# Orogen Royalties Reports Record Revenue and Strong Earnings Growth in 2025

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79

Original source: https://money.tmx.com/en/quote/OGN/news/4685271915493726/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025

Publisher: tmx

Original announcement: 2026-04-28T11:30:00.000Z

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, Production, Other

- Extracted: 2026-09-16 14:57:40 UTC

Narrative sentiment: 0.70 · Bullish

## Minestarters Atlas summary

Orogen Royalties reported record revenue of $13.1 million and a 77% increase in net income from operations for the year ended December 31, 2025. The company also announced an updated Mineral Reserve and Resource estimate for the Ermitaño concessions, showing substantial growth in contained gold and silver, driven by lower cut-off grades, infill drilling, and expansion of the Navidad vein system. Despite the financial and resource growth, the Ermitaño mine experienced lower gold equivalent ounces produced, reduced head grades, and slightly lower recoveries compared to the previous year.

Reasoning: Orogen Royalties reported record revenue and strong earnings growth for 2025, driven by higher gold prices and successful prospect generation. The updated Mineral Reserve and Resource estimate for the Ermitaño concessions showed substantial growth in contained gold and silver across all categories, attributed to lower cut-off grades, infill drilling, and vein expansion, despite lower production metrics from the mine.

- Positive factor: Record revenue and strong earnings growth

- Positive factor: Substantial resource growth in contained gold and silver

- Positive factor: Successful infill drilling upgrading resource categories

- Positive factor: Expansion of the Navidad vein system

- Negative factor: Lower gold equivalent ounces \(GEOs\) produced

- Negative factor: Lower head grades and recoveries at Ermitaño mine

- Negative factor: Growth in resource partly driven by lower cut-off grades

- Negative factor: Decrease in cash flow from operating activities \(excluding non-cash working capital\)

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 23

## Classification and evidence

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document announces an updated Mineral Reserve and Resource estimate for the Ermitaño concessions as at December 31, 2025.

Evidence · text

> Subsequent to the year ended December 31, 2025, First Majestic announced an updated Mineral Reserve and Resource estimate on the Ermitaño concessions.

**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: The updated resource shows an 85% increase in contained gold and a 311% increase in contained silver for the Navidad vein, and overall M&I gold increased by 26% and silver by 42%.

Evidence · text

> updated resource as at December 31, 2025, has grown substantially, with an 85% increase in contained gold and a 311% increase in contained silver compared to the initial estimate.

**Category Upgrade**

Polarity: positive

Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.

Why it applies: The increases in resource categories were partly driven by successful infill drilling that upgraded Inferred material to higher confidence categories.

Evidence · text

> successful infill drilling that upgraded Inferred material to higher confidence categories

**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: The resource increases were primarily driven by lower cutoff grades reflecting updated metal price assumptions.

Evidence · text

> These increases were driven primarily by lower cutoff grades reflecting updated metal price assumptions

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: All technical data in the press release has been reviewed and approved by Laurence Pryer, Ph.D., P.Geo., VP Exploration for Orogen, who is a qualified person.

Evidence · text

> All technical data, as disclosed in this press release, has been reviewed and approved by Laurence Pryer, Ph.D., P.Geo., VP Exploration for Orogen. Dr. Pryer is a qualified person as defined under the terms of National Instrument 43-101.

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: The technical data is approved by a Qualified Person as defined under National Instrument 43-101.

Evidence · text

> Dr. Pryer is a qualified person as defined under the terms of National Instrument 43-101.

**Lower Head Grade**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: Silver and gold head grades averaged 62 g/t and 2.65 g/t respectively, representing a 10% and 21% reduction compared to the previous year.

Evidence · text

> Silver and gold head grades averaged 62 grams per tonne \("g/t"\) and 2.65 g/t respectively, representing a 10% and 21% reduction, respectively, compared to 69 g/t and 3.36 g/t in the previous year.

**Low Recovery**

Polarity: negative

Story-specific tag

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: Silver and gold recoveries during the year averaged 65% and 94%, respectively, compared to 68% and 95% in the previous year, indicating a slight decrease.

Evidence · text

> Silver and gold recoveries during the year averaged 65% and 94%, respectively, compared to 68% and 95% in the previous year.

## 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-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-0)

Ermitaño · silver

#### Identity

- Project: Ermitaño
- Commodity: silver
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:733ddbabc965691b06e6
- Deposit or zone: Ermitaño
- Mining method: underground

#### Resource Data

- Category: proven
- Tonnes: 680000
- Grade: 59
- Grade Unit: g/t
- Contained Metal: 1290000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact represents a portion of the Proven silver reserves at Ermitaño, contributing to the overall positive resource update with high confidence.

- Positive factor: High confidence category \(Proven\)

- Positive factor: Contributes to overall resource growth

Evidence · table

> 59

Context: 680

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-1)

Ermitaño · gold

#### Identity

- Project: Ermitaño
- Commodity: gold
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:733ddbabc965691b06e6
- Deposit or zone: Ermitaño
- Mining method: underground

#### Resource Data

- Category: proven
- Tonnes: 680000
- Grade: 2.29
- Grade Unit: g/t
- Contained Metal: 50000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact represents a portion of the Proven gold reserves at Ermitaño, contributing to the overall positive resource update with high confidence.

- Positive factor: High confidence category \(Proven\)

- Positive factor: Contributes to overall resource growth

Evidence · table

> 2.29

Context: 680

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-2)

Ermitaño · silver

#### Identity

- Project: Ermitaño
- Commodity: silver
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:2bfdcaa1e34e01255f59
- Deposit or zone: Ermitaño
- Mining method: other
- Material type: stockpile

#### Resource Data

- Category: proven
- Tonnes: 240000
- Grade: 46
- Grade Unit: g/t
- Contained Metal: 350000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact details Proven silver reserves from the Ermitaño stockpile, adding to the overall reserve base with high confidence.

- Positive factor: High confidence category \(Proven\)

- Positive factor: Stockpile material provides flexibility

Evidence · table

> 46

Context: 240

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-3)

Ermitaño · gold

#### Identity

- Project: Ermitaño
- Commodity: gold
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:2bfdcaa1e34e01255f59
- Deposit or zone: Ermitaño
- Mining method: other
- Material type: stockpile

#### Resource Data

- Category: proven
- Tonnes: 240000
- Grade: 1.74
- Grade Unit: g/t
- Contained Metal: 10000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact details Proven gold reserves from the Ermitaño stockpile, adding to the overall reserve base with high confidence.

- Positive factor: High confidence category \(Proven\)

- Positive factor: Stockpile material provides flexibility

Evidence · table

> 1.74

Context: 240

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-4)

Ermitaño · silver

#### Identity

- Project: Ermitaño
- Commodity: silver
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:4504446b95b0eaf80190
- Deposit or zone: Ermitaño
- Mining method: underground

#### Resource Data

- Category: probable
- Tonnes: 3390000
- Grade: 29
- Grade Unit: g/t
- Contained Metal: 3150000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact details Probable silver reserves from underground mining at Ermitaño, representing a significant portion of the total reserves.

- Positive factor: High confidence category \(Probable\)

- Positive factor: Significant contribution to total reserves

Evidence · table

> 29

Context: 3390

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-5)

Ermitaño · gold

#### Identity

- Project: Ermitaño
- Commodity: gold
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:4504446b95b0eaf80190
- Deposit or zone: Ermitaño
- Mining method: underground

#### Resource Data

- Category: probable
- Tonnes: 3390000
- Grade: 1.16
- Grade Unit: g/t
- Contained Metal: 130000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact details Probable gold reserves from underground mining at Ermitaño, representing a significant portion of the total reserves.

- Positive factor: High confidence category \(Probable\)

- Positive factor: Significant contribution to total reserves

Evidence · table

> 1.16

Context: 3390

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-6)

Ermitaño · silver

#### Identity

- Project: Ermitaño
- Commodity: silver
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:a6f13311774c0dcf5d82
- Deposit or zone: Ermitaño

#### Resource Data

- Category: probable
- Tonnes: 4310000
- Grade: 35
- Grade Unit: g/t
- Contained Metal: 4790000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact represents the total Probable silver reserves for Ermitaño, indicating a substantial and high-confidence reserve base.

- Positive factor: Total reserves show significant contained metal

- Positive factor: High confidence category \(Probable\)

Evidence · table

> 35

Context: 4,310

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-7)

Ermitaño · gold

#### Identity

- Project: Ermitaño
- Commodity: gold
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:a6f13311774c0dcf5d82
- Deposit or zone: Ermitaño

#### Resource Data

- Category: probable
- Tonnes: 4310000
- Grade: 1.37
- Grade Unit: g/t
- Contained Metal: 190000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact represents the total Probable gold reserves for Ermitaño, indicating a substantial and high-confidence reserve base.

- Positive factor: Total reserves show significant contained metal

- Positive factor: High confidence category \(Probable\)

Evidence · table

> 1.37

Context: 4,310

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-8)

Ermitaño · silver

#### Identity

- Project: Ermitaño
- Commodity: silver
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:5834791f28333d04f989
- Deposit or zone: Ermitaño

#### Resource Data

- Category: measured
- Tonnes: 1440000
- Grade: 54
- Grade Unit: g/t
- Contained Metal: 2490000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact details Measured silver resources at Ermitaño, representing the highest confidence category and contributing to the overall resource growth.

- Positive factor: Highest confidence category \(Measured\)

- Positive factor: Contributes to overall resource growth

Evidence · table

> 54

Context: 1,440

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-9)

Ermitaño · gold

#### Identity

- Project: Ermitaño
- Commodity: gold
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:5834791f28333d04f989
- Deposit or zone: Ermitaño

#### Resource Data

- Category: measured
- Tonnes: 1440000
- Grade: 2.4
- Grade Unit: g/t
- Contained Metal: 110000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact details Measured gold resources at Ermitaño, representing the highest confidence category and contributing to the overall resource growth.

- Positive factor: Highest confidence category \(Measured\)

- Positive factor: Contributes to overall resource growth

Evidence · table

> 2.40

Context: 1,440

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-10)

Ermitaño · silver

#### Identity

- Project: Ermitaño
- Commodity: silver
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:837ae72be117e07c00ea
- Deposit or zone: Ermitaño

#### Resource Data

- Category: indicated
- Tonnes: 5690000
- Grade: 35
- Grade Unit: g/t
- Contained Metal: 6390000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact details Indicated silver resources at Ermitaño, representing a high confidence category and a significant portion of the total M&I resources.

- Positive factor: High confidence category \(Indicated\)

- Positive factor: Significant contribution to total M&I resources

Evidence · table

> 35

Context: 5,690

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-11)

Ermitaño · gold

#### Identity

- Project: Ermitaño
- Commodity: gold
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:837ae72be117e07c00ea
- Deposit or zone: Ermitaño

#### Resource Data

- Category: indicated
- Tonnes: 5690000
- Grade: 1.49
- Grade Unit: g/t
- Contained Metal: 270000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact details Indicated gold resources at Ermitaño, representing a high confidence category and a significant portion of the total M&I resources.

- Positive factor: High confidence category \(Indicated\)

- Positive factor: Significant contribution to total M&I resources

Evidence · table

> 1.49

Context: 5,690

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-12)

Ermitaño · silver

#### Identity

- Project: Ermitaño
- Commodity: silver
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:fee9338ae583a2fc4c0c
- Deposit or zone: Ermitaño

#### Resource Data

- Category: indicated
- Tonnes: 7130000
- Grade: 39
- Grade Unit: g/t
- Contained Metal: 8880000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31
- Prior Contained Metal: 6253521

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact represents the total Measured and Indicated silver resources for Ermitaño, showing a substantial 42% increase in contained silver year-over-year.

- Positive factor: Significant increase in contained silver \(42%\)

- Positive factor: High confidence category \(Indicated\)

Evidence · table

> 39

Context: 7,130

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**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: 8880000 against 6253521 previously

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-13)

Ermitaño · gold

#### Identity

- Project: Ermitaño
- Commodity: gold
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:fee9338ae583a2fc4c0c
- Deposit or zone: Ermitaño

#### Resource Data

- Category: indicated
- Tonnes: 7130000
- Grade: 1.67
- Grade Unit: g/t
- Contained Metal: 380000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31
- Prior Contained Metal: 301587

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact represents the total Measured and Indicated gold resources for Ermitaño, showing a substantial 26% increase in contained gold year-over-year.

- Positive factor: Significant increase in contained gold \(26%\)

- Positive factor: High confidence category \(Indicated\)

Evidence · table

> 1.67

Context: 7,130

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**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: 380000 against 301587 previously

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-14)

Ermitaño · silver

#### Identity

- Project: Ermitaño
- Commodity: silver
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:41c9389dd4f7d5692d92
- Deposit or zone: Ermitaño

#### Resource Data

- Category: inferred
- Tonnes: 5100000
- Grade: 35
- Grade Unit: g/t
- Contained Metal: 5780000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact details Inferred silver resources specifically for the Ermitaño deposit, contributing to the overall resource base but with lower geological confidence.

- Positive factor: Contributes to overall resource growth

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 35

Context: 5,100

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-15)

Ermitaño · gold

#### Identity

- Project: Ermitaño
- Commodity: gold
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:41c9389dd4f7d5692d92
- Deposit or zone: Ermitaño

#### Resource Data

- Category: inferred
- Tonnes: 5100000
- Grade: 1.28
- Grade Unit: g/t
- Contained Metal: 210000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact details Inferred gold resources specifically for the Ermitaño deposit, contributing to the overall resource base but with lower geological confidence.

- Positive factor: Contributes to overall resource growth

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 1.28

Context: 5,100

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-16)

Ermitaño · silver

#### Identity

- Project: Ermitaño
- Commodity: silver
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:7959496dc7da46d8bf05
- Deposit or zone: Navidad

#### Resource Data

- Category: inferred
- Tonnes: 6420000
- Grade: 89
- Grade Unit: g/t
- Contained Metal: 18410000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31
- Prior Contained Metal: 4479318

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact details Inferred silver resources for the Navidad deposit, showing an exceptional 311% increase in contained silver compared to the initial estimate, significantly boosting the overall resource.

- Positive factor: Exceptional increase in contained silver \(311%\)

- Positive factor: Significant contribution to overall resource growth

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 89

Context: 6,420

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**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: 18410000 against 4479318 previously

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-17)

Ermitaño · gold

#### Identity

- Project: Ermitaño
- Commodity: gold
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:7959496dc7da46d8bf05
- Deposit or zone: Navidad

#### Resource Data

- Category: inferred
- Tonnes: 6420000
- Grade: 2.21
- Grade Unit: g/t
- Contained Metal: 460000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31
- Prior Contained Metal: 248648

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact details Inferred gold resources for the Navidad deposit, showing an exceptional 85% increase in contained gold compared to the initial estimate, significantly boosting the overall resource.

- Positive factor: Exceptional increase in contained gold \(85%\)

- Positive factor: Significant contribution to overall resource growth

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 2.21

Context: 6,420

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**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: 460000 against 248648 previously

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-18)

Ermitaño · silver

#### Identity

- Project: Ermitaño
- Commodity: silver
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:dc61e711addbe84f1635
- Deposit or zone: Ermitaño

#### Resource Data

- Category: inferred
- Tonnes: 11520000
- Grade: 65
- Grade Unit: g/t
- Contained Metal: 24190000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31
- Prior Contained Metal: 10381900

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact represents the total Inferred silver resources for Ermitaño, showing a substantial 133% increase year-over-year, indicating significant exploration upside.

- Positive factor: Substantial increase in total Inferred silver \(133%\)

- Positive factor: Significant upside potential

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 65

Context: 11,520

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**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: 24190000 against 10381900 previously

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/orogen-royalties-reports-record-revenue-and-strong-earnings-growth-in-2025--45e0876e-f3a4-4ea5-b6b4-0a1b8a106e79#fact-resource-facts-19)

Ermitaño · gold

#### Identity

- Project: Ermitaño
- Commodity: gold
- Region: mexico
- Reported Region: Sonora, Mexico
- Ticker: OGN

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Laurence Pryer
- Resource group id: resource:dc61e711addbe84f1635
- Deposit or zone: Ermitaño

#### Resource Data

- Category: inferred
- Tonnes: 11520000
- Grade: 1.8
- Grade Unit: g/t
- Contained Metal: 670000
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-31
- Prior Contained Metal: 411043

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-28T00:00:00.000Z

Reasoning: This fact represents the total Inferred gold resources for Ermitaño, showing a substantial 63% increase year-over-year, indicating significant exploration upside.

- Positive factor: Substantial increase in total Inferred gold \(63%\)

- Positive factor: Significant upside potential

- Negative factor: Lower confidence category \(Inferred\)

Evidence · table

> 1.80

Context: 11,520

#### 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

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**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

**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: 670000 against 411043 previously

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

## 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.