Orogen Royalties Ermitaño Resource Update
Analysis based on 6 articles · First reported Apr 09, 2026 · Last updated Apr 09, 2026
The significant increase in gold and silver resources at the Ermitaño concession is expected to positively impact Orogen Royalties due to its 2% NSR royalty, potentially leading to higher future royalty income. For First Majestic Silver, the operator, these expanded resources suggest a meaningful life-of-mine extension for the Santa Elena gold-silver mine, which could enhance its long-term production outlook and stock performance.
Orogen Royalties announced an update to the Mineral Reserve and Resource estimates on the Ermitaño concession, which is part of First Majestic Silver's Santa Elena gold-silver mine in Mexico — Sonora, Mexico. Orogen Royalties holds a 2% net smelter return royalty on the Ermitaño concession. The update for December 31, 2025, shows a substantial increase in both Measured and Indicated, and Inferred Resources for Gold and Silver. Specifically, Inferred Resources for Gold increased by 63% and for Silver by 133% year-over-year, largely driven by lower cutoff values, infill drilling, and the expansion of the Navidad vein system. Paddy Nicol, CEO of Orogen Royalties, highlighted the strong exploration results and the potential for life-of-mine extension. First Majestic Silver plans 78,000 meters of drilling in 2026 across the Santa Elena mine complex.
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