Mr. Jason Attew reports

OR ROYALTIES ANNOUNCES ACQUISITION OF A PRECIOUS METALS STREAM ON CANADIAN COPPER'S NEW BRUNSWICK ASSETS

OR Royalties Inc. has entered into a binding agreement with Canadian Copper Inc. with respect to a $28-million precious metals stream on Canadian Copper's New Brunswick assets, comprising the Murray Brook properties and the Caribou property, including the Caribou processing plant. Amounts presented are in U.S. dollars, except where otherwise noted.

Transaction highlights:

• Tier 1 mining jurisdiction: The stream being acquired is on Canadian Copper's brownfield Murray Brook and Caribou properties located in the Bathurst mining camp of New Brunswick, Canada. Canada is defined by OR Royalties as a Tier 1 mining jurisdiction (along with the United States and Australia).
• Precious metals streams on a brownfield project: The brownfield nature of Canadian Copper's 100-per-cent-owned Murray Brook deposit and the formerly operating and permitted Caribou complex is expected to support an accelerated permitting and development path, whereby first production is expected from the project by 2029.
• Full construction financing: A concurrent $35-million concentrate prepayment facility provided by Ocean Partners U.K. Ltd. secures the full construction financing required to advance the project into commercial production.
• Adds to OR's Peer-Leading five-year gold equivalent ounces (GEOs) growth profile: The transaction is expected to add GEOs over and above OR Royalties' 2030 five-year outlook range of 120,000 to 135,000 GEOs, originally disclosed in February, 2026.
• Maintains precious metals focus: The stream consists entirely of silver and gold, providing OR Royalties with additional exposure to precious metals.

Stream details

• Upfront deposit: OR Royalties will provide Canadian Copper cash proceeds for the stream totalling $28-million as follows:
  • $5-million payable upon closing;
  • $23-million financed quarterly (on a calendar basis) in accordance with project construction budgets.
• Streamed metal: Canadian Copper will deliver to OR Royalties refined silver and refined gold equal to 20 per cent of the payable silver and gold in concentrate or any other product for the life of mine. Such deliveries are based on a 100-per-cent ownership basis of the project. OR Royalties does not currently model payable gold in concentrates produced from Murray Brook.
• Production payments: OR Royalties will purchase refined silver and gold from Canadian Copper at a purchase price equal to 20 per cent of the spot price of refined silver or gold for each ounce delivered.
• Conditions: The financing of the construction instalment(s) shall be conditional upon customary project milestones, including the receipt of all material environmental permits and necessary first nation approvals required for the project, alongside a formal construction decision by Canadian Copper's board of directors.
• Security: A comprehensive security package, including full-recourse corporate guarantees and a first-ranking security interest over the project and all other assets of Canadian Copper, is shared pari passu with the Ocean Partners prepayment facility.
• Area of interest: The stream shall be referenced to production from the combined Murray Brook and Caribou properties and any additions or replacements thereto, along with any future contiguous or complementary claims owned or controlled by Canadian Copper or an affiliate.

Other details:

• Equity subscription: Concurrent with closing, OR Royalties shall subscribe to $4-million in common shares of Canadian Copper at a share price of 75 Canadian cents.
• ROFR (right of first refusal): Canadian Copper will grant OR Royalties an ROFR in respect of the sale, transfer or buyback of any royalty, stream or similar interest in the products mined or otherwise extracted from any property owned or acquired by Canadian Copper or an affiliate.

Murray Brook project

Canadian Copper's Murray Brook project is located approximately 60 kilometres west of the city of Bathurst in the parish of Balmoral, Restigouche county, New Brunswick, Canada. In October, 2024, Canadian Copper announced the signing of a term sheet and exclusivity agreement providing it the exclusive right to acquire the Caribou complex, which is situated just 13 kilometres east of Murray Brook. Canadian Copper's acquisition of the Caribou Complex is expected to close in Q2 2026. The permitted Caribou complex (along with a permitted tailings storage facility) would be used to produce copper, lead and zinc concentrates with recoverable silver from the Murray Brook mineralized feed material. Canadian Copper completed a preliminary economic assessment (PEA) on the project in July, 2025. The PEA mine plan consists of conventional drill/blast/load/haul open-pit mining methods for the Murray Brook deposit and includes a 13-kilometre haul road for the mineralized material to be processed at the Caribou complex. The life-of-mine plan proposes one open pit with four development phases at an average production rate of 3,300 tonnes per day of mineralized material at a strip ratio of 5.0:1 for 13.2 years. Additional PEA highlights include:

• Initial/preproduction capital expenditure of $64-million (Canadian), resulting in a project net present value/capex ratio of 2.7 times;
• A total of 15.4 million tonnes of mineralized material planned to be mined at average grades of 41.1 grams per tonne silver, 0.55 g/t gold, 0.47 per cent copper, 0.96 per cent lead and 2.67 per cent zinc;
• Overall process recoveries of 68 per cent for Cu, 82 per cent for Zn, 55 per cent for Ag and 44 per cent for Pb;
• Average annual payable production of:
  • Eight million pounds Cu;
  • 47 million pounds Zn;
  • 783,000 ounces Ag;
  • 10 million pounds Pb;
• All-in sustaining cash cost (AISC) of $3.14 per pound copper equivalent or AISC of 96 cents per pound zinc equivalent.

Jason Attew, president and chief executive officer of OR Royalties, commented: "Canadian Copper's Murray Brook project checks all of our strategic boxes; the integration of Murray Brook and the Caribou complex creates a premier brownfield polymetallic project with significant precious metals credits in a Tier 1 mining jurisdiction. Thanks to existing infrastructure and strong alignment with local stakeholders, the project benefits from a significantly accelerated development timeline. We are excited to partner with Canadian Copper as they advance toward a mine-and-mill restart, which is expected to deliver high-margin GEOs to OR Royalties before the end of the decade."

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Dr. Guy Desharnais, PhD, PGeo, vice-president, project evaluation, at OR Royalties, who is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About OR Royalties Inc.

OR Royalties is a precious metals royalty and streaming company focused on Tier 1 mining jurisdictions defined as Canada, the United States and Australia. OR Royalties commenced activities in June, 2014, with a single producing asset and today holds a portfolio of over 195 royalties, streams and similar interests. OR Royalties' portfolio is anchored by its cornerstone asset, the 3-to-5-per-cent net smelter return royalty on Agnico Eagle Mines Ltd.'s Canadian Malartic complex, one of the world's largest gold mines.

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