# Orogen Royalties Announces Mineral Reserve and Resource Update on Producing Ermita&\#xF1;o Royalty

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3

Original source: https://money.tmx.com/en/quote/OGN/news/6900712900057729/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi

Publisher: tmx

Original announcement: 2026-04-09T12:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- 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

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas 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 factor: Significant tonnage and contained metal growth in M&I and Inferred categories

- Positive factor: Expansion of the Navidad vein system

- Positive factor: Infill drilling successfully converting Inferred to M&I resources

- Positive factor: Strong contained metal increases \(85% gold, 311% silver\)

- Negative factor: Growth driven in part by lower cutoff values due to updated metal price guidance

Facts used in scoring: 20

## Classification and evidence

**Tonnage Growth**

Polarity: positive

Definition: 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 Growth**

Polarity: positive

Definition: 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 Upgrade**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: 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 Lowered**

Polarity: negative

Definition: 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)

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-0)

Ermitaño · gold

#### 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 Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-1)

Ermitaño · silver

#### 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 Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-2)

Ermitaño · gold

#### 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 Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-3)

Ermitaño · silver

#### 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 Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-4)

Ermitaño · gold

#### 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 Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-5)

Ermitaño · silver

#### 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 Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-6)

Ermitaño · gold

#### 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 Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-7)

Ermitaño · silver

#### 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 Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-8)

Ermitaño · gold

#### 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 Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-9)

Ermitaño · silver

#### 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 Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-10)

Ermitaño · gold

#### 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-11)

Ermitaño · silver

#### 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-12)

Ermitaño · gold

#### 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-13)

Ermitaño · silver

#### 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-14)

Ermitaño · silver

#### 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-15)

Ermitaño · gold

#### 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-16)

Ermitaño · silver

#### 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 Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-17)

Ermitaño · gold

#### 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 Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-18)

Ermitaño · silver

#### 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--83def201-70e6-4ebe-967d-853330b3f2d3#fact-resource-facts-19)

Ermitaño · gold

#### 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: 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.