Mr. Paddy Nicol reports

OROGEN ROYALTIES ANNOUNCES PRELIMINARY 2023 YEAR END FINANCIAL RESULTS

Orogen Royalties Inc. has released preliminary and unaudited financial results for its fourth quarter and year ended Dec. 31, 2023.

All figures are stated in Canadian dollars unless otherwise noted.

2023 Year End - Record Revenue and Profits

Orogen is pleased to report record preliminary total revenue of $8,000,000 for the year ended December 31, 2023, up 70% from $4,700,000 total revenue earned in 2022 including:58% increase in Ermitano royalty revenue of $5,900,000 (2022 - $3,740,000)105% increase in Prospect Generation revenue of $1,800,000 (2022- $880,000)

The company is pleased to report a preliminary after-tax net income of $1,800,000 (2022 - $840,000) for the year ended December 31, 2023, up 114% from 2022. After-tax net income also includes deductions for general and administrative expenses, impairment of mineral properties and marketable securities, income tax, other income, and deductions. Cash generated from operations was $1,800,000 (2022 - $690,000).

As at December 31, 2023, the company has working capital of $18,500,000 (2022 - $12,080,000) and no debt.

Preliminary Q4-2023 Results

The company earned $2,300,000 (2022 - $1,155,000) in revenue for the fourth quarter ended December 31, 2023. This is an increase of 99% in total revenue compared to the same period in 2022 and this was due to:99% increase in Ermitano royalty revenue of $1,800,000 (2022 - $905,000)86% increase in Prospect Generation revenue of $400,000 (2022 - $215,000)

The company reports a preliminary after-tax net income of $350,000 (2022 - $940,000) for the fourth quarter ended December 31, 2023, after general and administrative expense, impairment of mineral properties and marketable securities, income tax, other income, and deductions.

Paddy Nicol, CEO of Orogen, commented: "The year 2023 was transformative for Orogen where we have achieved record financial performance. This was largely due to increased production from the Ermitano mine and strong performance in our Prospect Generation business. The market was active during the beginning of 2023, and we were able to profitably transact on several quality projects and create new royalties for Orogen. The ongoing alliance in Nevada, with Altius Minerals, has proven to be successful for both groups with new projects generated at a low cost. The company's financial position continues to strengthen and positions the company to take advantage of counter cyclical growth opportunities to create value for shareholders."

The company expects the audited consolidated financial statements for the year ended December 31, 2023, to be filed before the end of April 2024.

2024 Guidance and Update on Key Assets

Ermitano Mine

Orogen holds a 2% net smelter return ("NSR") royalty on First Majestic Silver Corp.'s ("First Majestic") Ermitano Mine. According to First Majestic, forecasted production guidance1 from the Santa Elena mine complex in 2024 is 81,000 to 90,000 ounces gold and 1.1 to 1.2 million ounces silver, with over 90%2 of the production from the Ermitano mine. The company estimates that this will result in royalty revenues between $4.5 million (US$3.3 million) and $5.0 million (US$3.7 million) based on gold price of US$2,000 per ounce.

Expanded Silicon Project

Orogen holds a 1% NSR royalty on the Expanded Silicon gold project located in Nevada, USA. On February 23, 2024, project owner AngloGold Ashanti NA ("AngloGold") announced an initial Inferred Resource of 9.05 million ounces gold at the Merlin deposit.3 The resource at Merlin is a significant discovery, separate and contiguous to the previously announced 4.22 million ounces gold resource at the Silicon deposit. 4 To date, the company's royalty interest exposure is 13.27 million ounces gold.

Over US$73.9 million was invested by AngloGold on the Expanded Silicon project in 2023 including 129,000 metres of drilling, with a focus on the Merlin deposit5. 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.6 In addition, AngloGold is working on hydrogeological, geotechnical, and metallurgical programs.

Other projects

Orogen has several projects that it has sold or are under active option agreements including the Maggie Creek project, optioned to Nevada Gold Mines, the Ball Creek East (HWY 37) project, optioned to Kingfisher Metals, the Spring Peak project, optioned to Headwater Gold, the Ghost Ranch project, optioned to Ivy Minerals, the Cuprite project, sold to StrikePoint Gold, and the MPD South project, sold to Kodiak copper.

The company expects active exploration programs on these projects in 2024 including a minimum of six drill programs.

Qualified Person Statement

All new technical data, as disclosed in this press release, has been reviewed 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 information and the company is relying on the interpretation provided by the relevant referenced partner. Additional information can be found on the links in the footnotes or on SEDAR (www.sedarplus.ca) or EDGAR (www.sec.gov).

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 Expanded Silicon gold project (1.0% NSR royalty) in Nevada, USA, being advanced by AngloGold Ashanti. The company is well financed with several projects actively being developed by joint venture partners.

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