Business
Orogen Royalties Announces Profitable 2022 Fiscal Year End Results
VANCOUVER, BC / ACCESSWIRE / March 30, 2023 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. ("Or...
About this update from Orogen Royalties Incorporation
[{"type":"text","content":"Orogen Royalties Announces Profitable 2022 Fiscal Year End ResultsVANCOUVER, BC / ACCESSWIRE / March 30, 2023 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. (\"Orogen\" or the \"Company\") is pleased to report operating and financial results for the fiscal year ended December 31, 2022, and updates on corporate and operational activities.\"Fiscal 2022 marks Orogen's first year of profitability resulting from strong revenue from our royalty and prospect generation business coupled with tight cost controls,\" commented Orogen's CEO, Paddy Nicol. \"The Ermitaño gold-silver mine in Mexico, where Orogen holds a 2% NSR royalty, delivered solid revenue and 2023 guidance from operator First Majestic Silver points to another strong year. We transacted on eight mineral projects that profitably supported our prospect generation business and added eight new royalties. Orogen now holds 44 royalty and mineral property interests including 23 royalties, 14 projects under option, two alliances, and five projects available for option or sale. Finally, we are very encouraged by the recent developments on AngloGold Ashanti's Silicon project in Nevada, where Orogen holds a 1% NSR royalty. Gold and silver resources at the Central-Silicon area continue to display exceptional promise with additional potential to come from the Merlin area, thought to be one of the most significant exploration targets in the greater Silicon camp.\"Fiscal 2022 Year End HighlightsAll amounts are in Canadian dollars unless otherwise stated.Net Income from Operations: Net income was $840,178 or $0.005 per share compared to a net loss of $2,831,445 or $0.02 per share in 2021, representing a $3,671,623 increase in net income. This was due to a significant increase in royalty revenue, a profitable prospect generation business, and a 7% reduction in general and administrative expenses.Royalty Revenue: Royalty revenue of $3,744,776 was earned from the Ermitaño royalty during the fiscal year ended December 31, 2022, with 1,588 attributable gold equivalent ounces (\"GEOs\") sold at average price of US$1,791 per ounce. This is an increase of $3,135,488 or 515% compared to a revenue of $609,288 earned in 2021. The Company holds a 2.0% uncapped and non-buyable net smelter return (\"NSR\") royalty on the Ermitaño Mine with First Majestic Silver Corp. (\"First Majestic\")...