On March 15, 2023, Orion Resource Partners ("Orion") announced that it has sold a 25% equity stake in Sweetwater Royalties ("Sweetwater") to Ontario Teachers' Pension Plan ("Ontario Teachers'") for $221.6 million in cash. Sweetwater, a base metals and industrial minerals royalty company, was established by Orion in 2020. Since its inception, Sweetwater has expanded notably, signing a lease and royalty deal with WE Soda for a greenfield soda ash mine, developing a renewables platform via land leasing for wind and solar royalties, and exploring partnerships for battery metal projects. Oskar Lewnowski, Orion's CEO, highlighted Sweetwater's prime positioning in the soda ash market, emphasizing its assets' quality, location, and the rarity of trona ore deposits. Sweetwater's CEO, Damon Barber, welcomed Ontario Teachers' partnership, aiming to strengthen the company's market position further. Christopher Metrakos from Ontario Teachers' acknowledged Sweetwater's unique standing across the world's largest trona deposit and its vast growth potential. Sweetwater currently has ownership of 17 cash-flowing royalties spanning soda ash, renewables, and industrial minerals, with an additional 7 royalties in development for soda ash and renewables projects.