Orogen Royalties Reports Strong Royalty Revenue in Q3 2024

Orogen Royalties Inc. announced significant financial results for the third quarter ending September 30, 2024. The company reported royalty revenue of $2.12 million, marking a 30% increase from $1.63 million in 2023. This growth was driven by the sale of 614 gold equivalent ounces at an average price of US$2,474 per ounce, reflecting a surge in gold prices.

Net income before tax was $254,504, a 62% decline from the previous year, primarily due to a non-cash write-down in project values. After-tax computations resulted in a net comprehensive loss of $359,544, contrasting the last year’s income of $675,989.

Expenses rose in the quarter, with general and administrative costs increasing by 23%, largely due to foreign exchange losses. Despite this, cash flow from operations was positive, showing a significant turnaround from the previous year.

CEO Paddy Nicol highlighted robust performance at the Ermitaño mine in Sonora, Mexico, with continued high production levels and investments by First Majestic in operational enhancements.