Orogen Royalties (TSE:OGN)
:OGN
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Orogen Royalties
(OGN)
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Rating:73Outperform
Price Target:
C$4.00
▲(50.94% Upside)
Action:UpgradedDate:05/02/26
The score is driven primarily by improved recent financial performance and a very low-leverage balance sheet, which reduce downside financial risk. This is tempered by cash-flow variability (including a notable 2025 free cash flow decline) and a history of volatile profitability. Technically, the stock shows constructive trend signals above major moving averages, while valuation appears reasonable on P/E but lacks dividend support.
Positive Factors
Conservative balance sheet
A near-zero leverage position materially reduces downside financial risk for a royalty company that faces exploration outcomes and commodity cycles. Low debt preserves optionality to acquire royalties or withstand development delays, lowering bankruptcy risk and supporting multi-quarter resilience.
Negative Factors
Choppy cash generation
Volatile free cash flow and a steep ~35% FCF decline in 2025 limit predictability of internal funding for new royalties or option payments. This variability increases reliance on external financing or asset monetization, raising execution risk for multi-quarter growth plans and deal pipelines.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
A near-zero leverage position materially reduces downside financial risk for a royalty company that faces exploration outcomes and commodity cycles. Low debt preserves optionality to acquire royalties or withstand development delays, lowering bankruptcy risk and supporting multi-quarter resilience.
Read all positive factors
Orogen Royalties (OGN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$220.82M
Dividend YieldN/A
Average Volume (3M)64.90K
Price to Earnings (P/E)16.1
Beta (1Y)1.96
Revenue Growth35.24%
EPS GrowthN/A
CountryCA
Employees10
SectorGeneral
Sector StrengthN/A
IndustryGold
Share Statistics
EPS (TTM)0.13
Shares Outstanding59,359,932
10 Day Avg. Volume36,462
30 Day Avg. Volume64,899
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)2.41
Price to Sales (P/S)5.80
P/FCF Ratio53.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)<0.01
Revenue Forecast (FY)C$6.10M
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, ...
How the Company Makes Money
Orogen Royalties makes money primarily through a royalty-based business model tied to third-party mineral projects. Key revenue and value drivers include: (1) Royalty income: When a project on which Orogen holds a royalty reaches production, Oroge...
Orogen Royalties Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 12.64M | 9.35M | 7.83M | 3.78M | 2.08M |
| Gross Profit | 12.56M | 9.27M | 7.74M | 3.65M | 1.89M |
| EBITDA | 6.40M | 4.40M | 3.14M | 841.03K | -1.19M |
| Net Income | 4.56M | 2.59M | 3.04M | 840.18K | -2.83M |
Balance Sheet | |||||
| Total Assets | 31.92M | 69.76M | 62.59M | 53.11M | 51.67M |
| Cash, Cash Equivalents and Short-Term Investments | 23.59M | 24.23M | 16.93M | 11.37M | 9.12M |
| Total Debt | 187.69K | 256.67K | 191.23K | 235.03K | 229.30K |
| Total Liabilities | 1.51M | 1.65M | 1.01M | 833.21K | 974.57K |
| Stockholders Equity | 30.41M | 68.11M | 61.58M | 52.28M | 50.69M |
Cash Flow | |||||
| Free Cash Flow | 1.36M | 3.05M | -498.60K | 671.42K | -3.56M |
| Operating Cash Flow | 1.36M | 3.05M | 1.36M | 687.12K | -3.53M |
| Investing Cash Flow | -422.90K | 1.02M | -3.80M | -349.41K | 2.05M |
| Financing Cash Flow | -7.03M | 2.92M | 5.29M | 251.49K | 718.10K |
Orogen Royalties Technical Analysis
Positive
2.65
Price Trends
3.34
Positive
3.12
Positive
2.55
Positive
Market Momentum
0.15
Negative
59.36
Neutral
76.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:OGN, the sentiment is Positive. The current price of 2.65 is below the 20-day moving average (MA) of 3.45, below the 50-day MA of 3.34, and above the 200-day MA of 2.55, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 59.36 is Neutral, neither overbought nor oversold. The STOCH value of 76.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:OGN.
Orogen Royalties Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | C$220.82M | 16.06 | 8.39% | ― | 35.24% | ― | |
63 Neutral | C$177.79M | 13.21 | 21.93% | ― | 148.00% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | C$145.97M | 16.60 | 7.23% | 8.87% | 28.16% | -30.00% | |
53 Neutral | C$265.37M | 104.51 | 4.67% | 2.07% | 20.80% | 203.88% | |
52 Neutral | C$147.17M | 30.75 | 24.84% | ― | ― | 131.21% | |
45 Neutral | C$164.86M | -34.09 | -5.85% | ― | ― | 85.77% |
* General Sector Average
TSE:OGN
Orogen Royalties
3.72
2.60
232.14%
TSE:GG
Golconda Gold
2.49
2.09
522.50%
TSE:MJS
Majestic Gold
0.14
0.03
22.81%
TSE:NCAU
Newcore Gold
0.58
0.02
3.57%
TSE:XTG
Xtra-Gold Resource
3.16
1.26
66.32%
TSE:FISH
Sailfish Royalty
3.48
1.45
71.26%
Orogen Royalties Corporate Events
Business Operations and Strategy
Orogen Royalties Sees Major Resource Growth at Ermitaño Gold-Silver Royalty in Mexico
Positive
Apr 9, 2026
Orogen Royalties reported a substantial update to mineral reserves and resources at the Ermitaño concession, where it holds a 2% NSR royalty on production from the Santa Elena gold-silver mine in Sonora. Total measured and indicated resources...
Business Operations and StrategyFinancial Disclosures
Orogen Royalties Posts Record 2025 Results and Eyes Strong 2026 on Ermitaño Upside
Positive
Mar 24, 2026
Orogen Royalties reported a record 2025 financial performance, with total revenue rising 32% to $13.1 million, driven by a 22% increase in Ermitaño royalty income to $9.6 million and a 114% jump in prospect generation revenue to $3.0 million....
Business Operations and StrategyPrivate Placements and Financing
Orogen Royalties Cancels Financing but Sticks to Aggressive Growth Plans
Positive
Mar 19, 2026
Orogen Royalties Inc. has decided not to proceed with its previously announced private placement, saying it remains well funded to pursue its project generation and royalty acquisition strategy in precious and base metals across western North Amer...
Business Operations and StrategyPrivate Placements and Financing
Orogen Royalties Targets Up to $10 Million in Private Placement to Expand Metals Royalty Portfolio
Positive
Mar 12, 2026
Orogen Royalties plans to raise up to $10 million through a non-brokered private placement of as many as 2,890,274 common shares at $3.46 per share, aiming to fund generative exploration initiatives, potential royalty acquisitions, and bolster wor...
Business Operations and StrategyM&A Transactions
Orogen Royalties Options Nevada Table Mountain Gold Project to Toogood Gold
Positive
Mar 2, 2026
Orogen Royalties and alliance partner Altius Minerals have signed a binding letter of intent to option their Table Mountain gold project in eastern Nevada to junior explorer Toogood Gold. The 184-claim property hosts an underexplored epithermal ve...
Business Operations and StrategyM&A Transactions
Orogen Royalties Secures New 2% NSR on Nevada’s Ecru Gold Project
Positive
Feb 27, 2026
Orogen Royalties has entered into a purchase and sale agreement with Quebec Nickel Corp. under which Quebec Nickel can acquire a 100% interest in the Ecru gold project in Nevada for $540,000 in cash and shares, and will grant Orogen a non-buyable ...
Business Operations and StrategyExecutive/Board Changes
Orogen Royalties Issues Annual Equity Awards Under Omnibus Plan
Neutral
Feb 14, 2026
Orogen Royalties Inc. has approved its annual share-based compensation awards, granting 132,000 restricted share units, 29,000 deferred share units, and 618,000 stock options to directors, officers, employees, and consultants under its omnibus equ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.