Orogen Royalties Announces Record Year End Financial Performance

VANCOUVER, BC / ACCESSWIRE / April 22, 2024 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. ("Orogen" or the "Company") is pleased to report record revenue and record after tax profit for the year ended December 31, 2023.

Fiscal 2023 Year End Highlights

All amounts are in Canadian dollars unless otherwise stated.

• Net Income from Operations: Net income was $1,817,198 (2022 - $711,482) for the year ended December 31, 2023, up 155% from 2022. Including deferred tax recovery, net comprehensive income was $3,044,389 or $0.02 per share (2022 - $840,178 or $0.005 per share), up 262% from 2022.
• Royalty Revenue: Royalty revenue of $5,949,248 (2022 - $3,744,776) was earned in 2023 with 2,243 (2022 - 1,588) attributable gold equivalent ounces ("GEOs") sold at average price of US$1,940 (2022 - US$1,791) per ounce, up 59% compared to the same period in 2022.
• Prospect Generation: Revenue from prospect generation activities was $1,879,364 (2022 - $881,118) in 2023. After exploration expenses and impairment deductions, net income from prospect generation activities was $1,384,680 (2022 - $316,761), up 337% from 2022.
• G&A Expenses: General and administrative expenses of $4,448,830 (2022 - $3,257,516) were incurred in 2023, up 37% compared to 2022.
• Cash flow: Cash flow of $1,356,157 (2022 - $795,112) was generated from operating activities in 2023. Cash flow generated from operating activities, excluding changes in non-cash working capital, was $2,244,983 (2022 - $806,919), up 178% from 2022.
• Working Capital: The Company has working capital of $18,524,073 at December 31, 2023 compared to $12,083,375 at the beginning of the fiscal year, an increase of $6,440,698. The Company has no long-term debt.

Paddy Nicol, CEO of Orogen Royalties, commented, "Orogen's strong financial performance is built on the commitment to early-stage exploration, organic royalty creation, and financial discipline to grow the Company responsibly. We have come a long way since our formation in 2020, when we approached the royalty space with a low-cost differentiated strategy to create royalties in a sustainable manner with minimal dilution to shareholders, and without incurring debt. Our key royalty assets on the Ermitaño Mine and the Expanded Silicon Project are prime examples that show early-stage prospect generation works."