Mr. Paddy Nicol reports

OROGEN ROYALTIES CREATES A NEW ROYALTY ON THE ASTRO GOLD PROJECT

Orogen Royalties Inc.'s exploration partner Rackla Metals Inc. has exercised its option on the 288-square-kilometre Astro gold project in the Northwest Territories, Canada.

Pursuant to the option agreement dated Sept. 1, 2022, Orogen received:

• 120,000 common shares from Rackla on signing the agreement at fair value of 21 cents per share; and
• 1,705,357 common shares from Rackla upon exercising the option at a fair value of 22.4 cents per share.

Total consideration received is $408,000. Orogen also retains a 1-per-cent net smelter return (NSR) royalty, and the right to buy an additional 0.5-per-cent NSR royalty for $2-million, pursuant to a regional exploration agreement between Evrim Exploration Canada Corp. and Newmont Canada FN Holdings ULC dated July 10, 2017.

"Rackla's team have been busy over the past year and invested over $1.9-million in drilling and exploration on the Astro property, with a focus on reduced intrusion-related gold systems (RIRGS)," commented Paddy Nicol, Orogen chief executive officer. "We are also encouraged by Rackla's efforts in the capital markets to secure funding for additional work at Astro in 2024."

For further information on the Astro project, please visit the Rackla Metals website.

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

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