Mr. Paddy Nicol reports

OROGEN ROYALTIES ANNOUNCES ANNUAL EQUITY COMPENSATION GRANT

Orogen Royalties Inc.'s board of directors, as part of the company's annual share-based compensation program, has authorized a grant of 132,000 restricted share units (RSUs), 29,000 deferred share units (DSUs) and 618,000 incentive stock options to directors, officers, employees and consultants. The grant has been authorized pursuant to the company's omnibus equity incentive compensation plan that was approved by shareholders June 27, 2025.

The RSUs awarded will fully vest on the second anniversary of the date of grant. The DSUs awarded will vest 50 per cent each on the third and fourth anniversaries of the grant date, and will settle on the termination of service. The stock options have a life of five years, an exercise price of $3.12 and will vest over three years, including 25 per cent that will vest immediately followed by 25 per cent on the first, second and third anniversaries from the date of grant.

These equity-based compensation grants are subject to regulatory acceptance of the TSX Venture Exchange.

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 net smelter return (NSR) royalty) operated by First Majestic Silver Corp. The company is well financed with several projects actively being developed by joint venture partners.