Mr. Grant Moenting reports

OR ROYALTIES ACQUIRES ADDITIONAL 1.0% NSR ROYALTY ON THE NAMDINI GOLD MINE IN GHANA

OR Royalties Inc. has acquired an additional 1.0-per-cent net smelter return (NSR) royalty covering the Namdini gold mine in Ghana, with an effective date of Oct. 1, 2025. OR Royalties has closed the transaction with Savannah Mining Ltd., acquiring Savannah's remaining 50-per-cent interest in the 2.0-per-cent net smelter return (NSR) royalty for total consideration of up to $103.5-million. All monetary amounts included in this news release are expressed in U.S. dollars, unless otherwise noted.

Transaction highlights

Immediate gold equivalent ounces (GEO) from a familiar operating mine:

• Gold production at Namdini commenced in the first half of 2025, with the mine in the final phases of a ramp-up toward peak production of approximately 360,000 ounces of gold per year over the first three years (when operating at the expected design capacity of 9.5 million tonnes per annum), as well as an expected average of 287,000 ounces of gold per year over an initial 15-year life of mine.
• The additional royalty complements OR Royalties' existing 1.0-per-cent NSR royalty over Namdini, which was acquired in November, 2023.
• OR Royalties' first payment under the full 2.0-per-cent NSR royalty rate is expected in the first quarter of 2026 and will be representative of the mine's gold production during the fourth quarter of 2025 given timing of settlement.

Operator is a large-scale and experienced global miner:

• Shandong Gold Co Ltd. operates Namdini through its subsidiary, Cardinal Namdini Mining Ltd., which is owned in partnership with a subsidiary of China Railway Construction Group Corp. Ltd.
• Shandong is a well-capitalized global miner with a history of operational expertise having a current market capitalization of approximately $297.3-billion (Hong Kong) ($38.1-billion), and having produced approximately 1.26 million ounces of gold in 2024.
• OR Royalties visited Namdini in January, 2026, and saw first-hand the positive impact that Cardinal was providing to the local communities and regional economy.

Contingent and milestone-based payment structure:

• OR Royalties made an initial payment of $28.5-million upon closing with an additional payment of $70.0-million to be paid upon certain milestones, which are expected to occur over the next two quarters.
• The remaining $5.0-million will be payable in two equal instalments on the first and second anniversary of the closing date.
• As part of this transaction as well as the transaction completed in 2023, OR Royalties has retained certain security interests over the assets of Savannah.

Proven jurisdiction with well-established mining act and laws

Ghana is a top gold mining jurisdiction, ranked sixth in global gold production and ranked first among African nations in 2024, based on data from the World Gold Council.

Jason Attew, president and chief executive officer of OR Royalties, commented: "Today's announcement underscores a couple of key points: first, OR Royalties' confidence in the Namdini gold mine, as we are effectively doubling down on a pre-existing asset within our portfolio of producing royalties; and second, our company's ability to work bilaterally with key partners across our network of industry participants in order to secure yet another accretive precious metals royalty transaction. As it relates to the former, key members of our corporate development and technical teams recently returned from a site visit to Namdini hosted by Cardinal and came away extremely impressed with the operation and the operator. Furthermore, our team returned with an enhanced understanding of the mine's ability to not only add immediately to our near-term GEO profile through the acquisition, but also with respect to the future upside over-and-above OR Royalties' previous base case life-of-mine expectations."

Namdini gold mine

The Namdini gold mine is an open-pit gold mine located in Ghana, approximately 50 kilometres southeast of the town of Bolgatanga. In January, 2021, Shandong closed the $540-million (Australian) (approximately $400-million (U.S.)) acquisition of the company that owned Namdini, Cardinal Resources Inc. In the first half of 2025, Shandong, through its majority-controlled subsidiary, Cardinal Namdini, officially started gold production from the mine.

An October, 2019, National Instrument 43-101-compliant feasibility study on Namdini, completed by Lycopodium for the previous project owner Cardinal, outlined average annual gold production of 287,000 ounces over an initial 15-year mine life. The total proven and probable ore reserve in the feasibility study was estimated at 138.6 million tonnes (t) at 1.13 grams per tonne (g/t) gold (Au) with a contained gold content of 5.1 million ounces (oz). Of this total, 92 per cent of the contained gold was within the probable ore reserve category.

The feasibility study also highlighted the development of a single open-pit mine feeding a conventional crushing, SAG mill, regrind, high shear oxidation and CIL circuits, with development expected to initially focus on a high-grade starter pit area toward the north of the deposit.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, PhD, PGeo, vice-president, project evaluation, at OR Royalties, who is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About OR Royalties Inc.

OR Royalties is a precious metals royalty and streaming company focused on Tier 1 mining jurisdictions defined as Canada, the United States and Australia. OR Royalties commenced activities in June, 2014, with a single producing asset, and today holds a portfolio of over 195 royalties, streams and similar interests. OR Royalties' portfolio is anchored by its cornerstone asset, the 3-per-cent to 5-per-cent net smelter return royalty on Agnico Eagle Mines Ltd.'s Canadian Malartic complex, one of the world's largest gold mines.

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