OR Royalties Inc. entered into a definitive agreement to acquire Terraco Gold Corp., a wholly‑owned subsidiary of Sailfish Royalty Corp., and the net‑smelter‑return (NSR) royalty interests on the Spring Valley Gold Project in Pershing County, Nevada, for $168 million in cash. The transaction gives OR full ownership of the three NSR royalty streams that cover the entire project, including a 6.0 % royalty on the Schmidt Claims, 4.0 % on Additional Royalty Areas, and 1.0 % on the Perimeter Royalty Area.
Spring Valley is a fully permitted, heap‑leach gold project with 3.8 million ounces of proven and probable reserves and an estimated mine life of more than ten years. Production is slated to begin in the first half of 2028, and OR expects to receive royalty revenue starting in 2029. The acquisition expands OR’s portfolio of high‑quality, Tier‑1 jurisdiction assets and reinforces its strategy of acquiring royalty interests that are “completely bought and paid for.”
The deal is expected to close in the first half of 2026, subject to regulatory approvals and customary closing conditions. OR’s record 2025 financial results—revenues of $277.4 million, net earnings of $206.1 million, and a cash margin of 96.7 %—provide a strong foundation for the transaction. The company closed 2025 debt‑free with a cash balance of $142.1 million, giving it the flexibility to pursue additional acquisitions.
President and CEO Jason Attew said the Spring Valley acquisition “enhances our peer‑leading growth profile by adding significant, long‑life gold production starting in 2028, further validating our strategy of acquiring top‑tier assets in the world’s best mining jurisdictions.” He added that 2025 was a “triple crown” year for the company, driven by elevated precious‑metal prices, and that the 2026 guidance reflects the immediate benefit of production ramp‑ups at Namdini, Dalgaranga, and San Gabriel.
Investors have responded to OR’s recent announcements with a mixed reaction. The record 2025 results and the debt‑free balance sheet were viewed positively, while broader weakness in gold‑mining stocks and moderating gold prices tempered enthusiasm. The acquisition is seen as a key driver of future growth, with analysts noting that it will contribute to the company’s 2026 GEO guidance of 80,000–90,000 GEOs and its five‑year target of 120,000–135,000 GEOs by 2030.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.