Mr. Paddy Nicol reports

OROGEN ROYALTIES ANNOUNCES PERMITTING UPDATE FOR PORTAL CONSTRUCTION AT ERMITAÑO'S NAVIDAD DEPOSIT

First Majestic Silver Corp., operator of the producing gold-silver Santa Elena/Ermitano mine, has received permits for portal construction for the Navidad deposit, where Orogen Royalties Inc. holds a cash-flowing 2-per-cent net smelter return (NSR) royalty. Significant infill drilling results have also been reported on the Winter vein system that forms part of the Navidad deposit.

Highlights

• First Majestic has committed an additional $12-million (U.S.) to initiate the construction of portals for the Navidad and non-royalty Santo Nino deposits within the Santa Elena/Ermitano mine complex.
• The additional funding will provide underground access to both areas, support decline and ramp development, and advance hydrogeological studies.
• Over 7,700 metres in 10 holes of a planned 17,000-metre drilling program in 2026 has been completed at Navidad's Winter vein with the following highlight drill holes:
  • EWUG-26-089 grading 23.59 grams per tonne (g/t) gold and 359 g/t silver over 2.49 metres;
  • EWUG-26-091 grading 3.5 g/t gold and 28 g/t silver over 14.89 metres;
  • EWUG-26-088 grading 11.99 g/t gold and 358 g/t silver over 3.43 metres.

"Portal construction at Navidad represents an important development milestone at the Santa Elena/Ermitano mine complex," commented Paddy Nicol, chief executive officer of Orogen. "According to First Majestic, the smaller Santo Nino deposit has the potential for near-term mining while the larger and higher-grade Navidad deposit continues to be drilled and represents one of the key discoveries in the Santa Elena/Ermitano mine area. Both deposits have the potential to materially extend the mine life at Santa Elena. Infill drilling results received to date from Navidad support potential conversion of inferred resources to indicated resources as well as an increased confidence in volume and grade continuity of mineralized material."

About the Navidad deposits

The Navidad deposit, consisting of the Navidad and Winter veins, represent one of the most significant zones of gold and silver mineralization currently known within Orogen's 167-square-kilometre 2-per-cent NSR royalty area of interest. The mineralization is typical of low sulphidation gold and silver vein-hosted deposits. Inferred resources at Navidad consist of 6.42 million tonnes grading 2.21 g/t gold and 89 g/t silver totalling 460,000 ounces gold and 18.41 million ounces silver.

The Navidad deposit, along with Santo Nino (not subject to Orogen's royalty), are being advanced from resource definition toward underground development. A proposed portal originating 300 metres from Santa Elena's processing facilities will be designed in conjunction with a ramp from the lower levels of the Ermitano mine and is anticipated to provide efficient access to Navidad mineralization. Both ramps are expected to support future mining operations and haulage of mineralized material from Navidad. Portal construction is planned to start in the second half of 2026.

Drilling at Navidad is being completed as part of a planned program of approximately 17,000 metres in 2026 (see Table 2 for all new reported drill results at the Winter vein). The drilling is intended to increase data density, improve understanding of the mineralized volume, grade continuity, vein geometry and support potential conversion of inferred mineral resources to indicated mineral resources. This work is expected to strengthen geological confidence and support the basis for underground access design, mine planning, production schedulling and economic evaluation. The geometry of the Navidad vein is 1,200 metres by 400 metres in strike and dip with a true thickness between 3.0 metres and 4.0 metres, while the Winter vein is approximately 1,000 metres by 350 metres in strike and dip with a true thickness ranging between 2.8 metres to 4.4 metres. The Navidad vein system remains open in several directions.

Qualified person statement

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. Additional information can be found on the links in the footnotes or on SEDAR+.

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.

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. The company is well financed with several projects actively being developed by joint venture partners.

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