Orogen Royales Announces Nevada Exploraon Programs and Alliances Esmated 15,000 metres of partner-funded drilling on exploraon-stage projects generated by Orogen

Orogen Royales Announces Nevada Exploraon

Programs and Alliances

Esmated 15,000 metres of partner-funded drilling

on exploraon-stage projects generated by Orogen

Vancouver, B.C. April 17, 2024 (TSX.V:OGN) (OTCQX:OGNRF)Orogen Royales Inc. (“Orogen” or the

“Company”) is pleased to announce a partner-funded generave exploraon and alliance update in

Nevada, USA.

Paddy Nicol, Orogen’s CEO, commented, “In addion to our 1% net smelter return (“NSR”) royalty on

AngloGold Ashan’s Expanded Silicon gold project, Orogen has a broad porolio in Nevada (Figure 1)

comprisingfive exploraon stage royales, seven partner-funded opon agreements, and two partner-

funded generave alliances. We remain commied to prospect generaon and the organic creaon of

royales at lile or no cost to the Company. Several of our exploraon partners plan to advance projects

in Nevada this year, and the royales generated from these assets potenally represent significant value

creators for the Company. The Ermitaño gold-silver mine and the Expanded Silicon gold project, targets

generated by Orogen’s exploraon teams, were once at this stage of exploraon.”

Partner Update:

•Headwater Gold Inc. (TSX.V:HWG) (“Headwater”) recently announced exploraon plans with

earn-in partner, Newmont Corporaon (“Newmont”), on the Spring Peak epithermal gold

project,1 located in western Nevada. Exploraon acvies include a 7,000 metre drill program

targeng the expansion of the high-grade Disco discovery. Addional work on Spring Peak will

include drilling on new exploraon targets across the property, environmental baseline studies,

geophysical surveys, and geological mapping. The esmated 25-hole drill program is expected to

start in early summer 2024. Headwater is earning a 100% interest in the Spring Peak project from

the Company and is subject to cash payments and up to a 1% net smelter return (“NSR”) royalty

interest retained by Orogen.

•Strikepoint Gold Inc. (TSX.V:SKP) (“Strikepoint”) recently commenced a 5,000 metre drill program

on the Cuprite Gold project comprising seven to ten holes.2 Cuprite is located 15 kilometres from

Goldfield, Nevada, and 75 kilometres northwest from AngloGold Ashan’s major discovery at the

Expanded Silicon gold project. Cuprite was generated from the exploraon alliance between

Orogen and Alus Minerals Corporaon (TSX:ALS) (“Alus”) using similar analyses and techniques

that idenfied the Silicon exploraon target in 2014. Orogen and Alus each hold a 1.5% NSR

royalty interest on the Cuprite project.

•Ivy Minerals Inc. (Private) (“Ivy”) is planning a 1,200 metre drill program on the Ghost Ranch gold

project, located 30 kilometres southeast of Nevada Gold Mines’ Long Canyon open pit mine. Ivy

followed up a 1,236 metre drill program in 2022 with an audio frequency magnetotellurics

(“AMT”) survey and idenfied addional targets to the east. The drill program is expected to start

in the spring of 2024. Ivy can earn a 51% interest in the Ghost Ranch project subject to US$1.5

Neither TSX Venture Exchange nor its Regulaon 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.

million of exploraon expenditures over four years and Orogen holds the right to maintain a 49%

interest in the Ghost Ranch project, or up to a 1.5% NSR royalty interest.

•Nevada Gold Mines (“NGM”) plan to follow-up the three-hole 1,282 metre drill program

completed in 2023 on the Maggie Creek gold project with exploraon across various areas of the

project, including deeper prospecve Lower-Plate drill tesng in H2-2024. NGM can earn a 100%

interest in the Maggie Creek project for cash payments, exploraon work, and a 2% NSR royalty.

•Alus and Orogen have agreed to a third year of the generave exploraon alliance (the

“Alliance”) in Nevada. 3 The Alliance connues to focus on generang gold and silver targets

considered geologically similar to the 13.27 million-ounces-gold Expanded Silicon project4 (Merlin

deposit: 9.05 million ounces gold inferred and Silicon: 3.4 million ounces gold indicated, and

810,000 ounces inferred). The Alliance has generated the Cuprite (now held by Strikepoint)

Firenze, Celts, and Hot Tip projects which are available for opon or sale (Figure 1). A US$414,000

budget has been allocated for 2024 with the focus on the collecon of high-resoluon spectral

data to aid in the idenficaon of untested prospecve high-level steam-cap systems that may

indicate gold mineralizaon at depth. Addionally, up to US$195,000 has been allocated for the

exploraon of high-level expressions of copper porphyry systems in geological domains of

Mesozoic-age in western Nevada.

•Barrick Gold of North America, a wholly-owned subsidiary of Barrick Gold Corporaon (“Barrick”)

has elected to relinquish their opon on the Pearl String project. Barrick completed ten drill holes

totalling 2,946 metres on Orogen’s claim package. Orogen would like to thank Barrick for its

efforts on the project. The project and remaining exploraon targets are being reviewed for

potenal further opon or sale.

Neither TSX Venture Exchange nor its Regulaon 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 – Overview of Orogen’s Royales and Partnered and Available Projects in Nevada

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 porolio includes the Ermitaño gold

and silver Mine in Sonora, Mexico (2.0% NSR royalty) operated by First Majesc Silver Corp. and the

Neither TSX Venture Exchange nor its Regulaon 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.

Expanded Silicon Project (1.0% NSR royalty) in Nevada, U.S.A, being advanced by AngloGold AshanNA.

The Company is wellfinanced 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

[email protected]

Forward Looking Informaon

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://headwatergold.com/2024/headwater-gold-announces-planned-2024-drill-programs-on-spring-peak-and-

lodestar-projects-nevada/

2. hps://strikepointgold.com/strikepoint-begins-drilling-on-the-cuprite-gold-project-walker-lane-nevada/

3. hps://orogenroyales.com/news-releases/orogen-royales-and-alus-minerals-form-nevada-generave-alliance-

and-announce-acquision-of-the-cuprite-epithermal-gold-pro/

4. hps://www.sec.gov/Archives/edgar/data/1973832/000162828024006521/agahy2dec2023preliminaryfi.htm