Mr. Paddy Nicol reports

OROGEN ROYALTIES ANNOUNCES PROFITABLE QUARTER AND STRONG CASHFLOW FOR Q2-2023

Orogen Royalties Inc. has released profitable financial results from its operations for the second quarter ended June 30, 2023.

Paddy Nicol, CEO of Orogen, commented: "We are happy to report another profitable quarter, supported by strong royalty revenue, a sustainable prospect generation business, and reduction in overhead and G&A expenses. This resulted in a 178% increase in cashflow from operations from the previous quarter which further strengthens the company's balance sheet. We look forward to continuing strong revenue performance in H2 with First Majestic increasing production at Ermitano by 27%. During the quarter, we have continued to grow our mineral properties and royalty assets through prospect generation activities and acquisitions. An estimated 28,000 metres (approximately $18 million) of partner funded drilling and exploration activities are planned on Orogen's properties in 2023. Low-risk exposure to discovery is at the core of Orogen's business model and exemplified by AngloGold's recent disclosure of an exploration target of 6 to 8 million ounces of gold for the Merlin zone1 at the Silicon-Merlin project, where the company holds a 1.0% NSR royalty."

Q2 2023 Highlights

All amounts are in Canadian dollars unless otherwise stated.Net Income from Operations: Net income was $131,616 for the three-month period ended June 30, 2023, compared to a net loss of $648,635 for the same period in 2022. This resulted in a net income of $763,829 or $0.004 per share year to date (2022 - net loss $222,554 or $0.001 per share).Royalty Revenue: Royalty revenue of $1,178,941 was earned during the current period with 435 attributable gold equivalent ounces ("GEOs") sold at average price of US$1,976 per ounce, up 25% compared to the same period in 2022 and down 10% compared to the previous quarter.G&A Expenses: General and administrative expenses of $956,030 were incurred in the current period, up 9% compared to the same period in 2022 and down 36% compared to the previous quarter.Cash flow: Cash flow of $455,289 was generated from operating activities in the current period. Cash flow generated from operating activities, excluding changes in non-cash working capital, was $682,776, up 165% compared to the same period in 2022 and up 178% from the previous quarter.Working Capital: The Company has working capital of $16,796,224 at June 30, 2023 compared to $12,083,375 at the beginning of the fiscal year, an increase of $4,712,849. The Company has no long-term debt.

For complete details of the Company's financial results, please refer to the condensed interim consolidated financial statements and MD&A for the six-month periods ended June 30, 2023, and 2022. The Company's filings are available on SEDAR at www.sedar.com and on Orogen's website at www.orogenroyalties.com. Please also see non-IFRS Measures at the end of this news release.Summary of Results

First Majestic Silver Corp. ("First Majestic") operates the Ermitano mine, where the Company holds a 2.0% net smelter return ("NSR") royalty. For the current quarter, the Company recorded $1,178,941 in royalty revenue consisting of 435 GEOs. Production at Ermitano include 213,878 tonnes processed containing average gold and silver head grades of 3.12 grams per tonne ("g/t") and 39 g/t, respectively, producing 20,073 ounces gold and 142,037 ounces silver. Total GEOs produced attributable to the Company's NSR royalty decreased by 14% in the second quarter, due to lower gold grades compared to the previous quarter. However, both gold and silver recoveries achieved record highs in the second quarter averaging 94% and 52%, respectively, compared to 90% and 50% from the first quarter. These improvements in recovery were driven by investments made by First Majestic to improve plant performance when processing ore from Ermitano. First Majestic forecasts production from Ermitano to increase by 27% to between 48,000 to 53,000 ounces gold and 700,000 to 800,000 ounces silver for H2-2023.

During the current period, the Company incurred $956,030 (2022 - $875,220) in G&A expenses. This is an increase of 9% compared to the same period in 2022 and a reduction of 36% compared to the prior quarter. The reduction in G&A expenses was due to continued optimization of administrative functions and lower overhead costs, which were offset by higher stock-based compensation cost for long-term equity-based compensation vested during the period.

The Company capitalized $2,810,093 in acquisition and exploration expenditures from royalties and mineral property interests and recognized $238,261 in recoveries during the current period. During the quarter, the Company completed its first material royalty asset acquisition on the La Rica project located in Colombia. The Company acquired a 1.0% NSR royalty on the project by paying a cash consideration of US$1.75 million. The area of interest contains at least four undrilled copper-gold porphyry targets within a fifteen kilometre long trend of anomalous copper geochemistry on the western margin of the Mande Batholith. To date, the Company has 24 royalties in Canada, United States, Mexico, Argentina, Kenya, and Colombia, most of which were generated organically through the Company's prospect generation business. The Company also has 11 mineral properties under option, 8 projects that are available for sale or option and one alliance.

Qualified Person Statement

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

Certain technical disclosure in this release is a summary of previously released third-party information and the Company is relying on the interpretation provided. Additional information can be found on the links in the footnotes.

About Orogen Royalties Inc.

Orogen Royalties is focused on organic royalty creation and royalty acquisitions on precious and base metal discoveries in western North America. The Company's royalty portfolio includes the Ermitano gold and silver Mine in Sonora, Mexico (2.0% NSR royalty) operated by First Majestic Silver Corp. and the Silicon-Merlin gold project (1.0% NSR royalty) in Nevada, U.S.A, being advanced by AngloGold Ashanti. The Company is well financed with several projects actively being developed by joint venture partners.

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