# Orogen Royalties Announces Mineral Reserve and Resource Update on Producing Ermita&\#xF1;o Royalty Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5 Original source: https://money.tmx.com/en/quote/OGN/news/6900712900057729/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi Publisher: tmx Original announcement: 2026-04-09T12:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Orogen Royalties Inc. - Ticker: OGN - Exchange: TSX - Region: Sonora, Mexico - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Resource update - Extracted: 2026-08-24 02:37:06 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Orogen Royalties has announced a significant update to the Mineral Reserve and Resource estimates for the Ermitaño royalty in Mexico. The update highlights substantial year-over-year increases in gold and silver resources, driven by infill drilling and the expansion of the Navidad vein system. Reasoning: The update shows substantial growth in both M&I and Inferred resources, driven by both geological expansion \(Navidad\) and improved confidence through infill drilling. - Positive factor: Significant tonnage and metal growth - Positive factor: Infill drilling converting Inferred to M&I - Positive factor: Expansion of Navidad vein system - Positive factor: Strong contained metal increases - Negative factor: Growth partially driven by lower cutoff values Facts used in scoring: 18 ## Classification and evidence **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the resource is in the Inferred category, particularly the Navidad system. Evidence · text > Total Inferred Resources of 11.52 million tonnes **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides a revised estimate of the mineral reserves and resources. Evidence · text > Announces Mineral Reserve and Resource Update ## Extracted facts Stored fact records: 18. Some facts used in scoring do not have a stored record. ## Resource Estimates (18) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-0) gold #### Identity - Commodity: gold - Ticker: OGN #### Resource Data - Category: proven - Tonnes: 680000 - Grade: 2.29 - Grade Unit: g/t - Contained Metal: 50 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Proven underground reserve component. Evidence · table > 2.29 Context: 0.68 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-1) silver #### Identity - Commodity: silver - Ticker: OGN #### Resource Data - Category: proven - Tonnes: 680000 - Grade: 1.29 - Grade Unit: moz - Contained Metal: 1290000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Proven underground reserve component. Evidence · table > 1.29 Context: 0.68 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-2) gold #### Identity - Commodity: gold - Ticker: OGN #### Resource Data - Category: proven - Tonnes: 240000 - Grade: 1.74 - Grade Unit: g/t - Contained Metal: 10 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Proven stockpile reserve component. Evidence · table > 1.74 Context: 0.24 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-3) silver #### Identity - Commodity: silver - Ticker: OGN #### Resource Data - Category: proven - Tonnes: 240000 - Grade: 0.35 - Grade Unit: moz - Contained Metal: 350000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Proven stockpile reserve component. Evidence · table > 0.35 Context: 0.24 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-4) gold #### Identity - Commodity: gold - Ticker: OGN #### Resource Data - Category: probable - Tonnes: 3390000 - Grade: 1.16 - Grade Unit: g/t - Contained Metal: 130 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Probable underground reserve component. Evidence · table > 1.16 Context: 3.39 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-5) silver #### Identity - Commodity: silver - Ticker: OGN #### Resource Data - Category: probable - Tonnes: 3390000 - Grade: 3.15 - Grade Unit: moz - Contained Metal: 3150000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Probable underground reserve component. Evidence · table > 3.15 Context: 3.39 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-6) gold #### Identity - Commodity: gold - Ticker: OGN #### Resource Data - Category: measured - Tonnes: 1440000 - Grade: 2.4 - Grade Unit: g/t - Contained Metal: 110 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Measured resource component. Evidence · table > 2.40 Context: 1.44 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-7) silver #### Identity - Commodity: silver - Ticker: OGN #### Resource Data - Category: measured - Tonnes: 1440000 - Grade: 2.49 - Grade Unit: moz - Contained Metal: 2490000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Measured resource component. Evidence · table > 2.49 Context: 1.44 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-8) gold #### Identity - Commodity: gold - Ticker: OGN #### Resource Data - Category: indicated - Tonnes: 5690000 - Grade: 1.49 - Grade Unit: g/t - Contained Metal: 270 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Indicated resource component. Evidence · table > 1.49 Context: 5.69 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-9) silver #### Identity - Commodity: silver - Ticker: OGN #### Resource Data - Category: indicated - Tonnes: 5690000 - Grade: 6.39 - Grade Unit: moz - Contained Metal: 6390000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Indicated resource component. Evidence · table > 6.39 Context: 5.69 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-10) gold #### Identity - Commodity: gold - Ticker: OGN #### Resource Data - Category: inferred - Tonnes: 5100000 - Grade: 1.28 - Grade Unit: g/t - Contained Metal: 210 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Inferred resource for Ermitano domain. Evidence · table > 1.28 Context: 5.10 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-11) silver #### Identity - Commodity: silver - Ticker: OGN #### Resource Data - Category: inferred - Tonnes: 5100000 - Grade: 5.78 - Grade Unit: moz - Contained Metal: 5780000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Inferred resource for Ermitano domain. Evidence · table > 5.78 Context: 5.10 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-12) gold #### Identity - Commodity: gold - Ticker: OGN #### Resource Data - Category: inferred - Tonnes: 6420000 - Grade: 2.21 - Grade Unit: g/t - Contained Metal: 460 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Inferred resource for Navidad domain, showing significant expansion. Evidence · table > 2.21 Context: 6.42 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-13) silver #### Identity - Commodity: silver - Ticker: OGN #### Resource Data - Category: inferred - Tonnes: 6420000 - Grade: 18.41 - Grade Unit: moz - Contained Metal: 18410000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Inferred resource for Navidad domain, showing significant expansion. Evidence · table > 18.41 Context: 6.42 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-14) silver #### Identity - Commodity: silver - Ticker: OGN #### Resource Data - Category: indicated - Tonnes: 7130000 - Grade: 8.88 - Grade Unit: moz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Indicated resource component. \(Expanded from multi-commodity resource table for completeness.\) Evidence · table > 8.88 Context: 7.13 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-15) gold #### Identity - Commodity: gold - Ticker: OGN #### Resource Data - Category: indicated - Tonnes: 7130000 - Grade: 1.39 - Grade Unit: g/t - Contained Metal: 380 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Indicated resource component. \(Expanded from multi-commodity resource table for completeness.\) Evidence · table > 1.39 Context: 7.13 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-16) silver #### Identity - Commodity: silver - Ticker: OGN #### Resource Data - Category: inferred - Tonnes: 11520000 - Grade: 24.19 - Grade Unit: moz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Inferred resource for Ermitano domain. \(Expanded from multi-commodity resource table for completeness.\) Evidence · table > 24.19 Context: 11.52 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/orogen-royalties-announces-mineral-reserve-and-resource-update-on-producing-ermi--bf67eea8-7f3f-4ef9-b415-1518c54f45b5#fact-resource-facts-17) gold #### Identity - Commodity: gold - Ticker: OGN #### Resource Data - Category: inferred - Tonnes: 11520000 - Grade: 1.8 - Grade Unit: g/t - Contained Metal: 670 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-09T00:00:00.000Z Reasoning: Inferred resource for Ermitano domain. \(Expanded from multi-commodity resource table for completeness.\) Evidence · table > 1.80 Context: 11.52 ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.