Orogen Royalties Reports Record Q2-2024 Revenue and Profitability

Vancouver-based Orogen Royalties Inc. announced a significant increase in financial results for Q2-2024. The company achieved net income before tax of $1,069,473, up 713% from $131,616 in Q2-2023, driven by record royalty revenue.

Net comprehensive income, after a deferred income tax expense of $558,217, stood at $511,256, up 288% from the previous year. Royalty revenue reached $1,908,741, a 62% increase from Q2-2023, with 610 attributable gold equivalent ounces sold at an average price of $2,338 per ounce.

General and administrative expenses dropped 10% to $858,819, while cash flow from operations reached $1,695,612, an 86% increase from the same period last year. The company’s working capital rose to $22,996,411.

CEO Paddy Nicol attributed the strong performance to the Ermitaño mine, which continues to exceed initial production guidance. The company also highlighted ongoing exploration at the Ermitaño and the promising developments at the Expanded Silicon gold project in Nevada.