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Orogen Royalties Announces Another Strong Quarter in Royalty Revenue
VANCOUVER, BC / ACCESSWIRE / November 26, 2024 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. (...
About this update from Orogen Royalties Incorporation
[{"type":"text","content":"Orogen Royalties Announces Another Strong Quarter in Royalty RevenueVANCOUVER, BC / ACCESSWIRE / November 26, 2024 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. (\"Orogen\" or the \"Company\") is pleased to report financial results from its operations for the third quarter ended September 30, 2024.Q3-2024 HighlightsAll amounts are in Canadian dollars unless otherwise stated.Royalty Revenue: Royalty revenue of $2,117,552 (2023 - $1,628,409) was earned with 614 (2023 - 614) attributable gold equivalent ounces (\"GEOs\") sold at average price of US$2,474 (2023 - US$1,928) per ounce, up 30% from 2023 and 11% from the previous quarter driven by higher gold prices.Net Income Before Tax: the Company generated net income before tax of $254,504 (2023 - $675,989) for the quarter ended September 30, 2024, down 62% compared to the same period in 2023 due to a non-cash write down of $689,763 in carrying value of projects sold during the quarter.Net Comprehensive Loss: after income tax expense of $614,048 (2023 - $Nil), a net comprehensive loss of $359,544 was incurred during the quarter compared to a net comprehensive income of $675,989 generated in the same period last year.G&A Expenses: General and administrative expenses of $1,054,257 (2023 - $858,323) were incurred in the current period, up 23% compared to 2023. This was mainly due to an unrealized foreign exchange loss from the depreciation of the Mexican peso against the Canadian dollar since last quarter.Cash flow: During the quarter, $948,173 of cash was generated from operating activities compared to $714,547 of cash used in operating activities last year. Year to date, the Company generated cash of $2,610,120 (2023 - $928,111) from operating activities. Excluding changes in non-cash working capital, cash of $3,142,177 (2023 - $1,941,529) was generated from operating activities, up 62% from 2023.Working Capital: The Company has working capital of $23,472,759 on September 30, 2024, compared to $18,254,073 at the beginning of the fiscal year, an increase of $4,948,686. The Company has no long-term debt.Paddy Nicol, CEO of Orogen Royalties, commented, \"We are reporting another quarter of record royalty revenue from the Ermitaño mine that is supported by consistent production, high gold and silver prices, and strong recoveries. We are pleased that royalty revenue has remaine...