Orogen Royalties Announces Record Year-End Financial Performance

Orogen Royalties Inc. reported a significant increase in its financial results for the year ending December 31, 2023. The company achieved net comprehensive income of $3,044,389, marking a 262% increase from the previous year. This increase was bolstered by a rise in royalty revenue, which totalled $5,949,248, reflecting a 59% growth.

Royalty revenue was driven primarily by the Ermitaño Mine, with 2,243 gold equivalent ounces sold at an average price of US$1,940 per ounce. Prospect generation activities also contributed to the revenue, increasing to $1,879,364, up from $881,118 in 2022. General and administrative expenses rose to $4,448,830, approximately a 37% increase due primarily to higher salary and share-based compensation costs.

Orogen reported strong cash flow from operations, which reached $1,356,157. Additionally, the company has a robust working capital of $18,524,073 as of the year-end, with no long-term debt, positioning it well for future growth and development.

The company attributes its strong performance to its focus on early-stage exploration and organic royalty creation, emphasizing financial discipline and minimal shareholder dilution. This approach has been fundamental in developing key assets like the Ermitaño Mine and the Expanded Silicon Project.