Project: The Canadian Malartic Complex (including Odyssey) in Quebec, Canada, remains the cornerstone. OR Royalties holds a 3-5% NSR on the complex and a 5% NSR on the East Gouldie deposit. - Diversification: The company holds over 195 royalties and streams, with 22 currently producing assets. Key producing contributors include Canadian Malartic, Mantos Blancos, and the CSA copper stream.