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 Reports Strong Q1 2026 Results with 144% Growth in Net Income
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 Reports Strong Q1 2026 Results with 144% Growth in Net Income
Vancouver, B.C. May 26, 2026 (TSX.V:OGN) (OTCQB:OGNNF) Orogen Royalties Inc. (“Orogen” or the “Company”) is
pleased to report record revenue and after-tax profit for the three-month period ended March 31, 2026.
Q1-2026 Highlights
All figures are stated in Canadian dollars unless otherwise noted.
• Net Income from Operations: Net income was $4.4 million (2025 – $1.8 million) for the three-month period
ended March 31, 2026, up 144% from Q1-2025. Including income tax expense, net comprehensive income
was $3.5 million or $0.06 per share (2025 – $1.2 million), up 192% from Q1-2025.
• Royalty Revenue: Royalty revenue of $3.4 million (2025 – $2.1 million) was earned during Q1-2026 from 519
attributable gold equivalent ounces (“GEOs”), up 4% from 497 GEOs reported for Q1-2025, sold at average
price of US$4,873 (2025 – US$2,860) per ounce.
• Prospect Generation: Revenue from prospect generation activities was $1.0 million (2025 – $0.5 million) in
Q1-2026. After exploration expenses, net income from prospect generation activities was $0.9 million (2025
– $0.5 million), up 80% from Q1-2025.
• G&A Expenses: General and administrative expenses of $1.1 million (2025 – $1.7 million) were incurred in
Q1-2026, down 35% compared to Q1-2025.
• Cash flow: Cash flow of $ 1.8 million (2025 – $1.2 million) was generated from operating activities in Q1-
2026. Cash flow generated from operating activities, excluding changes in non -cash working capital , was
$1.7 million (2025 – $1.1 million).
• Working Capital: The Company has working capital of $30.0 million at March 31, 2026, up from $26.3 million
at the beginning of the fiscal year. The Company has no long-term debt.
“We are pleased with our strong start to 2026, building on the momentum established last year with continued
growth across our business,” said Paddy Nicol, President and CEO. “Net income from operations increased 144% to
$4.4 million, supported by higher gold prices and steady production from the Ermitaño mine. Our prospect generation
model continued to perform strongly, delivering an 80% increase in net earnings and reinforcing its role as a core
pillar of our strategy of organic royalty creation. At the same time, we maintained disciplined cost control, where
G&A expenses were reduced by 35% year over year. We ended the quarter with $30 million in working capital, no
debt, and strong operating cash flow, positioning us well to advance our portfolio and drive sustainable growth
through 2026.”
For complete details of the Company’s financial results, please refer to the condensed interim consolidated financial
statements and MD&A for the three-month periods ended March 31, 2026 and 2025 . 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
Consolidated Statement of Income and Comprehensive
Income
Unaudited - Three-Month
Periods Ended March 31,
$’000
2026 2025
Income from Royalties $ 3,411 $ 2,068
Income from Prospect Generation activities 892 536
Interest income 84 261
Total income 4,387 2,865
G&A 1,092 1,706
Operating income before other adjustments $ 3,295 $ 1,159
Other income 880 20
Gain on marketable securities fair value adjustment 200 599
Net income before current tax $ 4,375 $ 1,778
Income tax expense 860 600
Net income and comprehensive income $ 3,515 $ 1,178
Basic income per share1 $ 0.06 $ -
Diluted income per share1 $ 0.06 $ -
Non-IFRS and Other Measures
GEOs 519 497
Average realized gold price per GEO US$ 4,873 US$ 2,860
Cash flow from operating activities, excluding changes in
non-cash working capital
$ 1,739 $ 1,080
Royalty Revenue - Ermitaño Royalty, Sonora, Mexico
The Ermitaño Mine forms part of First Majestic’s Santa Elena mine complex, which includes both the Santa Elena and
Ermitaño operations. The Company’s royalty area of interest applies solely to the Ermitaño concessions.
For the three -month period ended March 31, 2026, the Company recorded $3.4 million (2025 – $2.1 million) in
royalty revenue generated from the Ermitaño mine. This represents 519 GEOs (2025 – 497 GEOs), a 5% reduction
from last quarter and a 4% increase from 2025, based on an average price of US$4,873 (2025 – US$2,860) per ounce.
Production in Q1-2026 included 284,236 tonnes of ore were processed, representing a 5% increase compared to Q1-
2025. The average silver and gold head grades were lower during the current quarter with 61 grams per tonne (“g/t”)
and 2.43 g/t, respectively, compared 58 g/t and 2.59 g/t in Q1-2025. These results are consistent with the First
Majestic’s mine plan. During the quarter, s ilver and gold recoveries were 64% and 95%, respectively, compared to
68% and 95% in Q1-2025.
General and Administrative Expenses
General and administrative expenses totaled $1.1 million in Q1 ‑2026, representing a 35% decrease compared to
Q1‑2025. This reduction was primarily driven by a 31% decline in salary expenses, along with an unrealized foreign
exchange gain in the current quarter resulting from the strengthening of the U.S. dollar against the Canadian dollar,
which increased the value of the Company’s U.S. dollar‑denominated cash holdings.
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.
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 Orogen. 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.
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
1. The Company was incorporated under the Business Corporations Act (British Columbia) on May 1, 2025, as a wholly owned subsidiary of
Triple Flag Nevada Inc. (formerly Orogen Royalties Inc.) (“TFN”) for the purpose of completing a plan of arrangement (the “Arrangement”).
The Arrangement, pursuant to an agreement dated April 21, 2025, closed on July 9, 2025, at which time Triple Flag Precious Metals Corp.
acquired all issued and outstanding common shares of TFN. In connection with the Arrangement, TFN reduced its stated capital to
facilitate a special distribution, and the Company issued 52,603,071 common shares. As ownership remained unchanged before and after
the Arrangement, the transaction is accounted for as a common control transaction. These financial statements present the carve‑ out
financial information of the Company’s prospect generation and royalty business from TFN up to July 9, 2025. Earnings per share
information is not presented for periods prior to that date as no shares were outstanding and as such, the earnings per share for the
three-month period ended March 31, 2025 is $Nil. Refer to the un audited condensed interim consolidated financial statements and
MD&A for the three-month periods ended March 31, 2026 and 2025 for additional information.
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.
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 Compan y’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.
Forward-looking statements are based on several material assumptions, which management of the Company believe to be reasonable, including, but not limited
to, the continuation of mining operations in respect of which the Company will receive NSR royalty p ayments, that the commodity prices will not experience a
material adverse change, mining operations that underlie the royalty will operate in accordance with the disclosed parameters and other assumptions may be
set out herein.
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 operato rs 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 r oyalty 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, 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 has also used the non-IFRS measure of operating cash flows excluding changes in non-cash working capital. This
measure is calculated by adding back the decrease or subtracting the increase in changes in non- cash working capital to or from cash provided by (used in)
operating activities.