Orogen Royalties Announces Mineral Reserve and Resource Update on Producing Ermitano Royalty

• On 2026‑04‑09 Orogen announced its 2025 Mineral Reserve & Resource Update for the Ermitaño concession in Sonora, Mexico.
• Measured & Indicated resources rose to 7.13 Mt containing 380 koz Au (+26% YoY) and 8.9 Moz Ag (+42% YoY).
• Inferred resources increased to 11.52 Mt with 670 koz Au (+63%) and 24.2 Moz Ag (+133%).
• Proven & Probable reserves now total 4.31 Mt (190 koz Au, 4.79 Moz Ag), extending the life‑of‑mine potential for the Santa Elena complex.
• Drivers: lower cut‑off grades from updated metal price assumptions, successful infill drilling converting inferred material to higher confidence categories, and expansion of the Navidad vein system discovered in July 2024.
• Future 2026 drill program: ~78 k m (First Majestic) across Santa Elena, targeting further resource conversion and extension.

Aspect	Prior expectation	Actual outcome	Impact
Resource growth	Incremental updates expected after Q1‑2026 drill results	26% Au & 42% Ag increase in M&I; 63–133% jump in inferred grades	Material – Positive: materially expands the royalty base, improves cash‑flow outlook and justifies higher valuation multiples.
Reserve size	No change disclosed since 2024	+ ~0.5 Mt reserves (≈ 10% uplift)	Strengthens life‑of‑mine projection for Ermitaño, supporting forward royalty revenue guidance ($5.1‑$7.5 M FY 2026).
Market perception	Stock had been trading flat around $2–$3 after the 2025 earnings beat	Immediate price reaction: stock rose from $3.51 (03‑Apr‑26) to $3.59 (09‑Apr‑26), breaking above recent resistance near $3.50	Confirms market views the update is materially positive.
Alignment with guidance	FY 2026 royalty revenue forecast based on 2025 resource assumptions	Updated resources now exceed those assumptions, implying upside to the $5.1‑$7.5 M range.	Positive deviation from prior guidance; potential for upward revision of FY 2026 outlook.

Overall, the reserve and resource upgrade is new, unexpected in magnitude, and directly enhances Orogen’s cash‑flow generating royalty on a producing mine. It therefore qualifies as Material – Positive.

• Business model: Holds cash‑flowing NSR royalties on operating mines (primary: 2 % Ermitaño, Sonora) and generates royalty/option assets through partner‑funded exploration alliances.
• Flagship royalty: Ermitaño concession (167 km²) operated by First Majestic Silver Corp.; 2 % NSR royalty provides a stable cash stream (~C$9.6 M FY 2025 revenue).
• Exploration pipeline: ~40 k m of partner‑funded drilling planned for 2026 across multiple projects (Mexico, Canada, USA, Colombia, Kenya).
• Strategic focus: Expand existing royalties via infill drilling, acquire new royalty interests through option agreements, and monetize generative exploration assets.