Mr. Paddy Nicol reports

OROGEN ROYALTIES RE-LISTS ON THE TSX VENTURE EXCHANGE

Orogen Royalties Inc. has relisted on the TSX Venture Exchange under the symbol OGN (Cusip No. 687080101). The relisting is a result of the plan of arrangement that was completed and announced by the company and Triple Flag Precious Metals Corp. on July 9, 2025. Concurrently with the arrangement, Triple Flag also completed a $10-million strategic private placement by subscribing for 6,756,757 shares in Orogen at $1.48 per share.

"Orogen will continue its business strategy of organic royalty generation and strategic royalty acquisition using its strengths as a prospect generator and well-established business relationships across the industry," commented Orogen chief executive officer Paddy Nicol. "We utilize our data and intellectual capital to create high-quality exploration opportunities for industry partners, resulting in royalties that provide significant value creation potential for our shareholders. This strategy has created our flagship Ermitano 2-per-cent NSR [net smelter return] gold royalty in Mexico and the recently sold Arthur 1-per-cent NSR gold royalty in Nevada that was the genesis of the arrangement completed with Triple Flag."

The company's strong shareholder base includes Altius Minerals Corp. (16.4 per cent), Adrian Day Asset Management and EuroPac Gold Fund (12.3 per cent), Triple Flag (11.4 per cent) and other institutional shareholders (approximately 17.0 per cent). Orogen also has strong support from its board of directors and management with over 6 per cent of the company shares held by insiders. Orogen has maintained profitability since 2021, is well financed with approximately $17-million in cash, and is debt-free. The company has 59,359,932 shares outstanding.

Underpinning the company's value and stability is Orogen's organically generated cash-flowing 2-per-cent NSR royalty on the Ermitano gold-silver mine located in Sonora, Mexico, operated by First Majestic Silver. Since starting production in 2021, Ermitano has been a consistent producer for First Majestic. In 2024, the mine produced 103,540 ounces of gold and 1.51 million ounces of silver.

Additionally, district-scale exploration aimed at adding additional resources to the area has led to the discovery of the Navidad and Winter veins, located on Orogen's royalty lands. These structures are proximal to the Ermitano mine and have been measured for 1.3 kilometres on strike and down dip of up to 450 metres.

Thus far, only a portion of the Navidad and Winter vein systems have been delineated with inferred resources of 249,000 ounces gold and 5.9 million ounces silver, grading 3.42 grams per tonne gold and 81 grams per tonne silver. Continuing resource conversion drilling continues to confirm the continuity of gold and silver mineralization in both veins open in multiple directions, including both up and down plunge, with nine drill rigs currently active on the property.

Other notable royalty and project assets include:

• La Rica porphyry copper-gold project in Colombia (1-per-cent NSR royalty) operated by MCC Mining Inc.;
• HWY 37 porphyry copper-gold project in British Columbia (under option and 1-per-cent to 3-per-cent NSR royalties on certain lands) operated by Kingfisher Metals Inc.;
• MPD South porphyry copper-gold project in British Columbia (2-per-cent NSR royalty) operated by Kodiak Copper Corp.;
• Maggie Creek gold project in Nevada under option to Nevada Gold Mines;
• Spring Peak gold project in Nevada under option to Headwater Gold Inc. with financing partner Newmont Gold Corp.

Orogen holds a portfolio of 28 high-quality royalties, seven active option agreements with exploration partners, and generative alliances with Altius, BHP Xplor and Triple Flag. The company anticipates over $40-million of partner-financed drilling and exploration work on royalties and projects in 2025, including nine drilling programs, and over $3-million of partner and self-financed project generation.

Qualified person statement

All technical data, as disclosed in this press release, have been verified 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 third party information and the company is relying on the interpretation provided.

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-per-cent NSR royalty), operated by First Majestic Silver. The company is well financed with several projects actively being developed by joint venture partners.

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