About Us
Orogen is a royalty and mineral exploration company engaged in the business of royalty creation and acquisition. Our vision is to maximize investment returns while managing risks to create value in a sustainable manner.
Project Generation
•High-quality exploration projects
•Cash and share payments retained through exploration partnerships
•Royalties retained offering exposure to success
Royalty Portfolio
•Growing royalty portfolio has been assembled sustainably and profitably
•Key royalty assets were generated through prospect generation
Key Royalty Assets
•Cash flowing 2.0% NSR Royalty on the Ermitaño mine in Sonora, Mexico where a new Navidad discovery was announced
•The 1.0% NSR Royalty on the Expanded Silicon project in Nevada
Strong Balance Sheet
•Strong financial performance underpinned by royalty revenue from Ermitaño, financial discipline and the generation of high-quality royalties at zero or negative cost
Proven Business Model
•The 1.0% NSR Royalty on the Expanded Silicon project subject to a C$421 million acquisition
•Orogen Spinco will provide a strong platform for management to continue to deliver value to our shareholders
Triple Flag Transaction Proposal
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Proposed Transaction
•Triple Flag Precious Metals (“Triple Flag”) to acquire Orogen (“Orogen”) including the 1.0% NSR royalty on the Expanded Silicon project in Nevada operated by AngloGold Ashanti
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Consideration
•C$2.00 per share (C$421 million) (38% premium as of April 17, 2025)oC$1.63 (C$343 million) is attributable to the Silicon royalty and C$0.37 (C$78 million) is attributable to SpinCo•Orogen shareholders elect to receive either C$1.63 in cash or 0.05355 of a Triple Flag share, and $0.37 consisting 0.25 shares in a new SpinCo to be called Orogen.
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SpinCo (new “Orogen”)
•To be led by same Orogen management team with all assets and cash ex-Silicon•Triple Flag to also invest $10 million into SpinCo for ~11.4% interest
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Approvals
•Shareholder approval (June 27, 2025)•Regulatory and court approvals and other customary closing conditions
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Support
•Altius Minerals, Adrian Day Asset Management and Euro Pacific Asset Management, and all Orogen officers and directors (39.5% of Orogen).
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Expected Timing
•Expected closing in July 2025