Mr. Paddy Nicol reports

OROGEN ROYALTIES' EXPLORATION STAGE PROJECTS AND ROYALTIES UPDATE AND 2026 OUTLOOK

Orogen Royalties Inc. has provided updates for its partner-financed exploration stage projects and royalties and an outlook for the year ahead.

2025 highlights

• Over 37,800 metres of partner-financed drilling (estimated $30-million expenditure), including over 21,000 metres of resource expansion and conversion drilling at the Navidad/Winter vein target and the Luna zone at the Ermitano gold-silver mine, Mexico;
• Received over $4.1-million from the sale of projects and payments from exploration partners;
• Four new royalties and three exploration alliances generated;
• Over $3.4-million in generative exploration expenditures for copper and gold targets, including over $2.5-million provided by alliance partners throughout Western United States and Canada.

2026 outlook

• Twelve partner-financed drilling programs over an estimated 40,000 metres, excluding drilling plans at the Ermitano;
• Three partner-financed Alliances continue in 2026 with Altius Minerals Corp., South32 Ltd. and Triple Flag Precious Metals Corp.;
• Six projects under option to industry partners;
• New updates on resources including at the Navidad/Winter gold-silver veins at Ermitano, and continued exploration and resource expansion drilling at MPD South porphyry copper-gold project in British Columbia.

Paddy Nicol, chief executive officer of Orogen, commented: "Orogen's prospect generation business reached an all-time high in 2025 for expenditure on early stage generative exploration by alliance partners, exploration drilling metres, and with two new mineral resource estimates on First Majestic's Navidad/Winter veins and Kodiak Copper's MPD South project. For 2026, we anticipate updates on resources at Ermitano as well as over 40,000 metres of exploration drilling on partnered/royalty projects. Alliance activity is anticipated to remain robust, driven by generative work funded by Altius Minerals, Triple Flag Precious Metals and South32."

Exploration asset and royalty portfolio update and outlook

i. Ermitano epithermal gold-silver mine, Sonora, Mexico. First Majestic Silver Corp. completed 21,319 metres of drilling aimed at resource conversion and expansion at the Navidad/Winter vein targets and the Luna area. Metallurgy and internal scoping level studies were also completed. A new mineral resource estimate for the Ermitano mine, including Navidad, Winter and Luna, is expected in Q1 2026.

Orogen holds a cash-flowing 2-per-cent NSR (net smelter return) royalty on the producing Ermitano mine and the surrounding 167 square kilometres of prospective ground.

ii. MPD South copper-gold porphyry deposit, British Columbia, Canada. Kodiak Copper Corp. completed 5,001 metres of drilling focused on the West, Adit and South zones at the MPD South property in support of an initial mineral resource estimate containing:

• Indicated mineral resources of 82.9 million tonnes (Mt) grading 0.39 per cent copper equivalent (CuEq) for 519 million pounds (Mlb) of copper and 390,000 ounces (Moz) of gold, of which 134 Mlb copper and 140,000 oz gold are attributable to Orogen's royalty area of interest.
• Total inferred mineral resources of 356.3 Mt grading 0.32 per cent CuEq for 1,889 Mlb of copper and 1.28 Moz of gold, of which 599 Mlb copper and 320,000 Moz gold are attributable to Orogen's royalty area of interest.
• Drilling for resource expansion and upgrades is planned for 2026.

Orogen holds an equity interest in Kodiak and a 2-per-cent NSR royalty on the MPD South project, subject to a 0.5-per-cent buydown for $2-million.

iii. HWY 37 (Ball Creek East, Ball Creek West and Hank claims) copper-gold porphyry project, British Columbia, Canada. Kingfisher Metals Inc. completed 7,630 metres of drilling in 11 holes on the Hank claims in 2025. Assay highlights include:

• HW-25-004 grading 0.29 per cent copper and 0.30 gram per tonne (g/t) gold over 557.8 metres including 234.35 metres grading 0.44 per cent copper and 0.49 g/t gold and HW-25-008 grading 0.21 per cent copper and 0.22 g/t gold over 889.35 metres;
• A 500 metre stepout from the Upper Hank epithermal deposit in drill hole HW-25-006 grading 0.28 g/t gold over 241 metres including 110 metres at 0.47 g/t gold.

Drill hole HW-25-011 intercepted the periphery of a previously undrilled porphyry system over 429 metres beneath the Hank gold-silver epithermal deposit. This new blind porphyry discovery returned 425 metres of 0.15 per cent copper and 0.21 g/t gold from 534 metres and terminated at 959 metres in increasing copper grades. Additional drilling of this new porphyry discovery, the Williams area and elsewhere is anticipated for 2026.

Orogen holds an equity interest in Kingfisher, rights to receive payments on the Ball Creek West claims, rights to milestone cash payments on the Hank claims and the following royalty interests:

• 1-per-cent NSR royalty on the Ball Creek East claims;
• 3-per-cent NSR royalty on the Hank claims with a 1-per-cent buydown for $3-million (U.S.);
• The right to acquire an additional 1-per-cent NSR royalty on the Ball Creek East, Ball Creek West and Hank claims for $1.0-million.

iv. La Rica porphyry copper-gold project, Colombia. MCC Mining Inc. is a private exploration company with a portfolio of copper projects in Colombia, including the Comita deposit (joint venture with Rio Tinto), the Pantanos deposit and the La Rica project. Shareholders include mid and large-cap copper miners, which is an indication of MCC's strategic value. Drilling is anticipated to occur on La Rica in early 2026.

Orogen holds a 1-per-cent NSR royalty on the La Rica project, subject to a 0.5-per-cent buydown for $15.0-million (U.S.).

v. Camelot porphyry copper-gold project, British Columbia, Canada. Prospect Ridge Resources (Canadian Securities Exchange: PRR) completed a 2,034-metre 10-hole drill program on the Camelot project in Q4 2025. Chalcopyrite has been observed in eight of the 10 holes correlating well with chargeability highs. Assays results from a single hole CAM25-009 have been released to date, returning anomalous copper and gold over 156.6 metres (0.06 g/t gold and 0.08 per cent copper) with several higher-grade intervals including 0.24 g/t gold and 0.32 per cent copper over 7.5 metres and 0.76 g/t gold and 0.57 per cent copper over 3.0 metres. Remaining assay results are expected in Q1 2026 and follow-up drilling is planned for September.

Orogen holds a 1-per-cent NSR royalty on the Camelot project and the right to buy an additional 0.25 per cent for $500,000.

vi. Maggie Creek gold project, Nevada, United States. Nevada Gold Mines (NGM) completed an 1,840-metre core tail extending the 458-metre MC21-2C hole previously drilled by U.S. Gold Corp. that intersected intense clay alteration within Upper Plate Vinini siltstone and mudstones. Assay results displayed pathfinder element anomalism in the upper half of the hole with no significant gold anomalism. NGM are planning follow-up drilling in Q1 2026 to test a newly identified soil anomaly in the east of the property.

Orogen holds the right to cash payments and a 2-per-cent NSR royalty on the Maggie Creek property.

vii. Si2 epithermal gold project, Nevada, U.S. K2 Gold Corp. commenced a 2,000-metre drill program in January at the Si2 target. The program is designed to test structural targets within an inferred preserved epithermal system based on vectors generated from fluid inclusion and alteration studies completed in 2025 on prior drilling that only tested the shallow upper levels of the system.

Orogen holds an equity position in K2 and a 2-per-cent NSR royalty on the Si2 project.

viii. Firenze epithermal gold project, Nevada, U.S. Altitude Minerals Ltd. (Australian Securities Exchange: ATT) outlined plans for a 2,500-metre drill program in Q2 2026 which will be the first modern testing of the high-grade veins at Firenze since the 1980s.

Orogen holds an equity position in Altitude and a 1.5-per-cent NSR royalty on the Firenze project with a 0.5-per-cent buydown for $750,000.

ix. Spring Peak epithermal gold project, Nevada, U.S. Headwater Gold Inc. (CSE: HWG), in partnership with Newmont Gold, announced the Spring Peak was recently selected for the FAST-41 permitting track to ensure an efficient authorization process. In 2025, a regional gravity survey outlined extensions of the Bear Fault corridor beyond the currently known mineralized Disco and Shadow zones. Drilling is anticipated for 2026 pending receipt of the permit.

Orogen retains the rights to a cash payment and up to a 1-per-cent NSR royalty on the Spring Peak project.

x. Jake Creek, epithermal gold project, Nevada, U.S. Headwater announced a letter of intent with OceanaGold Corp. on Jake Creek. The deal guarantees a minimum exploration spend of $1.0-million (U.S.) within two years of the execution date.

Orogen holds a 1-per-cent NSR royalty on the Jake Creek project subject to a 0.5-per-cent buydown for $1-million (U.S.).

Alliance update and outlook

In 2025, Orogen completed over $2.5-million in partner-financed exploration across regional generative alliances. This included gold exploration in Utah with Triple Flag Precious Metals Corp., gold and copper exploration in Nevada with Altius Minerals, copper exploration in Wyoming with BHP Xplor, and base metal exploration in Nevada with South32 Ltd. These efforts resulted in five staked projects and a strong pipeline of exploration targets. The alliance with BHP Xplor concluded in Q4 2025, and Orogen is now seeking a new partner for Wyoming.

For 2026, an additional $2.5-million of alliance funded expenditure is anticipated including the advancement of base metal targets with South32, and the utilization of recently published hyperspectral data sets with Altius Minerals and Triple Flag Precious Metals Corp.

Qualified person statement

All new technical data, as disclosed in this press release, has 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.

All technical disclosure in this release is a summary of previously released information, and the company is relying on the interpretation provided by the relevant company.

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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