Select Asset Update Summaries (More Detailed Updates Below)

Island Gold District (Alamos Gold Inc. ("Alamos")) – Phase 3+ / Island Gold District ("IGD") expansion(s) continue to advance, with underground throughput targeted to ramp from 1,400 tonnes per day ("tpd") in Q1 2026 to 2,000 tpd by year-end 2026 once the underground shaft is complete, and 2,400 tpd in early 2027; updated mine plan released in February 2026 reflects a 30% larger Proven and Probable Mineral Reserve for Island Gold Underground ("Island Gold"), including a 5.1 million ounces ("Moz") gold ("Au") (15.0 million tonnes ("Mt") grading 10.6 grams per tonne ("g/t") Au). The expanded and accelerated mine plan is also anticipated to transition a greater proportion of production from OR Royalties' current 1.38% net smelter return ("NSR") royalty coverage to OR Royalties' 2.0% and 3.0% NSR royalty boundaries.
Dalgaranga (Ramelius Resources Ltd. ("Ramelius")) – First ore from the high-grade Never Never deposit at Dalgaranga delivered to Mt Magnet processing plant in March 2026, approximately one month ahead of schedule, with first high-grade ore still scheduled for processing during June 2026 quarter; strong exploration results released on April 22, 2026 from Gilbey's Underground at Dalgaranga; first royalty payment received by OR Royalties expected in early May 2026 under the Company's 1.44% gross revenue ("GR") royalty at Dalgaranga.
Glenburgh (Benz Mining Corp. ("Benz")) – Fully-funded 250,000 meter ("m") drill program underway at Glenburgh across Hurricane, Icon and Thunderbolt camps; new high-grade discovery corridor announced April 9, 2026 at Hurricane, as well as the ultra-high-grade Kilkenny discovery at Mt Egerton, a potential future satellite feed source for Glenburgh; OR Royalties holds a 1.08% GR royalty on Glenburgh and Mt Egerton, with Glenburgh sitting on a granted Mining Lease allowing for the potential for an accelerated development timeline.
Bralorne (Talisker Resources Ltd. ("Talisker")) – C$52.1 million bought-deal financing closed in March 2026; 2026 diamond drill program increased from 30,000m to 105,000m; underground face sampling at the Mustang Mine intersected a continuous 60m strike length averaging 27 g/t Au over 0.85m; Technical Report with Mineral Resource Estimate and Preliminary Economic Assessment ("PEA") is expected in in the second quarter of 2026. OR Royalties holds a 1.7% NSR royalty on Bralorne.
Shaakichiuwaanaan (PMET Resources Inc. ("PMET")) – Shaakichiuwaanaan Environmental and Social Impact Assessment submitted concurrently to Provincial authorities in Québec, and the Federal Impact Assessment Agency of Canada on April 1, 2026; Final Investment Decision remains targeted for H2 2027, dependent on market conditions. OR Royalties holds a sliding-scale 1.5-3.5% NSR royalty on precious metals and 2.0% on lithium and other products, with approximately 80-95% of CV5 Mineral Reserves estimated to fall on OR Royalties' 2.0% lithium royalty area.
Wharekirauponga (OceanaGold Corporation ("OceanaGold")) – High-grade drill results from Wharekirauponga ("WKP") announced April 1, 2026 (14.9m at 16.3 g/t Au from 466.5m; 5.4m at 25.8 g/t Au from 483.4m; 5.5m at 24.1 g/t Au from 623.6m); two additional drill rigs to be added in the second quarter of 2026, bringing the total to five. OR Royalties holds a 2.0% NSR royalty on WKP.
Eagle (PricewaterhouseCoopers LLP, Receiver) – On April 23, 2026, PricewaterhouseCoopers LLP ("PwC" or the "Receiver") entered into an exclusivity agreement with Boroo Pte Ltd. ("Boroo"), a Singapore-based private mining company specializing in operational turnarounds, to negotiate a potential acquisition and eventual restart of the Eagle Gold Mine ("Eagle") in the Yukon; Boroo has been granted an initial 90-day exclusivity period (extendable up to 180 days), with engagement to advance with the Yukon Government and the First Nation of Na-Cho Nyäk Dun. OR Royalties holds a 5.0% NSR royalty on Eagle.

 

Strategic Share Sale

Osisko Metals Incorporated ("Osisko Metals") equity position sold – In mid-April 2026, OR Royalties sold its entire remaining non-core equity position in Osisko Metals, generating approximately $34.8 million in net proceeds to the Company.

 

Island Gold District (operated by Alamos)

Alamos' Island Gold mill currently processes an average of 1,200 tpd, with all processed material sorted from Island Gold. A Phase 3+ Expansion, integrated with the recently updated Island Gold District Expansion plan ("IGD Expansion"), is underway to increase underground mining throughput to at least 2,400 tpd, subsequently ramping up to 3,000 tpd by 2029 via the addition of a new shaft and associated infrastructure. Underground mining rates are projected to average 1,400 tpd in the first quarter of 2026, increasing to 2,000 tpd by year-end concurrent with the commissioning of the initial Island Gold shaft infrastructure. During 2026, head grades are forecast to increase from 9.0 g/t Au in the first quarter of this year to 11.5 g/t Au in the fourth quarter of 2026, at a 96-97% Au recovery rate. A further throughput increase to 2,400 tpd is targeted for early 2027.

On February 3, 2026, Alamos provided highlights with respect to its updated IGD Expansion plans. The IGD Expansion incorporates a 30% larger Proven and Probable Mineral Reserve vs. the previous mine plan (including an Island Gold Proven and Probable Mineral Reserve of 5.1Moz Au (15.0Mt grading 10.6 g/t Au)), a planned expansion of the Magino mill to 20,000 tpd, as well as increased underground and open pit mining and processing rates. Underground mining and processing rates will increase by a further 25% to 3,000 tpd, and open pit processing rates will increase 70% to 17,000 tpd, relative to Alamos' previous June 2025 life-of-mine plan. The mill expansion will include the construction of a parallel circuit with a capacity of 10,000 tpd, doubling the overall capacity of the mill. The new circuit is designed to process a blend of high-grade underground ore and open pit ore, with the existing circuit to be fed with open pit ore only. The Island Gold mill will continue operating in 2026 and 2027 and will be dedicated to processing approximately 1,265 tpd of higher-grade underground ore until the expected completion of the mill expansion in the first quarter of 2028. The remaining underground ore mined will be blended at increasing rates with open pit ore and processed within the Magino mill. Following the completion of the IGD Expansion in 2028, the Island Gold mill will be shut down, and all underground and open pit ore will be processed through the larger, centralized and more cost-effective Magino mill.

The expanded and accelerated mine plan is also anticipated to transition a greater proportion of production from OR Royalties' 1.38% NSR royalty coverage to OR Royalties' 2.0% and 3.0% NSR royalty boundaries earlier in the mine plan. A small portion of the eastern limit of the Magino Reserve pit, and material portion of the ultimate Mineral Resource pit limit, to the east of the Reserve pit, are also covered by a 3.0% NSR royalty.