Orogen (OGNRF) holds a 2% net smelter return royalty on First Majestic Silver Corp.’s (AG) Ermitano Mine, that forms part of the Santa Elena mine complex in Sonora, Mexico. According to First Majestic, production guidance within the Santa Elena complex for 2026 is 64,000 to 71,000 ounces gold and 1.3 to 1.5M ounces silver. Orogen estimates that over 90% of the production from the Santa Elena mine will come from the Ermitano mine. This would result in royalty revenues between C$7.1M and C$10.3M based on gold price ofS$4,290 per ounce and silver price of $52 per ounce.
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