Vancouver, B.C. November 29, 2022 (TSX.V:OGN) (OTCQX:OGNRF) Orogen Royalties Inc. (“Orogen” or the “Company”) is pleased to report operating and financial results for the third quarter ended September 30, 2022 (“Q3-2022”), and updates on corporate and operational activities.

Paddy Nicol, CEO of Orogen, commented: “Our third quarter results support our mission of achieving a financially disciplined and sustainable operation that generates compelling exploration projects and grows our royalty portfolio. During the period, the royalty revenue from our 2% NSR royalty on the Ermitaño mine increased by 39% compared to the previous two quarters. We also recognized net income from our prospect generation business with gains from project sales and active option agreements. Year to date, nine deals have been completed including eight new royalties added to our portfolio. With sustainable overhead costs, we generated positive cashflows from operations over the last three quarters. These results highlight the financial stability achieved and this allows the Company to continue to grow and execute on opportunities in this challenging market.”

Q3 2022 Highlights

All amounts are in Canadian dollars unless otherwise stated.

Net gain from operations was $123,461 or $0.001 per share compared to a net loss of $972,294 or $0.005 per share in 2021.
Revenue of $1,158,928 earned from the Ermitaño royalty with 478 attributable gold equivalent ounces (“GEOs”) sold at average price of US$1,728 per ounce, representing a 39% increase in GEOs sold compared to average of the previous two quarters.
Net income of $202,956 from prospect generation activities due to gain of $453,385 where proceeds received from project sales, recoveries and anniversary payments received on active option agreements were greater than the projects’ carrying costs. The Company also recognized an impairment of $262,145 for projects that have been dropped during the period.
General and administrative expenses were $802,149 for Q3-2022 compared to $638,986 during the same period in 2021 and the increase was mainly due to higher shared-based compensation expenses from stock options vested, general overhead and legal expenses.
Loss of $467,918 was recognized on fair value adjustments of marketable securities due to capital markets volatility.
Cash flow from operating activities of $188,510.
Cash from operating activities, excluding changes in non-cash working capital of $149,336.
Working capital of $10,743,487 including $3,313,963 in cash and cash equivalents and $5,230,027 in short term investments and no long-term debt.
For complete details of the Company’s financial results, please refer to the Condensed Interim Consolidated Financial Statements and Management Discussions and Analysis for the nine-month period ended September 30, 2022. The Company’s filings are available on SEDAR at www.sedar.com and on Orogen’s website at www.orogenroyalties.com. Please also see non-IFRS Measures at the end of this news release.

Summary of Results
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