On April 10, 2026, OR Royalties Inc. (TSX; NYSE: OR) completed its acquisition of Terraco Gold Corp., a wholly owned subsidiary of Sailfish Royalty Corp. (TSXV: FISH), for cash consideration of US$168 million. The transaction, announced on February 24, 2026, was carried out through the purchase of all of the issued and outstanding shares of Terraco Gold.
Terraco Gold, through its subsidiaries TGC Holdings Ltd. and Terraco Royalties USA, Inc., indirectly owns a net smelter return (NSR) royalty of up to 3% over the Spring Valley gold project and a 2% NSR royalty over the Moonlight property, both located in Pershing County, Nevada, and operated by Solidus Resources LLC, a subsidiary of Waterton Global Resource Management.
Following the transaction, OR Royalties holds a consolidated NSR royalty of up to 6% over the core claims of the permitted Spring Valley project, strengthening its position on one of Nevada’s advanced-stage gold developments. For Sailfish, the after-tax cash proceeds reduce portfolio concentration risk and bolster its capacity to redeploy capital into new precious metals streams and royalties while supporting its dividend.
Stikeman Elliott LLP acted as lead counsel to OR Royalties with a team that included David Massé, John Ciardullo, Julien Robitaille-Rodriguez, Florence Harvey-Hudon, and Milena Kukolj (Corporate); and Franco Gadoury (Tax). DuMoulin Black LLP acted as legal advisor to Sailfish Royalty.