Orogen Royalties Reports Record Revenue and Strong Earnings Growth in 2025

• Event: Fiscal 2025 Full Year Financial Results Announcement (April 28, 2026).
• Financials: Reported record net income from operations of $7.1 million (up 65% YoY) and total royalty revenue of $9.6 million (up from $7.9 million in 2024).
• Prospect Generation: Revenue increased to $3.0 million, with net income from these activities tripling to $2.1 million.
• Ermitaño Operations: Production volume up 9% YoY; however, metal grades (Silver and Gold) and recoveries declined slightly compared to 2024.
• Resources: Significant increase in Inferred Silver resources (+311%) at the Ermitaño concessions. Measured & Indicated resources increased by 26% for gold and 42% for silver YoY.
• Expenses: G&A expenses surged 81% to $6.7 million, attributed largely to restructuring costs related to the Triple Flag Precious Metals transaction.
• Cash Flow: Operating cash flow decreased to $1.4 million from $3.1 million in the prior period (202T/2024).
• Balance Sheet: Debt-free with working capital of $26.3 million at December 31, 2025.

• Confirmation of Prior Guidance: This release confirms the preliminary "Record 2025 Financial Performance" announced on March 24, 2026. The market had already priced in the record revenue and earnings growth based on that earlier announcement.
• Resource Validation: While a specific resource update was released on April 9, 2026 (Material - Positive), this earnings release ties those technical gains directly to the financial performance, reinforcing the long-term value of the Ermitaño asset.
• Negative Variance: The significant increase in G&A expenses ($3M YoY increase) and the decline in operating cash flow despite higher revenue are concerning metrics that offset some of the positive headline earnings growth. This suggests efficiency issues or one-time restructuring burdens impacting liquidity generation.
• Conclusion: The news is fundamentally positive but largely expected given the March preliminary release. It validates the business model post-Triple Flag spin-off but highlights cost management risks.

• Overview: Orogen Royalties Inc. is a precious metals royalty and prospect generation company formed after a plan of arrangement with Triple Flag Precious Metals (July 2025). It operates independently on TSX-V under ticker OGN.
• Flagship Project: Ermitaño Concessions, Sonora, Mexico. Orogen holds a cash-flowing 2% NSR royalty on the entire 167 km² concession operated by First Majestic Silver Corp.
• Development: The mine is currently producing (Santa Elena complex). Exploration continues to expand resources (Navidad vein system), with recent updates showing significant increases in inferred silver ounces.