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

OR
  • OR Royalties Inc. signed a definitive agreement with affiliates of Gold Fields Limited to acquire a portfolio of eight precious metals royalties for a total consideration of $115 million.
  • The transaction is anchored by a 1.5% net smelter return royalty on Buenaventura's San Gabriel gold & silver mine in Peru, which produced its first gold on December 23, 2025, with commercial production expected in 2026.
  • OR Royalties forecasts GEO deliveries of 80,000-90,000 in 2026 & 120,000-135,000 in 2030, representing approximately 50% growth without contingent capital.
  • The portfolio includes a 2.0% NSR royalty on Torque Metals' Paris project in Western Australia, a 2.5% Net Profits Interest royalty on Freeport McMoRan & Amarc Resources' JOY district in British Columbia, & three additional royalties in Western Australia & British Columbia.
  • OR Royalties also acquired rights to a 2.0% NSR royalty on Gold Fields' Suhanko PGM project in Finland via a Right-of-First-Offer provision.
  • In a separate arrangement, OR Royalties agreed to pay Gold Fields $52 million for deferred payment obligations totaling $60 million related to Galiano's Nkran project in Ghana, payable by end of 2026 & upon production of 100,000 ounces of gold.
  • San Gabriel holds 1.8 million ounces of gold reserves & 3.1 million ounces of silver reserves, with production guidance of 48-55 koz Au in 2026 ramping to 95-110 koz Au from 2028 onwards.
  • The JOY district asset features the AuRORA discovery of gold-rich copper porphyry mineralization, with Freeport holding an initial 60% interest & the potential to earn up to 70% by spending an additional C$75 million.
  • The Paris project has 63 koz indicated gold resources & has recently announced new high-grade extensions & commenced mining development activities in January 2026.
  • The Nkran satellite deposit in Ghana contains approximately 571 koz gold, with OR Royalties' 1.0% NSR royalty commencing after 100 koz production & capped at 447 koz, expected to deliver 2,000-2,500 GEOs in 2029-2030.