OR Royalties Inc. has increased its stake in the Namdini Gold Mine in Ghana to a total 2.0 % net‑smelter‑return (NSR) royalty, following the acquisition of an additional 1.0 % interest from Savannah Mining Limited. The transaction, announced on January 29 2026, brings the company’s total NSR exposure at Namdini to 2.0 % and is effective October 1 2025.
The purchase price for Savannah’s remaining 50 % of the royalty was up to $103.5 million. The payment was structured in three tranches: an initial $28.5 million, a $70 million milestone payment contingent on the mine meeting specified production and financial targets within the next two quarters, and a final $5 million payable in two equal installments on the first and second anniversaries of the closing date.
Namdini, an open‑pit gold mine operated by Shandong Gold through its subsidiary Cardinal Namdini Mining Limited, began production in the first half of 2025 and is expected to reach nameplate capacity of approximately 360,000 ounces per year by 2025. The mine’s feasibility study projects an average annual output of 287,000 ounces over a 15‑year life, providing a steady stream of gold‑equivalent ounces (GEOs) to OR Royalties’ portfolio.
The acquisition strengthens OR Royalties’ geographic diversification beyond its core Canadian and Australian assets, aligning with the company’s strategy of acquiring high‑quality, self‑funded royalty interests that require no additional capital outlay. Management highlighted that the Namdini royalty “doubles down” on a pre‑existing asset, adding immediate GEOs and offering upside beyond the base‑case life‑of‑mine expectations.
Financially, OR Royalties reported a trailing‑12‑month revenue of $243.65 million, an operating margin of 70.18 % and a net margin of 60.29 %. The company remains debt‑free with a debt‑to‑equity ratio of zero and a current ratio of 4.37. While the valuation multiples—P/E of 57.86 and P/S of 35.48—suggest a premium, the new royalty is expected to enhance cash‑flow generation and support the company’s high‑margin model.
Analysts have noted that the Namdini acquisition is a “strategic win” for OR Royalties, reinforcing its focus on high‑grade, producing assets. The company’s CEO, Jason Attew, emphasized confidence in the mine’s performance and the potential for future upside, stating that the royalty “adds immediately to our near‑term GEO profile and offers upside beyond our previous life‑of‑mine expectations.”
The transaction is the second major royalty acquisition at Namdini for OR Royalties, following a 1.0 % NSR purchase in November 2023 for $35 million. The company’s name change from Osisko Gold Royalties Ltd. to OR Royalties Inc. in May 2025 further underscores its evolving brand identity as a global royalty player.
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