Neither TSX Venture Exchange nor its Regula7on Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Orogen Royal,es Provides Year-end Royalty Update

Orogen Royal,es Provides Year-end Royalty Update and 2024 Forecast

Vancouver, B.C. January 29, 2024 (TSX.V:OGN) (OTCQX:OGNRF) Orogen Royal,es Inc. (“Orogen” or the “Company”) is pleased to provide a 2023 year-end update on its royalty porBolio and forecast for 2024.

Paddy Nicol, Orogen’s CEO commented, “Orogen saw con,nued strong opera,ng performance from First Majes,c Silver Corp.’s (“First Majes,c”) Ermitaño mine and several significant advancements were made on AngloGold Ashan, NA’s (“AngloGold”) Expanded Silicon project. At the Ermitaño mine, solid produc,on and record metal recoveries were achieved in Q4-2023, with robust produc,on guidance for 2024. At the Expanded Silicon project, AngloGold con,nues to develop the Silicon deposit and the Merlin Explora,on Target ^A with over 719 drill holes completed as of Q3-2023. An ini,al Mineral Resource declara,on at Merlin is expected in early 2024. Orogen’s other royalty assets also saw advancement with drilling, explora,on, and permiZng on various projects including the MPD South and Onjo projects in Bri,sh Columbia, and the Cuprite project in Nevada.”

2023 Highlights

• The Ermitaño gold-silver mine in Mexico, where the Company holds a 2% net smelter return (“NSR”) royalty, produced 28,056 ounces of gold and 582,484 ounces of silver in 4Q-2023, represen,ng a 1% decrease in gold ounces and a 67% increase in silver ounces from 3Q-2023. Gold and silver recoveries achieved a record 96% and 73%, respec,vely.
• The Expanded Silicon project in Nevada, where the Company holds a 1% NSR royalty, ended the year with a 4.22 million ounce gold resource (3.22 million ounces indicated and 800,000 ounces inferred) at the Silicon Deposit, and a 6-8 million ounces gold Explora,on Target ^A at the Merlin Area. Several key catalysts are expected at the Expanded Silicon project over the short term.
• Significant progress on Kodiak Copper Corp.’s (“Kodiak”) (TSX.V:KDK) MPD copper-gold project in Bri,sh Columbia, where the Company holds a 2% NSR royalty on the MPD South lands. Using a Cadia-Ridgeway style explora,on model as a key tool for project advancement, the West Zone has been expanded to 650 metres along strike, 350 metres width and over 960 metres in depth. At the South Zone, drilling to connect the historically drilled Mid Zone yielded a near con,nuously mineralized drill intercept of 1,053 metres.
• Strikepoint Gold Inc. (“Strikepoint”) (TSX.V:SKP) recently announced a 5,000 metre drill program on the Cuprite gold project in Nevada, where the Company holds a 1.5% NSR royalty, to test a series of priority targets iden,fied from field work and geophysics completed in 2023.

Royalty PorJolio Update

Ermitaño - Epithermal Gold-Silver Mine, Sonora, Mexico

Orogen holds a 2% NSR royalty on First Majes,c’s Ermitaño Mine with Measured and Indicated resources of 369,000 ounces of gold and 5.8 million ounces of silver, and Inferred resources of 269,000 ounces of gold and 7.7 million ounces of silver as of Dec 31, 2022^1,2.

The Ermitaño mine is operated within First Majes,c’s Santa Elena processing and mill complex that receives ore from both the Ermitaño Mine and the Santa Elena Mine. Forecasted mine produc,on guidance for 2024 is 81,000 to 90,000 ounces gold and 1.1 to 1.2 million ounces silver, with over 90% of the produc,on from the Ermitaño mine.

Approximately 22,000 metres of drilling is planned in 2024 to increase the confidence of the resources and to test secondary veins at Ermitaño, and an es,mated 59,000 metres of explora,on drilling within a five-kilometres radius of the Santa Elena and Ermitaño mine complex. The 2023 Mineral Reserve and Resource update is expected towards the end of Q1-2024.

Expanded Silicon Project - Epithermal Gold Project, Nevada, USA

Orogen holds a 1% NSR royalty on the Expanded Silicon project operated by AngloGold. In February 2023, AngloGold announced a 4.22 million ounces gold resource consis,ng of 3.22 million ounces indicated and 800,000 ounces inferred at the Silicon Deposit⁴ and in August, a 6 to 8 million ounce gold Explora,on Target^A at Merlin, with an es,mated grade-tonnage range of 230 to 250 million tonnes grading 0.8 to 1.0 grams per tonne (“g/t”) gold. Selected drill holes disclosed by AngloGold from Merlin drilling include^5,6:

• MER-23-0147-RD 285 metres of 3.27 g/t gold
• MER-23-0112-RD 108 metres of 7.94 g/t gold
• MDT-0021 214.8 metres of 2.46 g/t gold

Several studies are underway at the Expanded Silicon project including a first-ever resource es,ma,on at Merlin, open pit and underground mining approaches for Merlin including high grade domains that may warrant large-scale milling, project staging op,ons for poten,ally faster mine start-up, and a Concept Study that integrates the synergies of the Silicon Deposit and Merlin Explora,on Target^A. A Pre-Feasibility study is also expected to start this year.

Figure 1 – Map displaying Orogen's royalty Area of Interest within AngloGold Ashan;'s land tenure.

MPD South (Axe) - Copper- Gold Porphyry, BriWsh Columbia, Canada

Orogen holds a 2% NSR royalty subject to a 0.5% NSR royalty buydown on Kodiak’s MPD South property (formerly Axe; Figure 2). MPD South is located within the greater MPD project and approximately 10 kilometres south on the same structural trend as Kodiak’s Gate Zone discovery.

Figure 2 – Overview of the MPD property and Orogen's royalty AOI

Over 18,500 metres of drilling in 33 holes across the whole MPD property⁷ were completed in 2023, with at least 14 drill holes on Orogen’s royalty ground, including eight drill holes (4,489 metres) from the West zone^8,9and two holes (1,911 metres) from the South zone¹⁰. Results from drilling at the 1516 zone are pending.

Drilling at the West Zone increased the area of porphyry mineraliza,on to an area of over 300 metres by 650 metres and up to 962 metres depths, with the discovery of a hydrothermal breccia zone with mineralized clasts at depth, indica,ng significant poten,al for growth.

• Axe 23-011 941 metres grading 0.21% copper and 0.16 g/t gold including 0.49% copper and 0.29 g/t gold over 254 metres
• Axe 23-001 533 metres grading 0.18% copper and 0.2 g/t gold including 0.28% copper and 0.28 g/t gold over 158 metres
• Axe 23-008 198 metres grading 0.33% copper and 0.18 g/t gold including 1.17% copper and 0.42 g/t gold over 39 metres

Drilling at the South zone returned extensive long intersec,ons of copper mineraliza,on linking the historic south zone and mid zones, indica,ng a larger mineralized system over two kilometres in length¹⁰.

• AXE23-014 intersected 1053 metres grading 0.17% copper and 0.05 g/t gold including 0.31% copper and 0.09 g/t gold over 234 metres
• AXE 23-012 intersected 813 metres grading 0.15% copper and 0.04 g/t gold including 0.24% copper and 0.07 g/t gold at 45 metres

Cuprite - Epithermal Gold Target, Nevada, USA

Orogen holds a 1.5% NSR royalty on the Cuprite project, subject to a 0.25% buydown owned by Strikepoint. Strikepoint completed a comprehensive field program at the Cuprite project, indica,ng several targets geologically similar to AngloGold’s Expanded Silicon deposit¹¹. Drill permits have been received with a planned 5,000 metre drilling program expected to start in late February¹². Strikepoint also completed an extensive staking program at Cuprite project, approximately doubling the size of Orogen’s royalty area of interest.

The undrilled Cuprite project was iden,fied under the Nevada Alliance between Orogen and Al,us Minerals Corpora,on in 2022 using similar analy,cal techniques that ini,ally iden,fied the Expanded Silicon project.

Onjo - Copper-Gold Porphyry, BriWsh Columbia, Canada

Orogen has a 2% NSR royalty on the Onjo copper-gold porphyry project owned by Pacific Ridge Explora,on Ltd. (“Pacific Ridge”). In 2023, Pacific Ridge completed an induced polariza,on survey over the Chica and Gingla targets on the Onjo property¹³. Results are pending.

Equity Based CompensaWon Grant

The Board of Directors have authorized a grant of 707,000 Restricted Share Units (“RSUs”), 132,000 Deferred Share Units (“DSUs”) and 1,864,000 Stock Op,ons to directors, officers, employees, and consultants pursuant to the Company’s Omnibus Equity Incen,ve Compensa,on Plan that was approved by shareholders at the Company’s Annual and Special General Mee,ng on October 25, 2023. These grants are a long-term incen,ve component of the Company’s compensa,on plan.

The RSUs awarded will fully vest on the second anniversary of the date of grant. The DSUs awarded will vest 50% each on the third and fourth anniversaries of the grant date and will seole on the termina,on of service. The Stock Op,ons have a life of five years, an exercise price of $0.70, and will vest over three years including 25% that will vest immediately followed by 25% on the first, second, and third anniversaries from the date of grant.

These equity-based compensa,on grants are subject to regulatory acceptance of the TSX Venture Exchange

Qualified Person Statement

All new technical data, as disclosed in this press release, has been verified by Laurence Pryer, Ph.D., P.Geo., VP. Explora,on for Orogen. Dr. Pryer is a qualified person as defined under the terms of Na,onal Instrument 43-101.

Certain technical disclosure in this release is a summary of previously released informa,on and the Company is relying on the interpreta,on provided by the relevant referenced partner. Addi,onal informa,on can be found on the links in the footnotes or on SEDAR+ (www.sedarplus.ca).

About Orogen Royalties Inc.

Orogen Royal,es is focused on organic royalty crea,on and royalty acquisi,ons on precious and base metal discoveries in western North America. The Company's royalty porBolio includes the Ermitaño gold and silver Mine in Sonora, Mexico (2.0% NSR royalty) operated by First Majes,c Silver Corp. and the Expanded Silicon Project (1.0% NSR royalty) in Nevada, U.S.A, being advanced by AngloGold Ashan,. The Company is well financed with several projects ac,vely being developed by joint venture partners.

On Behalf of the Board

OROGEN ROYALTIES INC.

Paddy Nicol President & CEO

To find out more about Orogen, please contact Paddy Nicol, President & CEO at 604-248-8648, and Marco LoCascio, Vice President, Corporate Development at 604-248-8648. Visit our website at www.orogenroyalties.com.

Orogen Royalties Inc.

1015 – 789 West Pender Street Vancouver, BC Canada V6C 1H2 [email protected]

Forward Looking Informa;on

This news release includes certain statements that may be deemed “forward looking statements”. All statements in this presentation, other than statements of historical facts, that address events or developments that Orogen Royalties Inc. (the “Company“) expect to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.

Although the Company believe the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions.

Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

1. h$ps://www.firstmajes1c.com/_resources/presenta1on/corporate-presenta1on.pdf?v=0.235

2. h$p://www.firstmajes1c.com/investors/news-releases/first-majes1c-reports-high-grade-explora1on-results-at-san-dimas-santaelena-and-jerri$-canyon

3. h$ps://www.firstmajes1c.com/investors/news-releases/first-majes1c-produces-66-million-ageq-oz-in-q4-2023-and-269-millionageq-oz-in-2023-announces-2024-produc1on-and-cost-guidance-and-announces-conference-call-details

4. h$ps://thevault.exchange/?get_group_doc=143/1677005072-YearEnd2022-Resultsreport.pdf

5. h$ps://thevault.exchange/?get_group_doc=143/1691123637-Interim2023MerlinExplora1onTarget.pdf

6. h$ps://thevault.exchange/?get_group_doc=143/1700636741-AngloGoldNewGenGold2023SiliconPresenta1onNov2023webv1.pdf

7. h$ps://kodiakcoppercorp.com/news/news-releases/kodiaks-first-holes-at-south-zone-extend-copper-mineraliza1on-to-mid-zoneand-to-depth-0.32-cueq-over-234-m-from-surface/

8. h$ps://kodiakcoppercorp.com/news/news-releases/kodiaks-west-zone-drilling-intersects-0.51-cueq-over-158-m-within-0.34-cueqover-533-m-from-surface-and-discovers-new-high/

9. h$ps://kodiakcoppercorp.com/news/news-releases/kodiak-drills-significant-from-surface-copper-at-west-zone-0.58-cueq-over-254m-within-0.27-cueq-over-941-m/

10. h$ps://kodiakcoppercorp.com/news/news-releases/kodiaks-first-holes-at-south-zone-extend-copper-mineraliza1on-to-mid-zoneand-to-depth-0.32-cueq-over-234-m-from-surface/

11. h$ps://strikepointgold.com/strikepoint-cuprite-gold-project-phase-1-explora1on-results-large-scale-soil-and-coincidentalgeophysical-anomalies-iden1fied/

12. h$ps://strikepointgold.com/strikepoint-announces-cuprite-gold-project-2024-explora1on-program-drill-permits-in-hand-for-5000meters-of-drilling/

13. h$ps://pacificridgeexplora1on.com/news-releases/geophysics-program-underway-at-chuchi-and-onjo-financing/

A. Cau1onary Note: The ranges of tonnage and grade of the Explora1on Target are conceptual in nature and could change as the proposed explora1on ac1vi1es are completed. There has been insufficient explora1on of the relevant property or proper1es to es1mate a Mineral Resource at this point in 1me. It is uncertain if further explora1on will result in the es1ma1on of a Mineral Resource and the Explora1on Target therefore does not represent, and should not be construed to be, an es1mate of a Mineral Resource or Mineral Reserve. Given the conceptual stage of the project, a number of risks, uncertain1es and opportuni1es, are evident in the confidence of the known orebody and the poten1al for upside at Silicon, Merlin and in the surrounding area. The Merlin Explora1on Target grade and tonnage ranges have been determined by a preliminary review of the loca1on and weighted average grade of the mineralised intercepts. The geology of the deposit contains a significant number of faulted offsets, which require detailed geological modelling to fully define the extent and con1nuity of the mineralisa1on. A bulk density value of 2.4 t/m3 was used. No economic constraint has been applied to the deposit to determine the extent of what material may ul1mately be extracted.