OR Royalties Announces Acquisition of a Portfolio of Royalty Assets Including a 1.5% NSR Royalty on Buenaventura's Producing San Gabriel Mine

Executive Summary

• OR Royalties entered a definitive agreement to acquire an eight‑royalty portfolio from Gold Fields affiliates for $115 million, anchored by a 1.5% NSR on the newly producing San Gabriel gold‑silver mine in Peru.
• The deal adds immediate gold‑equivalent ounce (GEO) deliveries for 2026 and supports a projected GEO delivery range of 80–90 k oz in 2026, growing to 120–135 k oz by 2030 – roughly a 50% increase with no contingent capital required.
• Additional assets include royalties on Torque’s Paris project (Australia), Freeport/Amarc’s JOY district (Canada), Galiano’s Nkran push‑back (Ghana), and several other Australian and Canadian royalties, plus a right‑of‑first‑offer on a Finnish PGM project.

Key Details

• Purchase Price: $115 million cash for eight royalties.
• San Gabriel (Peru) – 1.5% NSR
• First gold/silver produced Dec 23 2025; commercial production expected 2026.
• Proven & Probable Reserves: 15.3 Mt @ 3.71 g/t Au and 6.32 g/t Ag → 1.8 Moz Au, 3.1 Moz Ag.
• Mine life ~14.6 years; mill throughput 2,000 tpd (2026) ramping to 4,000 tpd by decade‑end.

• Buenaventura production guidance: 48–55 koz Au (2026), 90–95 koz Au (2027), 95–110 koz Au (2028+).

• Nkran (Ghana) – 1.0% NSR

• Push‑back to Galiano’s Asanko mine; reserves 10.6 Mt @ 1.67 g/t Au → ~571 koz Au.
• Royalty payable after first 100 koz Au, capped at 447 koz Au.

• Expected GEO delivery: ~2,000–2,500 oz in 2029‑2030.

• Paris (Western Australia) – 2.0% NSR

• Advanced development project; JORC MRE (Sept 2024): 606 kt Indicated @ 3.2 g/t Au (63 koz), 1,912 kt Inferred @ 3.0 g/t Au (187 koz).
• Recent drill intercepts: 5.0 m @ 15.2 g/t Au; 12.0 m @ 6.2 g/t Au; 6.0 m @ 7.1 g/t Au.

• Torque raised A$16.2 M (Dec 2025) for 2026 drilling and feasibility work; mining development commenced Jan 29 2026.

• JOY District (British Columbia, Canada) – 2.5% NPI

• Joint venture between Freeport & Amarc; hosts AuRORA discovery (108 m @ 3.09 g/t Au, 0.82 % Cu, 9 g/t Ag).
• Freeport to spend additional C$75 M for extra 10 % interest (total 70 %).

• OR Royalties may repurchase 50 % of the NPI for C$2.5 M at any time.

• Additional Royalties Acquired

• 2.0% NSR on Northern Star’s Warrida Well (WA).
• 2.0% NSR on Vizsla Copper’s Woodjam project (BC).

• 0.5–1.0% NSR on Mineral Resources’ Kambalda Lithium project (WA).

• Right‑of‑First‑Offer

• Granted on Gold Fields’ 2.0% NSR covering CD Capital Natural Resources Fund III’s Suhanko PGM project (Finland).

• Deferred Payment Component

• Separate $52 M payment to Gold Fields for Galiano deferred obligations ($60 M total):

  • $30 M due ≤ Dec 31 2026.
  • $30 M due upon cumulative 100 koz Au production from Nkran.

• Strategic Rationale (CEO Quote)

• “This acquisition is a strategic win… anchored by immediate GEOs and cash flows from the San Gabriel mine… deepens our growth pipeline with Galiano’s Nkran, Torque’s Paris, and consolidates coverage of the JOY district.”

Notable Quotes

• Jason Attew – President & CEO: “We are proud to partner with Buenaventura as San Gabriel ramps up in 2026… The Portfolio deepens our growth pipeline … strategically consolidates our coverage across highly prospective assets.”