Elemental Royalty to Buy Orion in $290 Million Mixed Deal
The precious-metals royalty company said the eighth deal in twelve months is immediately accretive to NAV per share and adds three producing assets plus a Nevada silver stream.
Elemental Royalty Corporation (ELE) agreed to acquire Orion (OEC) in a mixed cash-and-stock transaction valued at US$290 million, combining US$200 million in cash with US$90 million in equity.
The acquisition is expected to complete in the fourth quarter of 2026, or, with respect only to the Snowy River stream, as late as the first quarter of 2027.
Elemental said the deal is expected to materially increase the scale and cash-generative capacity of its royalty portfolio, be immediately accretive to NAV per share and materially accretive to revenue per share, increase precious-metals weighting, and add material North America exposure.
Frederick Bell, incoming Elemental chief executive, said the royalty portfolio being acquired is the eighth transaction the company has announced in the past twelve months.
“The royalty portfolio we are acquiring is the eighth transaction the company has announced in the past twelve months. It is accretive on both a NAV and revenue basis, aligns the company with proven management teams, further diversifies our revenue base through three producing assets, and adds a new cornerstone silver stream to our pipeline with i-80’s Ruby Hill project in Nevada,” Bell said.
The company identified EMX and Vizsla Royalties as comparable transactions.
The Snowy River stream sits outside the main closing window, giving Elemental a later integration date for that asset while the rest of the portfolio is expected to close in the fourth quarter of 2026.