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Orogen Royalties Announces Record Royalty Revenue and Profitable Q2-2024 Results
VANCOUVER, BC / ACCESSWIRE / August 26, 2024 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. (...
About this update from Orogen Royalties Incorporation
[{"type":"text","content":" Orogen Royalties Announces Record Royalty Revenue and Profitable Q2-2024 ResultsVANCOUVER, BC / ACCESSWIRE / August 26, 2024 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. (\"Orogen\" or the \"Company\") is pleased to report profitable financial results from its operations for the second quarter ended June 30, 2024.Q2-2024 HighlightsAll amounts are in Canadian dollars unless otherwise stated.Net Income Before Tax : the Company generated net income before tax of $1,069,473 for the quarter ended June 30, 2024, up 713% compared to $131,616 for the same period in 2023 supported by record royalty revenue.Net Comprehensive Income: after deferred income tax expense of $558,217 (2023 - $Nil), net comprehensive income was $511,256 (2023 - $131,616) for the current quarter, up 288% from 2023.Royalty Revenue: Royalty revenue of $1,908,741 (2023 - $1,178,941) was earned with 610 (2023 - 435) attributable gold equivalent ounces (\"GEOs\") sold at average price of US$2,338 (2023 - US$1,975) per ounce, up 62% from 2023 and 29% from the previous quarter driven by higher gold prices, an increase in ore processed and higher gold grades.G&A Expenses : General and administrative expenses of $858,819 (2023 - $956,030) were incurred in the current period, down 10% compared to 2023.Cash flow : Cash flow of $1,695,612 (2023 - $1,642,658) was generated from operating activities year to date. Cash flow generated from operating activities, excluding changes in non-cash working capital, was $1,750,970 (2023 - $941,798), up 86% from 2023.Working Capital : The Company has working capital of $22,996,411 on June 30, 2024, compared to $18,254,073 at the beginning of the fiscal year, an increase of $4,472,338. The Company has no long-term debt.Paddy Nicol, CEO of Orogen Royalties, commented, \"We are pleased to deliver another strong financial quarter with record revenue generated from the Ermitaño mine where production continues to outperform First Majestic's initial guidance. Our focus on cost control has resulted in a strong conversion of royalty revenue into cash flow and net profit. Exploration efforts at Ermitaño also resulted in the recently announced discovery of the Navidad vein system, located within the Company's royalty area of interest. Although the full impact of the Navidad discovery is not yet known, we are optimistic that the Erm...