Mr. Paddy Nicol reports

OROGEN ROYALTIES NOTES INITIAL RESOURCE ESTIMATE ON KODIAK COPPER'S MPD COPPER-GOLD PROJECT

Orogen Royalties Inc. has noted Kodiak Copper Corp.'s announcement of an initial mineral resource estimate on Kodiak's South, West and Adit deposits forming the southern area of the greater MPD copper-gold porphyry project in British Columbia. Orogen holds a 2-per-cent net smelter return (NSR) royalty on the southern area of the MPD project, subject to a 0.5-per-cent buydown for $2-million.

Highlights:

• Total indicated mineral resources at MPD of 82.9 million tonnes grading 0.39 per cent copper equivalent for 519 million pounds of copper and 390,000 ounces of gold, of which 134 million pounds copper and 140,000 ounces gold are attributable to Orogen's royalty area of interest;
• Total inferred mineral resources at MPD of 356.3 million tonnes grading 0.32 per cent copper equivalent for 1,889 million pounds of copper and 1.28 million ounces of gold, of which 599 million pounds copper and 320,000 ounces gold are attributable to Orogen's royalty area of interest;
• West and Adit deposits host high-grade mineralization from surface while South is a larger bulk-tonnage deposit over one kilometre in length and underexplored;
• Copper and gold mineralization at the West, Adit and South deposits remain open in several directions and at depth, highlighting the potential for resource growth.

For additional information on Kodiak Copper's mineral resource estimate on the MPD project, please visit Kodiak Copper's website.

Orogen chief executive officer Paddy Nicol commented: "Orogen purchased the southern lands of the MPD project in 2015, a time in the commodity cycle when exploration was difficult and acquisition prices were favourable. We have been successful in having the ground partnered to various companies and are pleased to see this outcome. The initial MRE at MPD represents a significant milestone for the project and Kodiak. We are encouraged by the growth potential of MPD and look forward to the resource expansion plan and exploration in 2026."

About the MPD South project

Orogen holds a royalty interest on approximately 50 square kilometres of land forming part of the larger MPD copper-gold project owned and operated by Kodiak Copper. The MPD project contains extensive copper-gold bearing porphyry systems within the highly prospective southern Quesnellia terrane rocks, the same rocks that host the Highland Valley, Copper Mountain and New Afton mines in south-central British Columbia.

Resources for the West, South and Adit deposits, which fall within Orogen's royalty area of interest, have been reported by Kodiak with shallow mineralization and favourable geometry. West and Adit host high-grade mineralization from surface, while South is a large bulk-tonnage deposit over one kilometre in length that is still underexplored. All three deposits remain open and at depth beyond the MRE pit shells, with drilling by Kodiak in 2026 focused on resource growth. Multiple other target zones exist on the property, further indicating the region's upside. The table below contains the entirety of Kodiak's MRE, including resources on Orogen royalty lands (denoted by an asterisk).

Qualified person statement

Certain technical disclosure in this release, including the details of the MRE, is a summary of previously released information, and the company is relying on the interpretation provided by the relevant company.

Full details of estimation methodology, sensitivity and notes on the resource can be found in Kodiak's disclosure.

All new technical data, as disclosed in this press release, have been reviewed and approved by Dr. Laurence Pryer, PhD, PGeo, vice-president of exploration for Orogen. Dr. Pryer is a qualified person as defined under the terms of National Instrument 43-101.

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 (a 2.0-per-cent NSR royalty) operated by First Majestic Silver Corp. The company is well financed with several projects actively being developed by joint venture partners.

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