OR Royalties Inc. (TSX: OR) (NYSE: OR) is pleased to announce that it has entered into a binding agreement with Canadian Copper Inc. (CCI: CSE) with respect to a $28.0 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 United States 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 of America and Australia);
• Precious Metals Streams on a Brownfield Project: The brownfield nature of Canadian Copper’s 100%-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: Concurrent $35.0 million concentrate prepayment facility provided by Ocean Partners UK Limited secures the full construction financing required to advance the Project into commercial production;
• Adds to OR’s Peer-Leading 5-Year gold equivalent ounces Growth Profile: The Transaction is expected to add GEOs over-and-above OR Royalties’ 2030 5-year outlook range of 120,000-135,000 GEOs, originally disclosed in February 2026; and,
• 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 totaling $28.0 million as follows:
  • $5.0 million payable upon closing, and
  • $23.0 million funded 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% of the payable silver and gold in concentrate or any other product for the life of mine. Such Deliveries are based on a 100% 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% of the spot price of refined silver or gold for each ounce delivered.
• Conditions: The funding of the Construction Installment(s) shall be conditional upon customary project milestones, including the receipt of all material environmental permits and necessary First Nations 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, 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 as shown in Figure 1, 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 $4.0 million in common shares of Canadian Copper at a share price of C$0.75.
• ROFR: Canadian Copper will grant OR Royalties a ROFR in respect of the sale, transfer or buy-back 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 km 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 km 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 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 13km 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 tpd of mineralized material at a strip ratio of 5.0:1 for 13.2 years. Additional PEA highlights include:

• Initial / pre-production capital expenditure of C$64M, resulting in a Project NPV/CAPEX ratio of 2.7x;
• 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% copper, 0.96% lead, 2.67% zinc¹;
• Overall process recoveries of 68% for Cu, 82% Zn, 55% Ag, and 44% Pb;
• Average annual payable production of:
  • Eight (8) million pounds Cu
  • 47 Mlbs Zn
  • 783 thousand ounces Ag
  • 10 Mlbs Pb; and,
• All-in sustaining cash cost of US$3.14 per lb copper-equivalent or AISC of US$0.96 per lb zinc-equivalent²

Jason Attew, President & CEO 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.”

Figure 1: Canadian Copper Land Package

Sources for Technical Information:

• https://canadiancopper.com/canadian-copper-provides-2025-summary-and-2026-outlook/
• https://canadiancopper.com/wp-content/uploads/2026/01/Murray-Brook-43-101-PEA-FINAL-JuL71330.pdf

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, Ph.D., P.Geo., Vice President, Project Evaluation at OR Royalties Inc., 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 3-5% net smelter return royalty on Agnico Eagle Mines Ltd.’s Canadian Malartic Complex, one of the world’s largest gold mines.

OR Royalties’ head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.