Mr. Paddy Nicol reports

ALTIUS MINERALS INCREASES OWNERSHIP OF OROGEN ROYALTIES TO 18.15% THROUGH EXERCISE OF WARRANTS

Altius Minerals Corp. has increased its ownership in Orogen Royalties Inc.

Altius Resources Inc., a wholly owned subsidiary of Altius, has acquired 7,115,545 common shares of Orogen through the exercise of 7,115,545 common share purchase warrants at 40.17 cents. The warrants were acquired through a private placement completed in April, 2019. The total amount received for the warrant exercise is $2,858,314. Altius now holds a total of 36,430,561 common shares, or 18.15 per cent of the issued and outstanding common shares of the company and 17.18 per cent on a fully diluted basis.

A copy of Altius Resources' early warning report will appear on the company's profile on SEDAR+, and may also be obtained from Altius's office at 38 Duffy Place, second floor, St. John's, Nfld., A1B 4M5, or by calling 1-877-576-2209.

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 (NSR) royalty) operated by First Majestic Silver Corp., and the Expanded Silicon gold project (1-per-cent NSR royalty) in Nevada, United States, being advanced by AngloGold Ashanti NA. The company is well financed with several projects actively being developed by joint venture partners.

We seek Safe Harbor.