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Orogen Royalties Announces Record Royalty Revenue and Profitable Quarter for Q3-2023
VANCOUVER, BC / ACCESSWIRE / November 28, 2023 / (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 Quarter for Q3-2023 VANCOUVER, BC / ACCESSWIRE / November 28, 2023 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. (\"Orogen\" or the \"Company\") is pleased to report profitable financial results from its operations for the third quarter ended September 30, 2023.Paddy Nicol, CEO of Orogen, commented: \"Orogen's profit primarily resulted from record royalty revenue from the Ermitaño gold-silver Mine where increased production rates, strong gold grades and improvement in recoveries were achieved. Prospect generation remains profitable and we continue to obtain payments and transact on projects that organically grow our royalty portfolio. In addition, our positive cashflow from operations continues to strengthen our balance sheet and allows us to take advantage of counter cyclical opportunities in the current market.\"\"We remain highly encouraged by the progress of AngloGold Ashanti NA‘s (\"Anglogold\") Expanded Silicon Project in Nevada, where drilling focused on the Merlin area, with eight drill rigs operating. According to AngloGold, the Mineral Resource delineation program at Merlin continues to return highly encouraging results that confirm and extend the modelled mineralization.1\"Q3 2023 HighlightsAll amounts are in Canadian dollars unless otherwise stated.Net Income from Operations: Net income was $675,989 for the three-month period ended September 30, 2023, compared to a net income of $123,461 for the same period in 2022. This resulted in a net income of $1,439,818 or $0.008 per share year to date (2022 - net loss $99,093 or $0.001 per share).Royalty Revenue: Royalty revenue of $1,628,409 was earned during the current period with 614 attributable gold equivalent ounces (\"GEOs\") sold at average price of US$1,928 per ounce, up 29% compared to the same period in 2022 and up 41% compared to the previous quarter.G&A Expenses: General and administrative expenses of $858,323 were incurred in the current period, up 7% compared to the same period in 2022 and down 10% compared to the previous quarter.Cash flow: Cash flow of $733,377 was used in operating activities in the current period. Cash flow generated from operating activities, excluding changes in non-cash working capital, was $993,571, up 565% compared to the same period in 2022 and up 46% f...