Mr. Paddy Nicol reports

OROGEN ROYALTIES ANNOUNCES NEVADA EXPLORATION PROGRAMS AND ALLIANCES

Orogen Royalties Inc. has provided a partner-financed generative exploration and alliance update in Nevada, United States.

Paddy Nicol, Orogen's chief executive officer, commented: "In addition to our 1-per-cent net smelter return (NSR) royalty on AngloGold Ashanti's Expanded Silicon gold project, Orogen has a broad portfolio in Nevada (Figure 1) comprising five exploration stage royalties, seven partner-funded option agreements, and two partner-funded generative alliances. We remain committed to prospect generation and the organic creation of royalties at little or no cost to the Company. Several of our exploration partners plan to advance projects in Nevada this year, and the royalties generated from these assets potentially represent significant value creators for the Company. The Ermitano gold-silver mine and the Expanded Silicon gold project, targets generated by Orogen's exploration teams, were once at this stage of exploration."

Partner Update:

• Headwater Gold Inc. (TSX.V:HWG) ("Headwater") recently announced exploration plans with earn-in partner, Newmont Corporation ("Newmont"), on the Spring Peak epithermal gold project,1 located in western Nevada. Exploration activities include a 7,000 metre drill program targeting the expansion of the high-grade Disco discovery. Additional work on Spring Peak will include drilling on new exploration targets across the property, environmental baseline studies, geophysical surveys, and geological mapping. The estimated 25-hole drill program is expected to start in early summer 2024. Headwater is earning a 100% interest in the Spring Peak project from the Company and is subject to cash payments and up to a 1% net smelter return ("NSR") royalty interest retained by Orogen.
• Strikepoint Gold Inc. (TSX.V:SKP) ("Strikepoint") recently commenced a 5,000 metre drill program on the Cuprite Gold project comprising seven to ten holes.2 Cuprite is located 15 kilometres from Goldfield, Nevada, and 75 kilometres northwest from AngloGold Ashanti's major discovery at the Expanded Silicon gold project. Cuprite was generated from the exploration alliance between Orogen and Altius Minerals Corporation (TSX:ALS) ("Altius") using similar analyses and techniques that identified the Silicon exploration target in 2014. Orogen and Altius each hold a 1.5% NSR royalty interest on the Cuprite project.
• Ivy Minerals Inc. (Private) ("Ivy") is planning a 1,200 metre drill program on the Ghost Ranch gold project, located 30 kilometres southeast of Nevada Gold Mines' Long Canyon open pit mine. Ivy followed up a 1,236 metre drill program in 2022 with an audio frequency magnetotellurics ("AMT") survey and identified additional targets to the east. The drill program is expected to start in the spring of 2024. Ivy can earn a 51% interest in the Ghost Ranch project subject to US$1.5 million of exploration expenditures over four years and Orogen holds the right to maintain a 49% interest in the Ghost Ranch project, or up to a 1.5% NSR royalty interest.
• Nevada Gold Mines ("NGM") plan to follow-up the three-hole 1,282 metre drill program completed in 2023 on the Maggie Creek gold project with exploration across various areas of the project, including deeper prospective Lower-Plate drill testing in H2-2024. NGM can earn a 100% interest in the Maggie Creek project for cash payments, exploration work, and a 2% NSR royalty.
• Altius and Orogen have agreed to a third year of the generative exploration alliance (the "Alliance") in Nevada.3 The Alliance continues to focus on generating gold and silver targets considered geologically similar to the 13.27 million-ounces-gold Expanded Silicon project4 (Merlin deposit: 9.05 million ounces gold inferred and Silicon: 3.4 million ounces gold indicated, and 810,000 ounces inferred). The Alliance has generated the Cuprite (now held by Strikepoint) Firenze, Celts, and Hot Tip projects which are available for option or sale (Figure 1). A US$414,000 budget has been allocated for 2024 with the focus on the collection of high-resolution spectral data to aid in the identification of untested prospective high-level steam-cap systems that may indicate gold mineralization at depth. Additionally, up to US$195,000 has been allocated for the exploration of high-level expressions of copper porphyry systems in geological domains of Mesozoic-age in western Nevada.
• Barrick Gold of North America, a wholly-owned subsidiary of Barrick Gold Corporation ("Barrick") has elected to relinquish their option on the Pearl String project. Barrick completed ten drill holes totalling 2,946 metres on Orogen's claim package. Orogen would like to thank Barrick for its efforts on the project. The project and remaining exploration targets are being reviewed for potential further option or sale.Figure 1 - Overview of Orogen's Royalties and Partnered and Available Projects in Nevada

Qualified Person Statement

All new 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 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).

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 Project (1.0% NSR royalty) in Nevada, U.S.A, being advanced by AngloGold Ashanti NA. The Company is well financed with several projects actively being developed by joint venture partners.

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