OrbitonOpen research workspace →
OR Royalties Inc. logo

OR Royalties Inc.

TSX:ORLive AI agent

OR Royalties Inc.

Investor website: https://orroyalties.com/

About

OR Royalties Inc. is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. OR Royalties Inc. holds a North American focused portfolio of over 195 royalties, streams and precious metal offtakes. OR Royalties Inc.’s portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, one of Canada’s largest gold mines. OR Royalties Inc.’s head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

Verified company data

Cash position
$175.2 million
Shares outstanding
187.3 M
Mineral resource
Proven and Probable reserves of 2,300 kt Cu (1,220 Mt @ 0.19% Cu), 259 kt Mo (1,220 Mt @ 0.021% Mo), 10,290 koz Au (1,430 Mt @ 0.22 g/t Au), 78.0 Moz Ag (1,430 Mt @ 1.70 g/t Ag). Measured and indicated resources (exclusive of reserves) of 1,070 kt Cu (1,040 Mt @ 0.10% Cu), 99.3 kt Mo (1,040 Mt @ 0.0096% Mo), 4,490 koz Au (1,060 Mt @ 0.13 g/t Au), 39.0 Moz Ag (1,064 Mt @ 1.15 g/t Ag). Inferred resources of 1,370 kt Cu (1,370 Mt @ 0.10% Cu), 130 kt Mo (1,220 Mt @ 0.19% Mo), 6,320 koz Au (1,410 Mt @ 0.14 g/t Au), 52.3 koz Ag (1,410 Mt @ 1.15 g/t Ag).
Projects
["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.","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.","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%."]
Leadership
Norman MacDonald (Independent Chair of the Board of Directors, Over 25 years of experience in natural resource investment firms, previously Senior Advisor at Fort Capital and Senior Portfolio Manager at Invesco.), Jason Attew (President, Chief Executive Officer and Director, Mining industry veteran with over 25 years of experience, previously CEO of Liberty Gold Corp and Gold Standard Ventures Corp.), Patrick Godin (Director, Over 30 years of corporate and operations experience in mining, previously CEO of New Gold Inc. and COO of Pretium Resources Inc.), Wendy Louie (Director, Corporate director and CPA with over 25 years of finance experience in mining, previously CFO of Sabina Gold and Silver Corp.), Pierre Labbé (Director, Executive Vice-President, Finance of Fonds QScale S.E.C. with over 30 years of financial leadership experience, previously CFO of IMV Inc.), Candace MacGibbon (Director, Corporate director and CPA with over 25 years in mining and capital markets, previously CEO of INV Metals Inc.), Kevin Thomson (Director, Over 40 years of mergers and acquisitions experience in mining, previously Senior Executive VP at Barrick Gold Corporation.), Sean Roosen (Chair Emeritus, Founding member of Osisko Mining Corporation with over 30 years in the mining industry, recognized for his leadership in sustainability practices.)

Verified data last updated:

Recent filings

Investor FAQ