Stifel Canada on Monday maintained its buy rating on the shares of OR Royalties (OR.TO, OR) and its C$61.00 price target after the company boosted its stake in net smelter return (NSR) royalty for the Namdini Gold mine in Ghana.

"OR is increasing exposure on a familiar asset with the acquisition of an incremental 1% NSR royalty on the Namdini Gold mine in Ghana for a total consideration of $103.5M. We see the incremental GEOs from the additional royalty translating into a boost of our 2026 GEOs forecast of ~4%. Importantly, we are now seeing a less "muted" YoY growth, as we have previously noted that OR's 2026 guidance was likely to be similar to last year's (which called for 80-88k GEOs). We have been forecasting 88.9koz in 2026 which are now getting a 4% bump and compared to OR's recently released 2025 GEOs of 80,775oz, we are now seeing in our "first look forecast" higher 2026 GEOs pointing to a more attractive >10% YoY growth. At spot gold, we estimate a low-double-digits IRR, and at $4,000 Au (between consensus and spot) we estimate an IRR of 6%," analyst Ingrid Rico wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 52.98, Change: -0.71, Percent Change: -1.32