Orogen Royalties Announces Mineral Reserve and Resource Update on Producing Ermitaño Royalty
Original announcement by tmx on
- Company
- Orogen Royalties Inc.
- Ticker
- OGN
- Exchange
- TSX
- Region
- Sonora, Mexico
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Resource update, Economic study
- Extracted
- 2026-09-16 15:00:07 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Orogen Royalties has announced a significant update to the Mineral Reserve and Resource estimates for the Ermitaño royalty in Mexico. The update highlights substantial growth in both Measured & Indicated and Inferred resources, driven by the expansion of the Navidad vein system and infill drilling.
Reasoning: The update shows substantial resource expansion and conversion, driven by both geological discovery (Navidad) and improved economic parameters.
Positive factors
- Significant tonnage and contained metal growth in M&I and Inferred categories
- Expansion of the Navidad vein system
- Infill drilling successfully converting Inferred to M&I resources
- Strong contained metal increases (85% gold, 311% silver)
Negative factors
- Growth driven in part by lower cutoff values due to updated metal price guidance
Facts used in scoring: 20
Classification and evidence
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: M&I Resources increased year-over-year by 26% for gold and 42% for silver.
Evidence · text
“Measured and Indicated Resources increased year-over-year by 26% for gold and 42% for silver”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: Contained gold ounces increased by 85% and silver ounces by 311%.
Evidence · text
“represents an 85% increase in contained gold ounces and 311% increase in contained silver ounces”
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: Infill drilling converted Inferred Resources to Measured and Indicated Resources.
Evidence · text
“infill drilling converting Inferred Resources to Measured and Indicated Resources”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: Technical data reviewed and approved by a Qualified Person under NI 43-101.
Evidence · text
“Dr. Pryer is a qualified person as defined under the terms of National Instrument 43-101.”
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: Increases were driven by lower cutoff values resulting from updated metal price guidance.
Evidence · text
“primarily driven by lower cutoff values resulting from updated metal price guidance”
Extracted facts
Stored fact records: 20. Some facts used in scoring do not have a stored record.
Resource Estimates (20)
provenErmitaño · goldTonnes: 680000Grade: 2.29Grade Unit: g/tContained Metal: 50Contained Unit: kozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- Resource group id
- resource:c4ca84dce463353b782f
- Mining method
- underground
- Material type
- underground
Resource Data
- Category
- proven
- Tonnes
- 680000
- Grade
- 2.29
- Grade Unit
- g/t
- Contained Metal
- 50
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Standard proven reserve component.
Evidence · table
“2.29”
Context: 0.68
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
provenErmitaño · silverTonnes: 680000Grade: 59Grade Unit: g/tContained Metal: 1.29Contained Unit: mozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- Resource group id
- resource:c4ca84dce463353b782f
- Mining method
- underground
- Material type
- underground
Resource Data
- Category
- proven
- Tonnes
- 680000
- Grade
- 59
- Grade Unit
- g/t
- Contained Metal
- 1.29
- Contained Unit
- moz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Standard proven reserve component.
Evidence · table
“59”
Context: 0.68
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
provenErmitaño · goldTonnes: 240000Grade: 1.74Grade Unit: g/tContained Metal: 10Contained Unit: kozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- Resource group id
- resource:c7c7c2548092d6d8c579
- Mining method
- other
- Material type
- stockpile
Resource Data
- Category
- proven
- Tonnes
- 240000
- Grade
- 1.74
- Grade Unit
- g/t
- Contained Metal
- 10
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Stockpile reserve.
Evidence · table
“1.74”
Context: 0.24
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
provenErmitaño · silverTonnes: 240000Grade: 46Grade Unit: g/tContained Metal: 0.35Contained Unit: mozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- Resource group id
- resource:c7c7c2548092d6d8c579
- Mining method
- other
- Material type
- stockpile
Resource Data
- Category
- proven
- Tonnes
- 240000
- Grade
- 46
- Grade Unit
- g/t
- Contained Metal
- 0.35
- Contained Unit
- moz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Stockpile reserve.
Evidence · table
“46”
Context: 0.24
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
probableErmitaño · goldTonnes: 3390000Grade: 1.16Grade Unit: g/tContained Metal: 130Contained Unit: kozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- Resource group id
- resource:c52ec5d8aefbd505ee4c
- Mining method
- underground
- Material type
- underground
Resource Data
- Category
- probable
- Tonnes
- 3390000
- Grade
- 1.16
- Grade Unit
- g/t
- Contained Metal
- 130
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Standard probable reserve component.
Evidence · table
“1.16”
Context: 3.39
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
probableErmitaño · silverTonnes: 3390000Grade: 29Grade Unit: g/tContained Metal: 3.15Contained Unit: mozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- Resource group id
- resource:c52ec5d8aefbd505ee4c
- Mining method
- underground
- Material type
- underground
Resource Data
- Category
- probable
- Tonnes
- 3390000
- Grade
- 29
- Grade Unit
- g/t
- Contained Metal
- 3.15
- Contained Unit
- moz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Standard probable reserve component.
Evidence · table
“29”
Context: 3.39
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredErmitaño · goldTonnes: 1440000Grade: 2.4Grade Unit: g/tContained Metal: 110Contained Unit: kozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:e12f5ea6838095fe71fe
- Mining method
- other
Resource Data
- Category
- measured
- Tonnes
- 1440000
- Grade
- 2.4
- Grade Unit
- g/t
- Contained Metal
- 110
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: High confidence measured resource.
Evidence · table
“2.40”
Context: 1.44
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredErmitaño · silverTonnes: 1440000Grade: 54Grade Unit: g/tContained Metal: 2.49Contained Unit: mozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:e12f5ea6838095fe71fe
- Mining method
- other
Resource Data
- Category
- measured
- Tonnes
- 1440000
- Grade
- 54
- Grade Unit
- g/t
- Contained Metal
- 2.49
- Contained Unit
- moz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: High confidence measured resource.
Evidence · table
“54”
Context: 1.44
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedErmitaño · goldTonnes: 5690000Grade: 1.49Grade Unit: g/tContained Metal: 270Contained Unit: kozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:370f57c388a7ffc7e2d4
- Mining method
- other
Resource Data
- Category
- indicated
- Tonnes
- 5690000
- Grade
- 1.49
- Grade Unit
- g/t
- Contained Metal
- 270
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Standard indicated resource.
Evidence · table
“1.49”
Context: 5.69
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedErmitaño · silverTonnes: 5690000Grade: 35Grade Unit: g/tContained Metal: 6.39Contained Unit: mozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:370f57c388a7ffc7e2d4
- Mining method
- other
Resource Data
- Category
- indicated
- Tonnes
- 5690000
- Grade
- 35
- Grade Unit
- g/t
- Contained Metal
- 6.39
- Contained Unit
- moz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Standard indicated resource.
Evidence · table
“35”
Context: 5.69
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredErmitaño · goldTonnes: 5100000Grade: 1.28Grade Unit: g/tContained Metal: 210Contained Unit: kozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:9a42ff22679b28318d5d
- Mining method
- other
Resource Data
- Category
- inferred
- Tonnes
- 5100000
- Grade
- 1.28
- Grade Unit
- g/t
- Contained Metal
- 210
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Inferred resource component, part of the expansion.
Evidence · table
“1.28”
Context: 5.10
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredErmitaño · silverTonnes: 5100000Grade: 35Grade Unit: g/tContained Metal: 5.78Contained Unit: mozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:9a42ff22679b28318d5d
- Mining method
- other
Resource Data
- Category
- inferred
- Tonnes
- 5100000
- Grade
- 35
- Grade Unit
- g/t
- Contained Metal
- 5.78
- Contained Unit
- moz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Inferred resource component, part of the expansion.
Evidence · table
“35”
Context: 5.10
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredErmitaño · goldTonnes: 6420000Grade: 2.21Grade Unit: g/tContained Metal: 460Contained Unit: kozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:e77a9fb3bb9ac084c267
- Mining method
- other
Resource Data
- Category
- inferred
- Tonnes
- 6420000
- Grade
- 2.21
- Grade Unit
- g/t
- Contained Metal
- 460
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Significant Inferred resource from Navidad expansion.
Evidence · table
“2.21”
Context: 6.42
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredErmitaño · silverTonnes: 6420000Grade: 89Grade Unit: g/tContained Metal: 18.41Contained Unit: mozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:e77a9fb3bb9ac084c267
- Mining method
- other
Resource Data
- Category
- inferred
- Tonnes
- 6420000
- Grade
- 89
- Grade Unit
- g/t
- Contained Metal
- 18.41
- Contained Unit
- moz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Significant Inferred resource from Navidad expansion.
Evidence · table
“89”
Context: 6.42
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredErmitaño · silverTonnes: 4310000Grade: 35Grade Unit: g/tContained Metal: 4.79Contained Unit: mozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:ba0150c32f412512cedf
- Mining method
- other
Resource Data
- Category
- inferred
- Tonnes
- 4310000
- Grade
- 35
- Grade Unit
- g/t
- Contained Metal
- 4.79
- Contained Unit
- moz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Inferred resource component, part of the expansion. (Expanded from multi-commodity resource table for completeness.)
Evidence · table
“35”
Context: 4.31
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredErmitaño · goldTonnes: 4310000Grade: 1.37Grade Unit: g/tContained Metal: 190Contained Unit: kozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:ba0150c32f412512cedf
- Mining method
- other
Resource Data
- Category
- inferred
- Tonnes
- 4310000
- Grade
- 1.37
- Grade Unit
- g/t
- Contained Metal
- 190
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Inferred resource component, part of the expansion. (Expanded from multi-commodity resource table for completeness.)
Evidence · table
“1.37”
Context: 4.31
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedErmitaño · silverTonnes: 7130000Grade: 32Grade Unit: g/tContained Metal: 8.88Contained Unit: mozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:ab095ef423ebd3c98d5d
- Mining method
- other
Resource Data
- Category
- indicated
- Tonnes
- 7130000
- Grade
- 32
- Grade Unit
- g/t
- Contained Metal
- 8.88
- Contained Unit
- moz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Standard indicated resource. (Expanded from multi-commodity resource table for completeness.)
Evidence · table
“32”
Context: 7.13
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedErmitaño · goldTonnes: 7130000Grade: 1.39Grade Unit: g/tContained Metal: 380000Contained Unit: ozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:ab095ef423ebd3c98d5d
- Mining method
- other
Resource Data
- Category
- indicated
- Tonnes
- 7130000
- Grade
- 1.39
- Grade Unit
- g/t
- Contained Metal
- 380000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Standard indicated resource. (Expanded from multi-commodity resource table for completeness.)
Evidence · table
“1.39”
Context: 7.13
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredErmitaño · silverTonnes: 11520000Grade: 65Grade Unit: g/tContained Metal: 24.19Contained Unit: mozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:00b1921be02e75c519bb
- Mining method
- other
Resource Data
- Category
- inferred
- Tonnes
- 11520000
- Grade
- 65
- Grade Unit
- g/t
- Contained Metal
- 24.19
- Contained Unit
- moz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Inferred resource component, part of the expansion. (Expanded from multi-commodity resource table for completeness.)
Evidence · table
“65”
Context: 11.52
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredErmitaño · goldTonnes: 11520000Grade: 1.8Grade Unit: g/tContained Metal: 670000Contained Unit: ozView all detailsHide details
Identity
- Project
- Ermitaño
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora, Mexico
- Ticker
- OGN
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:00b1921be02e75c519bb
- Mining method
- other
Resource Data
- Category
- inferred
- Tonnes
- 11520000
- Grade
- 1.8
- Grade Unit
- g/t
- Contained Metal
- 670000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-09T00:00:00.000Z
Reasoning: Inferred resource component, part of the expansion. (Expanded from multi-commodity resource table for completeness.)
Evidence · table
“1.80”
Context: 11.52
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.