Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Orogen Posts Profitable Financial Results and
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Orogen Posts Profitable Financial Results and
Cash Flow Strength in Q3-2025
VANCOUVER, B.C. November 25, 2025 (TSX.V:OGN) (OTC:OGNNF) Orogen Royalties Inc. (formerly 1537944 BC Ltd.)
(“Orogen” or the “Company”) is pleased to announce robust profitability and strong operating cash flow for the
period ended September 30, 2025.
Q3-2025 Highlights
All amounts are in Canadian dollars unless otherwise stated.
• Net Income Before Tax: The Company reported net income before tax of $1.32 million for the quarter ended
September 30, 2025, compared to $0.25 million in Q3-2024.
• Net Comprehensive Income: After recording an income tax expense of $ 0.67 million (Q 3-2024 – $0.61
million), the Company posted a net comprehensive income of $0.65 million (Q3-2024 – loss of $0.36 million).
• Royalty Revenue: Royalty revenue totaled $2.3 million (Q3-2024 – $2.1 million), up 9% from the prior year,
generated from the sale of 4 81 attributable gold equivalent ounces (“GEOs”) ( Q3-2024 – 614 GEOs) at an
average realized price of US$3,456 per ounce (Q3-2024 – US$2,474). GEO’s reflect a decrease of 28% year-
over-year and an increase of 3% quarter-over-quarter.
• G&A Expenses: General and administrative expenses were $1.37 million (Q3-2024 – $1.05 million), up 30%
year-over-year. The increase reflects an unrealized foreign exchange loss and additional legal, regulatory,
and corporate costs following the July 9, 2025, Plan of Arrangement with Triple Flag Precious Metals.
• Cash flow: Year-to-date cash flow from operating activities was $ 2.19 million ( Q3-2024 – $2.6 million).
Excluding changes in non -cash working capital, operating cash flow was $ 3.2 million ( Q3-2024 – $3.14
million), up 3% year-over-year.
• Working Capital: As of September 30, 2025, the Company had working capital of $21.64 million, down from
$26.8 million at the beginning of the fiscal year. The Company remains debt-free with no long-term liabilities.
“Year-to-date, we have executed more than six transactions, established five new royalties, and advanced four
partner funded alliances, strengthening the foundation of our growth strategy. Our third-quarter results highlight the
resilience and scalability of our business model. With a strong working capital position, we are well positioned to
expand our royalty portfolio and pursue opportunities that drive sustainable, long-term value for shareholders.” said,
Paddy Nicol, CEO of Orogen Royalties.
For complete details of the Company’s financial results, please refer to the condensed consolidated interim financial
statements and MD&A for the nine-month period ended September 30, 2025, and 2024. The Company’s filings are
available on SEDAR + at www.sedarplus.ca and on Orogen’s website at www.orogenroyalties.com. Please also see
non-IFRS Measures at the end of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Summary of Results
Condensed Consolidated Interim Statement of Income
(Loss) and Comprehensive Income (Loss)
Unaudited - Three-Month Periods
Ended September 30,
$’000
2025 2024
Income from Royalties $ 2,304 $ 2,118
Loss from Prospect Generation activities (427) (690)
Interest income 26 138
Total income 1,903 1,566
G&A 1,375 1,054
Operating income before other adjustments $ 528 $ 512
Other income (loss) 216 (102)
Gain (loss) on marketable securities fair value adjustment 582 (155)
Net Income Before Deferred Tax $ 1,326 $ 255
Income tax expense 672 615
Net income (loss) and comprehensive income (loss) $ 653 $ (360)
Non-IFRS and Other Measures
GEOs 481 614
Average realized gold price per GEO US$ 3,456 US$ 2,474
Cash flow from operating activities, excluding changes in
non-cash working capital
$ 949,668 $ 1,425,025
Ermitaño Royalty - Sonora, Mexico
First Majestic Silver Corp. (“First Majestic”) operates the Ermitaño gold-silver Mine, where the Company holds a 2.0%
net smelter return (“NSR”) royalty. For the three-month period ended September 30, 2025, the Company recorded
royalty revenue of $2.30 million, up from $2.12 million in the same period in 2024. This revenue reflects the sale of
481 GEOs, compared to 614 GEOs in Q 3-2024. During the quarter, 2 77,858 tonnes of ore were processed,
representing a 7% increase compared to Q3-2024.1 Average head grades declined, with silver at 71 grams per tonne
(“g/t”) and gold at 2.56 g/t, an increase of 4% and a decrease of 27%, respectively, in line with First Majestic’s mine
plan. 1,2,3 Recovery rates remained consistent ly strong, with silver at 6 5% and gold at 9 2%, compared to 67% and
94%, respectively, in the prior year. 1
During the quarter, drilling and exploration costs increased by 33% from the same period in 2024 , as First Majestic
is working to continue to grow and define mineral deposits at Navidad to expand the Mineral Resource and Mineral
Reserves base for the Santa Elena operation. 2,3
Qualified Person Statement
All technical data, as disclosed in this press release, has been reviewed and approved by Laurence Pryer, Ph.D., P.Geo.
VP Exploration for the Company. Dr. Pryer is a qualified person as defined under the terms of National Instrument
43-101.
Certain technical disclosure in this release is a summary of previously released third -party information and the
Company is relying on the interpretation provided. Additional information can be found on the links in the footnotes.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Orogen Royalties Inc.
Orogen Royalties is focused on organic royalty creation and royalty acquisitions on precious and base metal
discoveries in western North America. The Company's royalty portfolio includes the Ermitaño gold and silver Mine in
Sonora, Mexico (2.0% NSR royalty) operated by First Majestic Silver Corp. The Company is well financed with several
projects actively being developed by joint venture partners.
On Behalf of the Board
OROGEN ROYALTIES INC.
Paddy Nicol
President & CEO
To find out more about Orogen, please contact Paddy Nicol, President & CEO at 604-248-8648, and Marco LoCascio,
Vice President of Corporate Development at 604-248-8648. Visit our website at www.orogenroyalties.com.
Orogen Royalties Inc.
1015 – 789 West Pender Street
Vancouver, BC
Canada V6C 1H2
Forward Looking Information
This news release includes certain statements that may be deemed “forward looking statements”. All statements in this presentation, other than statements of
historical facts, that address events or developments that Orogen Royalties Inc. (the “Company“) expect to occur, are forward looking statements. Forward
looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”,
“believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.
Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those
projected in the forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on
the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward looking statements in
the event that management’s beliefs, estimates or opinions, or other factors, should change.
Except where otherwise stated, the disclosure in this news release relating to properties and operations in which Orogen holds a royalty are based on information
publicly disclosed by the owners or operators of these properties and information/data available in the public domain as at t he date hereof, and none of this
information has been independently verified by Orogen. Specificall y, as a royalty holder and prospect generator, the Company has limited, if any, access to
properties on which it holds royalty or other interests in its asset portfolio. The Company may from time to time receive operating information from the owners
and operators of the mining properties, which it is not permitted to disclose to the public. Orogen is dependent on, (i) the operators of the mining properties
and their qualified persons to provide information to Orogen, or (ii) on publicly available information to prepare disclosure pertaining to properties and
operations on the properties on which the Company holds royalty or other interests, and generally has limited or no ability to independently verify such
information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party
information is complete or accurate. Some reported public information in respect of a mining property may relate to a larger property area than the area covered
by Orogen’s royalty or other interest. Orogen’s royalty or other interests may cover less than 100% of a specific mining property and may only apply to a portion
of the publicly reported mineral reserves, mineral resources and or production from a mining property.
Non-IFRS Measures
The Company has included certain results in this news release that do not have any standardized meaning prescribed by Interna tional Financial Reporting
Standards (“IFRS”) including, total GEOs sold, average realized gold price per GEO, working capital, and cash flow from operating activities excluding changes in
non-cash working capital adjustments. The Company's royalty revenue is converted to a gold equivalent ounce by dividing the royalty revenue received during
the period by the average gold price of the period. The Company uses certain non-IFRS financial measures, including working capital, calculated as current assets
minus current liabilities, to assess short-term liquidity and operational efficiency. This measure does not have a standardized meaning under IFRS and may not
be comparable to similar measures used by other companies. The Company also uses operating cash flows excluding changes in non -cash working capital,
calculated by adjusting cash provided by (used in) operating activities to exclude changes in non-cash working capital. This provides insight into cash flows from
core operations.
References
1. https://www.firstmajestic.com/investors/news-releases/first-majestic-produces-7-7-million-ageq-ounces-in-q3-2025-consisting-of-a-record-3-9-
million-silver-ounces-and-35681-gold-ounces
2. https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-financial-results-for-q3-2025-and--quarterly-dividend-payment
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
3. https://www.firstmajestic.com/_resources/financials/2024-Q4-FS-MDA.pdf?v=081806