OR Royalties Strengthens Position in Nevada with Major Royalty Acquisition
MONTRÉAL, Feb. 24, 2026 – OR Royalties Inc., a company listed on the TSX and NYSE under the symbol OR, has made a significant move in the mining sector by entering into a definitive agreement to acquire Terraco Gold Corp. This transaction, valued at $168 million in cash, focuses on securing additional net smelter return (NSR) royalty assets, primarily covering the Spring Valley Gold Project located in Pershing County, Nevada, USA. The deal is pending approval from the TSX Venture Exchange and other standard closing conditions, with completion anticipated in the first half of 2026.
Details of the Royalty Assets
The acquisition includes several key NSR royalties that enhance OR Royalties' existing holdings at Spring Valley. Specifically, the company will gain:
- An effective 3.0% NSR royalty on the Schmidt Claim Block, which covers most of the acres in Solidus Resources LLC's proposed open-pit at Spring Valley.
- A 1.0% NSR royalty on additional areas within the proposed open pit.
- A 0.5% NSR royalty on perimeter areas of the open pit.
- A 2.0% NSR royalty on the adjacent Moonlight Property, owned by Waterton Gold Corp.
Upon closing, OR Royalties will consolidate these assets, resulting in combined royalties of 6.0% on the Schmidt Claims, 4.0% on the additional areas, and 1.0% on the perimeter areas, significantly boosting its exposure to this promising gold project.
Transaction Highlights and Strategic Benefits
This acquisition aligns with OR Royalties' strategy to focus on Tier-1 mining jurisdictions, with Nevada ranked fourth globally in mining attractiveness by The Fraser Institute's 2024 survey. The addition of these royalties complements the company's current portfolio at Spring Valley, a project that is construction-ready and expected to achieve first gold production in the first half of 2028. The transaction is projected to enhance OR Royalties' gold equivalent ounce growth profile, adding to its recently released 2030 outlook of 120,000-135,000 GEOs, while maintaining a precious metals focus exclusively on gold assets.
Spring Valley Project Overview
Solidus Resources, a subsidiary of Waterton Gold, is advancing the Spring Valley project toward construction and operations. With all major federal permits secured, including a positive Record of Decision from the US BLM announced in July 2025, the project represents Nevada's next large-scale, low-cost, heap-leach gold mine. Key asset highlights include:
- Mineral reserves of 3.88 million ounces of gold.
- Gold recovery rates ranging from 56% to 88%, depending on ore type and processing method.
- A life-of-mine exceeding 10 years, with average annual production over 300,000 ounces, peaking at 348,000 ounces in the first five years.
- All-in sustaining costs estimated at approximately $1,103 per ounce of gold.
This acquisition positions OR Royalties to capitalize on Spring Valley's robust production potential and Nevada's favorable mining environment, reinforcing its leadership in the royalty sector.
