What deferred-payment obligations did OR (OR) acquire related to Galiano and what is the cost?

OR agreed to pay $52 million to acquire Galiano deferred-payment obligations totaling $60 million. According to the company, remaining Galiano payments include $30 million by Dec 31, 2026, and $30 million upon Nkran production thresholds.

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

Q: What did OR (OR) pay to acquire the eight-royalty portfolio on Feb 18, 2026?

OR paid $115 million to acquire a portfolio of eight royalties. According to the company, the package is anchored by a 1.5% NSR on Buenaventura’s San Gabriel mine and includes other royalties in Australia and Canada.

Q: What are San Gabriel’s mineral reserves and expected production timing for OR (OR)?

San Gabriel has Proven and Probable reserves of ~ 1.8 Moz Au and 3.1 Moz Ag . According to the company, first production occurred Dec 23, 2025, with commercial production expected during 2026 and ramping throughput through 2028.

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

OR Royalties (OR) agreed to buy a portfolio of eight royalties from Gold Fields affiliates for $115 million, anchored by a 1.5% NSR on Buenaventura’s San Gabriel mine in Peru. The deal adds immediate GEOs and supports a 2026 GEO delivery range of 80,000–90,000, growing to 120,000–135,000 by 2030. San Gabriel reserves are ~1.8 Moz Au and 3.1 Moz Ag with commercial production expected in 2026. The transaction includes a separate agreement acquiring Galiano deferred payments for $52 million.

Positive

Acquisition price of $115 million for eight royalties
Immediate GEOs and cash flow from San Gabriel
2026 GEO guidance increased to 80,000–90,000 GEOs
Expected GEOs 120,000–135,000 by 2030 (~50% growth)
San Gabriel reserves: 1.8 Moz Au and 3.1 Moz Ag
Acquired deferred-payment rights for $52 million

Negative

$52 million cash outlay to acquire Galiano deferred payments
Nkran 1.0% NSR capped at 447 koz limiting upside
JOY 2.5% NPI can be 50% repurchased for C$2.5 million
Meaningful Nkran production expected only toward end of decade

News Market Reaction – OR

-3.68%

-3.68% Session close to close

In the Feb 19 session, OR declined 3.68%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights a sizeable $115 million royalty-portfolio acquisition that immediately ...

Analysis

This announcement highlights a sizeable $115 million royalty-portfolio acquisition that immediately increases expected GEO deliveries via a 1.5% NSR on the producing San Gabriel mine and adds future growth from Nkran, Paris and the JOY district. Historically, similar acquisitions have produced modest stock moves, averaging about -0.51%. Investors may want to track future GEO delivery updates, development progress at the underlying mines, and how these assets contribute to cash flow over the next decade.

Key Figures

Portfolio purchase price: $115 million Forecast GEOs 2026: 80,000–90,000 GEOs Forecast GEOs 2030: 120,000–135,000 GEOs +5 more

8 metrics

Portfolio purchase price $115 million Consideration for eight-royalty portfolio from Gold Fields

Forecast GEOs 2026 80,000–90,000 GEOs Company-wide forecast including San Gabriel

Forecast GEOs 2030 120,000–135,000 GEOs Expected deliveries including San Gabriel and Nkran

San Gabriel reserves 15.3 Mt Proven & Probable underground reserves per SK-1300 report

Contained gold (San Gabriel) 1.8 Moz Au Contained gold in Proven & Probable Mineral Reserves

Contained silver (San Gabriel) 3.1 Moz Ag Contained silver in Proven & Probable Mineral Reserves

San Gabriel mine life 14.6 years Mine life supported by current Mineral Reserves

Deferred payment deal $52 million Paid to acquire Galiano deferred obligations totaling $60M

Previous Acquisition Reports

4 past events · Latest: Jan 29 (Positive)

Same Type Pattern 4 events

Date	Event	Sentiment	24h Move	Catalyst
Jan 29	Royalty acquisition	Positive	-2.4%	Acquisition of additional 1.0% NSR royalty on Namdini gold mine.
Jun 02	Stream acquisition	Positive	-0.9%	Silver stream acquisition on South Railroad plus development asset updates.
Dec 23	Royalties acquisition	Positive	-0.3%	Increase in Gibraltar silver stream and Dalgaranga GRR acquisitions.
Jul 15	Gold stream deal	Positive	+1.5%	Gold stream acquisition on Cascabel copper-gold project with Franco-Nevada.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Acquisition and streaming/royalty deals have typically seen flat-to-slightly-negative next-day moves, with an average move of about -0.51% across prior tagged acquisition announcements.

Recent Company History

Recent acquisition-related news for OR Royalties has centered on expanding its royalty and streaming portfolio. On Jul 15, 2024, it co-acquired a gold stream on SolGold’s Cascabel project with a modest +1.51% reaction. Subsequent deals, including the Gibraltar and Dalgaranga royalty acquisitions on Dec 23, 2024, South Railroad silver stream news on Jun 2, 2025, and the Namdini 1.0% NSR acquisition on Jan 29, 2026, all produced small negative moves. Today’s larger multi-asset royalty acquisition fits this ongoing portfolio-build strategy.

Key Terms

net smelter return, nsr royalty, gold equivalent ounce, net profits interest, +4 more

8 terms

net smelter return financial

"anchored by a 1.5% net smelter return (“NSR”) royalty on Compañía de Minas"

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.

nsr royalty financial

"a 1.5% net smelter return (“NSR”) royalty on Compañía de Minas Buenaventura"

A net smelter return (NSR) royalty is a payment to a rights holder equal to a fixed percentage of the money a mine actually receives from selling refined metal, after the costs of turning ore into a saleable product are taken out. Think of it like a toll collected on each shipment after it’s been cleaned and sold. For investors, NSR royalties matter because they create a steady revenue stream with lower operational risk for the royalty holder, while reducing the owner-operator’s share of project cash flow and affecting project valuation.

gold equivalent ounce financial

"Immediately Adds to Expected Gold Equivalent Ounce (“GEO”) Deliveries"

A gold equivalent ounce converts the value of other metals produced or contained in a deposit (like silver, copper or zinc) into the amount of gold that would have the same market value at current prices. Think of it as changing different currencies into one common money so investors can compare and add up total metal output or reserves easily. It matters because it simplifies valuation, allows apples‑to‑apples comparisons across projects, and shows how revenue and mine economics change when metal prices move.

net profits interest financial

"a 2.5% Net Profits Interest (“NPI”) royalty over Freeport McMoRan Inc.’s"

A net profits interest (NPI) is a contractual right to receive a fixed percentage of a project’s or asset’s profits after allowable costs are paid, rather than a share of gross revenue or ownership. For investors, it matters because it gives upside tied to actual profitability while shielding the holder from direct operating expenses and capital calls, similar to getting a portion of the leftover profits from a business after the bills are settled.

npi royalty financial

"a 2.5% Net Profits Interest (“NPI”) royalty over Freeport McMoRan Inc.’s"

A NPI royalty is a payment that a rights holder receives as a percentage of a product’s net income after agreed deductions (such as returns, taxes, and certain costs). For investors, it matters because it determines how much cash a company or investor will actually collect from a product over time—similar to getting a cut of a shop’s profits after paying rent and suppliers—so it directly affects future revenue, valuations, and risk sharing between partners.

mineral resource estimate technical

"Torque published a JORC-Compliant Mineral Resource Estimate (“MRE”) for Paris"

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

feasibility study technical

"A Feasibility Study evaluating an open-pit mining scenario at Suhanko is"

A feasibility study is an assessment that evaluates whether a proposed project or idea is practical and likely to succeed before investing significant time and resources. It considers factors like costs, potential benefits, and challenges, helping stakeholders decide if moving forward makes sense. Think of it as a detailed plan that gauges if a new venture is worth pursuing.

national instrument 43-101 regulatory

"a “qualified person” as defined by National Instrument 43-101 – Standards"

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

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

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02/18/2026 - 04:28 PM

MONTREAL, Feb. 18, 2026 (GLOBE NEWSWIRE) -- OR Royalties Inc. (“OR Royalties” or the “Company”) (OR: TSX & NYSE) is pleased to announce that it has entered into a definitive agreement with affiliates of Gold Fields Limited (“Gold Fields”) to acquire a high-quality portfolio of precious metals assets (the “Portfolio”) consisting of eight royalties for a total consideration of $115 million (the “Purchase Price”), anchored by a 1.5% net smelter return (“NSR”) royalty on Compañía de Minas Buenaventura SAA’s (“Buenaventura”) producing San Gabriel gold and silver mine (“San Gabriel”) located in the Province of General Sánchez Cerro, Region of Moquegua, Peru (the “Transaction”). Amounts presented are in United States dollars, except where otherwise noted.

TRANSACTION HIGHLIGHTS

Immediately Adds to Expected Gold Equivalent Ounce (“GEO”) Deliveries: The Transaction, anchored by the 1.5% NSR royalty over Buenaventura’s newly producing San Gabriel gold and silver mine in Peru, adds immediate GEOs to OR Royalties’ expected GEO deliveries for 2026;
Peer-Leading GEO Delivery Growth: The Transaction also contributes to OR Royalties’ growth outlook with a forecasted GEO delivery range of 80,000 - 90,000 GEOs in 2026 (including San Gabriel), growing to an expected GEO delivery range of 120,000 - 135,000 in 2030 (including both San Gabriel and Galiano Gold Inc.’s (“Galiano”) Nkran), representing approximately 50% expected GEO delivery growth over this period of time, with no contingent capital required;
Addition of Exciting Development and Exploration Assets in Tier-1 Mining Jurisdictions: The Portfolio includes a 2.0% NSR royalty on Torque Metals Ltd.’s (“Torque”) rapidly advancing and past-producing Paris development project in Western Australia, as well as a 2.5% Net Profits Interest (“NPI”) royalty over Freeport McMoRan Inc.’s (“Freeport”) and Amarc Resources Ltd.’s (“Amarc”) JOY district exploration project in British Columbia (which itself includes the recent AuRORA discovery), amongst others; and
Maintains Precious Metals Focus: The Portfolio, consisting predominantly of gold and silver assets, provides OR Royalties with additional exposure to precious metals.

ACQUIRED ASSETS

San Gabriel 1.5% NSR Royalty Provides Immediate GEOs & Cash Flow

Buenaventura announced that San Gabriel produced its first gold (and silver) on December 23, 2025, with commercial production expected to be achieved in 2026;
An SK-1300 report published on April 23, 2025 outlines that total underground San Gabriel Proven and Probable Mineral Reserves are estimated to be 15.3 million tonnes (“Mt”) at average grades of 3.71 g/t gold (“Au”) and 6.32 g/t silver (“Ag”), containing 1.8 million ounces (“Moz”) of Au and 3.1 Moz of Ag. The estimated Mineral Reserves support a current mine life of 14.6 years;
San Gabriel mill throughput is expected to ramp up from 2,000 tonnes per day (“tpd”) in 2026, and to 3,100 tpd from 2028 onwards until an expected expansion is eventually completed towards the end of this decade, further increasing the production rate to 4,000 tpd.
- Buenaventura’s production guidance outlined in their November 2025 Investor Day Presentation for San Gabriel and updated again in a press release on February 17, 2026, included 48-55 thousand ounces (“koz”) Au in 2026, 90-95 koz Au in 2027, and 95-110 koz Au from 2028 onwards;
Buenaventura is an experienced Peruvian-based miner and project developer, operating multiple assets throughout the country of Peru, with San Gabriel now its fourth producing mine; and
Peru is a proven and well-established mining jurisdiction, and a top gold mining jurisdiction, having ranked 9^th in global gold production, and ranked 1^st amongst South American nations in 2024, based on data from the World Gold Council.

Nkran 1.0% NSR Royalty Provides Additional Growth with Respect to OR Royalties’ 5-Year Outlook

Galiano’s Nkran is a major pushback on a satellite deposit at its flagship Asanko gold mine in Ghana, with timing of meaningful Nkran production coming towards the end of this decade;
As described in the 2023 Technical Report, Nkran is planned as a conventional open-pit pushback at an already-operating mine, with Proven and Probable Mineral Reserves of 10.6Mt at an average grade of 1.67 g/t Au containing approximately 571koz Au; and
The 1.0% NSR royalty is payable after initial production of 100 koz Au, but is also capped at 447 koz Au, which, based on plans outlined by Galiano, would see an expected and approximate 2,000 - 2,500 GEOs delivered to OR Royalties in both the 2029 and 2030 calendar years, respectively.

Paris 2.0% NSR Royalty Provides Additional Exposure to an Exciting Development Project in Western Australia, which draws parallels to Ramelius Resources Ltd.’s Dalgaranga mine

Torque’s Paris gold project is an advanced exploration and development project in Western Australia that sits on granted mining licenses, crossed by highway, rail, power and water infrastructure;
Paris is positioned 12 km southeast of Gold Fields’ St. Ives mine and 10 km east of Westgold Resources Ltd.’s Higginsville mine, benefitting from two key proximal operating processing facilities within trucking range;
Torque published a JORC-Compliant Mineral Resource Estimate (“MRE”) for Paris on September 18, 2024 consisting of 606 thousand tonnes (“kt”) of Indicated grading 3.2 g/t Au containing 63 koz Au, as well as 1,912 kt of Inferred grading 3.0 g/t Au containing 187 koz Au;
Several extensions and new zones have been discovered since the 2024 MRE, including:
- 5.0 meters (“m”) of 15.2 g/t Au at 114.0 m vertical depth at HHH announced on November 13, 2025;
- 12.0 m of 6.2 g/t Au at 418.0 m vertical depth at Paris Main announced on October 23, 2025;
- 6.0 m of 7.1 g/t Au at 233.0 m vertical depth at Paris Main announced on September 22, 2025;
Torque successfully raised A$16.2 million in December 2025 to fund an aggressive multi-rig drilling campaign for calendar 2026 as well as early feasibility workstreams, and assessments of production pathways leveraging Torque’s granted mining licenses at Paris, and nearby infrastructure; and
On January 29, 2026, Torque announced they had commenced mining development and permitting activities to support submissions to the Department of Mines, Petroleum and Exploration. This is in the view of assessing toll-treatment scenarios of shallow open pit opportunities.

JOY 2.5% NPI Royalty Provides Exposure to One of the Most Exciting Recent Discoveries in Canada and is Complementary to Existing Royalty Assets within OR Royalties’ Portfolio

Freeport and Amarc’s JOY District joint venture (the “Joint Venture”) is an early-stage, district-scale, copper-gold exploration project that hosts the AuRORA discovery (“AuRORA”), and is located in British Columbia, Canada, and also just 30 kilometers north of Centerra Gold Inc.’s Kemess project which hosts a 50,000 tpd mill, currently on care and maintenance;
Freeport has earned an initial 60% interest in the Joint Venture by funding exploration programs and has now elected to proceed to Stage 2 (this next stage requires Freeport to spend an additional C$75 million to earn a further 10% interest, for a total of 70%);
AuRORA is highlighted by its initial discovery hole announced on January 17, 2025 of 108 m of 3.09 g/t Au, 0.82% Cu and 9 g/t Ag, with subsequent drilling confirming near-surface gold-rich copper porphyry mineralization;
The Joint Venture has the ability to re-purchase 50% of the 2.5% NPI for C$2.5 million at any time; and
OR Royalties already owns a 1.0% NSR royalty over the western extension of AuRORA, within the Shasta project being advanced by TDG Gold Corp.

Additional Royalties and Considerations being Acquired by OR Royalties

The Portfolio also consists of three additional royalties, including a 2.0% NSR royalty over Northern Star Resources Ltd.’s Warrida Well tenements in Western Australia, a 2.0% NSR royalty over Vizsla Copper Corp.’s Woodjam copper exploration project located in British Columbia, and a 0.5-1.0% NSR royalty over Mineral Resources Ltd.’s Kambalda Lithium project in Western Australia; and,
Finally, as part of the Portfolio acquisition, OR Royalties has been granted certain rights, including a Right-of-First-Offer (ROFO) on Gold Fields’ 2.0% NSR Royalty covering CD Capital Natural Resources Fund III’s Suhanko platinum-group metals (“PGM”) project located in Lapland, Finland. A Feasibility Study evaluating an open-pit mining scenario at Suhanko is currently underway, as the project hosts one of the world’s largest PGM Resources outside of Russia and Continental Africa.

Galiano Deferred Payments Acquired by OR Royalties

Separate to the Portfolio, OR Royalties has agreed to pay Gold Fields an additional $52 million in exchange for deferred payment obligations totalling $60 million payable by Galiano as follows:
- $30 million on or before December 31, 2026; and
- $30 million upon production of an aggregate of 100,000 ounces of gold from Nkran.

Jason Attew, President & CEO of OR Royalties commented: “This acquisition is a strategic win for OR Royalties, anchored by immediate GEOs and cash flows from the San Gabriel mine. We are proud to partner with Buenaventura as San Gabriel ramps up in 2026, delivering both near-term revenue and long-term expansion potential. Beyond this cornerstone asset, the Portfolio deepens our growth pipeline with Galiano’s Nkran and Torque’s Paris development project in Australia. It also strategically consolidates our coverage across the highly prospective JOY district in British Columbia, pairing a new NPI on the high-grade AuRORA discovery with our existing royalty on AuRORA’s western extension.

Sources for Technical Information:

San Gabriel

Nkran

Paris

JOY

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 195 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 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, updated guidance as to GEO deliveries, benefits to OR Royalties expected to arise from the acquisition, growth, life of mine and productions plans of operators, and development and growth catalysts expected to be achieved by operators of the properties in which the Company holds interest will be achieved in a timely manner, including the ramp-up of production at San Gabriel (including the expected ramp-up of the mill throughput), the timely development of the Nkran project, other development and production estimates, that the Company will meet its 2025 guidance and its 5-year outlook. In addition, statements and estimates relating to mineral reserves and resources and gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates will be realized. 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 title, permit or license, (f) hazards and uncertainty associated with the business of exploring, 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 diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on OR Royalties’ business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or 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 risk 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 such the forward-looking statements and such forward-looking statements included in this press release are not 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

What did OR (OR) pay to acquire the eight-royalty portfolio on Feb 18, 2026?

OR paid $115 million to acquire a portfolio of eight royalties. According to the company, the package is anchored by a 1.5% NSR on Buenaventura’s San Gabriel mine and includes other royalties in Australia and Canada.

How does the San Gabriel 1.5% NSR affect OR Royalties’ 2026 GEO deliveries?

San Gabriel adds immediate GEOs and cash flow to 2026 deliveries. According to the company, 2026 GEO deliveries are now forecast at 80,000–90,000 GEOs, inclusive of San Gabriel contributions.

What are San Gabriel’s mineral reserves and expected production timing for OR (OR)?

San Gabriel has Proven and Probable reserves of ~1.8 Moz Au and 3.1 Moz Ag. According to the company, first production occurred Dec 23, 2025, with commercial production expected during 2026 and ramping throughput through 2028.

How material is Nkran to OR Royalties’ medium-term growth outlook (OR)?

Nkran contributes to multi-year growth but is timed later in the decade. According to the company, Nkran reserves are ~571 koz Au and the 1.0% NSR is payable after 100 koz production, capped at 447 koz.

What limitations exist on the JOY 2.5% NPI royalty acquired by OR (OR)?

The JOY 2.5% NPI can be partially repurchased by the joint venture. According to the company, the Joint Venture may repurchase 50% of the NPI for C$2.5 million, reducing OR’s future NPI exposure.