Latest news with #OrogenRoyalties
Associated Press
02-06-2025
- Business
- Associated Press
Orogen Royalties Announces Profitable Q1-2025 Results and Expansion of High-Grade Gold and Silver Mineralization at Navidad
VANCOUVER, BC / ACCESS Newswire / June 2, 2025 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. ('Orogen' or the 'Company') is pleased to report profitable financial results for the first quarter ended March 31, 2025, underlined by significant cash generated from operations. The Company is also pleased to report that recently completed drilling at the Navidad discovery, by First Majestic Silver Corp. ('First Majestic'), has substantially increased the size of the mineralized area beyond the previously declared Inferred Resource estimate. The Navidad discovery is located on the 167 square-kilometre Ermitaño concession over which Orogen holds a 2% net smelter return ('NSR') royalty. Q1-2025 Highlights All figures are stated in Canadian dollars unless otherwise noted. Paddy Nicol, CEO of Orogen Royalties, commented, 'We are pleased to report another profitable quarter supported by strong royalty revenue from the Ermitaño mine. Drilling by First Majestic has expanded the mineralized footprint of the Navidad discovery and returned higher gold and silver grades than previously reported. This has the potential to bolster mine life and cashflow from the Ermitaño royalty that Spinco will continue to own after the completion of the previously announced Triple Flag Precious Metals transaction. We are excited to carry on our business model of organic royalty generation and continue to unlock value for our shareholders as the company evolves.' For complete details of the Company's financial results, please refer to the unaudited interim condensed consolidated financial statements and MD&A for the three-month periods ended March 31, 2025 and 2024. The Company's filings are available on SEDAR+ at and on Orogen's website at Please also see non-IFRS Measures at the end of this news release. Summary of Results Q1-2025 Results and Key Assets Ermitaño Royalty, Sonora, Mexico For the three-month period ended March 31, 2025, the Company recorded $2.1 million (2024 - $1.5 million) in royalty revenue generated from the Ermitaño mine. This represents 497 GEOs (2024 - 508 GEOs), a reduction of 2% from 2024, based on an average price of US$2,860 (2024 - US$2,070) per ounce. During the quarter, First Majestic processed 270,203 tonnes of ore, representing a 20% increase compared to the same period in 2024. The average silver and gold head grades were lower during the current period with 58 grams per tonne ('g/t') and 2.59 g/t, respectively, compared to 72 g/t and 3.16 g/t in Q1 2024. Silver and gold recoveries were 68% and 95%, respectively, consistent with 69% and 95% in 2024 1. A total of 2,307 metres of underground development was completed at Ermitaño, representing a 3% increase compared to 2,250 metres in Q1-2024. Seven drill rigs were deployed over the period with five surface rigs and two underground rigs, completing 16,809 metres of drilling. Total exploration cost increased by 42% compared to Q1-2024, totaling US$3.0 million 1. Expansion of High-Grade Mineralization at the Navidad and Winter Veins, Ermitaño Following the December 31, 2024 initial Inferred Mineral Resource estimate of 249,000 ounces gold and 5.9 million ounces silver 2, drilling at the Navidad and Winter vein systems has significantly expanded the footprint of precious metal mineralization and returned higher-grade gold and silver intercepts than previously reported 3. Step out drill holes including EWUG-25-050 (Table 1) have expanded the Winter Vein by 175 metres and the Navidad Vein 325 metres to the east since the resource cut-off date, with the identification of a robust high-grade zone on the eastern flank of the known deposit. Table 1: Highlight Post Resource Drill Hole Intercepts from the Navidad Discoveries 2 *A complete list of First Majestic's recent drilling on the Navidad and Winter veins including subintervals can be found at Ongoing resource conversion drilling continues to confirm the continuity of gold and silver mineralization in both veins with the mineralized structure now traced for a combined 1.3 kilometres of strike and 450 metres down dip with all the veins current strike and possible projections on Orogen's royalty ground. Mineralization at Navidad remains open in multiple directions including both up and down plunge with nine drill rigs currently active on the property 3. Qualified Person Statement All technical data, as disclosed in this press release, has been verified by Laurence Pryer, Ph.D., VP Exploration for Orogen. Dr. Pryer is a qualified person as defined under the terms of National Instrument 43-101. Certain technical disclosure in this release is a summary of previously released third-party information and the Company is relying on the interpretation provided. Additional information can be found on the links in the footnotes. About Orogen Royalties Inc. Orogen Royalties is focused on organic royalty creation and royalty acquisitions on precious and base metal discoveries in western North America. The Company's royalty portfolio includes the Ermitaño gold and silver Mine in Sonora, Mexico (2.0% NSR royalty) operated by First Majestic Silver Corp. and the Expanded Silicon gold project (1.0% NSR royalty) in Nevada, U.S.A, being advanced by AngloGold Ashanti NA. The Company is well financed with several projects actively being developed by joint venture partners. On April 21, 2025, the Company and Triple Flag Precious Metals Corp. signed a definitive agreement (the 'Agreement'), whereby Triple Flag will acquire all of the issued and outstanding common shares of Orogen pursuant to a plan of arrangement (the 'Transaction') for total consideration of approximately $421 million, or $2.00 per share. The total consideration consists of approximately $171.5 million in cash, approximately $171.5 million in Triple Flag shares, and shares of a new company ('Orogen Spinco') with an implied value of approximately $78 million. The Agreement and Transaction is subject to regulatory acceptance. 4 Orogen and Triple Flag have also agreed to the formation of a generative exploration alliance in the western United States, whereby Triple Flag will provide funding to Orogen Spinco for generating gold and silver targets considered geologically similar to the Expanded Silicon project. The initial US$435,000 budget will focus on identifying prospective exploration opportunities for incoming exploration partners, in exchange for cash, equity and retained royalty. On Behalf of the Board OROGEN ROYALTIES INC. Paddy Nicol President & CEO To find out more about Orogen, please contact Paddy Nicol, President & CEO at 604-248-8648, and Marco LoCascio, Vice President of Corporate Development at 604-248-8648. Visit our website at Orogen Royalties Inc. 1015 - 789 West Pender Street Vancouver, BC Canada V6C 1H2 Forward-Looking Information This news release includes certain statements that may be deemed 'forward-looking statements'. All statements in this presentation, other than statements of historical facts, that address events or developments that Orogen Royalties Inc. (the 'Company') expect to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential' and similar expressions, or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. Forward-looking information in this news release includes disclosures regarding NSR royalty payments to be paid to the Company by First Majestic Silver Corp. ('First Majestic') the owners and operator of the Ermitaño mine located in Mexico and that the forecasted revenue which are based on First Majestic 'NI 43-101 Technical Report on Mineral Resource and Mineral Reserve Estimates' having an effective date of June 30, 2021. In addition to the technical report, the disclosure herein also contains and the updated mineral reserve and resource estimates for the Ermitaño mine based on the Santa Elena Mineral Reserve, Resource Estimates with an effective date of December 31, 2024 as announced by First Majestic on March 31, 2025 and as disclosed in their December 31, 2024 AIF, and First Majestic's MD&A for the period ended December 31, 2024. Forward-looking statements are based on several material assumptions, which management of the Company believe to be reasonable, including, but not limited to, the continuation of mining operations in respect of which the Company will receive NSR royalty payments, that the commodity prices will not experience a material adverse change, mining operations that underlie the royalty will operate in accordance with the disclosed parameters and other assumptions may be set out herein. Except where otherwise stated, the disclosure in this news release relating to properties and operations in which Orogen holds a royalty are based on information publicly disclosed by the owners or operators of these properties and information/data available in the public domain as at the date hereof, and none of this information has been independently verified by Orogen. Specifically, as a royalty holder and prospect generator, the Company has limited, if any, access to properties on which it holds royalty or other interests in its asset portfolio. The Company may from time to time receive operating information from the owners and operators of the mining properties, which it is not permitted to disclose to the public. Orogen is dependent on, (i) the operators of the mining properties and their qualified persons to provide information to Orogen, or (ii) on publicly available information to prepare disclosure pertaining to properties and operations on the properties on which the Company holds royalty or other interests, and generally has limited or no ability to independently verify such information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. Some reported public information in respect of a mining property may relate to a larger property area than the area covered by Orogen's royalty or other interest. Orogen's royalty or other interests may cover less than 100% of a specific mining property and may only apply to a portion of the publicly reported mineral reserves, mineral resources and or production from a mining property. Non-IFRS Measures The Company has included certain results in this news release that do not have any standardized meaning prescribed by International Financial Reporting Standards ('IFRS') including total GEOs sold, average realized gold price per GEO, and cash flow from operating activities excluding changes in non-cash working capital adjustments. The Company's royalty revenue is converted to a gold equivalent ounce by dividing the royalty revenue received during the period by the average gold price of the period. The Company has also used the non-IFRS measure of operating cash flows excluding changes in non-cash working capital. This measure is calculated by adding back the decrease or subtracting the increase in changes in non-cash working capital to or from cash provided by (used in) operating activities. SOURCE: Orogen Royalties Inc press release
National Post
13-05-2025
- Business
- National Post
Altius Reports Q1 2025 Attributable Royalty Revenue of $15.0M and Adjusted Earnings(1) of $2.4M
Article content Article content ST. JOHN'S, Newfoundland — Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) ('Altius' or the 'Corporation') reports first quarter 2025 revenue of $12.6 million compared to $13.9 million in Q1 2024. Attributable royalty revenue (1) of $15.0 million ($0.32 per share (1)) compares to $15.4 million ($0.33 per share) reported in Q1 2024. Article content Operating Royalty Portfolio Performance Article content Summary of attributable royalty revenue Q1 2025 Q4 2024 Q1 2024 Base and battery metals $ 6,840 $ 3,167 $ 5,344 Potash 3,894 4,934 5,130 Renewable energy (1) 1,648 1,807 1,935 Iron ore (2) 1,870 2,805 1,683 Interest and investment (1) 703 809 1,327 Attributable royalty revenue $ 14,955 $ 13,522 $ 15,419 (1) ARR and GBR amounts are presented at their effective ownership percentages of 57% and 29%, respectively (2) Labrador Iron Ore Royalty Corporation dividends Article content Subsequent to the quarter on April 22, 2025 it was announced that Orogen Royalties Inc. ('Orogen'), of which the Corporation is a major shareholder with 39,557,959 Orogen shares or 19.6% ownership, announced a definitive agreement with Triple Flag Precious Metals Corp. ('Triple Flag') whereby Triple Flag will acquire all of the issued and outstanding common shares of Orogen for total consideration of approximately $421 million or $2.00 per Orogen share, comprised of approximately $171.5 million in cash, $171.5 million in Triple Flag shares, and shares of a new company ('Orogen Spinco') with an implied value of approximately $78 million. Orogen, a project generation and royalty company, holds a 1% NSR royalty relating to the Expanded Silicon Project as its key asset. Altius also directly holds a separate 1.5% NSR royalty relating to the project. The agreement with Triple Flag is expected to close during the third quarter. Lundin Mining Corporation ('Lundin'), in a Technical Report dated February 19, 2025, reported an open-pit Indicated Mineral Resource of 249.9 Mt at 0.29% copper and 0.16 g/t gold (714 kt or 1.57 Blbs of copper) and an underground Inferred Mineral Resource of 25.2 Mt at 0.51% copper and 0.41 g/t gold (127 kt or 0.28Blbs of copper) at Saúva. This compares with Measured and Indicated Mineral Resources at Chapada of 883.1 Mt at 0.23% copper and 0.12 g/t gold (2051 kt or 4.52 Blbs copper). Drilling at Saúva in 2024 mainly focused on extending the mineralization downdip. The 2025 exploration program will focus on increasing high grade resources and Lundin anticipates releasing an updated Mineral Resource estimate for Saúva next year. Altius's district scale stream interest relates to both the Chapada and Sauva project areas. Altius has formally advanced to the detailed proposal phase in the Julienne Lake Exempt Mineral Land ('EML') process being undertaken by the Province of Newfoundland and Labrador (the 'Province'). The Julienne Lake deposit is a large, undeveloped iron ore deposit located approximately 25 kilometres northeast of the town of Labrador City that has had an EML designation since 1976. The Province has reported that the Julienne Lake deposit within the EML area hosts a National Instrument 43-101 (NI 43-101) compliant Measured and Indicated Resource of 867 million tonnes at 33.7% iron, plus an Inferred Resource of 299 million tonnes at 34.1% iron. Altius holds a 100% interest in 65 mineral claims that are contiguous to the Julienne Lake EML area. In 2012, Altius's drilling confirmed the continuity of the iron ore deposit onto its claims. Moreover, Altius has recently commenced preliminary metallurgical test work on its drill core samples in order to test the ability of the deposit to yield direct reduction (DR) grade iron concentrate and expects the results in Q2. Subsequent to the quarter on April 23, 2025 Silvercorp Metals Inc. ('Silvercorp') announced its construction budget for the development of the Curipamba copper-zinc-gold-silver project with an estimated cost of $240.5 million while noting that it is targeting production by the end of 2026. Altius holds a 2% NSR royalty relating to the project. During the quarter Vale announced that it has commenced underground mining operations from the Eastern Deeps Mine at Voisey's Bay, Labrador and that it is currently in the process of ramping up production levels. Subsequent to the quarter on April 24, 2025, AbraSilver reported on drilling completed by Teck Resources Limited on the La Coipita property located in San Juan, Argentina. The drilling is ongoing, with three holes completed to date in 2025, with assays pending on two of the three holes. Hole DDH-LC25-006 reported an intercept of 621m grading 0.38% Cu, 0.07 g/t Au and 62 ppm Mo, from 410m to 1,031 metres. Within this broad intercept were higher grade zones including 114m grading 0.70% Cu, 0.07 g/t Au and 81 ppm Mo, from 410m to 524m down-hole depth. La Coipita is a large (70,000 ha) project situated within one of the world's most endowed copper belts, the prolific Miocene porphyry-epithermal belt (ie, Los Pelambres, Los Bronces, El Teniente, Filo del Sol, El Pachón). Altius holds a Royalty Acquisition Right to acquire a 1.1% net smelter royalty from the original vendor for US$5M any time before the start of construction at La Coipita. Article content Adjusted EBITDA (1) of $9.5 million ($0.20 per share (1)) during Q1 2025 compares to $10.9 million ($0.23 per share) during Q1 2024 and follows the trend of revenue. Article content Q1 2025 adjusted operating cash flow (1) of $4.1 million ($0.09 per share (1)) compares to $4.0 million ($0.08 per share) in Q1 2024. The slight increase reflects lower interest paid offset by lower royalty revenue receipts and higher tax payments as well as working capital changes. Article content Net earnings of $6.3 million ($0.13 per share) for Q1 2025 compares to net earnings of $4.8 million ($0.10 per share) in Q1 2024. Net earnings for the current quarter reflects lower amortization and G&A, partially offset by lower revenues and higher cost of sales. Adjusted net earnings per share (1) of $0.05 for Q1 2025 is lower than $0.07 per share for Q1 2024 and follows the trend of revenue. The main adjusting items are summarized in the below table and include a $4.3 million of tax recovery relating to the recognition of certain tax losses. Article content Adjusted Net Earnings Three months ended March 31, 2025 March 31, 2024 Net earnings attributable to common shareholders $ 6,201 $ 4,719 Addback (deduct): Unrealized loss (gain) on fair value adjustment of derivatives 715 (1,188 ) Foreign exchange (gain) loss (177 ) 747 Realized gain on disposal of derivatives – (916 ) Gain on disposal of mineral property (19 ) – Tax impact (1) (4,362 ) 100 Adjusted net earnings $ 2,358 $ 3,462 (1) Includes tax recovery from recognition of certain tax losses Article content Liquidity and Capital Allocation Summary Article content Cash and cash equivalents at March 31, 2025 were $12.1 million, compared to $15.9 million at the end of 2024. Article content At March 31, 2025 the approximate market value of various public equity holdings included: Article content $110 million for shares of Labrador Iron Ore Royalty Corp. $26 million for the value of the indirectly held interest in the shares of Lithium Royalty Corporation $71 million for publicly traded shares held within the Project Generation equity portfolio, including $62.1 million in Orogen Royalties Inc. which following the announcement with Triple Flag has increased in value to approximately $72.4 million (as of May 12). Article content During the quarter the Corporation made scheduled debt repayments of $2.0 million, paid cash dividends of $3.8 million and issued 12,638 shares under the dividend reinvestment plan. Under its normal course issuer bid, the Corporation repurchased and cancelled 2,000 common shares for a total cost of $0.1 million. At March 31, 2025 the Corporation carried a balance of $97.6 million under its term debt facilities and $9.0 million under its revolving credit facility. Article content Dividend Declaration Article content The Corporation's board of directors has declared a quarterly dividend of $0.09 per share, payable to all shareholders of record at the close of business on May 30, 2025. The dividend is expected to be paid on or about June 16, 2025. Article content This dividend is eligible for payment in common shares under the Dividend Reinvestment Plan (DRIP) announced by press release May 20, 2020, and available to shareholders who are Canadian residents or residents of countries outside the United States. Article content In order to be eligible to participate in respect of the June 16, 2025 dividend, non-registered shareholders must provide instruction to their brokerage and registered shareholders must provide completed enrollment forms to the transfer agent by May 23, 2025, five business days prior to record date. Stock market purchases made under the DRIP for the June 16, 2025 payment will be satisfied by issuance from treasury at the 5 day volume weighted average price ending at the close of trading the day before payment date. Shareholders who have already provided instruction to be enrolled previously will continue to be enrolled unless they direct otherwise. For more information, please see Altius Minerals Corporation Dividend Reinvestment Plan. Participation in the DRIP is optional and will not impact any cash dividends payable to shareholders who do not elect to participate in the DRIP. The declaration, timing and payment of future dividends will largely depend on the Corporation's financial results as well as other factors. Dividends paid by Altius on its common shares are eligible dividends for Canadian income tax purposes unless otherwise stated. Article content Management uses the following non-GAAP financial measures: attributable revenue, attributable royalty revenue, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating cash flow and adjusted net earnings (loss). Management uses these measures to monitor the financial performance of the Corporation and its operating segments and believes these measures enable investors and analysts to compare the Corporation's financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A. Article content First Quarter 2025 Financial Results Conference Call and Webcast Details Article content Altius's strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing agricultural yield requirements. These macro-trends each hold the potential to cause increased demand for many of Altius's commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has 46,301,246 common shares issued and outstanding that are listed on Canada's Toronto Stock Exchange. It is included in each of the S&P/TSX Small Cap, the S&P/TSX Global Mining, and the S&P/TSX Canadian Dividend Aristocrats indices. Article content This news release contains forward-looking information. The statements are based on reasonable assumptions and expectations of management and Altius provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as 'anticipates', 'believes', 'could', 'estimates', 'expects', 'may', 'shall', 'will', or 'would'. Although Altius believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. Altius does not undertake to update any forward-looking information contained herein except in accordance with securities regulations. Article content Article content Article content Article content Article content Contacts Article content For further information, please contact: Flora Wood Email: Fwood@ Tel: 1.877.576.2209 Direct: +1(416)346.9020 Article content Article content Article content
