- Orogen Royalties (OGNRF, Financial) reported a record $7.9 million in royalty revenue for 2024, a 34% increase from 2023.
- Net income from operations saw a significant increase, reaching $4.3 million, up 126% from the previous year.
- A $421 million acquisition agreement with Triple Flag Precious Metals was announced, offering $2.00 per share value to shareholders.
Orogen Royalties Inc. (OGNRF) has announced its financial results for the fiscal year ended December 31, 2024. The company has reported a record $7.9 million in royalty revenue, marking a 34% rise compared to the $5.9 million recorded in 2023. The increase in revenue was driven by the sale of 2,343 gold equivalent ounces at an average price of US$2,420 per ounce.
Net income from operations for 2024 was $4.3 million, representing a 126% increase from the $1.9 million earned in 2023. Cash flow from operations experienced a 73% growth, totaling $3.8 million, while general and administrative expenses decreased by 16% to $3.7 million.
The company also highlighted a $421 million acquisition agreement with Triple Flag Precious Metals. The agreement offers Orogen shareholders $2.00 per share through a mix of cash, Triple Flag shares, and shares in a new spin-off company. This spin-off, Orogen SpinCo, will retain the cash-flowing Ermitaño royalty and other assets.
The Ermitaño Mine, where Orogen holds a 2.0% net smelter return royalty, processed 1,012,523 tonnes of ore in 2024, a 15% increase from 2023. The silver and gold recovery rates improved to 68% and 95% respectively.
Orogen Royalties continues to focus on its prospect generation business model, reporting the creation of four new royalties in 2024, contributing $1.4 million in revenue from project sales and option agreements.
