OR Royalties acquires additional royalties on Spring Valley in Nevada

OR Royalties (OR) has entered into a definitive agreement to acquire Terraco Gold, a wholly-owned subsidiary of Sailfish Royalty, which indirectly owns net smelter return royalty assets, or the NSR Royalties, largely consisting of royalties that cover Solidus’ Spring Valley Gold Project in Pershing County, Nevada. OR Royalties is acquiring Terraco and the NSR Royalties for total cash consideration of $168M. The transaction is expected to be completed in the first half of 2026. Following the closing of the Transaction, OR Royalties will own, on a combined basis: a 6.0% NSR royalty on the Schmidt Claims, a 4.0% NSR royalty on the Additional Royalty Areas, and a 1.0% NSR royalty on the Perimeter Royalty Area. The transaction is expected to add GEOs over-and-above OR Royalties’ recently released 2030 5-yr outlook range of 120,000-135,000 GEOs. Spring Valley is construction-ready and Solidus expects to achieve first gold production in the first half of 2028.