Orogen Royalties reported net income from operations of $3.7 million for the second quarter ended June 30, 2026, up from $0.6 million in the same period of 2025. After accounting for income tax expense, net comprehensive income reached $2.4 million, or $0.04 per share, compared to a net comprehensive loss of $0.2 million in the prior-year quarter.

The stronger financial performance was underpinned by higher royalty receipts from the Ermitaño gold-silver mine in Sonora, Mexico, operated by First Majestic Silver Corp., where Orogen holds a 2.0 percent net smelter return royalty. Royalty revenue rose to $3.2 million from $2.1 million in Q2 2025.

Revenue growth was driven by 516 attributable gold equivalent ounces, representing an 11 percent year-over-year increase, and a higher average realized gold price of US$4,506 per ounce compared with US$3,280 previously. Prospect generation activities contributed net income of $0.5 million, compared to nil in the prior-year period, while general and administrative expenses fell 41 percent to $1.0 million.

Working capital expanded to $32.9 million as of June 30, 2026, up from $26.3 million at the beginning of the fiscal year. The company carries no long-term debt. Cash flow from operating activities totaled $1.0 million, compared with $0.6 million in Q2 2025.

Royalty revenue from the Ermitaño mine is expected to moderate in the second half of 2026 as First Majestic resumed production at the Santa Elena mine on May 15, 2026. Portal construction and drilling continue to advance at the Navidad deposit, where First Majestic is pursuing a planned 17,000-metre drilling program in 2026 with the potential to materially extend the life of the Santa Elena mine complex.

"Our second quarter results reflect the benefits of our royalty and prospect generation strategy, delivering significant growth in revenue, earnings and working capital," said Paddy Nicol, President and CEO . "Royalty revenue increased by more than 50%, supported by higher gold prices and increased attributable production, while our prospect generation activities contributed additional earnings. Combined with a 41% reduction in G&A expenses, these results highlight our ability to grow the business while maintaining financial flexibility and discipline. We ended the quarter with nearly $33 million in working capital and no long-term debt, providing options to pursue new opportunities and continue expanding our portfolio of royalties and mineral properties. We remain focused on executing our growth strategy and delivering sustainable value to shareholders"

Read the full announcement: Orogen Reports Strong Second Quarter Results, Reinforcing Growth and Financial Strength