Orogen Royal,es Announces Expanded Silicon Project Royalty Resource Update and Webcast

Vancouver, B.C. February 26, 2024 (TSX.V:OGN) (OTCQX:OGNRF) Orogen Royal,es Inc. (“Orogen”) or (the “Company”) is pleased to announce an update to the Expanded Silicon project in Nevada, USA. Project owner AngloGold Ashan, NA (“AngloGold”) has announced an ini,al Inferred Resource of 9.05 million ounces gold at the Merlin deposit. ¹ The resource at Merlin is a significant discovery, separate and con,guous to the previously announced 4.22 million ounces gold resource at the Silicon deposit. ²

Orogen holds a 1% net smelter return (“NSR”) royalty on the Expanded Silicon project that includes the Silicon and Merlin deposits with exposure to approximately 13.27 million ounces gold:

Table 1: Expanded Silicon Project Summary Mineral Resources^1,2

*Note: Some figures may be rounded. AngloGold reports content for gold to two decimal places.

Merlin Deposit Highlights

• Pit-constrained Inferred Resources at Merlin of 284 million tonnes grading 0.99 grams per tonne (“g/t”) gold for 9.05 million ounces.¹
• Current mine plan considers large-scale open pit mining supported by milling and heap leach opera,ons with poten,al to average over 500,000 ounces annually over a mul,-year period.⁴
• Resources at the Merlin and Silicon deposits are oxide-ore domains possibly resul,ng in lower produc,on costs.⁴
• Significant growth poten,al con,nues with the Merlin deposit remaining open to the west, from deeper ore horizons, and from nearby explora,on targets.^4,5
• The Prefeasibility Study for the Expanded Silicon project is in progress and expected to be completed in the next 18 to 24 months.⁵

“Over US$73.9 million was invested by AngloGold on the Expanded Silicon project in 2023 including 129,000 metres of drilling, with a focus on the Merlin deposit,”⁶ commented Orogen CEO, Paddy Nicol. “We are delighted to see those efforts resul,ng in one of the largest gold discoveries in North America in the past decade. AngloGold stated that work on the Prefeasibility Study has already started and will include infill and extension drilling, and several trade-off studies for mining, processing, and infrastructure.”⁴

Webcast Details

Orogen is hos,ng a webcast to discuss the Expanded Silicon project on Tuesday February 27, 2024, at 8:30 am PT (11:30 am ET). Please register to watch the webcast online. An accompanying PDF presenta,on will be available on the Events sec,on of our website under the Investors tab in advance of the webcast. To replay the webcast at a later ,me, please use the same link.

About the Merlin Deposit

The Inferred Resource at Merlin consists of 9.05 million ounces gold (283.9 Mt grading 0.99 g/t gold) occurring over a strike length of two kilometres in a thick semi-conformable sheet principally hosted within the Crater Flat Group.³ The deposit is strongly oxidized and is comprised of disseminated mineraliza,on along with epithermal veins and breccias (Figure 2).⁴ In addi,on, drilling that focused on mul,ple high-grade cores has iden,fied significant visible gold (Photo 1) with highlight intercepts of:

• MER 23-0112-RD 103.6 metres at 7.30 g/t gold
• MER 23-00460RD 236.3 metres at 3.36 g/t gold
• MER-23-0119-RD 158.8 metres at 4.07 g/t gold

Merlin is a pit constrained resource with a cut-off grade of 0.137 g/t gold.¹ A metallurgical recovery factor of 94% for gold and 22% for silver was applied for mill material, and a metallurgical recovery factor of 70% for gold and 12% for silver was applied for crushed heap leach material. Currently only the oxide-domains are included in the resource.⁴ AngloGold indicates the deposit remains open to the west and significant upside poten,al exists from deeper ore horizons and nearby explora,on targets.

AngloGold has ini,ated a Prefeasibility Study for the Expanded Silicon project focused on mining, processing, and infrastructure trade-off studies, drilling for resource conversion and extension, and explora,on programs.⁴ In addi,on, AngloGold is working on hydrogeological, geotechnical, and metallurgical programs.

Figure 1: Overview of AngloGold Ashanti's Beatty District and Expanded Silicon Projects

Photo 1: LeD: Visible gold from Merlin Drill Core (MER-23-0243-RD).

Right: Visible gold in a Metallurgical gravity concentrate from Merlin.⁴

Figure 2: Long secSon looking NW across the Merlin Deposit.⁴ (SecSon locaSon shown on Figure 1).

Qualified Person Statement

All new technical data, as disclosed in this press release, has been reviewed 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) or EDGAR (www.sec.gov).

About Orogen Royal\es Inc.

Orogen Royal,es Inc. 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 porholio includes the Ermitaño gold and silver mine in Sonora, Mexico (2% NSR royalty) being mined by First Majes,c Silver Corp. and the Expanded Silicon project (1% NSR royalty) in Nevada, USA, being advanced by AngloGold Ashan, NA. The Company is well financed with several projects ac,vely being explored under joint ventures.

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 Informa0on

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.

Except where otherwise stated, the disclosure in this news release relating to properties and operations in which Orogen holds a Royalty are based on information publicly disclosed by the owners or operators of these properties and information/data available in the public domain as at the date hereof, and none of this information has been independently verified by Orogen. Specifically, as a Royalty holder and prospect generator, the Company has limited, if any, access to properties on which it holds Royalty or other interests in its asset portfolio. The Company may from time to time receive operating information from the owners and operators of the mining properties, which it is not permitted to disclose to the public. Orogen is dependent on, (i) the operators of the mining properties and their qualified persons to provide information to Orogen, or (ii) on publicly available information to prepare disclosure pertaining to properties and operations on the properties on which the Company holds Royalty or other interests, and generally has limited or no ability to independently verify such information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. Some reported public information in respect of a mining property may relate to a larger property area than the area covered by Orogen’s Royalty or other interest. Orogen’s Royalty or other interests may cover less than 100% of a specific mining property and may only apply to a portion of the publicly reported mineral reserves, mineral resources and or production from a mining property.

References

1. hPps://thevault.exchange/?get_group_doc=143/1708693258-PreliminaryFinancialUpdate2023-Report.pdf

2. hPps://reports.anglogoldashan_.com/22/wp-content/uploads/2023/05/AGA-RR22.pdf

3. hPps://thevault.exchange/?get_group_doc=143/1700636741-AngloGoldNewGenGold2023SiliconPresenta_onNov2023webv1.pdf

4. hPps://thevault.exchange/?get_group_doc=143/1708694171-PreliminaryFinancialUpdate2023-Presenta_on.pdf

5. hPps://presenta_ons.corpcam.com/webcast16x9_delayed_dc.aspx?id=AGA23022024

6. hPps://thevault.exchange/?get_group_doc=143/1708690482-YearEnd2023Explora_onReport.pdf