Canadian Malartic – Barnat Pit Update
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CANADIAN MALARTIC – BARNAT PIT UPDATE
(Montréal, July 2, 2026) – OR Royalties Inc. (“OR Royalties” or the “Company”) (OR: TSX & NYSE) notes that
today, it s operating partner, Agnico Eagle Mines Limited (“Agnico Eagle”) , reported that a rock mass
movement occurred on July 1, 2026, along the north wall of the Barnat open pit at the Canadian Malartic Complex
(“Canadian Malartic”) in Québec, Canada. There were no injuries, equipment damage or environmental impact
as a result of the event. As a precautionary measure, Agnico Eagle has temporarily suspended mining operations
in the Barnat open pit. Agnico Eagle’s technical teams are conducting a detailed geotechnical assessment to
confirm the stability of the affected area and determine the appropriate path forward. Planning activities are
underway to support the safe and orderly resumption of operations in the Barnat pit.
Based on currently available information, Agnico Eagle expects the rock mass movement to reduce production in
the second half of 2026 at Canadian Malartic by approximately 60,000 to 80,000 ounces of gold. The Barnat open
pit was expected to be mined out by early 2029. While Agnico Eagle’s geotechnical assessment remains ongoing,
the event is currently expected to result in reduced production in both 2027 and 2028 of up to approximately
150,000 ounces of gold per year. Agnico Eagle is continuing to evaluate opportunities to mitigate this potential
impact to its production outlook.
Importantly, Agnico Eagle believes that the rock mass movement will not affect the development or production
outlook for the Odyssey (underground) mine and does not change the pathway to achieving annual production of
1 million ounces of gold from the Canadian Malartic complex in the early 2030s.
OR Royalties holds a 5.0% NSR royalty on nearly all the Mineral Reserves contained within the Barnat Pit at
Canadian Malartic. Based on the information provided to date by our operating partner, OR Royalties ’ 2026 gold
equivalent ounce delivery guidance range, as well as its 5-year outlook, remain unchanged.
For more detailed information, please refer to Agnico Eagle’s press release dated July 2, 2026 titled “Agnico Eagle
Reports Wall Movement at Barnat Open Pit at Canadian Malartic”.
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.
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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 port folio 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: [email protected]
Heather Taylor
Vice President, Sustainability and Communications
Tel: (647) 477-2087
Email: [email protected]
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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 appli cable Canadian securities legislation. Forward-looking statements are statements other than statements of
historical fact, that address, without limitation, future events, guidance as to GEO outlook and deliveries and that production at
the Canadian Malartic Complex’ Barnat pit will resume in a timely manner and expected timing and volume of production, and
development and growth catalysts to be achieved by the operators of the properties in which the Company holds interest.
Forward-looking statements are s tatements 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 royal ty,
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 Mi neral 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 t itle, permits or licenses, (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 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 factor s: (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 estimat es
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 under 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.