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  4. Asset Portfolio Briefing: First Gold Production at Cuiú Cuiú, Imminent Gold Production at Amulsar, and Other Positive Updates

Asset Portfolio Briefing: First Gold Production at Cuiú Cuiú, Imminent Gold Production at Amulsar, and Other Positive Updates

Amulsar stream payments are expected in late 2027 or the first half of 2028, depending on gold and silver prices.

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Rhea-AI Summary

OR Royalties (OR) reported first gold production at Cuiú Cuiú on September 10, 2026, across its royalty and stream portfolio. OR Royalties holds a 1.0% net smelter return royalty on the mine, where commercial production is expected in the fourth quarter of 2026. First gold at Amulsar is expected soon, with commercial production targeted for the first half of 2027; OR Royalties holds gold and silver streams there.

Osisko Gold Group’s board made a formal construction decision for Cariboo on September 14. Its go-forward capital obligation is C$990 million, and first gold is expected in the first quarter of 2029. Federal environmental review is complete for Hermosa’s ancillary infrastructure on National Forest Service land and for South Railroad; San Antonio received its primary environmental authorization for mine construction and operation. OR Royalties also agreed to pay $3 million to increase its Japan Gold portfolio royalty from 1.5% to 2.0%.

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Positive

  • Cuiú Cuiú produced first gold on September 10, 2026.
  • Cariboo received a formal construction decision on September 14, 2026.
  • South Railroad completed federal environmental permitting; early works began.

Negative

  • None.

News Explained

OR Royalties’ White Pine copper royalty is tied to a project whose final investment decision is still targeted for the second half of 2027.

South Railroad has moved beyond federal permitting into early-works construction; first production is scheduled for the first half of 2028, and ORI holds a 100% silver stream there.

Separately, Solidcore has committed to funding $35 million across five initial areas of Japan Gold's portfolio.

At White Pine North, the pre-feasibility study sets out a 26-year mine plan; all major permit applications have been submitted for review, and the owner targets a final investment decision in the second half of 2027 and commercial production in 2030; OR Royalties holds a 1.5% NSR royalty on copper production there.

Key Figures

First gold produced: September 10, 2026 Amulsar commercial production target: First half of 2027 Amulsar gold stream: 3.34% of payable Au until ~82.3 koz; 1.31% thereafter +5 more
First gold produced
September 10, 2026
Cuiú Cuiú
Amulsar commercial production target
First half of 2027
Mine ramp-up remains on track
Amulsar gold stream
3.34% of payable Au until ~82.3 koz; 1.31% thereafter
ORI stream terms
Amulsar silver stream
49.22% of payable Ag until ~1.03 Moz; 19.69% thereafter
ORI stream terms
Solidcore funding commitment
$35 million
Five initial areas of the Japan Gold portfolio
Additional Japan Gold royalty
$3 million for an additional 0.5%; interest increases from 1.5% to 2.0%
OR Royalties agreed to exercise its acquisition right
White Pine North probable reserve
137.9 million tonnes grading 1.04% Cu and 16.02 g/t Ag
Pre-Feasibility Study
White Pine North payable copper production
More than 45kt per year
Steady-state production in a 26-year mine plan

Key Terms

net smelter return, preliminary economic assessment, probable mineral reserve, environmental impact statement, +1 more
5 terms
net smelter return financial
"owns a 1.0% net smelter return (“NSR”) royalty on Cuiú Cuiú"
Net smelter return is the percentage of revenue from selling a mineral or metal that a mining company or project owner receives after deducting costs like refining and transportation. It functions like a share of the profits from the mineral's sale, giving investors an idea of how much money the project generates. This measure helps investors assess the potential profitability of a mining asset.
preliminary economic assessment technical
"Results from the Bralorne preliminary economic assessment (“PEA”) were released"
A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.
probable mineral reserve technical
"including a Probable Mineral Reserve of 137.9 million tonnes"
A probable mineral reserve is the portion of a mineral deposit that geologists and engineers judge likely to be economically mineable based on available data and reasonable assumptions about extraction, costs and market conditions; it carries a moderate level of confidence, higher than a resource estimate but lower than a proven reserve. Investors care because it represents the amount of commodity a company can reasonably expect to convert into saleable product—like a cautiously optimistic shopping list that helps estimate future production, revenue and project risk.
environmental impact statement regulatory
"approving the Environmental Impact Statement for the San Antonio gold project"
An environmental impact statement is a formal report that evaluates the likely effects a proposed project or plan will have on air, water, land, wildlife and local communities; it lays out potential harms, proposed mitigation measures, and alternatives. Think of it as a project’s environmental report card and repair plan: regulators use it to decide permits, and investors use it to assess delays, extra costs, legal risks and reputation exposure tied to environmentally sensitive issues.
private placement financial
"Closing of an A$150 million private placement to accelerate"
A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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MONTRÉAL, Sept. 23, 2026 (GLOBE NEWSWIRE) -- OR Royalties Inc. (“OR Royalties,” or the “Company”) (OR: TSX & NYSE) is pleased to provide the following select producing, development and exploration asset updates. Amounts presented are in United States dollars, except where otherwise noted.

Select Producing Asset Update Summaries

For additional details on select royalties and streams, please refer to OR Royalties’ 2026 Asset Handbook (link)

  • Cuiú Cuiú (Cabral Gold Inc. (“Cabral”)) – First gold produced at Cuiú Cuiú on September 10, 2026, with mine ramp-up to commercial production expected in the fourth quarter of 2026. A recent C$45 million strategic investment by Alpayana S.A.C. into Cabral will help accelerate the Phase 1 oxide mine, as well as development work on the conceptual Phase 2 hard-rock gold project. OR Royalties owns a 1.0% net smelter return (“NSR”) royalty on Cuiú Cuiú.

  • Amulsar (United Gold) – First gold production at Amulsar is imminent with the mine’s ramp-up toward commercial production still on track for the first half of 2027. OR Royalties, through its wholly-owned subsidiary OR Royalties International Ltd. (“ORI”), owns a gold stream and a silver stream on Amulsar. ORI will purchase (i) refined gold (“Au”) equal to 3.34% of payable Au produced from the mine until delivery of ~82.3 thousand ounces (“koz”) Au (1.31% of payable Au thereafter), and (ii) refined silver (“Ag”) equal to 49.22% of payable Ag produced from the mine until delivery of ~1.03 million ounces (“Moz”) Ag (19.69% of payable Ag thereafter). First stream payments to ORI under the Au and Ag streams are expected late 2027, or the first half of 2028 (Au and Ag price dependent).

  • CSA (Harmony Gold Mining Company Limited (“Harmony”)) – Harmony provided Financial Year 2027 (“FY27”) CSA copper production guidance of 28-30 thousand tonnes (“kt”) copper (“Cu”). Harmony is targeting a production run rate of 40kt Cu per annum by FY29. An updated Mineral Reserve Estimate increased contained copper inventory when compared to the previous Mineral Reserve Estimate. ORI currently owns a 100% Ag stream and a 3.0% Cu stream at CSA.

  • Dalgaranga (Ramelius Resources Limited) – Underground mined tonnage and grades continue to increase: the June 2026 Quarter saw a total of 115kt of ore mined at an average grade of 5.95 grams per tonne (“g/t”) Au from the Never Never underground mine. OR Royalties owns a 1.44% gross revenue (“GR”) royalty on Dalgaranga and a 1.08% GR royalty on some regional tenements (including the Melville project, where OR Royalties owns an additional 1.0% NSR royalty).

  • Bralorne (Talisker Resources Ltd. (“Talisker”)) – In late August, Talisker reported the successful loading and departure of its first ore shipment to Taiwan as part of Talisker’s direct shipping ore strategy at Bralorne. As of August 31, 2026, Bralorne has produced approximately 4.9koz Au from 19,014 tonnes mined at an average grade of 7.99 g/t Au. Results from the Bralorne preliminary economic assessment (“PEA”) were released on September 21, 2026 and contemplated a gradual ramp-up in production during a four-year permitting and construction period, during which rates grow from about 350 tonnes per day (“tpd”) to 1,500tpd at the start of mill commissioning. Following the start of commercial production, the mining rate increases up to a maximum of 2,875tpd for an average of 2,700tpd over the next 14 years. Average annual gold production from the start of mill commissioning in 2031 is expected to be 110koz. OR Royalties owns a 1.7% NSR royalty on Bralorne and the surrounding property. OR Royalties received its first royalty payment from Talisker in April 2025.

Select Development Asset Update Summaries

  • Cariboo (Osisko Gold Group Inc. (“OGG”)) – September 14, 2026 announcement of positive formal construction decision on the Cariboo Gold Project made by OGG’s Board of Directors, with first gold pour expected in the first quarter of 2029 and commercial production in the second half of 2029. OGG also provided a go-forward capital obligation update for Cariboo of C$990 million, supported by total available and proposed estimated sources of capital of up to C$1,637 million, including C$837 million in cash & equivalents as of September 14, 2026. OR Royalties owns a 5.0% NSR royalty on Cariboo.

  • Windfall (Gold Fields Limited (“Gold Fields”)) – Early June signing of the Impact Benefit Agreement with the Cree First Nation of Waswanipi and the Cree Nation Government and the Grand Council of the Crees (Eeyou Istchee). Gold Fields continues to await a recommendation for the issuance of the Environmental Impact Assessment (“EIA”) from the Environmental and Social Impact Review Committee of Québec. Based on engagements with the Government of Québec and the Cree Nation Government, EIA approval is still expected in the second half of 2026, followed by first production in the first half of 2029. OR Royalties owns a 2.0-3.0% NSR royalty on the Windfall project and the surrounding property.

  • Hermosa/Taylor (South32 Ltd.) – The US Forest Service released the Final Record of Decision (“ROD”) for the “Hermosa Critical Minerals Project”, which completes the federal National Environmental Policy Act (“NEPA”) process needed for Hermosa’s ancillary infrastructure development on National Forest Service land following years of environmental study. First production from the Taylor zinc-lead-silver deposit scheduled for the first half of 2028. Zinc prices are currently trading close to four-year highs. OR Royalties owns a 1.0% NSR royalty on zinc and lead sulfide ores produced at Hermosa.

  • South Railroad (Equinox Gold Corp.) – The United States Bureau of Land Management has issued a positive ROD for the South Railroad project in Nevada, marking completion of federal permitting under the NEPA process. With the ROD now issued, early works construction at South Railroad has begun; first production is scheduled for the first half of 2028. ORI owns a 100% Ag stream at South Railroad.

  • San Antonio (Axo Metals Corp.) – The Mexican Federal Environmental Department issued a positive decision approving the Environmental Impact Statement for the San Antonio gold project located in the State of Sonora. This landmark approval grants the primary authorization required for the construction and operation of the mine. ORI owns a 7.15% precious metals stream (Au and Ag) at San Antonio.

  • White Pine North (White Pine Copper LLC (“WPC”)) – September 21, 2026 announcement of Pre-Feasibility Study results from White Pine North (“WPN”), including a Probable Mineral Reserve of 137.9 million tonnes (“Mt”) grading 1.04% Cu and 16.02 g/t Ag, and a 26-year mine plan with steady-state production of 5.4Mt of ore per year and more than 45kt of payable Cu per year. All major permit applications have been submitted for review by the Michigan Department of Environment, Great Lakes, and Energy. WPC is targeting a Final Investment Decision in the second half of 2027 and commercial production in 2030. OR Royalties currently owns a 1.5% NSR royalty on Cu production from WPN. OR Royalties also currently owns a sliding scale royalty on silver production at WPN at a rate of 12.5% which increases to 15% at a copper price at or above $4.50 per pound Cu and further increases by 5% for every $0.075 per pound increment in copper price to a maximum of 100%.

  • Eagle (PricewaterhouseCoopers (“Receiver”)) – The Receiver confirmed in early July that the exclusivity period would be extended by an additional 90 days to allow Boroo Pte Ltd. to continue its due diligence, negotiate the terms of a potential purchase agreement and continue discussions with the Yukon Government and the First Nation of Na-Cho Nyäk Dun on the key agreements required for the sale of the Eagle Gold Mine to proceed. OR Royalties owns a 5.0% NSR royalty on Eagle.

Select Exploration Asset Update Summaries

  • Glenburgh (Benz Mining Corp. (“Benz”)) – Closing of an A$150 million private placement to accelerate the current 450,000-metre (“m”) drill program; an initial Mineral Resource Estimate is targeted for the first half of 2027. Benz has outlined an Exploration Target of 10.1-12.0Moz contained gold. OR Royalties owns a 1.08% GR royalty on Glenburgh, which also extends over Mt Egerton.

  • Ritz (Torque Metals Limited) – Reported high-grade RC drilling assay results from the HHH deposit at Ritz; notably, 11.0m grading 456.0 g/t Au from 122.0m down hole. OR Royalties owns a 2.0% NSR royalty on Ritz (formerly Paris).

  • Woodjam (Vizsla Copper Corp.) – Drilling intersected intervals of strong porphyry-related mineralization at the Deerhorn deposit: 266.0m of 0.97% Cu, 0.06 g/t Au, and 4.29 g/t Ag from 306.0m down hole; including 48.5m of 3.32% Cu, 0.23 g/t Au, and 16.59 g/t Ag from 320.5m down hole. OR Royalties owns a 2.0% NSR royalty on Woodjam.

  • Shovelnose (Westhaven Gold Corp. (“Westhaven”)) – Westhaven reported highlight drillhole assay results including 10.0m grading 12.2 g/t Au and 103.0 g/t Ag located below the proposed mine development in the 2025 Shovelnose PEA. OR Royalties owns a 2.0% NSR royalty on Shovelnose.

  • Japan Gold Portfolio (Japan Gold Corp. (“JPG”)) – September 23, 2026 announcement regarding the formation of a strategic alliance with Solidcore Resources plc (“Solidcore”), whereby Solidcore has committed to funding $35 million on five initial areas of the JPG portfolio. OR Royalties has agreed to exercise its right to acquire an additional 0.5% royalty on all properties in consideration for $3 million, resulting in the increase of its existing royalty interest from 1.5% to 2.0%.


Jason Attew, President & CEO of OR Royalties, commented: “Our partners showed no signs of slowing down over the past few months, with many positive updates having surfaced across our asset portfolio over the same period. First, congratulations to Cabral on getting Cuiú Cuiú into production, and congratulations to the team at United Gold for being on the cusp of the same incredible achievement at Amulsar; we look forward to the operational ramp-ups at both new mines and the resulting GEOs delivered to OR Royalties.

“Our February 2026 acquisition of the Gold Fields royalty portfolio continues to pay dividends: production at Buenaventura’s San Gabriel mine in Peru continues to ramp up, while some of the royalties acquired on earlier-stage assets in that portfolio, such as Ritz and Woodjam, are benefitting from some extraordinary exploration results. Separately, with additional equity financing recently secured, Benz Mining is accelerating its 450,000m exploration program at Glenburgh, one of the largest exploration programs of its kind in the world.

“Finally, ample positive portfolio catalysts are expected before year-end 2026, including material updates from Canadian Malartic, Mantos Blancos, and Island Gold, amongst others.”

Sources for Technical Information:

Cuiú Cuiú

Amulsar

CSA

Dalgaranga

Bralorne

Cariboo

Windfall

Hermosa

South Railroad

San Antonio

White Pine North

Eagle

Glenburgh

Ritz

Woodjam

Shovelnose

Japan Gold Portfolio


Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, Ph.D., P.Geo., Vice President, Project Evaluation at OR Royalties Inc., who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

About OR Royalties Inc.

OR Royalties is a precious metals royalty and streaming company focused on Tier-1 mining jurisdictions defined as Canada, the United States, and Australia. OR Royalties commenced activities in June 2014 with a single producing asset, and today holds a portfolio of over 200 royalties, streams and similar interests. OR Royalties’ portfolio is anchored by its cornerstone asset, the 3-5% net smelter return royalty on Agnico Eagle Mines Ltd.’s Canadian Malartic Complex, one of the world’s largest gold mines.

OR Royalties’ head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

For further information, please contact OR Royalties Inc.:
Grant Moenting
Vice President, Capital Markets
Cell: (365) 275 1954
Email: gmoenting@ORroyalties.com		Heather Taylor
Vice President, Sustainability and Communications
Tel: (647) 477 2087
Email: htaylor@ORroyalties.com


Forward-Looking Statements

Certain statements contained in this press release may be deemed “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended, and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, that exploration, development and growth catalysts announced by operators of the properties in which the Company holds an interest will be achieved as planned and in a timely manner, that additional material updates on Canadian Malartic, Mantos Blancos and Island Gold will be provided by the respective operators in a timely manner and that such catalysts and updates will continue to positively impact OR Royalties. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of OR Royalties, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which OR Royalties holds a royalty, stream or other interest (collectively an “Interest”), risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from Mineral Resource Estimates or production forecasts by operators, (d) differences in conversion rate from Mineral Resources to Mineral Reserves and ability to replace Mineral Resources, (e) the unfavorable outcome of any challenges or litigation relating to title, permit or license, (f) hazards and uncertainty associated with the business of exploration, development and mining including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks, (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by OR Royalties, (b) a trade war or new tariff barriers, (c) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (d) regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies, regulations and political or economic developments in any of the countries where properties in which OR Royalties holds an Interest are located or through which they are held, (e) continued availability of capital and financing and general economic, market or business conditions, and (f) responses of relevant governments to infectious disease outbreaks and the effectiveness of such response and the potential impact of such outbreaks on OR Royalties’ business, operations and financial condition; (g) geopolitical instability; (iii) with respect to internal factors: (a) business opportunities that may or may not become available to, or are pursued by OR Royalties, (b) the integration of acquired assets or (c) the determination of OR Royalties’ PFIC status. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in OR Royalties’ ongoing income and assets relating to determination of its PFIC status, and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which OR Royalties holds an Interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets.

For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of OR Royalties filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. OR Royalties cautions that the foregoing list of risks and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. OR Royalties believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated in such forward-looking statements and such forward-looking statements included in this press release are not a guarantee of future performance and should not be unduly relied upon. In this press release, OR Royalties relies on information publicly disclosed by other issuers and third parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. These statements speak only as of the date of this press release. OR Royalties undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.


FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When did OR Royalties’ Cuiú Cuiú royalty asset first produce gold?

Cuiú Cuiú first produced gold on September 10, 2026. Commercial production is expected in the fourth quarter of 2026. OR Royalties holds a 1.0% net smelter return royalty on the mine.

How does OR Royalties’ silver royalty at White Pine North change with copper prices?

The White Pine North silver royalty is 12.5% and rises to 15% when copper reaches $4.50 per pound. It increases by a further 5% for every $0.075-per-pound increase in the copper price, up to a maximum of 100%.

When does OR Royalties expect payments from its Amulsar streams?

First payments under the Amulsar gold and silver streams are expected in late 2027 or the first half of 2028, depending on gold and silver prices. First gold production at the mine is expected soon, while commercial production is targeted for the first half of 2027.

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