Neither TSX Venture Exchange nor its Regula7on Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Orogen Royal,es Provides Year-end Royalty Update
Neither TSX Venture Exchange nor its Regula7on Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Orogen Royal,es Provides Year-end Royalty Update
and 2024 Forecast
Vancouver, B.C. January 29, 2024 (TSX.V:OGN) (OTCQX:OGNRF) Orogen Royal,es Inc. (“Orogen” or the
“Company”) is pleased to provide a 2023 year-end update on its royalty porBolio and forecast for 2024.
Paddy Nicol, Orogen’s CEO commented, “Orogen saw con,nued strong opera,ng performance from First
Majes,c Silver Corp.’s (“First Majes,c”) Ermitaño mine and several significant advancements were made
on AngloGold Ashan, NA’s (“AngloGold”) Expanded Silicon project. At the Ermitaño mine, solid
produc,on and record metal recoveries were achieved in Q4-2023, with robust produc,on guidance for
2024. At the Expanded Silicon project, AngloGold con,nues to develop the Silicon deposit and the Merlin
Explora,on Target A with over 719 drill holes completed as of Q3-2023. An ini,al Mineral Resource
declara,on at Merlin is expected in early 2024. Orogen’s other royalty assets also saw advancement with
drilling, explora,on, and permiZng on various projects including the MPD South and Onjo projects in
Bri,sh Columbia, and the Cuprite project in Nevada.”
2023 Highlights
• The Ermitaño gold-silver mine in Mexico, where the Company holds a 2% net smelter return
(“NSR”) royalty, produced 28,056 ounces of gold and 582,484 ounces of silver in 4Q-2023,
represen,ng a 1% decrease in gold ounces and a 67% increase in silver ounces from 3Q-2023.
Gold and silver recoveries achieved a record 96% and 73%, respec,vely.
• The Expanded Silicon project in Nevada, where the Company holds a 1% NSR royalty, ended the
year with a 4.22 million ounce gold resource (3.22 million ounces indicated and 800,000 ounces
inferred) at the Silicon Deposit, and a 6-8 million ounces gold Explora,on Target A at the Merlin
Area. Several key catalysts are expected at the Expanded Silicon project over the short term.
• Significant progress on Kodiak Copper Corp.’s (“Kodiak”) (TSX.V:KDK) MPD copper-gold project in
Bri,sh Columbia, where the Company holds a 2% NSR royalty on the MPD South lands. Using a
Cadia-Ridgeway style explora,on model as a key tool for project advancement, the West Zone
has been expanded to 650 metres along strike, 350 metres width and over 960 metres in depth.
At the South Zone, drilling to connect the historically drilled Mid Zone yielded a near con,nuously
mineralized drill intercept of 1,053 metres.
• Strikepoint Gold Inc. (“Strikepoint”) (TSX.V:SKP) recently announced a 5,000 metre drill program
on the Cuprite gold project in Nevada, where the Company holds a 1.5% NSR royalty, to test a
series of priority targets iden,fied from field work and geophysics completed in 2023.
Neither TSX Venture Exchange nor its Regula7on Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Royalty PorJolio Update
Ermitaño - Epithermal Gold-Silver Mine, Sonora, Mexico
Orogen holds a 2% NSR royalty on First Majes,c’s Ermitaño Mine with Measured and Indicated resources
of 369,000 ounces of gold and 5.8 million ounces of silver, and Inferred resources of 269,000 ounces of
gold and 7.7 million ounces of silver as of Dec 31, 20221,2.
The Ermitaño mine is operated within First Majes,c’s Santa Elena processing and mill complex that
receives ore from both the Ermitaño Mine and the Santa Elena Mine. Forecasted mine produc,on
guidance for 2024 is 81,000 to 90,000 ounces gold and 1.1 to 1.2 million ounces silver, with over 90% of
the produc,on from the Ermitaño mine.
Approximately 22,000 metres of drilling is planned in 2024 to increase the confidence of the resources
and to test secondary veins at Ermitaño, and an es,mated 59,000 metres of explora,on drilling within a
five-kilometres radius of the Santa Elena and Ermitaño mine complex. The 2023 Mineral Reserve and
Resource update is expected towards the end of Q1-2024.
Expanded Silicon Project - Epithermal Gold Project, Nevada, USA
Orogen holds a 1% NSR royalty on the Expanded Silicon project operated by AngloGold. In February 2023,
AngloGold announced a 4.22 million ounces gold resource consis,ng of 3.22 million ounces indicated and
800,000 ounces inferred at the Silicon Deposit4 and in August, a 6 to 8 million ounce gold Explora,on
TargetA at Merlin, with an es,mated grade-tonnage range of 230 to 250 million tonnes grading 0.8 to 1.0
grams per tonne (“g/t”) gold. Selected drill holes disclosed by AngloGold from Merlin drilling include5,6:
• MER-23-0147-RD 285 metres of 3.27 g/t gold
• MER-23-0112-RD 108 metres of 7.94 g/t gold
• MDT-0021 214.8 metres of 2.46 g/t gold
Several studies are underway at the Expanded Silicon project including a first-ever resource es,ma,on at
Merlin, open pit and underground mining approaches for Merlin including high grade domains that may
warrant large-scale milling, project staging op,ons for poten,ally faster mine start-up, and a Concept
Study that integrates the synergies of the Silicon Deposit and Merlin Explora,on TargetA. A Pre-Feasibility
study is also expected to start this year.
Neither TSX Venture Exchange nor its Regula7on Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Figure 1 – Map displaying Orogen's royalty Area of Interest within AngloGold Ashan;'s land tenure.
MPD South (Axe) - Copper- Gold Porphyry, BriWsh Columbia, Canada
Orogen holds a 2% NSR royalty subject to a 0.5% NSR royalty buydown on Kodiak’s MPD South property
(formerly Axe; Figure 2). MPD South is located within the greater MPD project and approximately 10
kilometres south on the same structural trend as Kodiak’s Gate Zone discovery.
Neither TSX Venture Exchange nor its Regula7on Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Figure 2 – Overview of the MPD property and Orogen's royalty AOI
Over 18,500 metres of drilling in 33 holes across the whole MPD property7 were completed in 2023, with
at least 14 drill holes on Orogen’s royalty ground, including eight drill holes (4,489 metres) from the West
zone8,9and two holes (1,911 metres) from the South zone10. Results from drilling at the 1516 zone are
pending.
Drilling at the West Zone increased the area of porphyry mineraliza,on to an area of over 300 metres by
650 metres and up to 962 metres depths, with the discovery of a hydrothermal breccia zone with
mineralized clasts at depth, indica,ng significant poten,al for growth.
Neither TSX Venture Exchange nor its Regula7on Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
• Axe 23-011 941 metres grading 0.21% copper and 0.16 g/t gold including 0.49% copper and 0.29
g/t gold over 254 metres
• Axe 23-001 533 metres grading 0.18% copper and 0.2 g/t gold including 0.28% copper and 0.28
g/t gold over 158 metres
• Axe 23-008 198 metres grading 0.33% copper and 0.18 g/t gold including 1.17% copper and 0.42
g/t gold over 39 metres
Drilling at the South zone returned extensive long intersec,ons of copper mineraliza,on linking the
historic south zone and mid zones, indica,ng a larger mineralized system over two kilometres in length10.
• AXE23-014 intersected 1053 metres grading 0.17% copper and 0.05 g/t gold including 0.31%
copper and 0.09 g/t gold over 234 metres
• AXE 23-012 intersected 813 metres grading 0.15% copper and 0.04 g/t gold including 0.24%
copper and 0.07 g/t gold at 45 metres
Cuprite - Epithermal Gold Target, Nevada, USA
Orogen holds a 1.5% NSR royalty on the Cuprite project, subject to a 0.25% buydown owned by
Strikepoint. Strikepoint completed a comprehensive field program at the Cuprite project, indica,ng
several targets geologically similar to AngloGold’s Expanded Silicon deposit11. Drill permits have been
received with a planned 5,000 metre drilling program expected to start in late February12. Strikepoint also
completed an extensive staking program at Cuprite project, approximately doubling the size of Orogen’s
royalty area of interest.
The undrilled Cuprite project was iden,fied under the Nevada Alliance between Orogen and Al,us
Minerals Corpora,on in 2022 using similar analy,cal techniques that ini,ally iden,fied the Expanded
Silicon project.
Onjo - Copper-Gold Porphyry, BriWsh Columbia, Canada
Orogen has a 2% NSR royalty on the Onjo copper-gold porphyry project owned by Pacific Ridge Explora,on
Ltd. (“Pacific Ridge”). In 2023, Pacific Ridge completed an induced polariza,on survey over the Chica and
Gingla targets on the Onjo property13. Results are pending.
Equity Based CompensaWon Grant
The Board of Directors have authorized a grant of 707,000 Restricted Share Units (“RSUs”), 132,000
Deferred Share Units (“DSUs”) and 1,864,000 Stock Op,ons to directors, officers, employees , and
consultants pursuant to the Company’s Omnibus Equity Incen,ve Compensa,on Plan that was approved
by shareholders at the Company’s Annual and Special General Mee,ng on October 25, 2023. These grants
are a long-term incen,ve component of the Company’s compensa,on plan.
Neither TSX Venture Exchange nor its Regula7on Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The RSUs awarded will fully vest on the second anniversary of the date of grant. The DSUs awarded will
vest 50% each on the third and fourth anniversaries of the grant date and will seole on the termina,on
of service. The Stock Op,ons have a life of five years, an exercise price of $0.70, and will vest over three
years including 25% that will vest immediately followed by 25% on the first, second , and third
anniversaries from the date of grant.
These equity-based compensa,on grants are subject to regulatory acceptance of the TSX Venture
Exchange
Qualified Person Statement
All new technical data, as disclosed in this press release, has been verified by Laurence Pryer, Ph.D.,
P.Geo., VP. Explora,on for Orogen. Dr. Pryer is a qualified person as defined under the terms of Na,onal
Instrument 43-101.
Certain technical disclosure in this release is a summary of previously released informa,on and the
Company is relying on the interpreta,on provided by the relevant referenced partner. Addi,onal
informa,on can be found on the links in the footnotes or on SEDAR+ (www.sedarplus.ca).
About Orogen Royalties Inc.
Orogen Royal,es is focused on organic royalty crea,on and royalty acquisi,ons on precious and base
metal discoveries in western North America. The Company's royalty porBolio includes the Ermitaño gold
and silver Mine in Sonora, Mexico (2.0% NSR royalty) operated by First Majes,c Silver Corp. and the
Expanded Silicon Project (1.0% NSR royalty) in Nevada, U.S.A, being advanced by AngloGold Ashan,. The
Company is well financed with several projects ac,vely being developed by joint venture partners.
On Behalf of the Board
OROGEN ROYALTIES INC.
Paddy Nicol
President & CEO
To find out more about Orogen, please contact Paddy Nicol, President & CEO at 604-248-8648, and
Marco LoCascio, Vice President, Corporate Development at 604-248-8648. Visit our website at
www.orogenroyalties.com.
Orogen Royalties Inc.
1015 – 789 West Pender Street
Vancouver, BC
Canada V6C 1H2
Forward Looking Informa;on
Neither TSX Venture Exchange nor its Regula7on Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements that may be deemed “forward looking statements”. All statements in this
presentation, other than statements of historical facts, that address events or developments that Orogen Royalties Inc. (the
“Company“) expect to occur, are forward looking statements. Forward looking statements are statements that are not historical
facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or
“should” occur.
Although the Company believe the expectations expressed in such forward looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in
the forward looking statements. Factors that could cause the actual results to differ materially from those in forward looking
statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and
general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments
may differ materially from those projected in the forward looking statements. Forward looking statements are based on the
beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by
securities laws, the Company undertakes no obligation to update these forward looking statements in the event that
management’s beliefs, estimates or opinions, or other factors, should change.
1. h$ps://www.firstmajes1c.com/_resources/presenta1on/corporate-presenta1on.pdf?v=0.235
2. h$p://www.firstmajes1c.com/investors/news-releases/first-majes1c-reports-high-grade-explora1on-results-at-san-dimas-santa-
elena-and-jerri$-canyon
3. h$ps://www.firstmajes1c.com/investors/news-releases/first-majes1c-produces-66-million-ageq-oz-in-q4-2023-and-269-million-
ageq-oz-in-2023-announces-2024-produc1on-and-cost-guidance-and-announces-conference-call-details
4. h$ps://thevault.exchange/?get_group_doc=143/1677005072-YearEnd2022-Resultsreport.pdf
5. h$ps://thevault.exchange/?get_group_doc=143/1691123637-Interim2023MerlinExplora1onTarget.pdf
6. h$ps://thevault.exchange/?get_group_doc=143/1700636741-AngloGoldNewGenGold2023SiliconPresenta1onNov2023webv1.pdf
7. h$ps://kodiakcoppercorp.com/news/news-releases/kodiaks-first-holes-at-south-zone-extend-copper-mineraliza1on-to-mid-zone-
and-to-depth-0.32-cueq-over-234-m-from-surface/
8. h$ps://kodiakcoppercorp.com/news/news-releases/kodiaks-west-zone-drilling-intersects-0.51-cueq-over-158-m-within-0.34-cueq-
over-533-m-from-surface-and-discovers-new-high/
9. h$ps://kodiakcoppercorp.com/news/news-releases/kodiak-drills-significant-from-surface-copper-at-west-zone-0.58-cueq-over-254-
m-within-0.27-cueq-over-941-m/
10. h$ps://kodiakcoppercorp.com/news/news-releases/kodiaks-first-holes-at-south-zone-extend-copper-mineraliza1on-to-mid-zone-
and-to-depth-0.32-cueq-over-234-m-from-surface/
11. h$ps://strikepointgold.com/strikepoint-cuprite-gold-project-phase-1-explora1on-results-large-scale-soil-and-coincidental-
geophysical-anomalies-iden1fied/
12. h$ps://strikepointgold.com/strikepoint-announces-cuprite-gold-project-2024-explora1on-program-drill-permits-in-hand-for-5000-
meters-of-drilling/
13. h$ps://pacificridgeexplora1on.com/news-releases/geophysics-program-underway-at-chuchi-and-onjo-financing/
A. Cau1onary Note: The ranges of tonnage and grade of the Explora1on Target are conceptual in nature and could change as the proposed
explora1on ac1vi1es are completed. There has been insufficient explora1on of the relevant property or proper1es to es1mate a Mineral
Resource at this point in 1me. It is uncertain if further explora1on will result in the es1ma1on of a Mineral Resource and the Explora1on
Target therefore does not represent, and should not be construed to be, an es1mate of a Mineral Resource or Mineral Reserve. Given the
conceptual stage of the project, a number of risks, uncertain1es and opportuni1es, are evident in the confidence of the known orebody and
the poten1al for upside at Silicon, Merlin and in the surrounding area. The Merlin Explora1on Target grade and tonnage ranges have been
determined by a preliminary review of the loca1on and weighted average grade of the mineralised intercepts. The geology of the deposit
contains a significant number of faulted offsets, which require detailed geological modelling to fully define the extent and con1nuity of the
mineralisa1on. A bulk density value of 2.4 t/m3 was used. No economic constraint has been applied to the deposit to determine the extent
of what material may ul1mately be extracted.