Mr. Paddy Nicol reports

OROGEN ROYALTIES ANNOUNCES RECORD ROYALTY REVENUE AND PROFITABLE QUARTER FOR Q3-2023

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

Paddy Nicol, CEO of Orogen, commented: "Orogen's profit primarily resulted from record royalty revenue from the Ermitano gold-silver Mine where increased production rates, strong gold grades and improvement in recoveries were achieved. Prospect generation remains profitable and we continue to obtain payments and transact on projects that organically grow our royalty portfolio. In addition, our positive cashflow from operations continues to strengthen our balance sheet and allows us to take advantage of counter cyclical opportunities in the current market."

"We remain highly encouraged by the progress of AngloGold Ashanti NA's ("Anglogold") Expanded Silicon Project in Nevada, where drilling focused on the Merlin area, with eight drill rigs operating. According to AngloGold, the Mineral Resource delineation program at Merlin continues to return highly encouraging results that confirm and extend the modelled mineralization.1"

Q3 2023 Highlights

All amounts are in Canadian dollars unless otherwise stated.Net Income from Operations: Net income was $675,989 for the three-month period ended September 30, 2023, compared to a net income of $123,461 for the same period in 2022. This resulted in a net income of $1,439,818 or $0.008 per share year to date (2022 - net loss $99,093 or $0.001 per share).Royalty Revenue: Royalty revenue of $1,628,409 was earned during the current period with 614 attributable gold equivalent ounces ("GEOs") sold at average price of US$1,928 per ounce, up 29% compared to the same period in 2022 and up 41% compared to the previous quarter.G&A Expenses: General and administrative expenses of $858,323 were incurred in the current period, up 7% compared to the same period in 2022 and down 10% compared to the previous quarter.Cash flow: Cash flow of $733,377 was used in operating activities in the current period. Cash flow generated from operating activities, excluding changes in non-cash working capital, was $993,571, up 565% compared to the same period in 2022 and up 46% from the previous quarter.Working Capital: The Company has working capital of $17,473,228 at September 30, 2023 compared to $12,083,375 at the beginning of the fiscal year, an increase of $5,389,853. 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 nine-month periods ended September 30, 2023, and 2022. The Company's filings are available on SEDAR at www.sedarplus.ca 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 $1,628,409 in royalty revenue consisting of 614 GEOs, up 29% compared to the same period in 2022. This is a record high for the Company since Ermitano began production in late 2021. Production at Ermitano included 226,292 tonnes processed containing average gold and silver head grades of 4.09 grams per tonne ("g/t") and 75 g/t, respectively, producing 28,367 ounces gold and 347,941 ounces silver. Total production increased by 41% compared to the previous quarter and this was due to higher grades and record silver and gold recoveries averaging 64% and 95%, respectively, compared to 52% and 94%, respectively, in the previous quarter. The improvements in recoveries were driven by the new dual-circuit plant, which allows for finer grinding and full utilization of the high intensity grinding mill.

During the current period, the Company incurred $858,323 (2022 - $802,149) in G&A expenses. This is an increase of 7% compared to the same period in 2022 and a reduction of 10% 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 $645,109 in acquisition and exploration expenditures, received $845,053 in recoveries from partners on alliances and option agreements, and recorded a gain of $450,227 from project sales and option agreements. Gains are recognized in a project when total recoveries including proceeds received from sale, option payments, and/or other reimbursement are greater than the project's total carrying value.

To date, the Company has 26 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 9 mineral properties under option, 9 projects that are available for sale or option and one alliance.

Expanded Silicon Project Update

AngloGold provided an update during the quarter on the Expanded Silicon Project that now includes both the Silicon gold deposit and Merlin Exploration Target2. AngloGold has stated an Exploration Target3 for Merlin of 6 to 8 million ounces gold that is in addition to 4.22 million ounces gold (3.4 million ounces indicated, and 810,000 ounces inferred resource estimates) published for Silicon4. An initial Inferred Mineral Resource estimate for Merlin and an integrated concept study for the Expanded Silicon Project that considers synergies from the increased economy of scale and integrated infrastructure, with potential for large scale mining5 are expected to be completed by year-end. Orogen holds a 1% NSR royalty on the project.

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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