Orogen Royalties Announces Record Year End Financial Performance - Seite 2

For complete details of the Company's financial results, please refer to the audited consolidated financial statements and MD&A for the years ended December 31, 2023, and 2022. 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.

Summary of Results

Foto: Accesswire

Royalty Revenue and Key Assets

Ermitano Royalty, Sonora, Mexico
First Majestic Silver Corp. ("First Majestic") operates the Ermitaño Mine, where the Company holds a 2.0% net smelter return ("NSR") royalty. For the year ended December 31, 2023, $5,949,248 (2022 - $3,744,776) in royalty revenue was received consisting of 2,243 (2022 - 1,588) GEOs, up 59% compared to 2022. This is a record high for the Company since Ermitaño began production in late 2021. Production at the Santa Elena mine transitioned to 100% Ermitaño ore in 2023 and 882,592 tonnes were processed, up 4% from 851,973 tonnes produced in 2022. Grades averaged 64 grams per tonne ("g/t") (2022 - 61 g/t) silver and 3.77 g/t (2022 - 3.75 g/t) gold. Recoveries for silver and gold were 64% (2022 - 73%) and 94% (2022 - 92%), respectively. Lower silver recoveries in 2023 were due to lower silver grades during the first half of 2023 and higher gold recoveries were due to the new filter press and dual-circuit plant.

For the quarter ended December 31, 2023, royalty revenue was $1,827,832, up 12% from the previous quarter. Production included 233,601 tonnes processed containing average silver and gold head grades of 106 g/t and 3.88 g/t, respectively, producing 582,484 ounces silver and 28,056 ounces gold. This represents a 67% increase in silver ounces and a marginal decrease in gold ounces when compared to the previous quarter. Average silver and gold recoveries reached 73% and 96%, respectively, compared to 64% and 95% from the previous quarter.

Expanded Silicon Royalty, Nevada USA
AngloGold Ashanti NA ("AngloGold") pursued an aggressive drilling campaign in 2023 aimed at the Merlin deposit that, together with the Silicon deposit, form the Expanded Silicon Project. Over US$73 million was spent on the Expanded Silicon Project with a majority of the 129,000 metres of drilling completed at the Merlin deposit. This work resulted in the declaration of a first-time inferred resource of 9.05 million ounces gold reported at Merlin. This is in addition to the contiguous Silicon deposit that contains an indicated resource 3.4 million ounces gold and an inferred resource of 810,000 ounces gold.¹