Select Asset Updates and C$43.9 Million of Recent Share Repurchases Under the Normal Course Issuer Bid
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SELECT ASSET UPDATES AND
C$43.9 MILLION OF RECENT SHARE REPURCHASES UNDER
THE NORMAL COURSE ISSUER BID
Montréal, December 16th, 2025 – OR Royalties Inc. (“OR Royalties” or the “ Company”) (OR: TSX &
NYSE) is pleased to provide the following select asset updates. Amounts presented are in United States
dollars, except where otherwise noted.
Jason Attew, President & CEO of OR Royalties commented: “Today’s year -end update highlights the
continued momentum across our portfolio. Positive advancements at Dalgaranga – soon to become our
23rd producing asset – along with Cascabel, Marimaca MOD, and Spring Valley, have further strengthened
our confidence in their respective development, construction, and production timelines over the near to
medium term. Meanwhile, Gold Fields’ recent Capital Markets Day provided additional clarity and
confidence regarding Windfall’s development timeline.
In addition, encouraging exploration results at TDG Gold’s AuWEST Project in British Columbia and Benz
Mining’s high- grade Glenburgh Gold Project in Western Australia underscore the significant value
embedded within our advanced exploration assets.
While OR Royalties’ confidence in our GEO growth profile continues to build, we believe that much of the
value outlined in today’s update is not currently reflected in our share price. Accordingly, we have remained
active under our NCIB, having repurchased 920,632 common shares year-to-date at an average price of
C$47.63 for a total purchase cost of C$43.9 million.”
Dalgaranga (operated by Ramelius Resources Ltd.)
On October 28, 2025, Ramelius Resources Ltd. (“Ramelius”) announced the results of its Never Never Pre-
Feasibility Study (“PFS”) and the Mt Magnet-Dalgaranga Integration Study. Highlights included:
• Maiden Probable Ore Reserve of 7.0Mt at 7.3g/t Au for 1.6Moz at the Never Never underground
deposit (including Pepper);
• 1.8Moz Au planned production at an all-in-sustaining-cost of A$1,128/oz over an 11-year life-of-
mine; and,
• First gold production in Ramelius’ second half of its financial year 2026 (“ FY26”) (ie. first half of
calendar 2026), ramping up towards +250koz Au of production by Ramelius’ FY30.
The integration of the Never Never (including Pepper) deposit, together with a planned processing plant
upgrade at Mt Magnet to 5 million tonne per annum (“Mtpa”) capacity, significantly increases production
whilst ensuring lower relative cost gold production for Ramelius.
In addition, Ramelius released some early scoping-study level results from its Gilbeys Underground target,
which could provide supplemental gold production over -and-above what was outlined in the Never Never
PFS. The Gilbeys Main underground deposit sits beneath the existing Gilbey’s Main pit and consists of
three key lodes delineated along strike – Four Pillars, West Winds and Applewood. Access will be from the
existing portals in the Gilbeys pit, with additional pit breakthroughs designed for venti lation.
Finally, Ramelius also pointed to even more Scoping Study-level work on a potential Never Never open pit.
A 75m deep pit has been designed and evaluated on the upper portion of the Never Never Mineral
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Resource. The pit will be situated just to the north of the existing Gilbeys pit which is currently used for
access development to the Never Never underground mine.
OR Royalties owns a 1.44% gross revenue royalty (“GRR”) on Dalgaranga.
Cascabel (operated by SolGold plc)
On December 12, 2025, SolGold plc (“SolGold”) announced that Jiangxi Copper Company Limited ("JCC")
had made a revised non-binding indicative cash offer for the entire issued and to be issued share capital of
SolGold, other than the shares already owned by JCC (the "Revised Possible Offer") at a price of 28 pence
in cash per SolGold share (the "Revised Possible Offer Price"). The Board of Directors of SolGold indicated
to JCC that it would be minded to recommend that SolGold shareholders vote in favour of the Revised
Possible Offer, should a firm intention to make an offer on the same terms as the Revised Possible Offer
be announced. The Revised Possible Offer Price values the entire issued and to be issued ordinary share
capital of SolGold at approximately £842 million ($1.1 billion). JCC has been a s ignificant shareholder in
SolGold since December 2022 and owns 365,757,587 SolGold shares, representing approximately 12.2%
of the issued share capital of SolGold which, together with the BHP Billiton Holdings Limited Letter of Intent,
the Newmont Corporat ion Letter of Intent, the Maxit Capital LP Letter of Intent, and the Nicholas Mather
Letter of Intent, in support of the Revised Possible Offer, represents 40.7% of the issued share capital of
SolGold.
OR Royalties owns a 0.6% net smelter return (“NSR”) royalty over the entire Cascabel property covering
approximately 4,979 hectares. SolGold and/or the owner of the project has the right to buy down one-third
of the NSR until 2026. Beginning in 2030 and until the end of 2039, OR Royalties will receive minimum
annual payments under the NSR of $4.0 million.
OR Royalties, through its wholly-owned subsidiary OR Royalties International Ltd. (“OR International”), also
owns a 6% stream (the “Gold Stream”) referenced to contained gold produced from Cascabel until 225,000
ounces of gold have been delivered, and 3.6% thereafter for the remaining life of the mine.
In the event of a change of control of SolGold, OR International has the option to terminate the Gold Stream
and receive the repayment of funds of the Deposit 1 that have been advanced by such date ($20 million
advanced to date by OR International as of December 15, 2025) plus a return (the “Purchaser Termination
Option”); or, if the Purchaser Termination Option is not exercised, then:
• prior to the third anniversary of closing (closing date: July 15, 2024), an acquiror of SolGold, such
as JCC, shall have the one-time right to repurchase 50% of the Gold Stream; or
• subsequent to the third anniversary of closing but prior to the fifth anniversary of closing, an acquiror
of SolGold, such as JCC, shall have the one-time right to repurchase 33% of the Gold Stream; and,
in each case, for a one- time payment of gold equal to 50% or 33% (as applicable) of the then
advanced amount of the Deposit 1 plus an amount equating to a 15% internal rate of return on the
portion of the Deposit1 being bought back, plus a change of control fee.
For additional details, please refer to OR Royalties’ press released “ Osisko and Franco-Nevada Acquire a
Gold Stream on SolGold’s Cascabel Copper-Gold Project” and dated July 15, 2024.
1 Deposit defined as the Pre-Construction Deposit combined with the Construction Deposit as defined on closing date of July 15, 2024:
Pre-Construction Deposit: OR International will make initial cash deposits totaling $30 million to SolGold to fund pre -construction costs of
the Project, including:
• $10 million on closing; and
• two additional staged deposits of $10 million each, subject to satisfaction of key development milestones and other condition s
precedent.
Construction Deposit: OR International will provide additional deposits to SolGold totaling $195 million to fund construction costs of the
Project, subject to customary conditions including execution by SolGold of an Investment Protection Agreement with the Government of
Ecuador related to the construction and development of the Project, receipt of all material permits, a board-approved construction decision and
the balance of the construction financing being available.
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Marimaca MOD (operated by Marimaca Copper Corp.)
On November 11, 2025, Marimaca Copper Corp. (“Marimaca”) announced that its Chilean subsidiary,
Marimaca NewCo Limitada (“Marimaca NewCo”), has received the formal Resolución de Calificación
Ambiental (“RCA”) for its Marimaca Oxide Project (“MOD”), located in the low coastal cordillera of the
Antofagasta region of Chile. The RCA represents the formal approval of the company’s Declaración de
Impacto Ambiental (Environmental Impact Statement) (“DIA”) submission made in December 2024 and
marks another strategic step closer to being construction-ready at the MOD.
The receipt of the RCA allows Marimaca NewCo to advance the next phase of permitting activities for the
project, known as the Sectorial Permits, which are auxiliary permits required for various stages of
construction and operation. Marimaca is already well advanced in its planning for this phase, laying the
groundwork for its master execution schedule and positioning MOD to be construction-ready in the second
half of 2026. Focus will now shift to final project financing, the remaining critical path item for Marimaca’s
Final Investment Decision and Project Sanctioning.
OR Royalties owns a 1% NSR royalty on Marimaca’s MOD covering all known resources and prospective
exploration (1,310 hectares) and has a right of first refusal with respect to any royalty, stream, or similar
interest in connection with financing the project.
Spring Valley (operated by Solidus Resources, LLC, a wholly-owned subsidiary of Waterton Mining)
On November 6, Solidus Resources , LLC (“Solidus”) announced th at Wheaton Precious Metals
International Ltd. (“WPMI”) had entered into a definitive Precious Metals Purchase Agreement (the “Gold
Stream”) with Waterton Gold Corp., a subsidiary of Waterton Gold LP (“Waterton Gold”) in respect of the
Spring Valley Project located in Nevada, USA (the “Project” or “Spring Valley”), which is owned by Waterton
Gold’s wholly owned subsidiary, Solidus.
At the time, Solidus noted that with WPMI’s commitment, the project is now fully -funded, backed by
$1.3 billion in committed capital. Early site works are already underway, as Solidus prepares to commence
full-scale construction in 2026, in order to achieve targeted first gold production in the first half of 2028.
Solidus released the results of the Spring Valley F easibility Study (“FS”) in February 2025, which outlined
a +10- year life- of-mine (“LOM”) averaging over 300 thousand ounces (“koz”) Au per year (excluding a
residual year of gold leaching), with 348koz Au expected to be produced per year over the first five years.
Spring Valley is envisaged as a single, large open- pit mine with a LOM strip ratio of 2.9:1. The FS was
based on a Probable Mineral Reserve of 243 million short tons, grading 0.016 ounce per short ton Au for
3.8Moz contained Au. Production estimates are based on an average LOM Au recovery rate of 80.5%.
OR Royalties owns a 2.5% to 3.0% NSR royalty on the core of the Spring Valley deposit, and a 0.5% NSR
royalty on peripheral claims, the latter of which comprises only a small percentage of the overall defined
Mineral Resource. A large portion of the current pit constrained Mineral Resource sits within OR Royalties’
3.0% NSR royalty area with the majority of the remainder situated on the 2.5% royalty claims . The royalty
on the 3.0% claims becomes payable once 500koz Au are recovered from Spring Valley.
Windfall (operated by Gold Fields Ltd.)
On November 12, 2025, Gold Fields Ltd. (“Gold Fields”) provided updates on the Windfall gold project,
including updated project capex and expected “Base Case” and “Upside Case” milestone timelines, as part
of the company’s Capital Markets Day hosted in London, UK.
Gold’s Fields’ updated Base Case for plant commissioning i s the second half of 2028, with first gold
production from Windfall therefore expected the first half of 2029, subject to ongoing permitting progress ;
the Upside Case being first gold production in the second half of 2028. The Upside Case includes receiving
all key permits by the end of the first quarter of 2026, while Gold Fields’ Base Case assumes all key primary
and secondary permits will be received by the end of the third quarter of 2026.
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More specifically on permitting, Gold Fields noted that probably the biggest impact on any potential delays
(ie. the Base Case) has been the recommendation from COMEX, which is the independent body that
includes the First Nations as well as the Provincial Government of Quebec, to the Environmental Ministry
to approve the Windfall Environmental Impact Assessment (“EIA”). Gold Fields understands that it has the
support from the Government and there's support from the First Nations. In order for Gold Fields to achieve
its proposed Upside Case, it would mean that Gold Fields would close out its First Nations IBA negotiations
prior to year-end 2025 and that it also gets to public participation in January 2026, which would then lead
to Gold Fields potentially receiv ing a recommendation and approval by February 2026, and all key
secondary permits shortly thereafter. Otherwise, Gold Fields is confident in its updated Base Case timeline
for Windfall.
Gold Fields also flagged that an updated Windfall Feasibility Study should now be expected in the first half
of 2026, which includes the updated capital estimate of US$1.7-1.9 billion.
OR Royalties owns a 2.0-3.0% NSR royalty on the Windfall project and surrounding property.
Altar (operated by Aldebaran Resources Inc.)
On October 30, 2025, Aldebaran Resources Inc. (“Aldebaran”) announced the results of a Preliminary
Economic Assessment (“PEA”), prepared in accordance with National Instrument 43-101 standards, for the
Altar copper-gold project located in San Juan, Argentina. The results of the PEA were reported on a 100%
basis, while Aldebaran owns an 80% interest in the project, with the remaining 20% held by Sibanye-
Stillwater Ltd.
The PEA envisioned a combination of open- pit and underground mining, followed by processing via a
conventional copper flotation circuit having a nameplate processing capacity of 60,000 tonnes per day. This
results in a mine life of 48 years with an average annual production of 102,742 Copper Equivalent (“CuEq”)
tonnes for the life-of-mine (92,891 tonnes Cu, 27,020 oz Au, and 525,192 oz silver (“Ag”)), with 116,539
tonnes CuEq for the first 30 years, and 121,748 CuEq tonnes for the first 20 years. Copper equivalent was
calculated using base study case assumptions of $4.35/lb Cu, $2,500/oz Au and $27/oz Ag.
The PEA was based on a Mineral Resource Estimate that included 2 ,397Mt Measured and Indicated
grading 0.42% Cu, 0.07 g/t Au, 1.20 g/t Ag and 42 parts per million (“ppm” ) molybdenum (“Mo”), as well
1,215Mt Inferred grading 0.37% Cu, 0.04 g/t Au, 1.22 g/t Ag and 45 ppm Mo. ~80% of the Resources (by
tonnage) in the mine plan are categorized as Measured and Indicated, with the remaining ~20% categorized
as Inferred.
Next steps over the following 12- 18 months for Aldebaran include a Mineral Resource Estimate update
(based on the infill drilling completed in 2024-2025 and the to-be-completed 2025-2026 infill drilling for the
purposes of Mineral Resource conversion) , completion of the Altar PFS, and preparation to apply for
inclusion under Argentina’s RIGI investment framework.
OR Royalties owns a 1.0% NSR royalty on the majority of the Altar, QDM and Radio deposits.
Shaakichiuwaanaan (operated by PMET Resources Inc.)
On October 20, 2025, PMET Resources Inc. (“PMET”) announced the results of lithium-only CV5 Feasibility
Study at its wholly owned Shaakichiuwaanaan Property (“Shaakichiuwaanaan”) located in the Eeyou
Istchee James Bay region of Quebec, Canada.
The FS is based on a Mineral Reserve derived from the CV5 Pegmatite’s Indicated Mineral Resource
component, part of the current Shaakichiuwaanaan Consolidated MRE which is the largest known lithium
pegmatite MRE in the Americas and one of the top 10 larges t globally; the maiden Mineral Probable
Reserve at CV5 announced at the time was 84.3Mt at 1.26% Dilithium Oxide (Li 2O) (or 2.62Mt Lithium
Carbonate Equivalent [LCE]).
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The FS confirms that the CV5 Pegmatite, with a nameplate design production rate of approximately 800,000
tonnes per annum of SC5.5 spodumene concentrate, has the potential to position PMET among the top
four spodumene concentrate producers globally. With planned ore processing capacity of up to 5.1 Mtpa
and production spanning approximately 20 years, the Shaakichiuwaanaan project reaffirmed its global
standing as a large-scale, long-life lithium pegmatite operation.
The lithium- only FS for Shaakichiuwaanaan’s CV5 Pegmatite is a mandated requirement to formally
commence the company’s final mine authorization process. It confirms the Shaakichiuwaanaan’s technical
and economic viability while providing a broad project scope for PMET’s ESIA submissions. Together, the
FS and ESIAs (Federal and Provincial levels) will be matched to the full -scale scope for a mining and
processing operation of up to 5.1 Mtpa and will be filed in tandem to advance the final mine authorization
process in Quebec, a critical step in maintaining the company’s development timeline.
A Final Investment Decision for Shaakichiuwaanaan remains targeted for the second half of 2027,
consistent with the PMET’s development schedule. The decision at that time will be based on: the results
of a myriad of various project financing discussions; further optimized development scenarios derived from
detailed engineering; co-product recovery and the associated economic impact to the Shaakichiuwaanaan
project; prevailing market conditions in key supply chains; and also, PMET’s commercial relationships with
customers and other key players in the battery and other critical minerals supply chains.
OR Royalties holds a sliding scale NSR royalty of 1.5- 3.5% on precious metals, and 2.0% on all other
products, including Lithium, at Shaakichiuwaanaan. OR Royalties estimates that a large majority
(approximately 80-95%) of the CV5 MRE falls on its 2.0% Lithium NSR royalty area.
AuWEST (operated by TDG Gold Corp.)
On October 15, 2025, TDG Gold Corp. (“TDG”) reported additional assay results from its fully -funded
Phase I exploratory drilling program at the Aurora West target within TDG’s Greater Shasta- Newberry
(“GSN”) project. The ongoing Phase I exploratory program now involves three drill rigs on the c ompany’s
100% owned flagship GSN Project in the Toodoggone District of British Columbia.
TDG’s previously reported proof of concept Phase I drill hole TDG25- 001, released on September 2 nd,
2025, successfully demonstrated that Amarc/Freeport’s AuRORA Cu-Au-Ag Zone extends onto the TDG’s
tenure. Hole TDG25- 001 delivered an impressive intersection grading 1.23 g/t Au, 1.8 g/t Ag, 0.23% Cu
over 240.6 m. Building upon the results from TDG25-001, recently completed 2025 Phase I drill hole TDG-
25-002 intersected 1.02 g/t Au, 2.0 g/t Ag, 0.24% Cu over 164.0 m, including a higher -grade sub-interval
averaging 1.73 g/t Au, 2.6 g/t Ag, 0.32% Cu over 67.0 m, demonstrating that the Aurora West mineralization
extends up dip and south of TDG25- 001. This new extension begins at a vertical depth of 175m below
surface and remains open to further expansion
OR Royalties owns a 1.0% NSR royalty on AuWEST, and on TDG’s broader GSN project.
Glenburgh (operated by Benz Mining Corp.)
On December 8, 2025, Benz Mining Corp. (“Benz”) reported an additional discovery from ongoing drilling
at its priority Zone 126 prospect within its 100%-owned Glenburgh Gold Project in the Gascoyne Region of
Western Australia; Glenburgh is an advanced exploration project which sits on a granted mining permit .
Glenburgh hosts an 18- 20km mineralized corridor anchored by the large-scale Icon- Apollo trend (thick,
bulk-style gold mineralization) and the high-grade Zone 126 system (underground lenses).
Since acquiring Glenburgh (and Mt Egerton) from Spartan Resources Ltd. (now Ramelius Resources Ltd.)
in January 2025, Benz has moved quickly, rethinking the geological model and fine-tuning its understanding
of high-grade Zone 126 at Glenburgh. Zone 126 is emerging as a multi-lens, high-grade gold system, where
drilling has validated a new NE -plunging fold model controlling mineralization. To date, at least f ive
mineralized lenses, all open at depth and along strike, have been identified.
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Drilling at the Glenburgh Gold Project continues to demonstrate the scale potential of the Zone 126 trend,
with Lens 4 now growing deeper, thicker and higher-grade as drilling steps into previously untested portions
of the system. A major down-dip extension has been confirmed by hole 25GLR117, which returned 15.0 m
at 12.7g/t Au from 875m, representing a 200m+ step- out from previous drilling. This result marks the
highest-grade intercept recorded in Lens 4 to date and provides substantial validation of Benz’ s structural
model at depth. These recent drill results continue to reinforce the strong continuity of high- grade
mineralization along plunge and highlight the significant opportunity to keep growing this lens into a material
high-grade ore shoot.
In addition to the continued growth of Lens 4, drilling has now delivered the first discovery hole in the
emerging Lens 5 position. Hole 25GLR090 intersected 2.0 m at 16.0g/t Au from 475m. Importantly, this
intercept sits on the margin of the interpreted lens geometry. Lenses 1 through 5 all remain open at depth,
with recent drilling continuing to demonstrate strong potential for further high-grade extensions.
OR Royalties owns a 1.08% GRR on Glenburgh.
Additional Project Updates
• On October 28, 2025, Alamos Gold Inc. (“Alamos”) announced that the Island Gold District Expansion
Study had been delayed to the first quarter of 2026 (previously expected during the fourth quarter of
2025). OR Royalties owns a 1.38- 3.0% over Alamos’ Island Gold underground mine; in addition, a
small fraction of the eastern limit of the Magino pit is also covered by a 3.0% NSR royalty.
• On December 2, 2025, Orla Mining Ltd. (“Orla”) announced that the updated Feasibility Study for its
South Railroad project in Nevada has been delayed to the first quarter of 2026 (previously expected
during the fourth quarter of 2025). OR Royalties, through its wholly-owned subsidiary OR International,
owns a 100% silver stream on South Railroad and Orla’s Jasperoid Wash deposit.
Sources for Technical Information:
Dalgaranga
• Operator website: https://www.rameliusresources.com.au/dalgarangagoldmine/ (Asset profile)
• Ramelius Resources Ltd. press release (dated 2025-10-28) https://www.rameliusresources.com.au/wp-
content/uploads/bsk-pdf-manager/2025/10/ASX-RELEASE-20251028-Never-Never-PFS-Magnet-Integration-
FINAL.pdf (Asset profile, Mineral Reserves and Resources, LOM, LOM Production)
• Ramelius Resources Ltd. press release (dated 2025-10-28) https://www.rameliusresources.com.au/wp-
content/uploads/bsk-pdf-manager/2025/10/5-Year-Gold-Production-Outlook-FINAL.pdf (Asset profile)
• Ramelius Resources Ltd. corporate presentation (dated 2025-10-28) https://www.rameliusresources.com.au/wp-
content/uploads/bsk-pdf-manager/2025/11/Investor-Presentation-EUUS-5-Year-Growth-Pathway-to-500koz-Nov-
2025-1.pdf (Asset profile)
• Benz Mining Corp. press release (dated 2025-18-13)
https://api.investi.com.au/api/announcements/bnz/25a102bd-442.pdf (Asset profile)
Cascabel
• Operator Website: https://solgold.com.au/projects/ecuador/cascabel-project/ (Asset profile)
• SolGold plc press release (dated 2025-11-26) https://polaris.brighterir.com/public/solgold/news/rns/story/xe88dnx
(Asset profile)
• SolGold plc press release (dated 2025-12-12) https://polaris.brighterir.com/public/solgold/news/rns/story/x50jopr
(Asset profile)
• SolGold plc press release (dated 2025-07-28) https://polaris.brighterir.com/public/solgold/news/rns/story/xl9vv9x
(Asset profile)
• SolGold plc press release (dated 2025-07-17) https://polaris.brighterir.com/public/solgold/news/rns/story/wk42j1r
(Asset profile)
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• NI 43-101 Technical Report – Pre-Feasibility Study For the Cascabel Project, Imbabura Province, Ecuador,
SolGold plc (issue date 2024-03-08) https://wp-solgold-2023.s3.ca-central-
1.amazonaws.com/media/2024/03/CAPR2807_Cascabel_PFS-report_V20240309_v2.pdf (Asset profile, Mineral
Reserves and Mineral Resources, LOM, LOM Production)
Mar
imaca MOD
• Mar
imaca Copper Corp. press release (dated 2025-11-11) https://marimaca.com/marimaca-announces-receipt-
of-environmental-approval-for-the-marimaca-oxide-deposit/ (Asset profile, Mineral Reserves and Mineral
Resources, LOM, LOM Production)
• Marimaca Copper Corp. corporate presentation (dated 2025-08-26) https://marimaca.com/wp-
content/uploads/2025/08/Marimaca-Oxide-Deposit-DFS-Presentation-August-2025-1.pdf (Asset profile, Mineral
Reserves and Mineral Resources, LOM, LOM Production)
Spr
ing Valley
• Operator Website: https://solidus-resources.com/spring-valley -project/2025-feasibility -study/ (Asset Profile)
• Operator Website: https://solidus-resources.com/spring-valley-project/technical-report/ (Mineral Resources and
Mineral Reserves)
• Solidus Resources press release (dated 2025-11 -06) https://solidus-resources.com/wheaton-precious-metals -
announces-the-acquisition-of -a-gold-stream-on-the-spring-valley-project-located -in-nevada/ (Asset profile)
• Solidus Resources press release (dated 2025-02 -18) https://solidus-resources.com/solidus-resources-llc-
announces-positive-feasibility-study-results -for-its-spring-valley-gold-project-in-nevada/ (Mineral Resources and
Mineral Reserves, LOM, LOM Production, Asset profile)
Wi
ndfall
• Oper
ator website: https://windfallmininggroup.com/ (Asset profile)
• Gold Fields Ltd. press release (dated 2025-11-12) https://www.overend.co.za/download/media-release-i-cmd-i-
12nov25-final-an.pdf (Asset profile)
• Gold Fields Capital Markets Day corporate presentation (dated 2025-11-12)
https://www.goldfields.com/pdf/investors/presentation/2025/capital-markets-day-final-presentation-v3.pdf (Asset
profile)
• Gold Fields Capital Markets Day transcript (dated 2025-11-12) https://seekingalpha.com/article/4847230-gold-
fields-limited-gfi-analyst-investor-day-transcript (Asset profile)
Alt
ar
• Oper
ator website: https://aldebaranresources.com/projects/altar-copper-gold/overview/ (Asset profile)
• Aldebaran Resources Inc. press release (dated 2025-10-30) https://aldebaranresources.com/aldebaran-pea-for-
the-altar-project-reports-48-year-mine-life-after-tax-npv-8-of-us2-billion-and-20-5-irr/ (Asset profile, Mineral
Resources, LOM, LOM Production)
Shaak
ichiuwaanaan
• Oper
ator website: https://www.pmet.ca/projects/shaakichiuwaanaan/ (Asset profile)
• PMET Resources Inc. press release (dated 2025-10-20) https://www.pmet.ca/news/pmet-resources-delivers-
positive-cv5-lithium-only-feasibility-study-for-its-large-scale-shaakichiuwaanaan-project/ (Asset profile, Mineral
Resources and Mineral Reserves, LOM, LOM Production)
AuW
EST
• Oper
ator website: https://tdggold.com/projects/gs-n-02/ (Asset profile)
• TDG Gold Corp. press release (2025-10-15) https://tdggold.com/news-2/2025-03/20251015-02/ (Asset profile)
• Sable Resources Ltd. press release (2025-04-24) https://sableresources.com/sable-sells-third-party-royalties-
and-grants-royalty-to-osisko-gold-royalties/ (Asset profile)
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Glenburgh
• Operator website: https://benzmining.com/projects/glenburgh-gold-project/ (Asset profile)
• Benz Mining Corp. press release (2025-12-08) https://api.investi.com.au/api/announcements/bnz/d6159651-
581.pdf (Asset profile)
Island Gold District
• Operator Website: https://www.alamosgold.com/operations/producing-mines/island-gold-canada/default.aspx
(Asset profile)
• Alamos Gold Inc. press release (dated 2025-10-28)
https://s24.q4cdn.com/779615370/files/doc_financials/2025/q3/20251029-Alamos-Gold-Q3-2025-Earnings-
Release-Final.pdf (Asset profile)
South Railroad
• Operator Website: https://orlamining.com/asset/south-carlin-complex/south-railroad-project/ (Asset profile)
• Orla Mining Ltd. press release (dated 2025-12-02) https://orlamining.com/news/orla-discovers-high-grade-oxide-
gold-beyond-pit-shells-at-south-carlin-complex/ (Asset profile)
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 port folio 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: [email protected]
Heather Taylor
Vice President, Sustainability and Communications
Tel: (514) 940-0670 x105
Email: [email protected]