Mr. Paddy Nicol reports

OROGEN ROYALTIES ANNOUNCES SIX TO EIGHT MILLION OUNCE EXPLORATION TARGET ON THE SILICON-MERLIN ROYALTY

Orogen Royalties Inc. has provided a drilling and resource development update on AngloGold Ashanti NA's Silicon-Merlin gold project in Nevada, United States, where Orogen holds a 1-per-cent net smelter return (NSR) royalty.

Merlin update highlights:

• The exploration target at Merlin ranges from 230 million to 250 million tonnes grading 0.8 to one gram per tonne gold for a total of six million to eight million ounces of gold.
• The exploration target at Merlin is exclusive of the 3.4 million ounces gold indicated and 800,000 ounces gold inferred resources at Central Silicon.
• Impressive drill hole intercepts include drill hole MER-23-0105-RD grading 3.27 g/t gold over 285 metres and drill hole MDT-21 grading 2.61 g/t gold over 214.8 metres.
• Over 261 drill holes totalling over 120 kilometres of drilling at Merlin completed as of July, 2023.
• The Merlin zone remains open to the west, southwest and north.

"This is an excellent start for the resource development program at Merlin," commented Orogen chief executive officer Paddy Nicol. "AngloGold anticipates completion of the resource delineation drilling program by the end of the third quarter of 2023. By year-end, AngloGold plans to release a concept study on the combined Silicon-Merlin project including an initial mineral resource declaration at Merlin. Drilling is also continuing at both Silicon Central and Merlin for resource conversion and expansion. In combination with the previously announced resources at Central Silicon, the new announcement clearly indicates that a world-class deposit is developing within Orogen's royalty AOI [area of interest]."

About the Silicon-Merlin project

Orogen holds a 94-square-kilometre, 1-per-cent NSR royalty area of interest covering the Central Silicon deposit and Merlin exploration target on AngloGold's expanded Silicon project, part of the broader Beatty district projects. AngloGold has completed over 200 kilometres of drilling on the expanded Silicon project with a conceptual study designed to integrate the two mineral bodies (Central Silicon and Merlin) to be completed by the end of 2023. The mineralization at Central Silicon and Merlin consists of epithermal gold mineralization. At Central Silicon, where a pit-constrained 3.4 million ounces gold indicated and 800,000 ounces gold inferred resources were previously announced, mineralization is focused around a structural corridor with a small high-grade core expanding at depth that has not been captured in the current resource. At Merlin, mineralization appears to be dominantly hosted in the Bullfrog and Tram tuffs with the currently defined exploration target open to the west, southwest and north. AngloGold is currently working on an integrated concept study for the expanded Silicon project to be completed in H2 2023. AngloGold predicts first production in the Beatty district by the end of 2025 with the region forming a multidecade mine of greater than 300,000 ounces gold per year.

A full report and transcript are available on AngloGold's website.

Qualified person statement

All new 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.

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, U.S., being advanced by AngloGold Ashanti. The company is well financed with several projects actively being explored under joint ventures.

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