5% Decline in Gold Royalty Stocks, M&A Impact Yet to Materialize

OR Royalties Inc. (ticker: OR) closed at $32.87 on the New York Stock Exchange on the 19th, down 5%. Trading volume was about 1.88 million shares, and its market capitalization fell by roughly $290 million (around KRW 400 billion) to about $6.16 billion (approximately KRW 8.3 trillion).

In February alone, the company announced acquisitions that substantially increased its future gold production rights: a $115 million (about KRW 160 billion) royalty portfolio including the San Gabriel mine in Peru, and an additional $168 million (roughly KRW 230 billion) in royalties tied to the Spring Valley project in Nevada.

Headquartered in Montreal, OR Royalties returns cash flows generated from its royalties and streaming agreements on gold, silver, and diamond mines to investors in the form of dividends. Its cornerstone asset is a 3–5% net smelter return royalty on production from the Malartic complex in Canada. The company was spun off from Osisko Mining in 2014 and rebranded from Osisko Gold Royalties to OR Royalties in 2025. Recently, it has been aggressively expanding its royalty interests in long-life gold projects across North and South America.