Orogen Royalties (TSXV: OGN) posted its strongest year on record in 2025, with total revenue rising to $13.1 million from $9.9 million last year as both its Ermitaño royalty and prospect generation businesses expanded materially.
Specifically, Ermitaño royalty revenue increased to $9.6 million in 2025 from $7.9 million, while prospect generation revenue more than doubled to $3.0 million from $1.4 million.
Preliminary after-tax net income increased to $4.1 million from $2.6 million in 2024.
For Q4 2025, total revenue rose to $6.3 million from $4.3 million in the comparable period last year. Breaking it down, Ermitaño royalty revenue climbed to $3.1 million from $2.4 million, while prospect generation revenue rose to $3.1 million from $1.6 million.
Preliminary after-tax net income for the quarter was $2.5 million, down slightly from $2.6 million a year earlier.
The firm said it ended 2025 with working capital of $25.8 million, down 4% from $26.9 million at year-end 2024, and reported no debt.
Orogen holds a 2% net smelter return royalty on First Majestic Silver’s Ermitaño Mine within the Santa Elena complex in Sonora, Mexico. For 2026, First Majestic’s Santa Elena complex guidance is 64,000 to 71,000 ounces of gold and 1.3 million to 1.5 million ounces of silver. Orogen estimates more than 90% of Santa Elena production will come from Ermitaño.
Based on assumed prices of US$4,290 per ounce of gold and US$52 per ounce of silver, Orogen expects Ermitaño royalty revenue of between $7.1 million and $10.3 million.
Orogen last traded at $2.95 on the TSX Venture.
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