What Orogen Royalties does

Orogen Royalties is a Vancouver-based mineral royalty company that builds a diversified portfolio of NSR (Net Smelter Return) royalties through systematic in-house project generation and strategic partnerships across western North America. Formed in August 2020 from the merger of Evrim Resources and Renaissance Gold, the company identifies, stakes, and acquires prospective mineral ground, then advances it through partnerships with operators (e.g., First Majestic Silver, Nevada Gold Mines, Kodiak Copper, Kingfisher Metals, Headwater Gold, MCC Mining) that fund exploration while Orogen retains royalties, milestone payments, and equity exposure. At the end of FY2025, the portfolio comprised 34 royalties and 8 mineral properties under option across six countries (Canada, US, Mexico, Argentina, Kenya, Colombia).

The company's revenue model has two pillars. The first is royalty revenue from NSR interests on producing and exploration-stage assets; the flagship is a 2% NSR on First Majestic Silver's Ermitaño gold-silver mine in Sonora, Mexico, which delivered $9.6M of royalty revenue on 1,958 attributable GEOs in FY2025. The second is prospect generation revenue, which captures cash, share, and royalty consideration when exploration projects are vended to operators; this stream grew 114% to $3.0M in FY2025. Three generative exploration alliances with Altius Minerals, Triple Flag Precious Metals, and South32 provide partner-funded exploration budgets that let Orogen generate royalty exposure without bearing full capital at risk.

FY2025 total revenue was a record $13.1M (CAD), up 32% from $9.9M in FY2024. Q1 2026 royalty revenue of $3.4M from 519 GEOs at an average price of US$4,873/oz drove a 144% year-over-year increase in operating net income to $4.4M. The balance sheet is debt-free with $30M of working capital as of Q1 2026. On July 9, 2025, Triple Flag Precious Metals acquired the original Orogen Royalties Inc. for ~$421M via plan of arrangement; a new Orogen Royalties Inc. was incorporated and re-listed on TSXV (OGN) on July 11, 2025.

Name

Orogen Royalties

Legal name

Orogen Royalties Inc.

Website

https://orogenroyalties.com

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Orogen Royalties is a Vancouver-based mineral royalty company that builds a diversified portfolio of NSR royalties through in-house project generation and partner-funded exploration alliances, anchored by the producing 2% Ermitaño NSR royalty in Sonora, Mexico.

Ownership category

akta.pro rank

Product category

Mineral Royalty Services

NAICS

Mining, Quarrying, and Oil and Gas Extraction (21)

SIC

Mineral Royalty Traders (6795), Metal Mining (1000)

akta.pro primary industry

Real Assets — Natural Resources & Minerals (Mining, Royalties/Streaming) (FSAHAIAK)

akta.pro secondary industry

Precious Metals Streaming, Royalties & Offtake (IMAKAEAF)

Keywords

• Mineral royalty interests
• Royalty portfolio management
• Project generation services
• Mining exploration partnerships
• Precious metals royalties

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Marketing or Sales, Others

Revenue model

1. Royalty Revenue: Orogen earns royalty revenue from NSR (Net Smelter Return) royalties on mineral properties. The flagship royalty is the 2% NSR on the Ermitaño gold-silver mine in Sonora, Mexico, operated by First Majestic Silver. Royalty revenue is received as cash-flow from production. In 2025, royalty revenue was $9.6 million from 1,958 attributable gold equivalent ounces sold at an average price of US$3,516 per ounce. Q1 2026 royalty revenue was $3.4 million from 519 GEOs at an average price of US$4,873 per ounce.
2. Prospect Generation: Orogen generates revenue through prospect generation activities including project sales, option agreements, and equity interests received when projects are vended to third parties. Revenue is generated when exploration projects are sold or optioned to partners who make cash payments, issue shares, or pay milestone payments. In 2025, prospect generation revenue was $3.0 million with net income of $2.1 million after exploration expenses and impairment deductions. Q1 2026 prospect generation revenue was $1.0 million.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Orogen Royalties is a mineral royalty company that creates and acquires royalty interests on gold, silver, and copper projects through systematic project generation. The company identifies, stakes, and acquires prospective mineral projects, conducts early-stage technical work to demonstrate geologic potential, and then advances them through partnerships with mining operators who fund exploration and development in exchange for Orogen retaining NSR royalties, milestone payments, and equity interests.

Product overview

Orogen Royalties is a royalty company that builds diversified portfolios of mineral royalties through systematic project generation and strategic partnerships. The company operates two core business pillars: (1) a royalty portfolio including producing and exploration-stage royalty interests in precious and base metal projects across North America (Ermitaño, Hwy 37, La Rica, Maggie Creek, MPD South, Spring Peak), and (2) a project generation business that identifies, stakes, and advances mineral projects through partnerships while retaining long-term royalty exposure. The company also maintains exploration alliances with Altius Minerals, Triple Flag Precious Metals, and South32 to fund generative exploration activities.

Differentiator

Problem solved

Functional benefit

Products and services

• Ermitaño Royalty A producing gold and silver royalty asset located in Sonora, Mexico, operated by First Majestic Silver Corp. Orogen holds a 2.0% NSR royalty on the 167 km² Ermitaño concession within the Santa Elena gold-silver mine complex. By end of 2025, the mine produced approximately 414,000 ounces of gold and 7.1 million ounces of silver.
• Hwy 37 Royalty Emerging copper-gold exploration and royalty assets located within British Columbia's Golden Triangle district, operated by Kingfisher Metals Inc. Orogen holds various NSR royalties (1.0-3.0%) across 556 km². Kingfisher can earn 100% interest in Ball Creek East by issuing $3.5 million in shares and spending $7.5 million in exploration over four years; Orogen holds 3% NSR on Hank claims.
• La Rica Royalty Emerging gold-copper royalty asset located in Antioquia, Colombia, operated by MCC Mining Inc. Orogen holds a 1.0% NSR royalty on 160 km², subject to a 0.5% buydown for US$15 million and a right to US$6 million back-in payment. MCC completed a US$75 million financing in H1 2025 for exploration activities.
• Maggie Creek Royalty Emerging gold exploration and royalty project located in Nevada's Carlin Trend, adjacent to the Gold Quarry Mine, operated by Nevada Gold Mines (Barrick/Newmont joint venture). Orogen holds a 2.0% NSR royalty upon option exercise; NGM can earn 100% interest by making US$5.0 million in cash payments and incurring US$6.0 million in exploration expenses over five years.
• MPD South Royalty Emerging copper-gold royalty asset located in British Columbia, Canada, adjacent to Kodiak Copper Corp.'s MPD project. Orogen holds a 2.0% NSR royalty on approximately 50 km² (0.5% purchasable for C$2 million). Kodiak announced initial Mineral Resource Estimate in December 2025 with Orogen's royalty area containing 134 Mlb copper and 0.14 Moz gold Indicated, and 599 Mlb copper and 0.32 Moz gold Inferred.
• Spring Peak Royalty Emerging gold exploration and royalty asset located in Nevada, advanced by partner Headwater Gold Inc. under an earn-in agreement with Newmont. Orogen holds a 0.5% NSR royalty over 18 km² and option to purchase an additional 0.5% NSR for US$1.0 million. Newmont is spending US$60 million to earn 75% interest from Headwater.
• Project Generation Service Systematic identification, acquisition, and advancement of prospective mineral projects. Orogen identifies, stakes, and acquires prospective mineral projects before conducting early-stage technical work to demonstrate geologic potential. Projects are then advanced through partnerships with operators who contribute capital and expertise for continued exploration and development. Orogen retains royalties, milestone payments, equity interests, or other long-term exposure to discovery success. In 2025, prospect generation revenue was $3.0 million.

Quantifiable outcome

• 32% revenue growth in 2025 to $13.1 million
• +3 more outcomes

Named customers6 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Twelve partnerships are on record, tiered core and supporting.

• Chad Wells (Board Director)coreOthers · 6 May 2026Appointed to Board of Directors May 6, 2026. Over 25 years of multi-commodity expertise in natural resources. Previously VP at Altius Minerals Corporation where he contributed to growing the company into a diversified mineral royalty company with approximately $3 billion market capitalization. Compensation: 55,000 incentive stock options at $3.34 per share over five years.
• Québec Nickel Corp. (to become Aurbis Resources Corp.)supportingChannel Partner/ Reseller/ Distributor · 10 April 2026Acquired 100% interest in Ecru Property, Nevada from Orogen. Transaction involved cash consideration of $250,000, issuance of 1,000,000 common shares, $125,000 in future share issuance, plus 2% NSM royalty to Orogen. Closing effective April 10, 2026. Ecru is a 112-claim project on Cortez/Battle Mountain Trend adjacent to Nevada Gold Mines' Robertson Deposit.
• Toogood Gold Corp.supportingChannel Partner/ Reseller/ Distributor · 2 March 2026Toogood Gold entered binding LOI to acquire Table Mountain gold project in Nevada from Orogen through 50/50 Altius alliance. Deal involves issuing shares valued at $2.25 million plus 3% NSR royalty. Table Mountain is a district-scale, undrilled low-sulphidation epithermal gold-silver system with strong surface gold and silver values.
• Prospect Ridge Resources Corp.supportingChannel Partner/ Reseller/ Distributor · 2 March 2026Completed earn-in of 100% ownership in Camelot Copper-Gold Porphyry Project from Orogen by issuing 2,303,121 common shares valued at $175,000. Project located in British Columbia's Golden Horseshoe and Cariboo regions.
• South32supportingStrategic or Co-development Partner · 4 September 2025Generative base metals alliance formed September 2025. Combines Orogen's technical targeting and project generation capabilities with South32's funding for base metals exploration opportunities in western North America.
• First Majestic Silver Corp.coreChannel Partner/ Reseller/ Distributor · 22 April 2025Operator of the Ermitaño gold-silver mine in Sonora, Mexico where Orogen holds a 2% NSR royalty on 167 km² of prospective ground. First Majestic acquired Silvercrest Mines Inc. (Orogen's original partner) in 2015. Production commenced Q4 2021 with commercial ramp-up in Q1 2022. By end of 2025, mine produced approximately 414,000 ounces of gold and 7.1 million ounces of silver.
• MCC Mining Inc.coreChannel Partner/ Reseller/ Distributor · 1 May 2023Operator of La Rica copper-gold project in Colombia. Orogen holds 1% NSR royalty on 160 km² area, subject to 0.5% buydown for US$15 million and right to US$6 million back-in payment. MCC completed US$75 million financing in H1 2025 for exploration activities. Drilling anticipated on La Rica late 2025 or early 2026.
• Kingfisher Metals Inc.coreChannel Partner/ Reseller/ Distributor · 1 March 2023Partner on Hwy 37 copper-gold project (Ball Creek East, Hank) in British Columbia's Golden Triangle. Kingfisher can earn 100% interest in Ball Creek East by issuing $3.5 million in shares and spending $7.5 million in exploration over four years. Orogen receives 1% NSR royalty on Ball Creek East and West, and 3% NSR on Hank (1% buydown for US$3 million). In 2025, Kingfisher completed 7,630 metres of drilling on Hank claims.
• Nevada Gold MinescoreChannel Partner/ Reseller/ Distributor · 1 November 2022Partner on Maggie Creek gold project in Nevada's Carlin Trend. NGM can earn 100% interest by making US$5.0 million in cash payments and incurring US$6.0 million in exploration expenses over five years, including US$200,000 on closing and US$750,000 work commitment by first anniversary. Orogen retains 2% NSR royalty upon option exercise. NGM is a joint venture between Barrick (61.5%) and Newmont (38.5%).
• Altius Minerals CorporationcoreStrategic or Co-development Partner · 1 January 2022Altius Gold Alliance established 2022 for gold and silver exploration targets in central and southern Nevada, focused on epithermal systems. Altius Copper Alliance established 2023 for porphyry copper targets in western and central Nevada. Altius funds generative exploration activities while Orogen provides technical expertise and retains royalty exposure. Partner funding to date: US$780,000 (Gold Alliance), US$415,000 (Copper Alliance). Generated projects include Cuprite (sold to StrikePoint Gold), Celts (sold to Eminent Gold), Firenze (sold to Altitude Minerals), Table Mountain (optioned to Toogood Gold), and Hot Tip.
• Headwater Gold Inc.coreChannel Partner/ Reseller/ Distributor · 1 July 2021Partner on Spring Peak gold project in Nevada. Headwater can earn 100% interest by making cash payments totaling US$260,000, incurring US$250,000 in exploration expenditures within 24 months, and maintaining underlying vendor payments. Orogen retains 0.5% NSR royalty and option to purchase additional 0.5% NSR for US$1.0 million. Newmont (formerly Newcrest) has a stage 2 earn-in agreement with Headwater, spending US$60 million to earn 75% interest.
• Kodiak Copper Corp.coreChannel Partner/ Reseller/ Distributor · 1 April 2021Partner on MPD South copper-gold project in British Columbia. Orogen sold the Axe property to Kodiak in April 2021 for $1.47 million and a 2% NSR royalty (0.5% purchasable for C$2 million) on approximately 50 km². Kodiak announced initial MRE in December 2025 with Orogen's royalty area containing 134 Mlb copper and 0.14 Moz gold (Indicated) and 599 Mlb copper and 0.32 Moz gold (Inferred).

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Altius Minerals Corporation: Altius is a diversified mineral royalty and project generation company with a model nearly identical to Orogen's: organic royalty creation through alliances plus a portfolio of base/precious metal royalties. Altius has been a long-standing exploration-alliance partner of Orogen, making it the closest comparable in business model, scale ambition, and jurisdiction focus.
• Triple Flag Precious Metals Corp. Triple Flag is a pure precious-metals royalty and streaming company that acquired the original Orogen Royalties Inc. in July 2025. The two share the same commodity focus (gold/silver), jurisdiction overlap (Americas), and a streaming/royalty economic model, and Triple Flag now operates a generative alliance with the new Orogen entity.
• EMX Royalty Corporation: EMX Royalty is a royalty company built around a project-generation model that generates mineral royalties through partnerships with operators. Closely comparable in size, scope, and strategy—organic royalty creation, partnership-funded exploration, and global jurisdictional diversification.
• Vox Royalty Corp. Vox Royalty acquires and creates precious and base-metal royalties across the Americas. Comparable to Orogen in commodity mix, jurisdictional focus, and reliance on a portfolio of small royalties rather than a single flagship stream.
• Metalla Royalty & Streaming Ltd. Metalla is a precious-metals royalty and streaming company that builds a portfolio through both acquisitions and organic growth. Comparable in model (royalty accumulation) and commodity focus, with a similar mid-cap market profile.
• Gold Royalty Corp. Gold Royalty is a precious-metals royalty company with a North American focus and a portfolio built through both acquisitions and partnerships. Comparable to Orogen in commodity, geography, and growth-via-royalty-accumulation strategy.
• Sandstorm Gold Royalties: Sandstorm is a gold-focused royalty and streaming company with a portfolio that includes both producing royalties and development-stage streams. Comparable to Orogen in precious-metals royalty economics, though substantially larger in scale and capital base.

Broad incumbents

• Wheaton Precious Metals Corp. Wheaton is the world's largest precious-metals streaming company, primarily focused on silver and gold streaming agreements rather than NSR royalties. A broader incumbent that defines the streaming/royalty category Orogen operates in, with significantly larger scale and market presence.
• Franco-Nevada Corporation: Franco-Nevada is the largest gold-focused royalty and streaming company globally with a diversified portfolio of precious- and base-metal royalties. Operates in the same royalty economic model as Orogen but at vastly greater scale, jurisdiction breadth, and capital markets presence.
• Royal Gold, Inc. Royal Gold is a major precious-metals royalty and streaming company with a global portfolio focused on North and South America. A scaled incumbent whose NSR royalty contracts and streaming agreements structurally mirror Orogen's royalty economic model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/OrogenRoyalties
• LinkedInlinkedin.com/company/orogenroyalties

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Orogen Royalties