Orogen Royalties Inc.
Orogen Royalties Inc. is a royalty company built around a 2% net smelter return royalty on First Majestic's producing Ermitaño mine and the surrounding 167km2 land package in Sonora, Mexico, alongside a broader partner-funded royalty portfolio spanning the United States, Canada, Argentina, Kenya and Colombia. In H1 2026 Orogen's royalty and option partners funded approximately 44,000 metres of drilling across the portfolio, and the company received $1.72 million in royalty/option payments year-to-date.
Jurisdiction (40%, counts 100% here)9/10
Canadian-domiciled royalty company; the rating reflects its home jurisdiction rather than any single mine. Its principal royalty is on the producing Ermitaño mine in Sonora, Mexico, a jurisdiction with a long operating history but more variable permitting and security conditions than Canada.
Infrastructure (40%)Not scored
A royalty/streaming company holds interests in other operators' mines rather than building its own, so a flagship infrastructure checklist isn't scored for it.
Nearby producing mine (20%)Not scored
Not scored for a royalty/streaming company, which doesn't build or run a mine of its own.
Your Rankings
Orogen Royalties Inc. does not operate mines, so it has no technical study of its own. What it holds instead is a book of royalty and stream interests in other companies' assets -- the portfolio below. Only figures the company has actually disclosed are shown; nothing here is estimated.
| Asset | Commodity | Interest | Rate / price | Stage |
|---|---|---|---|---|
Ermitaño First Majestic Silver Corp. · Mexico | Gold | Royalty NSR | 2% | Production |
Rosterman Shanta Gold Limited · Kenya | Gold | Royalty NSR | 3% | — |
Sigalagala Shanta Gold Limited · Kenya | Gold | Royalty NSR | 3% | — |
Bukura Shanta Gold Limited · Kenya | Gold | Royalty NSR | 3% | — |
Kalium Canyon | Gold | Royalty NSR | — | — |
Maggie Creek Nevada Gold Mines · USA | Gold | Royalty NSR | 2% | — |
Los Coyotes Fresnillo plc · Mexico | Gold | Royalty NSR | 1% | — |
Tabor i-80 Gold Corp. · USA | Gold | Royalty NSR | — | — |
Cumobabi First Majestic Silver Corp. · Mexico | Gold | Royalty NSR | 1.5% | — |
Hwy 37 Kingfisher Metals Inc. · Canada | Copper | Royalty NSR | — | — |
Two Peaks Operator not disclosedUSA | Other | Royalty | — | — |
Management Team
President, Chief Executive Officer and Director of Orogen Royalties Inc., known as Paddy Nicol. Joined Orogen in 2020 via the merger of Renaissance Gold and Evrim Resources, where he was co-founder and CEO since 2011. Over two decades of experience managing mineral exploration companies. Holds an MBA from Royal Roads University and a B.A. in Economics from Simon Fraser University.
Chief Financial Officer of Orogen Royalties Inc. Chartered Professional Accountant (CPA, CGA) with over 20 years of finance leadership experience in public organizations, having completed over $100 million of financing for mining projects. Holds degrees in Finance and Economics from the University of Calgary.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Orogen Royalties (the renamed Spinco that emerged 11 July 2025 when Triple Flag acquired the original Orogen Royalties Inc. and spun off its exploration assets and Ermitano royalty into this new, separate public company) is backed by two major publicly-traded royalty companies -- Triple Flag Precious Metals, which invested C$10 million directly into the Spinco at close for an 11.38% stake, and Altius Minerals, which holds 16.66% received as consideration for its stake in the old company -- alongside dedicated gold-sector specialist funds Adrian Day Asset Management and the EuroPac Gold Fund. Two different company insiders bought shares on the open market within days of each other in July 2026.
No notable insiders tracked for this miner yet.