Mr. Paddy Nicol reports

OROGEN ROYALTIES ANNOUNCES EXPANDED SILICON PROJECT ROYALTY RESOURCE UPDATE AND WEBCAST

Orogen Royalties Inc. has provided an update to the expanded Silicon project in Nevada, United States. Project owner AngloGold Ashanti NA has announced an initial inferred resource of 9.05 million ounces gold at the Merlin deposit. The resource at Merlin is a significant discovery, separate and contiguous to the previously announced 4.22-million-ounce gold resource at the Silicon deposit.

Orogen holds a 1-per-cent net smelter return (NSR) royalty on the expanded Silicon project that includes the Silicon and Merlin deposits with exposure to approximately 13.27 million ounces gold.

Merlin deposit highlights:

• Pit-constrained inferred resources at Merlin of 284 million tonnes grading 0.99 gram per tonne gold for 9.05 million ounces;
• Current mine plan considers large-scale open-pit mining supported by milling and heap leach operations with potential to average over 500,000 ounces annually over a multiyear period;
• Resources at the Merlin and Silicon deposits are oxide-ore domains possibly resulting in lower production costs;
• Significant growth potential continues with the Merlin deposit remaining open to the west, from deeper ore horizons and from nearby exploration targets.
• The prefeasibility study for the expanded Silicon project is in progress and expected to be completed in the next 18 to 24 months.

"Over $73.9-million (U.S.) was invested by AngloGold on the Expanded Silicon project in 2023, including 129,000 metres of drilling, with a focus on the Merlin deposit," commented Orogen chief executive officer Paddy Nicol. "We are delighted to see those efforts resulting in one of the largest gold discoveries in North America in the past decade. AngloGold stated that work on the prefeasibility study has already started and will include infill and extension drilling, and several trade-off studies for mining, processing and infrastructure."

Webcast details

Orogen is hosting a webcast to discuss the expanded Silicon project on Tuesday, Feb. 27, 2024, at 8:30 a.m. PT (11:30 a.m. ET). Please register to watch the webcast on-line. An accompanying PDF presentation will be available on the events section of the company's website under the investors tab in advance of the webcast. To replay the webcast at a later time, please use the same link.

Date: Tuesday, Feb. 27, 2024, at 8:30 a.m. PT (11:30 a.m. ET)

About the Merlin deposit

The inferred resource at Merlin consists of 9.05 million ounces gold (283.9 million tonnes grading 0.99 g/t gold) occurring over a strike length of two kilometres in a thick semi-conformable sheet principally hosted within the Crater Flat group. The deposit is strongly oxidized and comprises disseminated mineralization along with epithermal veins and breccias. In addition, drilling that focused on multiple high-grade cores has identified significant visible gold with highlight intercepts of:

• MER 23-0112-RD: 103.6 metres at 7.30 g/t gold;
• MER 23-00460RD: 236.3 metres at 3.36 g/t gold;
• MER-23-0119-RD: 158.8 metres at 4.07 g/t gold.

Merlin is a pit-constrained resource with a cut-off grade of 0.137 g/t gold. A metallurgical recovery factor of 94 per cent for gold and 22 per cent for silver was applied for mill material, and a metallurgical recovery factor of 70 per cent for gold and 12 per cent for silver was applied for crushed heap leach material. Currently only the oxide domains are included in the resource. AngloGold indicates the deposit remains open to the west and significant upside potential exists from deeper ore horizons and nearby exploration targets.

AngloGold has initiated a prefeasibility study for the expanded Silicon project focused on mining, processing and infrastructure trade-off studies, drilling for resource conversion and extension, and exploration programs. In addition, AngloGold is working on hydrogeological, geotechnical and metallurgical programs.

Qualified person statement

All new technical data, as disclosed in this press release, have been reviewed by Dr. Laurence Pryer, PhD, PGeo, vice-president, 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. Additional information can be found on SEDAR+ or EDGAR.

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 NSR royalty), being mined by First Majestic Silver Corp., and the expanded Silicon 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 explored under joint ventures.

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