Mr. Paddy Nicol reports

OROGEN ROYALTIES CREATES A ROYALTY ON THE FIRENZE GOLD PROJECT

Orogen Royalties Inc. has signed a purchase and sale agreement with a wholly owned subsidiary of Altitude Minerals Ltd., whereby Altitude has acquired the Firenze gold project, located in Nevada.

To acquire a 100-per-cent interest in Firenze, Altitude will pay a total of $430,000 (U.S.) in cash or shares, at the election of Altitude. Altitude will also grant a 3-per-cent net smelter return (NSR) royalty, of which a 1-per-cent royalty can be purchased for $1.5-million (U.S.).

Pursuant to the terms of a generative alliance between Altius Minerals Corp. and Orogen (previously announced Sept. 12, 2022), proceeds from the sale of the project will be split evenly between the Alliance partners, whereby each party will receive $215,000 (U.S.) in cash and/or shares, and a 1.5-per-cent NSR royalty.

Orogen chief executive officer Paddy Nicol commented: "Firenze is an exploration-stage gold project that was made available under the National Defense Authorization Act in 2022 and was acquired by staking under the Orogen-Altius alliance. The project was last explored over 40 years ago and has never been drilled. Firenze is the third royalty generated under Orogen's alliance with Altius, which continues to create prospective targets. We are excited to partner with Altitude and look forward to the results of their upcoming exploration program."

About the Firenze project

The 740-hectare Firenze property is located in central Nevada, 170 kilometres east of Reno. The claims are located on road accessible BLM-managed ground with no conservation designation.

The property contains a system of up-to-1.5-metre-wide precious-metal-rich epithermal veins outcropping over 1.5 square kilometres. At surface, the veins display classic epithermal textures with banded quartz and adularia returning up to 9.3 grams per tonne (g/t) gold and 1,250 g/t silver. Dump samples from limited artisanal production in the 1860s returned values of 44.0 g/t gold and 534 g/t silver, 22.5 g/t gold and 1,825 g/t silver, and 17.7 g/t gold and 97.8 g/t silver.

Generally west-northwest-trending veins are hosted within the tuff of Elevenmile Canyon, a sequence of Oligocene-aged intracaldera volcaniclastics. These variably welded tuffs display localized silicification and argillization at surface associated with elevated gold and anomalous mercury, arsenic, antimony and lead, indicating the potential for disseminated gold mineralization on the property.

Precious metal grades and argillic alteration are open to the east beneath shallow, postmineral alluvium. This covered area hosts a structurally complex fault accommodation zone that may be the focal centre of the epithermal system.

Transaction terms

Altitude will acquire a 100-per-cent interest in Firenze gold project, subject to the following terms:

• $30,000 (U.S.) cash on signing a letter of intent agreement (paid);
• $100,000 (U.S.) in cash on signing the agreement;
• $300,000 (U.S.) in cash or shares (share issuance being subject to shareholder approval only) on or before Nov. 30, 2025;
• A 3-per-cent NSR royalty will be granted by Altitude with a 1-per-cent buydown provision for $1.5-million (U.S.).

Under the terms of the alliance between Orogen and Altius Minerals, proceeds from the sale of Firenze will be split evenly between both parties.

Qualified person statement

All technical data, as disclosed in this news release, have been reviewed and approved by Laurence Pryer, PhD, PGeo, vice-president of exploration for Orogen. Dr. Pryer is a qualified person as defined under the terms of National Instrument 43-101.

Certain technical disclosure in this news release is a summary of previously released information and the company is relying on the interpretation provided by the relevant company. Additional information can be found on SEDAR+.

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

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