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Orogen Royalties Inc. is a company focused on organic royalty creation and acquisitions on precious and base metal discoveries in western North America. The company's royalty portfolio includes the Ermitaño gold and silver mine in Sonora, Mexico (2% NSR royalty) operated by First Majestic Silver Corp. and the Expanded Silicon gold project (1% NSR royalty) in Nevada, USA, advanced by AngloGold Ashanti NA. Orogen has a strong financial performance with record revenue and after-tax profit, driven by key assets like the Ermitaño Royalty and the Expanded Silicon Royalty. The company also engages in prospect generation, adding six new royalties to its portfolio in 2023.
Orogen Royalties reported its first profitable year for fiscal 2022, with net income reaching $840,178 or $0.005 per share. This marks a significant turnaround from a loss of $2,831,445 in 2021. The company attributed its success to a boost in royalty revenue, particularly from the Ermitaño mine, yielding $3,744,776 in revenue, a 515% increase from the previous year. General and administrative expenses decreased by 7% to $3,257,516. Orogen's working capital rose to $12,083,375, reflecting a stronger financial position. The company successfully expanded its portfolio to 44 royalty and mineral property interests, signaling growth potential.
Orogen Royalties Inc. has announced the signing of a purchase agreement with P2 Gold Inc. and an option agreement with Kingfisher Metals Inc. regarding the Ball Creek property in British Columbia. P2 Gold acquires an 18,893-hectare section for $1 million in shares, along with a 1% net smelter return (NSR) royalty. Kingfisher can earn a 100% interest in a 35,020-hectare section by spending $7.5 million on exploration over four years. The agreements enhance Orogen's royalty positions and access to copper-gold resources, including a US$2.5 million cash payment and a 3% NSR on the Hank project.
Orogen Royalties Inc. (TSXV:OGN)(OTCQX:OGNRF) announced a significant increase in gold resources at the Silicon deposit, now totaling 4.2 million ounces, a 25% increase over 2022. Indicated resources comprise 3.4 million ounces from 121.56 million tonnes grading 0.87 g/t gold, fully converting previous inferred resources. An additional 800,000 ounces are classified as inferred. A pre-feasibility study is expected in 2023, integrating the nearby Merlin area. Over US$50 million is allocated for ongoing exploration in the Silicon camp, employing twelve drill rigs. CEO Paddy Nicol emphasized the enhanced resource confidence and future potential.
Orogen Royalties Inc. (Ticker: OGNRF) has authorized the grant of 156,000 Restricted Share Units (RSUs), 156,000 Deferred Share Units (DSUs), and 238,000 Stock Options to independent board members. This compensation is part of the Omnibus Equity Incentive Compensation Plan approved on October 27, 2022. The RSUs will vest after two years, while the DSUs vest in equal parts over three and four years. Stock Options are valid for five years at an exercise price of $0.53, with progressive vesting over three years. The grants await regulatory approval from the TSX Venture Exchange.
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