On April 10, 2026, OR Royalties Inc. completed its acquisition of Terraco Gold Corp., a wholly owned subsidiary of Sailfish Royalty Corp., for total after-tax cash consideration of US$168 million. Terraco Gold, through its subsidiaries TGC Holdings Ltd. and Terraco Royalties USA, Inc., indirectly holds net smelter return royalty assets over two gold projects in Nevada: an up to 3 percent NSR royalty on the Spring Valley gold project in Pershing County, and a 2 percent NSR royalty on the Moonlight property. The transaction, first announced on February 24, 2026 pursuant to a share purchase agreement dated February 23, 2026, consolidates OR Royalties' royalty position over Spring Valley. Following completion, OR Royalties holds, on a combined basis, a 6.0 percent NSR royalty on the Schmidt Claims, a 4.0 percent NSR royalty on the Additional Royalty Areas, and a 1.0 percent NSR royalty on the Perimeter Royalty Area. The NSR royalty on the Schmidt Claim Block is not payable on the first 500,000 ounces of gold recovered. Spring Valley, operated by Solidus Resources, is described as construction-ready, with first gold production expected in the first half of 2028. The acquisition is expected to add gold equivalent ounces beyond OR Royalties' 2030 five-year outlook. For Sailfish, the sale reduces portfolio concentration risk, bolsters cash reserves for redeployment into precious metals streams and royalties, and supports its dividend policy; the company noted the price represented approximately 5.4 times its 2019 purchase price.