Orogen Royalties (OGN) AI Stock Analysis

• Market Cap: C$190.55M
• Dividend Yield: N/A
• Average Volume (3M): 64.90K
• Price to Earnings (P/E): 41.6
• Beta (1Y): 1.98
• Revenue Growth: 39.37%
• EPS Growth: N/A
• Country: CA
• Employees: 10
• Sector: General
• Sector Strength: N/A
• Industry: Gold
• EPS (TTM): 0.01
• Shares Outstanding: 59,359,932
• 10 Day Avg. Volume: 36,462
• 30 Day Avg. Volume: 64,899
• PEG Ratio: -5.44
• Price to Book (P/B): 3.88
• Price to Sales (P/S): 28.31
• P/FCF Ratio: 86.71
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: C$3.50 ▲(32.08% Upside)

The score is primarily supported by strong profitability and very low financial leverage, but it is held back by declining free cash flow/equity. Technically, momentum is strong, yet overbought signals raise near-term risk. Valuation is a notable headwind given the high P/E and no stated dividend yield.

Positive Factors

High profitability margins

Very high gross and solid net margins reflect the royalty business’s low operating cost structure and pricing capture. These margins support durable cash conversion and resilience across metal cycles, enabling reinvestment into new royalties or funding distributions without heavy capex.

Minimal financial leverage

Extremely low leverage materially reduces balance-sheet risk and preserves financial optionality. That structural strength allows Orogen to pursue accretive royalty acquisitions or absorb production variability without debt distress, improving long-term stability and strategic flexibility.

Royalty/streaming business model

The royalty model delivers exposure to resource upside while avoiding explorer/operator capex and operational risk. This durable business model yields scalable, cash-generative revenue streams and supports portfolio diversification, enabling compounded growth with lower capital intensity.

Negative Factors

Declining free cash flow

A 20% drop in free cash flow constrains the company's ability to fund acquisitions, pay dividends, or build reserves internally. Persisting FCF weakness would force reliance on external capital or equity issuance, diluting returns and limiting the firm's capacity to expand its royalty portfolio.

Erosion of stockholders' equity

A downward trend in shareholder equity reduces the firm’s capital buffer against operational shocks and can signal recurring payouts, write-downs, or dilution. Over time this weakens balance-sheet resilience and may limit the company’s ability to underwrite or co-invest in new royalties.

Declining EBIT versus prior year

A fall in EBIT indicates pressure on operating earnings despite strong margins, potentially from lower royalty receipts or higher operating/administrative costs. Sustained EBIT decline would reduce free cash flow and limit capacity to pursue growth or withstand commodity-related volatility.

Orogen Royalties Business Overview & Revenue Model

Company Description

Orogen Royalties Inc. operates as a mineral exploration company in Canada, the United States, and Mexico. The company operates through two segments, Mineral Royalties and Mineral Exploration Project Generation. It has a portfolio of gold, copper, silver, and precious and base metal royalty projects. The company holds interest in the La Verdad epithermal gold-silver project in Durango, Mexico. It has an option to acquire the Lemon Lake property; the Ecru project; the Manhattan Gap; the South Gilbert; the Kalium Canyon project; and the Ghost Ranch project. The company was formerly known as Evrim Resources Corp. and changed its name to Orogen Royalties Inc. in August 2020. Orogen Royalties Inc. was incorporated in 2005 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Orogen Royalties generates revenue primarily through its portfolio of mineral royalties, which entitles the company to a percentage of the revenue or profit generated from the extraction of minerals from specific properties. This revenue model allows Orogen to earn income without the direct costs of mining operations, such as exploration, development, or operational expenses. Key revenue streams include upfront payments from mining companies for acquiring royalties, ongoing royalty payments based on production levels, and potential milestone payments as projects progress. Orogen also benefits from strategic partnerships with various mining companies, which can enhance its royalty portfolio and provide additional avenues for revenue generation through joint ventures or collaborative exploration initiatives.

Orogen Royalties Financial Statement Overview

Summary

Strong profitability (99.2% gross margin; 30.8% net margin) and very low leverage (debt-to-equity 0.0066) support a solid financial profile. Offsetting this, EBIT declined versus the prior year and free cash flow fell 20.18%, with stockholders’ equity also trending down, which raises durability concerns.

Income Statement

Orogen Royalties shows strong profitability with a high gross profit margin of 99.2% and a net profit margin of 30.8% in TTM. Revenue growth is positive at 2.93%, indicating steady expansion. EBIT and EBITDA margins are robust, reflecting efficient operations. However, the declining EBIT from the previous year suggests potential challenges in maintaining operational efficiency.

Balance Sheet

The company maintains a very low debt-to-equity ratio of 0.0066, indicating minimal leverage and financial risk. Return on equity is moderate at 5.3%, showing decent profitability relative to shareholder investment. The equity ratio is strong, suggesting a solid financial structure. However, the decline in stockholders' equity over the years could be a concern for long-term stability.

Cash Flow

Operating cash flow is healthy with a coverage ratio of 2.11, indicating good cash generation relative to net income. However, the free cash flow has declined by 20.18%, which could impact future investments. The free cash flow to net income ratio is strong at 0.82, showing efficient cash conversion, but the negative growth trend is a potential risk.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	10.45M	9.35M	7.83M	3.78M	2.08M	240.20K
Gross Profit	10.37M	9.27M	7.74M	3.65M	1.89M	72.15K
EBITDA	5.54M	4.40M	3.14M	841.03K	-1.19M	-3.68M
Net Income	4.14M	2.59M	3.04M	840.18K	-2.83M	-87.57M
Balance Sheet
Total Assets	28.55M	69.76M	62.59M	53.11M	51.67M	11.93M
Cash, Cash Equivalents and Short-Term Investments	20.33M	24.23M	16.93M	11.37M	9.12M	10.84M
Total Debt	205.30K	256.67K	191.23K	235.03K	229.30K	333.13K
Total Liabilities	1.99M	1.65M	1.01M	833.21K	974.57K	1.05M
Stockholders Equity	26.56M	68.11M	61.58M	52.28M	50.69M	10.88M
Cash Flow
Free Cash Flow	2.08M	3.05M	-498.60K	671.42K	-3.56M	-3.87M
Operating Cash Flow	2.64M	3.05M	1.36M	687.12K	-3.53M	-3.79M
Investing Cash Flow	-983.27K	1.02M	-3.80M	-349.41K	2.05M	-1.16M
Financing Cash Flow	-7.32M	2.92M	5.29M	251.49K	718.10K	4.97M

Orogen Royalties Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2.65
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:OGN, the sentiment is Neutral. The current price of 2.65 is below the 20-day moving average (MA) of 3.44, below the 50-day MA of 2.83, and above the 200-day MA of 1.96, indicating a neutral trend. The MACD of 0.15 indicates Positive momentum. The RSI at 49.66 is Neutral, neither overbought nor oversold. The STOCH value of 14.08 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:OGN.

Orogen Royalties Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MJS	71 Outperform	C$187.68M	16.22	7.20%	8.87%	28.21%	-9.76%
OGN	69 Neutral	C$190.55M	41.58	9.02%	―	39.37%	―
GG	67 Neutral	C$245.62M	24.23	14.01%	―	145.27%	―
XTG	64 Neutral	C$161.85M	37.57	23.36%	―	―	379.90%
FISH	61 Neutral	C$327.13M	198.61	3.44%	2.07%	5.24%	-17.24%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
NCAU	49 Neutral	C$205.52M	-47.27	-5.92%	―	―	-7.14%

Orogen Royalties Corporate Events

Orogen Royalties Sets Record Exploration Year and Maps Aggressive 2026 Growth Across Key Copper-Gold Assets

Orogen Royalties reported a record year in 2025, with partners funding more than 37,800 metres of drilling and roughly $30 million in exploration, including over 21,000 metres of resource conversion and expansion drilling at the Navidad/Winter and Luna targets at the Ermitaño gold-silver mine in Mexico. The company received over $4.1 million from project sales and partner payments, added four new royalties and three exploration alliances, and deployed more than $3.4 million on generative copper and gold exploration, the majority funded by alliance partners across western Canada and the United States. Looking ahead to 2026, Orogen expects around 40,000 metres of additional partner-funded drilling across 12 programs, ongoing work under three strategic alliances with Altius Minerals, South32 and Triple Flag Precious Metals, and resource updates from key royalty assets including a new Ermitaño mineral resource estimate and continued expansion drilling at Kodiak Copper’s MPD South porphyry project, which now has an initial mineral resource and where Orogen holds both equity and a 2% NSR. Additional drilling success at the HWY 37 copper-gold project in British Columbia, including a blind porphyry discovery by Kingfisher Metals, underscores growing technical momentum in Orogen’s royalty pipeline and supports the company’s positioning as a leveraged, low-cost participant in multiple early- and advanced-stage copper-gold systems.

The most recent analyst rating on (TSE:OGN) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Orogen Royalties stock, see the TSE:OGN Stock Forecast page.

Orogen Royalties Highlights Exploration Gains at Ermitaño as Santa Elena Expansion Advances

Orogen Royalties reported continued exploration success on the Ermitaño royalty area of interest in Sonora, Mexico, where operator First Majestic Silver has extended gold and silver mineralization at the Navidad and Winter veins to roughly 1,200 metres along strike and 400 metres down dip, with several high-grade drill intercepts. The ongoing drilling, resource conversion work at the Luna area, preliminary mine planning studies for Navidad, and a planned processing plant expansion from 3,200 to 3,500 tonnes per day support the potential for longer mine life and higher throughput at Santa Elena, underpinning the long-term value and sustainability of Orogen’s cash-flowing 2% NSR royalty on the Ermitaño concession.

The most recent analyst rating on (TSE:OGN) stock is a Buy with a C$2.50 price target. To see the full list of analyst forecasts on Orogen Royalties stock, see the TSE:OGN Stock Forecast page.

Orogen Royalties Highlights Initial Resource Estimate at MPD Project

Orogen Royalties has announced an initial Mineral Resource Estimate for Kodiak Copper’s MPD copper-gold project, highlighting significant copper and gold resources in the southern area where Orogen holds a royalty interest. The estimate reveals substantial indicated and inferred resources, with potential for further growth as the deposits remain open in several directions. This development marks a significant milestone for both Orogen and Kodiak, potentially enhancing Orogen’s market position and offering promising prospects for stakeholders.

The most recent analyst rating on (TSE:OGN) stock is a Buy with a C$2.50 price target. To see the full list of analyst forecasts on Orogen Royalties stock, see the TSE:OGN Stock Forecast page.

Orogen Royalties Reports Strong Q3-2025 Financial Results

Orogen Royalties Inc. reported strong financial results for Q3-2025, with net income before tax rising significantly to $1.32 million from $0.25 million in the previous year. The company’s royalty revenue increased by 9% to $2.3 million, despite a decrease in gold equivalent ounces sold. Orogen’s cash flow from operating activities remained robust, and the company maintained a strong working capital position of $21.64 million, allowing it to continue expanding its royalty portfolio. These results underscore the resilience and scalability of Orogen’s business model, positioning it well for future growth and value creation.

The most recent analyst rating on (TSE:OGN) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on Orogen Royalties stock, see the TSE:OGN Stock Forecast page.

Orogen Royalties Grants 2 Million Stock Options Under Equity Plan

Orogen Royalties Inc. has announced the grant of 2,000,000 incentive stock options to its directors, officers, employees, and consultants as part of its Omnibus Equity Incentive Compensation Plan. These stock options, which have a five-year life and an exercise price of $2.20, will vest over three years and are subject to regulatory acceptance by the TSX Venture Exchange. This move reflects Orogen’s commitment to incentivizing its team and aligning their interests with the company’s growth objectives.

The most recent analyst rating on (TSE:OGN) stock is a Buy with a C$2.50 price target. To see the full list of analyst forecasts on Orogen Royalties stock, see the TSE:OGN Stock Forecast page.