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Orogen Royalties Announces Preliminary 2024 Year End Financial Results
VANCOUVER, BC / ACCESS Newswire / March 19, 2025 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties ...
About this update from Orogen Royalties Incorporation
[{"type":"text","content":"Orogen Royalties Announces Preliminary 2024 Year End Financial Results VANCOUVER, BC / ACCESS Newswire / March 19, 2025 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. (\"Orogen\" or the \"Company\") reports preliminary and unaudited financial results for its fourth quarter and year ended December 31, 2024.All figures are stated in Canadian dollars unless otherwise noted.2024 Year End Record RevenueOrogen is pleased to report record total revenue of $9.9 million for the year ended December 31, 2024, up 22% from $8.1 million in 2023 including:34% increase in Ermitaño royalty revenue of $7.9 million (2023 - $5.9 million)26% reduction in Prospect Generation revenue of $1.4 million (2023- $1.9 million)100% increase in Interest revenue of $0.6 million (2023 - $0.3 million)The Company is pleased to report a preliminary pre-tax net income of $4.3 million (2023 - $1.9 million) for the year ended December 31, 2024, up 126% from 2023. Preliminary after-tax net income was $2.6 million (2023 - $3.0 million), down 13% from 2023. After-tax net income includes deductions for fair value adjustment of marketable securities, income tax expense, and other income and deductions. Total cash generated for the year was $7.9 million (2023 - $2.7 million) of which $3.0 million (2023 - $1.4 million) was generated from operations.As of December 31, 2024, the Company had working capital of $26.9 million (2023 - $18.5 million) and no debt.Q4-2024 ResultsThe Company earned $4.3 million (2023 - $2.4 million) in total revenue for the fourth quarter ended December 31, 2024, up 79% from 2023 and 169% from last quarter:33% increase in Ermitaño royalty revenue of $2.4 million (2023 - $1.8 million)220% increase in Prospect Generation revenue of $1.6 million (2023 - $0.5 million)100% increase in Interest revenue of $0.2 million (2023 - $0.1 million)The Company is pleased to report a preliminary after-tax net income of $2.6 million (2023 - $1.6 million) for the quarter ended December 31, 2024, up 63% from 2023.Paddy Nicol, CEO of Orogen, commented: \"We are pleased to deliver a record year in financial performance for 2024. Strong revenue was driven by consistent production at the Ermitaño mine supported by record gold prices that we expect to continue for 2025. Our royalty portfolio has grown through prospect generation profitably and four royalties w...