Orogen Royalties Announces Preliminary 2023 Year-End Financial Results

Orogen Royalties Inc. has disclosed its preliminary and unaudited financial outcomes for the fourth quarter and the entire year ending December 31, 2023. The Canadian-based company reported a striking 70% increase in total revenue, amounting to $8,000,000 for 2023, compared to $4,700,000 in 2022. This growth is highlighted by a 58% rise in Ermitaño royalty revenue to $5,900,000 and a 105% leap in Prospect Generation revenue to $1,800,000.

The company also enjoyed a substantial increase in after-tax net income, which surged 114% to $1,800,000 in 2023 from $840,000 the previous year. By the end of 2023, Orogen boasted a healthy working capital of $18,500,000, with no debt, reflecting its strengthened financial position.

The preliminary results for Q4 2023 also showed significant growth, with a 99% increase in total revenue to $2,300,000. This was largely due to similar increases in Ermitaño royalty revenue and Prospect Generation revenue.

CEO Paddy Nicol attributed the transformative year to increased Ermitaño mine production and robust Prospect Generation business performance. He also highlighted the success of their ongoing alliance in Nevada with Altius Minerals and the potential for counter cyclical growth opportunities to deliver shareholder value.

Orogen anticipates filing audited consolidated financial statements by the end of April 2024, with expectations of continued strong performance from key assets like the Ermitaño Mine and the Expanded Silicon Project, alongside active exploration programs in 2024.