Heads Up Poker Podcast

Today, Steve Barton is joined by Paddy Nicol, CEO of Orogen Royalties, for a deep-dive into one of the most pivotal royalty deals in recent history. Orogen just inked a $421 million acquisition agreement with Triple Flag Precious Metals—a deal that revolves around the crown jewel of its portfolio: the Silicon Merlin gold royalty in Nevada. Paddy unpacks the thinking behind the sale, explaining why locking in value now—before Silicon Merlin's full resource potential is realized—could be a once-in-a-decade wealth event for shareholders. But this isn’t an exit. It's a transformation. Shareholders will receive cash, Triple Flag shares, and a stake in a newly launched SpinCo holding Orogen’s remaining 27 royalty assets, a $24 million cash treasury, and the same battle-tested management team. He also highlights which hidden royalty assets may become the next Silicon—like La Rica in Colombia, Spring Peak in Nevada, and MPD South in British Columbia. Whether you’re tracking mining M&A, investing in royalty firms,