Mr. Paddy Nicol reports

OROGEN ROYALTIES ACQUIRES A ROYALTY ON THE HALDANE SILVER PROJECT

Orogen Royalties Inc. has acquired a 2-per-cent net smelter return (NSR) royalty on the Haldane silver project in Yukon Territory, Canada.

Haldane royalty highlights

• Haldane is a high-grade silver project owned by Silver North Resources Ltd. (TSX Venture Exchange: SNAG).
• The royalty is uncapped with no buydowns and covers 86 square kilometres on the extension of the Keno Hill silver district and namesake mine, operated by Hecla Mining Company.
• Four Keno-style vein targets confirmed to date at Haldane with significant potential for new blind discoveries.
• Haldane has been progressively explored and drilled since 2019 including drill holes HLD25-31 grading 818 grams per tonne (g/t) silver, 1.39 g/t gold, 2.54 per cent lead and 0.98 per cent zinc over 13.15 metres, and HLD21-24 intersecting 1,351 g/t silver, 2.43 per cent lead and 2.91 per cent zinc over 5.2 metres.
• Drilling at Haldane is under way with up to 14,000 metres planned for 2026 and 2027.

"Keno Hill is one of the highest-grade silver districts in the world with over 35 historical mine sites producing approximately 217 million ounces of silver. The Haldane royalty acquisition was based on the strong geological potential of the project backed by solid operatorship at Silver North, and we are excited to be part of this emerging silver discovery," said Paddy Nicol, chief executive officer of Orogen. "Silver North is a well financed and technically driven company with sufficient funding to explore Haldane over 2026 and 2027. We look forward to exploration results as they materialize."

About the Haldane project

Keno Hill produced approximately 217 million ounces of silver from 1913 to 1989 with an average grade of 1,149 grams per tonne silver, 5.62 per cent lead and 3.14 per cent zinc. The Keno Hill district is currently held by Hecla Mining Company, which produced over 3.0 million ounces of silver, 3.63 kilotons of lead and 2.24 kilotons of zinc in 2025.

The Haldane project covers the western extension of the Keno Hill quartzite formation, the host of the best developed mineralization in the Keno Hill district. The project is centered on a series of mineralized veins within a structural corridor that has historically produced small-scale high-grade silver at the Middlecoff zone and Johnson vein.

To date, four Keno-style vein targets have been identified at Haldane. The Main zone fault is the most advanced target on the property with the first successful drill testing in 2024 intersecting a wide zone of Keno-style silver-bearing veins, vein breccia and stockwork mineralization. Follow-up drilling in 2025 extended mineralization to 100 metres of strike and 150 metres down dip with highlight drill hole HLD25-31 grading 818 g/t silver, 1.39 g/t gold, 2.64 per cent lead and 0.98 per cent zinc over 13.15 metres from 249.9 metres down hole and included 3.2 metres at 2,014 g/t silver.

The property contains significant potential for new vein discoveries with only 37 drill holes prior to the current exploration campaign testing less than 10 per cent of the mapped vein strike on the property. Silver North are currently conducting a two-year, two-rig drill program up to 14,000 metres, focused on expansion of the Main zone and testing new silver targets. Approximately 2,550 metres of drilling in ten holes have been completed at the Main Fault structure with assays pending.

Acquisition terms

Under the terms of the Haldane royalty acquisition agreement Orogen have agreed to the following payment schedule to the vendors of the 2-per-cent NSR royalty:

1. $500,000 on closing thea greement (paid);
2. 30 per cent of future royalty revenue capped at $1.5-million (first future payment);
3. 15 per cent of future royalty revenue capped at $1-million to be paid after the completion of the first future payment.

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 Corp. The company is well financed with several projects actively being developed by exploration partners.

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