Tanya Jakusconek

John Tumazos

Joshua Wolfson

Adrian Day

Brian MacArthur

Ralph Profiti

Cosmos Chiu

Fahad Tariq

- OR Royalties Inc. reported continued positive developments across its portfolio of development and exploration assets, with CEO Jason Attew anticipating further material portfolio growth catalysts in **2025**.  **[1627272_0001171843-25-005830_exh_991.htm:0]** 
- Significant financing updates include SolGold receiving **$33.3 million** for the Cascabel project, with OR Royalties committing an additional **$195 million** for its construction.  **[1627272_0001171843-25-005830_exh_991.htm:0]** **[1627272_0001171843-25-005830_exh_991.htm:1]**  Osisko Development secured **$450 million** in project financing and a **$203 million** private placement for Cariboo, where OR Royalties' interest was reduced to **13.97%**.  **[1627272_0001171843-25-005830_exh_991.htm:1]** 
- Key project milestones and timelines include Cascabel targeting first production in **2028**  **[1627272_0001171843-25-005830_exh_991.htm:0]** , Cariboo aiming for first gold as early as **H2 2027**  **[1627272_0001171843-25-005830_exh_991.htm:2]** , Spring Valley becoming fully-permitted on **July 15, 2025**, with potential **$835 million** EXIM financing  **[1627272_0001171843-25-005830_exh_991.htm:3]** , and Windfall targeting Final Investment Decision (FID) and permits in **Q1 2026** for first gold in **2028**.  **[1627272_0001171843-25-005830_exh_991.htm:4]** 
- Exploration success at AuWEST, with drill results reported on **September 2, 2025**, triggered a **C$5 million** discovery milestone payment from OR Royalties.  **[1627272_0001171843-25-005830_exh_991.htm:5]**

OR Royalties (OR)