VANCOUVER, BC / ACCESSWIRE / January 29, 2024 / (TSX.V:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. ("Orogen" or the "Company") is pleased to provide a 2023 year-end update on its royalty portfolio and forecast for 2024.

Paddy Nicol, Orogen's CEO commented, "Orogen saw continued strong operating performance from First Majestic Silver Corp.'s ("First Majestic") Ermitaño mine and several significant advancements were made on AngloGold Ashanti NA's ("AngloGold") Expanded Silicon project. At the Ermitaño mine, solid production and record metal recoveries were achieved in Q4-2023, with robust production guidance for 2024. At the Expanded Silicon project, AngloGold continues to develop the Silicon deposit and the Merlin Exploration Target A with over 719 drill holes completed as of Q3-2023. An initial Mineral Resource declaration at Merlin is expected in early 2024. Orogen's other royalty assets also saw advancement with drilling, exploration, and permitting on various projects including the MPD South and Onjo projects in British Columbia, and the Cuprite project in Nevada."

2023 Highlights

The Ermitaño gold-silver mine in Mexico, where the Company holds a 2% net smelter return ("NSR") royalty, produced 28,056 ounces of gold and 582,484 ounces of silver in 4Q-2023, representing a 1% decrease in gold ounces and a 67% increase in silver ounces from 3Q-2023. Gold and silver recoveries achieved a record 96% and 73%, respectively.
The Expanded Silicon project in Nevada, where the Company holds a 1% NSR royalty, ended the year with a 4.22 million ounce gold resource (3.22 million ounces indicated and 800,000 ounces inferred) at the Silicon Deposit, and a 6-8 million ounces gold Exploration Target A at the Merlin Area. Several key catalysts are expected at the Expanded Silicon project over the short term.

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