Orogen Royalties Reports Updated Mineral Reserves at Ermitaño

Orogen Royalties Inc. has announced an update on the mineral reserves and resources of its Ermitaño concession within First Majestic Silver Corp.'s Santa Elena mine in Sonora, Mexico. Orogen holds a 2% net smelter return royalty on 167 square kilometers of potential mineral-rich ground. This significant update reveals increased measured and indicated resources, with 380,000 ounces of gold and 8.9 million ounces of silver recorded for 2025. Similarly, inferred resources also saw a substantial rise, now showing 670,000 ounces of gold and 24.2 million ounces of silver.

These increases are attributed to lower cutoff values from revised metal price guidance, infill drilling, and expanded exploration of the Navidad vein system. The effort resulted in a year-over-year rise of 26% in gold and 42% in silver for measured and indicated resources, and 63% in gold and 133% in silver for inferred resources. The Primera Navidad system notably contributed to this expansion, offering life-of-mine extension prospects. In 2026, First Majestic plans for 78,000 meters of drilling in the Santa Elena complex.