OR Royalties Inc. (TSX & NYSE: OR) released a broad asset portfolio update on September 23, 2026, confirming first gold production at the Cuiú Cuiú mine in Brazil on September 10, 2026, and describing first gold production at Armenia's Amulsar mine as imminent. The release covers producing, development, and exploration assets across the company's portfolio of more than 200 royalties, streams, and similar interests. Investors may be watching closely given the number of assets simultaneously advancing toward commercial production.

Key Points

  • OR Royalties Inc. (TSX & NYSE: OR), a Montréal-based precious metals royalty and streaming company
  • First gold poured at Cuiú Cuiú on September 10, 2026; Amulsar first production described as imminent with commercial production on track for the first half of 2027
  • Cariboo Gold Project formal construction decision confirmed; Hermosa and South Railroad federal permitting processes completed; White Pine North Pre-Feasibility Study released September 21, 2026
  • Investors may be watching ramp-up timelines at Cuiú Cuiú and Amulsar, EIA approval progress at Windfall, and the Eagle Gold Mine sale process

Cuiú Cuiú Achieves First Gold Pour as Amulsar Approaches Production

OR Royalties holds a 1.0% net smelter return royalty on the Cuiú Cuiú project operated by Cabral Gold Inc., where first gold was produced on September 10, 2026. Mine ramp-up to commercial production is expected in the fourth quarter of 2026. A C$45 million strategic investment by Alpayana S.A.C. into Cabral is stated in the release as intended to accelerate the Phase 1 oxide mine and support Phase 2 hard-rock development. At Amulsar, operated by United Gold in Armenia, OR Royalties holds both a gold stream and a silver stream, with first stream payments expected late 2027 or first half of 2028, described as gold and silver price dependent.

Cariboo Construction Greenlit and Windfall EIA Decision Anticipated

Osisko Gold Group Inc. confirmed a formal construction decision for the Cariboo Gold Project on September 14, 2026, with first gold pour targeted in the first quarter of 2029 and commercial production in the second half of 2029. OR Royalties holds a 5.0% NSR royalty on Cariboo. The go-forward capital obligation was disclosed at C$990 million, supported by estimated capital sources of up to C$1,637 million. At the Windfall project in Québec, operator Gold Fields is awaiting an Environmental Impact Assessment recommendation, with approval still expected in the second half of 2026. OR Royalties holds a 2.0–3.0% NSR royalty on Windfall.

Hermosa, South Railroad, and White Pine North Clear Key Permitting Hurdles

South32's Hermosa project received a Final Record of Decision from the US Forest Service, completing the federal NEPA process for ancillary infrastructure, with first Taylor deposit production scheduled for the first half of 2028. OR Royalties holds a 1.0% NSR royalty on zinc and lead sulfide ores there. The US Bureau of Land Management issued a positive Record of Decision for Equinox Gold's South Railroad project in Nevada, with early works construction begun and first production also scheduled for the first half of 2028. White Pine North's Pre-Feasibility Study, released September 21, 2026, outlined a Probable Mineral Reserve of 137.9 million tonnes grading 1.04% copper and a 26-year mine plan.

Exploration Portfolio Delivers High-Grade Results and Japan Gold Alliance Expands OR Royalties' Interest

At the Ritz project, Torque Metals reported drilling assay results of 11.0 metres grading 456.0 g/t gold from 122.0 metres down hole. Vizsla Copper's Woodjam drilling intersected 266.0 metres of 0.97% copper from 306.0 metres, including 48.5 metres of 3.32% copper. On September 23, 2026, Japan Gold Corp. announced a strategic alliance with Solidcore Resources plc committing US$35 million across five initial portfolio areas; OR Royalties has agreed to exercise its right to acquire an additional 0.5% royalty for US$3 million, increasing its existing interest from 1.5% to 2.0% across all Japan Gold properties.