Mr. Paddy Nicol reports

OROGEN ROYALTIES ACQUIRES THE HOT TIP GOLD PROJECT IN NEVADA

Orogen Royalties Inc. has acquired the Hot Tip gold project in central Nevada, United States.

Hot Tip project highlights:

• A low-sulphidation epithermal gold target highlighted by a large four-kilometre-diametre steam-heated alteration cell focused on an undrilled three-kilometre-long by one-kilometre-wide graben;
• Widespread pathfinder anomalism at surface indicates an extensive metal-rich hydrothermal cell proximal to the margins of two calderas;
• Historical drilling in hydrothermal breccia outside of the graben margin includes 0.38 gram per tonne gold over 24 metres;
• A district-scale target with similarities to AngloGold Ashanti's Motherlode deposit in the emerging Silicon-Merlin district;
• Hot Tip was acquired through staking under the Orogen-Altius Minerals generative exploration alliance.

Orogen vice-president of exploration Dr. Laurence Pryer commented: "Orogen's proprietary methodology of distinguishing epithermal-related advanced argillic alteration from argillic alteration formed in other environments allows our team to identify untested prospective high-level steam cap systems in a very competitive district. Hot Tip represents an excellent exploration target and is available for option or sale for industry exploration partners."

About the Hot Tip project

The 890-hectare Hot Tip property is located in central Nevada, 250 kilometres northwest of Las Vegas. The claims are located on road-accessible Bureau of Land Management land in Railroad Valley, 20 kilometres south of U.S. Highway 6 on the eastern edge of the Pancake Range.

The property contains a four-kilometre-diametre Late Miocene epithermal steam cap consisting of silicified and argillized Oligocene tuffs overlying Devonian dolostones with common jasperoid development. The core of the alteration zone is marked by alunite with a morphology, habit and geochemistry indicative of an underlying boiling zone. The alunite is concentrated in a three-kilometre-long by one-kilometre-wide graben comprising the untested, down-dropped core of the system. A historical drill hole near a hydrothermal breccia outside the northwest margin of the graben returned 0.38 g/t gold over 24 metres, indicating the precious-metal-bearing potential of the system. Pathfinder elements are strongly anomalous and define an extensive metal-rich hydrothermal system.

Orogen has mapped rhyolite dikes across the property whose emplacement is controlled by the graben structures. These dikes are proposed to constitute apotheoses of favourable intrusive host rocks at depth analogous to AngloGold Ashanti's Mother Lode deposit (inclusive resource of 1.7 million ounces gold at 0.77 g/t).

The alteration at Hot Tip is open under alluvial cover to the north, south and east with altered outcrops of silicified rhyolite with visible cinnabar, within the extension of the graben, over three kilometres to the south of the principal target displaying the district-scale potential of the property.

Qualified person statement

All technical data, as disclosed in this press release, have been verified by Dr. Pryer, PhD, PGeo, vice-president of exploration for the company. Dr. Pryer is a qualified person as defined under the terms of National Instrument 43-101.

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-per-cent net smelter return royalty), operated by First Majestic Silver Corp., and the Expanded Silicon gold project (1-per-cent NSR royalty) in Nevada, U.S., being advanced by AngloGold Ashanti. The company is well financed with several projects actively being developed under option by industry exploration partners.

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