Orogen Royalties Inc (CVE: OGN) (OTCMKTS: OGNNF) (FRA: 5EV0) and Altius Minerals Corp (AB) (TSE: ALS) (OTCMKTS: ATUSF) (FRA: VTM) keep widening their search for new gold targets across Nevada. The pair has just secured the Serpent project, an early-stage greenfield property.
Orogen announced the deal on Sept. 10. Serpent covers 225 claims over about 18.8 square kilometres, roughly 25 kilometres northwest of Rachel, a small rural community in central Nevada. The location places the ground in the well-known Walker Lane trend, within reasonable distance from major producing mines such as Kinross Gold Corp‘s (TSE: K) (NYSE: KGC) (ETR: KIN2) Round Mountain operation and other active gold projects.
Early rock samples from the site returned modest gold values as high as 0.95 grams per tonne along several structures within an eight-kilometre stretch. There is no sign of past drilling. Orogen and Altius will carry out limited further mapping and sampling on the ground. Their main aim is then to offer the project to other companies under an option agreement or for sale. In a typical deal of this kind the buyer takes on the cost of drilling and development while Orogen and Altius keep a royalty that gives them a share of any metals later produced.
This latest step builds on a partnership that reaches back more than a decade. The two companies first worked together on exploration in Nevada around 2013. That early effort helped identify the Silicon deposit, later expanded into the Arthur Gold project by AngloGold Ashanti PLC (NYSE: AU) (FRA: HT3). Orogen and Altius both held royalties on the discovery. In 2025 those interests were sold or otherwise turned into cash and shares, delivering significant financial returns.
After that success they set up a formal ongoing gold alliance in 2022. Under this arrangement Altius provides most of the early funding while Orogen supplies technical knowledge and data. Costs and later proceeds are shared, and both sides keep royalty rights when projects move forward. The same arrangement has already produced several deals. Cuprite, Celts and Firenze were all early-stage gold projects the pair generated, then sold or optioned to other companies while each retained a royalty interest.
The companies run a separate copper alliance in the state as well. Altius funds the search for new copper targets in western and central Nevada, focusing on areas that share features with known deposits such as those in western Nevada’s prolific Yerington district. Orogen again contributes its expertise and data. The goal remains to generate projects, attract partners to fund further work and retain royalties.
Recent results for both firms reflect the benefits of higher metal prices and steady output. Orogen reported stronger royalty revenue in the second quarter of 2026, driven largely by its 2 per cent royalty on the Ermitaño gold and silver mine in Mexico, which is operated by First Majestic Silver Corp (TSE: AG) (NYSE: AG) (FRA: FMV). That royalty gives Orogen a fixed share of the value of metals produced at the mine. The company’s share price has risen sharply over the past year. Altius posted attributable royalty revenue of nearly C$30 million in the same quarter, supported by higher prices for copper, potash and other commodities. Its shares have also advanced strongly, rising by 111 per cent since last September.
Challenges inherently remain though. Serpent is still untested by drilling and many early-stage projects never become mines. Attracting the right partner can take time, metal prices can fall and permitting or market conditions can delay progress.
Read more: NevGold adds new CFO ahead of Limousine Butte engineering study
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