OR Royalties Announces Increase of Credit Facility and Positive Net Cash Position
1
OR ROYALTIES ANNOUNCES INCREASE OF CREDIT FACILITY
AND POSITIVE NET CASH POSITION
(Montréal, June 9th, 2025) – OR Royalties Inc. (the “Company” or “OR Royalties”) (OR: TSX
& NYSE) is pleased to announce that it has amended its existing revolving credit facility (the
“Credit Facility”), including the conversion from a Canadian dollar denominated facility to
a United States dollar denominated facility, as well as an increase in the overall size of the
Credit Facility. Amounts presented are in United States dollars, except where otherwise
noted.
Under the amended agreement, the Company has access to a Credit Facility of $650 million
with an additional uncommitted accordion of up to $200 million, for a total availability of up
to $850 million . The previous credit facility agreement had a maximum amount of
C$550 million with an uncommitted accordion of up to C$200 million.
Advances under the amended Credit Facility are subject to interest at the Secured Overnight
Financing Rate ( SOFR) or Canadian Overnight Repo Rate Average (CORRA) plus 1.45% to
2.75% per annum, depending on the Company’s leverage ratio , unchanged from the
previous credit facility agreement. The Credit Facility has a term of four years, maturing on
May 30th, 2029.
Jason Attew, President & CEO of OR Royalties commented: “The expansion of our Credit
Facility underscores the strength and quality of our asset portfolio and reflects the
confidence in OR Royalties' long -term growth prospects. Combined with our current cash
balance, the enhanced financial flexibility provided by the upsized facility positions us well
to pursue strategic and accretive growth opportunities. We extend our sincere appreciation
to our financial partners, whose continued support since OR Royalties' inception in 2014
has been instrumental in our success . We are also pleased to report that, as a result of
robust operating cash flows and disciplined capital allocation, OR Royalties now holds a
positive net cash position, further reinforcing our solid financial foundation.”
The amended Credit Facility was led by National Bank of Canada and includes Bank of
Montréal, Royal Bank of Canada and The Bank of Nova Scotia, as well as Canadian Imperial
Bank of Commerce, The Toronto-Dominion Bank, Bank of America N.A. (Canada Branch),
Export Development Canada, and Fédération des caisses Desjardins du Québec.
Separately, on May 27th, 2025, MAC Copper Limited (“MAC Copper”) announced that it had
entered into a binding scheme implementation deed (the “Transaction”) with Harmony Gold
Mining Company Limited (“Harmony”) and Harmony Gold (Australia) Pty Ltd (“Harmony
2
Australia”), a wholly -owned subsidiary of Harmony, under which it is proposed that
Harmony Australia will acquire 100% of the issued share capital in MAC Copper. Under the
terms of the Transaction, MAC Copper shareholders will receive US$12.25 cash per MAC
Copper share. As of June 9 th, 2025, OR Royalties , through its wholly-owned subsidiary OR
Royalties International Ltd., owns 4,000,000 shares of MAC Copper, which under the current
terms of the Transaction are worth $49 .0 million. This all-cash binding acquisition by
Harmony will further strengthen OR Royalties’ balance sheet upon closing , expected later
this year.
About OR Royalties Inc.
OR Royalties Inc. is an intermediate precious metal royalty company which holds a North
American focused portfolio of over 195 royalties, streams and precious metal offtakes,
including 21 producing assets. OR Royalties’ portfolio is anchored by its cornerstone asset,
a 3 -5% net smelter return royalty on the Canadian Malartic Complex, home to one of
Canada’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
Tel: (514) 940-0670 x116
Cell: (365) 275-1954
Email: [email protected]
Heather Taylor
Vice President, Sustainability and Communications
Tel: (514) 940-0670 x105
Email: [email protected]
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, that OR
Royalties will be able to pursue strategic, accretive growth opportunities and that it will maintain a positive net
cash position. 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 expr essions 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, uncertaintie s 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; risks related to: (a) the operators of the properties, (b) timely development, permitting,
3
construction, commencement of production, ramp -up (including operating and technical challenges), (c)
differences in rate and timing of production from resource estimates or production forecasts by operators, (d)
differences in conversion rate from resources to reserves and ability to replace 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 a royalty, stream or other 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 (d) that
preliminary financial information may be subject to quarter end adjustments. The forward -looking statements
contained in this press release are based upon assumptions manag ement 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 a royalty, stream or other 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 anticip ated such the forw ard-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.
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.