Orogen Royalties Announces Profitable Q1-2023 Financial Results

About this update from Orogen Royalties Incorporation

[{"type":"text","content":"Orogen Royalties Announces Profitable Q1-2023 Financial ResultsVANCOUVER, BC / ACCESSWIRE / May 25, 2023 (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. (\"Orogen\" or the \"Company\") is pleased to report profitable financial results from its operations for the three-month period ended March 31, 2023.Paddy Nicol, CEO of Orogen, commented: \"Orogen's first quarter financial results in 2023 represent the Company's fifth consecutive quarter of profitability. During the period, royalty revenue from our 2% NSR royalty on the Ermitaño mine increased by 78% compared to the same period in 2022. Our prospect generation business was also robust with a 415% growth in revenue compared to the same period last year along with the creation of three new royalties due to the transactions completed on Ball Creek and Cuprite. In Nevada, project owner AngloGold Ashanti NA continues an aggressive drilling campaign with eight drill rigs in a planned 45,000 metre program at the Silicon and Merlin areas, where Orogen holds a 1% NSR royalty. To date over 200,000 metres of drilling has been completed within Silicon and Merlin and we look forward to an integrated concept study in Q3-2023.\"Q1-2023 HighlightsAll amounts are in Canadian dollars unless otherwise stated.Net Income from Operations: Net income was $632,213 or $0.003 per share for the three-month period ended March 31, 2023, compared to a net profit of $426,081 or $0.002 per share in 2022, representing a $206,132 or 48% increase in net income. This was due to an increase in royalty revenue and a profitable prospect generation business that was offset by higher G&A and overhead expenses.Royalty Revenue: Royalty revenue of $1,314,066 was earned from the Ermitaño royalty during the current period with 508 attributable gold equivalent ounces (\"GEOs\") sold at average price of US$1,877 per ounce. This is an increase of $575,224 or 78% compared to a revenue of $738,842 earned in 2022. 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\") as the operator.Prospect Generation: Net income of $940,059 from prospect generation activities compared to $182,459 reported in 2022, representing a 415% increase. This includes $938,034 (2022 - $177,741) for net gains from project sales and ...

More updates from Orogen Royalties Incorporation