Orogen Receives First Royalty Payment from the Ermitaño Deposit

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Orogen Receives First Royalty Payment from the Ermitaño DepositOngoing exploration indicates new discovery east of ErmitañoVANCOUVER, BC / ACCESSWIRE / February 16, 2022 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. ("Orogen" or the "Company") is pleased to announce that it has received its first quarterly royalty payment of approximately US$480,000 from initial production at the Ermitaño deposit in Sonora, Mexico. Orogen organically generated a 2% net smelter return ("NSR") royalty on the sale of the Ermitaño project to First Majestic Silver Corp. ("First Majestic").Ongoing exploration by First Majestic east of Ermitaño has revealed a new discovery called Ermitaño-Luna that is subject to Orogen's royalty.HighlightsRoyalty revenue of $480,000 from the sale of 13,479 ounces of gold and 66,338 ounces silver for the period ending December 31, 2021, representing at least a 60% increase over First Majestic's November 2021 43-101 Prefeasibility Study ("PFS")1 estimateA total of 103,742 metric tonnes produced with average head grades of 5.28 grams per tonne ("g/t") gold and 49 g/t silver which are 52.1% and 22.5% higher than expected in First Majestic's PFS, respectivelyRoyalty revenue excludes the remaining 5% of gold doré produced and in-process inventory which are expected in be settled in Q1-2022Expected royalty revenue for fiscal 2022 at Ermitaño based on First Majestic's PFS is US$1.85 millionDrilling at Luna indicates potential for a second Ermitaño-type deposit from drilling reported by First Majestic: EW-21-237 grading 10.1 g/t gold and 108 g/t silver over 2.0 metres, EW-21-193 grading 8.3 g/t gold and 63 g/t silver over 1.8 metres, and EW-21-192 grading 0.3 g/t gold and 2,455 g/t silver over 3.0 metres (all holes are true width)2"Initial production of Ermitaño has gone exceptionally well and we look forward to the ramp-up of full-scale production in 2022," commented Orogen CEO Paddy Nicol. "We are also very encouraged with the discovery of Luna, which lies approximately 200 metres east of the Central Ermitaño vein area. It provides significant upside to increase the size of existing resources at Ermitaño and value to Orogen's royalty."About the Ermitaño Project and Luna AreaThe 120 square kilometre Ermitaño project in Sonora, Mexico contains the Ermitaño deposit and Luna area,...

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