Mr. Paddy Nicol reports

OROGEN ROYALTIES ANNOUNCES RECORD YEAR END FINANCIAL PERFORMANCE

Orogen Royalties Inc. had record revenue and record after tax profit for the year ended Dec. 31, 2023.

Fiscal 2023 Year End Highlights

All amounts are in Canadian dollars unless otherwise stated.

Net Income from Operations: Net income was $1,817,198 (2022 - $711,482) for the year ended December 31, 2023, up 155% from 2022. Including deferred tax recovery, net comprehensive income was $3,044,389 or $0.02 per share (2022 - $840,178 or $0.005 per share), up 262% from 2022.

Royalty Revenue: Royalty revenue of $5,949,248 (2022 - $3,744,776) was earned in 2023 with 2,243 (2022 - 1,588) attributable gold equivalent ounces ("GEOs") sold at average price of US$1,940 (2022 - US$1,791) per ounce, up 59% compared to the same period in 2022.

Prospect Generation: Revenue from prospect generation activities was $1,879,364 (2022 - $881,118) in 2023. After exploration expenses and impairment deductions, net income from prospect generation activities was $1,384,680 (2022 - $316,761), up 337% from 2022.

G&A Expenses: General and administrative expenses of $4,448,830 (2022 - $3,257,516) were incurred in 2023, up 37% compared to 2022.

Cash flow: Cash flow of $1,356,157 (2022 - $795,112) was generated from operating activities in 2023. Cash flow generated from operating activities, excluding changes in non-cash working capital, was $2,244,983 (2022 - $806,919), up 178% from 2022.

Working Capital: The Company has working capital of $18,524,073 at December 31, 2023 compared to $12,083,375 at the beginning of the fiscal year, an increase of $6,440,698. The Company has no long-term debt.

Paddy Nicol, CEO of Orogen Royalties, commented, "Orogen's strong financial performance is built on the commitment to early-stage exploration, organic royalty creation, and financial discipline to grow the Company responsibly. We have come a long way since our formation in 2020, when we approached the royalty space with a low-cost differentiated strategy to create royalties in a sustainable manner with minimal dilution to shareholders, and without incurring debt. Our key royalty assets on the Ermitano Mine and the Expanded Silicon Project are prime examples that show early-stage prospect generation works."

For complete details of the Company's financial results, please refer to the audited consolidated financial statements and MD&A for the years ended December 31, 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

Royalty Revenue and Key Assets

Ermitano Royalty, Sonora, Mexico

First Majestic Silver Corp. ("First Majestic") operates the Ermitano Mine, where the Company holds a 2.0% net smelter return ("NSR") royalty. For the year ended December 31, 2023, $5,949,248 (2022 - $3,744,776) in royalty revenue was received consisting of 2,243 (2022 - 1,588) GEOs, up 59% compared to 2022. This is a record high for the Company since Ermitano began production in late 2021. Production at the Santa Elena mine transitioned to 100% Ermitano ore in 2023 and 882,592 tonnes were processed, up 4% from 851,973 tonnes produced in 2022. Grades averaged 64 grams per tonne ("g/t") (2022 - 61 g/t) silver and 3.77 g/t (2022 - 3.75 g/t) gold. Recoveries for silver and gold were 64% (2022 - 73%) and 94% (2022 - 92%), respectively. Lower silver recoveries in 2023 were due to lower silver grades during the first half of 2023 and higher gold recoveries were due to the new filter press and dual-circuit plant.

For the quarter ended December 31, 2023, royalty revenue was $1,827,832, up 12% from the previous quarter. Production included 233,601 tonnes processed containing average silver and gold head grades of 106 g/t and 3.88 g/t, respectively, producing 582,484 ounces silver and 28,056 ounces gold. This represents a 67% increase in silver ounces and a marginal decrease in gold ounces when compared to the previous quarter. Average silver and gold recoveries reached 73% and 96%, respectively, compared to 64% and 95% from the previous quarter.

Expanded Silicon Royalty, Nevada USA

AngloGold Ashanti NA ("AngloGold") pursued an aggressive drilling campaign in 2023 aimed at the Merlin deposit that, together with the Silicon deposit, form the Expanded Silicon Project. Over US$73 million was spent on the Expanded Silicon Project with a majority of the 129,000 metres of drilling completed at the Merlin deposit. This work resulted in the declaration of a first-time inferred resource of 9.05 million ounces gold reported at Merlin. This is in addition to the contiguous Silicon deposit that contains an indicated resource 3.4 million ounces gold and an inferred resource of 810,000 ounces gold.1

A prefeasibility study at Merlin is underway with a focus on mining, processing, and infrastructure trade off studies. Infill and extension drilling is expected to continue including hydrogeological, geotechnical, and metallurgical testing.

Prospect Generation

In 2023, six new royalties were added to the Company's royalty portfolio through two acquisitions, three project sales, and one through the exercise of an earn-in option agreement. The Company also generated and acquired five new projects through its prospect generation activities. Total revenue of $1,879,364 (2022 - $881,118) was generated from prospect generation activities in 2023, up 113% compared to 2022. This includes a gain of $1,847,278 (2022 - $842,797) from the sale and option agreements completed on Ball Creek East (Hwy 37) and Ball Creek West, Astro, Cuprite, Gilbert South and annual option revenue received on active projects. After exploration expense and impairment cost deductions of $494,684 (2022 - $564,357), the Company generated a net income of $1,384,680 (2022 - $316,761) from prospect generation activities, up 337% compared to 2022.

To date, the Company has 26 royalties in Canada, United States, Mexico, Argentina, Kenya, and Colombia, the majority of which were generated organically through the Company's prospect generation business. The Company also has ten mineral properties under option, and twelve projects that are available for sale or option and two alliances.

General and Administrative Expenses

The Company incurred $4,448,830 (2022 - $3,257,516) in total general, administrative, and overhead costs for 2023, up $1,192,393 or 37% compared to 2022. This was mainly due to an 85% increase in share-based compensation expenses and a 30% increase in salary costs. These cost increases were due to the new compensation policy that was adopted at the beginning of 2023. Marketing and travel expenses have also increased. These increases were offset by the reduction in general and administrative expenses from continued optimization of administrative functions and lower overhead costs.

For the fiscal quarter ended December 31, 2023, the Company incurred $1,141,045 in total general, administrative and overhead costs, up 33% from the previous quarter. This increase was driven by higher accounting fees, travel and marketing expenses.

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 Expanded Silicon gold 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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