Orogen Royalties Announces Preliminary 2023 Year End Financial Results

VANCOUVER, BC / ACCESSWIRE / March 18, 2024 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. ("Orogen" or the "Company") reports preliminary and unaudited financial results for its fourth quarter and year ended December 31, 2023.

All figures are stated in Canadian dollars unless otherwise noted.

2023 Year End - Record Revenue and Profits

Orogen is pleased to report record preliminary total revenue of $8,000,000 for the year ended December 31, 2023, up 70% from $4,700,000 total revenue earned in 2022 including:

• 58% increase in Ermitaño royalty revenue of $5,900,000 (2022 - $3,740,000)
• 105% increase in Prospect Generation revenue of $1,800,000 (2022- $880,000)

The Company is pleased to report a preliminary after-tax net income of $1,800,000 (2022 - $840,000) for the year ended December 31, 2023, up 114% from 2022. After-tax net income also includes deductions for general and administrative expenses, impairment of mineral properties and marketable securities, income tax, other income, and deductions. Cash generated from operations was $1,800,000 (2022 - $690,000).

As at December 31, 2023, the Company has working capital of $18,500,000 (2022 - $12,080,000) and no debt.

Preliminary Q4-2023 Results

The Company earned $2,300,000 (2022 - $1,155,000) in revenue for the fourth quarter ended December 31, 2023. This is an increase of 99% in total revenue compared to the same period in 2022 and this was due to:

• 99% increase in Ermitaño royalty revenue of $1,800,000 (2022 - $905,000)
• 86% increase in Prospect Generation revenue of $400,000 (2022 - $215,000)

The Company reports a preliminary after-tax net income of $350,000 (2022 - $940,000) for the fourth quarter ended December 31, 2023, after general and administrative expense, impairment of mineral properties and marketable securities, income tax, other income, and deductions.

Paddy Nicol, CEO of Orogen, commented: "The year 2023 was transformative for Orogen where we have achieved record financial performance. This was largely due to increased production from the Ermitaño mine and strong performance in our Prospect Generation business. The market was active during the beginning of 2023, and we were able to profitably transact on several quality projects and create new royalties for Orogen. The ongoing alliance in Nevada, with Altius Minerals, has proven to be successful for both groups with new projects generated at a low cost. The Company's financial position continues to strengthen and positions the Company to take advantage of counter cyclical growth opportunities to create value for shareholders."

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