OR Royalties Announces Acquisition of Additional Royalties on Spring Valley in Nevada

The most recent news (February 24, 2026) announces that OR Royalties will acquire Terraco Gold Corp. for $168 million. This acquisition consolidates and increases Net Smelter Return (NSR) royalties on the Spring Valley Gold Project in Nevada. Key details include a 3.0% NSR on the main Schmidt Claim Block and various other interests. Spring Valley is a fully permitted, multi-million-ounce project expected to begin production in 2028, contributing significantly to the company's 2030 production targets.

This follows a flurry of mid-February activity, including record 2025 financial results (revenues of $277.4M, net earnings of $206.1M), a $115 million acquisition of a royalty portfolio from Gold Fields (anchored by the producing San Gabriel mine), and the doubling of its royalty interest in the Namdini mine to 2.0%.

The impact is Material - Positive. The company has successfully transitioned from a period of heavy debt (CAD 300M+ two years ago) to being debt-free with $142M in cash and $850M in available liquidity. - Immediate Cash Flow: The San Gabriel acquisition adds immediate Gold Equivalent Ounces (GEOs) in 2026. - Growth Profile: The Spring Valley and Namdini transactions solidify a 50% growth trajectory, targeting 120,000–135,000 GEOs by 2030. - Operational De-risking: By "doubling down" on Namdini and Spring Valley, management is deploying capital into assets where they already have technical comfort and where permitting is complete. - Dividend Growth: The 20% dividend increase in 2025 and the inclusion in the S&P/TSX Dividend Aristocrats Index signal strong, sustainable capital return.

OR Royalties (formerly Osisko Gold Royalties) is a leading intermediate precious metals royalty company. Its flagship asset is a 3-5% NSR royalty on the Canadian Malartic Complex, one of the world's largest gold mines. The company focuses on high-quality, long-life assets in Tier-1 jurisdictions (Canada, USA, Australia).