On April 21, 2025, Triple Flag Precious Metals Corp. (TSX: TFPM, NYSE: TFPM) announced an agreement to acquire all issued and outstanding shares of Orogen Royalties Inc. (TSX.V: OGN, OTCQX: OGNRF) in a transaction valued at approximately C$421 million. The transaction closed on July 9, 2025. Orogen shareholders received C$2.00 per share, consisting of approximately C$171.5 million in cash, C$171.5 million in Triple Flag shares, and shares of Orogen SpinCo valued at C$78 million.

Triple Flag also invested C$10 million for an 11% stake in Orogen SpinCo, which retained all mineral interests except for the 1.0% NSR royalty on the Arthur Gold project in Nevada. Orogen SpinCo was renamed Orogen Royalties Inc. and began trading on the TSX Venture Exchange under the symbol "OGN" on July 11, 2025. The deal provided a 38% premium to Orogen’s April 17, 2025 closing price and was funded through Triple Flag’s $700 million undrawn credit facility. Upon closing, Orogen shareholders own approximately 3% of Triple Flag.

Scotiabank and Torys LLP advised Triple Flag, while National Bank Financial and Osler, Hoskin & Harcourt LLP advised Orogen. Fairness opinions were provided by Scotiabank (Triple Flag) and National Bank Financial (Orogen). A new exploration alliance between Triple Flag and Orogen will focus on gold and silver targets in the western U.S.