OR Royalties Bets $115M on Growth with Strategic Asset Acquisition

MONTREAL, QC – February 18, 2026 – In a move that signals strong confidence in the precious metals market, OR Royalties Inc. today announced a definitive agreement to acquire a portfolio of eight royalty assets from affiliates of Gold Fields Limited for a total of $115 million. The transaction, which drew a positive response from the market with the company's stock climbing over 6% on the TSX, is anchored by a key producing asset expected to deliver immediate returns and is bolstered by a collection of development and exploration projects poised to fuel long-term growth.

The centerpiece of the acquisition is a 1.5% net smelter return (NSR) royalty on Compañía de Minas Buenaventura’s San Gabriel gold and silver mine in Peru. The mine, which poured its first gold in late December 2025, provides OR Royalties with an immediate source of cash flow and gold equivalent ounce (GEO) deliveries, significantly strengthening its 2026 outlook.

A Two-Pronged Strategy: Immediate Cash and Future Growth

The acquisition is a masterclass in strategic portfolio construction, balancing immediate revenue generation with long-term, de-risked growth. The San Gabriel royalty is the cornerstone of the near-term strategy. As a newly commissioned mine operated by the experienced Peruvian miner Buenaventura, it is set to ramp up production throughout 2026. With proven and probable reserves of 1.8 million ounces of gold and a projected 14.6-year mine life, the asset represents a stable, long-duration income stream for OR Royalties.

Buenaventura has guided production of 48,000 to 55,000 ounces of gold from San Gabriel in 2026, with plans to increase mill throughput from 2,000 to 3,100 tonnes per day by 2028. This clear, structured growth path provides a high degree of predictability for the royalty holder.

“This acquisition is a strategic win for OR Royalties, anchored by immediate GEOs and cash flows from the San Gabriel mine,” said Jason Attew, President & CEO of OR Royalties, in the company’s official press release. “We are proud to partner with Buenaventura as San Gabriel ramps up in 2026, delivering both near-term revenue and long-term expansion potential.”

The deal is projected to boost OR Royalties’ total expected deliveries to a range of 80,000 - 90,000 GEOs in 2026. More significantly, the combined portfolio is forecast to drive approximately 50% growth over the next five years, targeting 120,000 - 135,000 GEOs by 2030 without requiring any additional capital from the company.

Building a Diversified Global Pipeline

Beyond the immediate impact of San Gabriel, the transaction strategically deepens OR Royalties' development pipeline across multiple Tier-1 mining jurisdictions. This diversification is key to the company's long-term value proposition, spreading risk and capturing upside potential from some of the world's most promising mining projects.

One of the key growth assets is a 1.0% NSR royalty on Galiano Gold’s Nkran project in Ghana. Nkran, a major pushback at the operating Asanko gold mine, is expected to begin delivering significant ore towards the end of the decade. Projections suggest the royalty could contribute 2,000 to 2,500 GEOs annually to OR Royalties in 2029 and 2030. In a separate but related deal, OR Royalties also agreed to purchase Galiano’s deferred payment obligations from Gold Fields for $52 million, demonstrating a deeper financial involvement in the project's success.

In Western Australia, the portfolio adds a 2.0% NSR royalty on Torque Metals Ltd.’s Paris gold project. Located in a prolific mining district near existing infrastructure, Paris is an advanced exploration project on a fast track. Torque Metals recently raised A$16.2 million to fund an aggressive drilling campaign and feasibility work, aiming to leverage nearby processing facilities through toll-treatment agreements. The project's high-grade drill intercepts and proximity to operating mines make it a compelling development story.

Closer to home, the acquisition includes a 2.5% Net Profits Interest (NPI) royalty over the JOY district in British Columbia, a joint venture between mining giants Freeport McMoRan and Amarc Resources. This royalty covers the exciting AuRORA discovery, a high-grade, near-surface copper-gold porphyry system. Freeport has signaled its strong belief in the project by committing an additional C$75 million to earn a 70% interest. For OR Royalties, this move is a strategic consolidation, as it already owns a royalty on the western extension of the same discovery, giving it broader exposure to one of Canada's most talked-about exploration plays.

The Royalty Model in a Bullish Market

This transaction highlights the strength and appeal of the royalty and streaming business model, particularly in a strong precious metals market. By acquiring royalties, companies like OR Royalties gain exposure to commodity price upside and mine production growth without the direct operational risks and capital expenditures of mining. For operators like Gold Fields, selling a package of non-core royalty assets is a strategic way to unlock immediate, non-dilutive capital that can be redeployed into their primary development projects.

Investors have taken note, as reflected in the positive market reception and the high institutional ownership—over 75%—in OR Royalties. The royalty model offers a diversified, lower-risk way to invest in the mining sector, and this deal enhances OR Royalties' standing among its larger peers like Franco-Nevada and Royal Gold.

The acquisition not only adds valuable assets but also showcases management's ability to execute complex, multi-jurisdictional deals that create both immediate and future value. By securing a producing asset, a handful of high-potential development projects, and strategic exploration upside, OR Royalties has significantly reinforced its growth trajectory for the remainder of the decade.