Mr. Paddy Nicol reports

OROGEN ROYALTIES CREATES A NEW ROYALTY ON THE GILBERT SOUTH GOLD PROJECT IN NEVADA

Orogen Royalties Inc. has signed a purchase and sale agreement with Eminent Gold Corp. whereby Eminent has acquired a 100-per-cent interest in the Gilbert South gold project in Nevada. The Agreement replaces the June 24, 2021 option agreement ("Option Agreement") previously signed between Orogen and Eminent.

Pursuant to the Agreement, Eminent will issue 350,000 common shares at closing and an additional 200,000 common shares on the commencement of any drill program on Gilbert South. Eminent will also grant Orogen a 2.25% net smelter return ("NSR") royalty on the Gilbert South claims with a 1% buydown for US$1 million. Orogen will also retain the right to acquire a pre-existing 1% NSR royalty on the Timberline claims subject to a buy-down provision for US$1 million. The common shares received pursuant to the Agreement are in addition to the US$75,000 cash and 150,000 common shares Orogen received under the Option Agreement.

The common shares issued pursuant to the Agreement are subject to acceptance of the TSX Venture Exchange.

"We are pleased to support Eminent's plan for taking a longer-term approach to Gilbert South with an Agreement that provides more flexibility for exploration", commented CEO Paddy Nicol. "Field work and geophysics at Gilbert South have been completed over the past two years and we look forward to the next rounds of exploration and drilling. The Gilbert South transaction represents Orogen's 25th royalty in its portfolio."

About the Gilbert South Property

The Gilbert South project is located forty-two kilometres west of Tonopah, Nevada within the prolific Walker Lane trend of precious metal bearing epithermal deposits.

The claim position is centered on a two square-kilometre outcropping low sulfidation epithermal vein swarm developed within a Cenozoic bi-modal volcanic field. High grade gold in grab samples from surface locally exceed thirty grams per tonne gold. Historic reverse circulation drilling has returned long runs of low-grade gold mineralization, but did not test the most prospective surface geochemistry, nor the potential deep feeder structures, which could host bonanza grade veins in this type of system.

Since optioning the project in June 2021, Eminent have advanced targets on the property with work programs including rock and soil geochemistry, and reconnaissance mapping followed by nine transects of CSAMT (Controlled Source Audio-frequency Magnetotellurics; Figure 1).

This work has identified three priority drill ready gold-bearing structural targets (Bighorn, Pretty Boy and Eastbound; Figure 2) hypothesized to host bonanza grade epithermal veins. Eminent published an updated NI 43-101 compliant technical report in August 20222 outlining targets and plans for future drill programs. Figure 1 - Overview of Gilbert South with drill targets defined by Eminent from 1. Figure 2 - Interpretation of CSAMT line 4 displaying principal Gilbert South drill targets from 1.

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.

On Behalf of the BoardOROGEN ROYALTIES INC.

Paddy NicolPresident & CEO

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

Orogen Royalties Inc.1015 - 789 West Pender StreetVancouver, BCCanada V6C 1H2info@orogenroyalties.comhttps://eminentgoldcorp.com/news-media/news-releases/eminent-identifies-deep-feeder-structures-coincident-with-multi-kilometer-vein-system-at-gilbert-south-gold-property-nevada/https://eminentgoldcorp.com/site/assets/files/5964/gilbertsouth-43-101-2022-08-04-final.pdf

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