Mr. Paddy Nicol reports

OROGEN ROYALTIES PROVIDES YEAR-END ROYALTY UPDATE AND 2024 FORECAST

Orogen Royalties Inc. has provided a 2023 year-end update on its royalty portfolio and forecast for 2024.

Paddy Nicol, Orogen's chief executive officer, commented: "Orogen saw continued strong operating performance from First Majestic Silver Corp.'s Ermitano mine and several significant advancements were made on AngloGold Ashanti NA's Expanded Silicon project. At the Ermitano mine, solid production and record metal recoveries were achieved in Q4 2023, with robust production guidance for 2024. At the Expanded Silicon project, AngloGold continues to develop the Silicon deposit and the Merlin exploration target A with over 719 drill holes completed as of Q3 2023. An initial mineral resource declaration at Merlin is expected in early 2024. Orogen's other royalty assets also saw advancement with drilling, exploration and permitting on various projects, including the MPD South and Onjo projects in British Columbia, and the Cuprite project in Nevada."

Two thousand twenty-three highlights:

• The Ermitano gold-silver mine in Mexico, where the company holds a 2-per-cent net smelter return (NSR) royalty, produced 28,056 ounces of gold and 582,484 ounces of silver in Q4 2023, representing a 1-per-cent decrease in gold ounces and a 67-per-cent increase in silver ounces from Q3 2023. Gold and silver recoveries achieved a record 96 per cent and 73 per cent, respectively.
• The Expanded Silicon project in Nevada, where the company holds a 1-per-cent NSR royalty, ended the year with a 4.22-million-ounce (Moz) gold resource (3.22 million ounces indicated and 800,000 ounces inferred) at the Silicon deposit, and a six Moz to eight Moz gold exploration target A at the Merlin area. Several key catalysts are expected at the Expanded Silicon project over the short term.
• Significant progress on Kodiak Copper Corp.'s MPD copper-gold project in British Columbia, where the company holds a 2-per-cent NSR royalty on the MPD South lands. Using a Cadia-Ridgeway-style exploration model as a key tool for project advancement, the West zone has been expanded to 650 metres along strike, 350 metres width and over 960 metres in depth. At the South zone, drilling to connect the historically drilled Mid zone yielded a near continuously mineralized drill intercept of 1,053 metres.
• Strikepoint Gold Inc. recently announced a 5,000-metre drill program on the Cuprite gold project in Nevada, where the company holds a 1.5-per-cent NSR royalty, to test a series of priority targets identified from fieldwork and geophysics completed in 2023.

Royalty portfolio update

Ermitano -- epithermal gold-silver mine, Sonora, Mexico

Orogen holds a 2-per-cent NSR royalty on First Majestic's Ermitano mine, with measured and indicated resources of 369,000 ounces of gold and 5.8 million ounces of silver, and inferred resources of 269,000 ounces of gold and 7.7 million ounces of silver as of Dec. 31, 2022.

The Ermitano mine is operated within First Majestic's Santa Elena processing and mill complex that receives ore from both the Ermitano mine and the Santa Elena mine. Forecasted mine production guidance for 2024 is 81,000 oz to 90,000 oz gold and 1.1 Moz to 1.2 Moz silver, with over 90 per cent of the production from the Ermitano mine.

Approximately 22,000 metres of drilling is planned in 2024 to increase the confidence of the resources and to test secondary veins at Ermitano, and an estimated 59,000 metres of exploration drilling within a five-kilometre radius of the Santa Elena and Ermitano mine complex. The 2023 mineral reserve and resource update is expected toward the end of Q1 2024.

Expanded Silicon project -- epithermal gold project, Nevada, United States

Orogen holds a 1-per-cent NSR royalty on the Expanded Silicon project operated by AngloGold. In February, 2023, AngloGold announced a 4.22 Moz gold resource consisting of 3.22 million ounces indicated and 800,000 ounces inferred at the Silicon deposit and, in August, a six Moz to eight Moz gold exploration target A at Merlin, with an estimated grade-tonnage range of 230 million tonnes to 250 Mt grading 0.8 gram per tonne to 1.0 g/t gold. Selected drill holes disclosed by AngloGold from Merlin drilling include:

• MER-23-0147-RD: 285 metres of 3.27 g/t gold;
• MER-23-0112-RD: 108 metres of 7.94 g/t gold;
• MDT-0021: 214.8 metres of 2.46 g/t gold.

Several studies are under way at the Expanded Silicon project, including a first-ever resource estimation at Merlin, open-pit and underground mining approaches for Merlin, including high-grade domains that may warrant large-scale milling, project staging options for potentially faster mine start-up, and a concept study that integrates the synergies of the Silicon deposit and Merlin exploration target A. A prefeasibility study is also expected to start this year.

MPD South (Axe) -- copper-gold porphyry, British Columbia, Canada

Orogen holds a 2-per-cent NSR royalty subject to a 0.5-per-cent NSR royalty buydown on Kodiak's MPD South property (formerly Axe). MPD South is located within the greater MPD project and approximately 10 kilometres south on the same structural trend as Kodiak's Gate zone discovery.

Over 18,500 metres of drilling in 33 holes across the whole MPD property were completed in 2023, with at least 14 drill holes on Orogen's royalty ground, including eight drill holes (4,489 metres) from the West zone and two holes (1,911 metres) from the South zone. Results from drilling at the 1516 zone are pending.

Drilling at the West zone increased the area of porphyry mineralization to an area of over 300 metres by 650 metres, and up to 962 metres depth, with the discovery of a hydrothermal breccia zone with mineralized clasts at depth, indicating significant potential for growth:

• Axe 23-011: 941 metres grading 0.21 per cent copper and 0.16 g/t gold, including 0.49 per cent copper and 0.29 g/t gold over 254 metres;
• Axe 23-001: 533 metres grading 0.18 per cent copper and 0.2 g/t gold, including 0.28 per cent copper and 0.28 g/t gold over 158 metres;
• Axe 23-008: 198 metres grading 0.33 per cent copper and 0.18 g/t gold, including 1.17 per cent copper and 0.42 g/t gold over 39 metres.

Drilling at the South zone returned extensive, long intersections of copper mineralization linking the historic south zone and mid zones, indicating a larger mineralized system over two kilometres in length:

• AXE23-014 intersected 1,053 metres grading 0.17 per cent copper and 0.05 g/t gold, including 0.31 per cent copper and 0.09 g/t gold over 234 metres;
• AXE 23-012 intersected 813 metres grading 0.15 per cent copper and 0.04 g/t gold, including 0.24 per cent copper and 0.07 g/t gold at 45 metres.

Cuprite -- epithermal gold target, Nevada, U.S.

Orogen holds a 1.5-per-cent NSR royalty on the Cuprite project, subject to a 0.25 per cent buydown owned by Strikepoint. Strikepoint completed a comprehensive field program at the Cuprite project, indicating several targets geologically similar to AngloGold's Expanded Silicon deposit. Drill permits have been received with a planned 5,000-metre drilling program expected to start in late February. Strikepoint also completed an extensive staking program at the Cuprite project, approximately doubling the size of Orogen's royalty area of interest.

The undrilled Cuprite project was identified under the Nevada Alliance between Orogen and Altius Minerals Corp. in 2022 using similar analytical techniques that initially identified the Expanded Silicon project.

Onjo -- copper-gold porphyry, British Columbia, Canada

Orogen has a 2-per-cent NSR royalty on the Onjo copper-gold porphyry project owned by Pacific Ridge Exploration Ltd. In 2023, Pacific Ridge completed an induced polarization survey over the Chica and Gingla targets on the Onjo property. Results are pending.

Equity-based compensation grant

The board of directors has authorized a grant of 707,000 restricted share units (RSUs), 132,000 deferred share units (DSUs) and 1,864,000 stock options to directors, officers, employees and consultants, pursuant to the company's omnibus equity incentive compensation plan that was approved by shareholders at the company's annual and special general meeting on Oct. 25, 2023. These grants are a long-term incentive component of the company's compensation plan.

The RSUs awarded will fully vest on the second anniversary of the date of grant. The DSUs awarded will vest 50 per cent each on the third and fourth anniversaries of the grant date, and will settle on the termination of service. The stock options have a life of five years, an exercise price of 70 cents, and will vest over three years, including 25 per cent that will vest immediately followed by 25 per cent on the first, second and third anniversaries from the date of grant.

These equity-based compensation grants are subject to regulatory acceptance of the TSX Venture Exchange.

Qualified person statement

All new technical data, as disclosed in this press release, have been verified by Laurence Pryer, PhD, PGeo, vice-president of 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 information and the company is relying on the interpretation provided by the relevant referenced partner.

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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