Mr. Paddy Nicol reports

OROGEN ROYALTIES ACQUIRES THE SERPENT GOLD PROJECT IN NEVADA

Orogen Royalties Inc. has acquired the Serpent gold project in Nevada.

Project highlights:

• Serpent is a district-scale, low-sulphidation epithermal gold target located in central Nevada;
• Focused on a series of gold-bearing structures within an eight-kilometre trend of alteration;
• Highly anomalous gold in rocks (up to 0.95 gram per tonne (g/t) gold) associated with the shallow expression of an epithermal deposit;
• Underexplored with no evidence of historical drilling;
• Generated in partnership with Altius Minerals Corp.

The Serpent project is available for option or sale.

"The Serpent epithermal project contains multiple gold-bearing mineralized structures across an alteration footprint with the size to host a district-scale epithermal system comparable to the nearby Round Mountain or Arthur gold projects," said Laurence Pryer, vice-president of exploration of Orogen. "To discover highly anomalous gold in the preserved upper levels of an undrilled epithermal system in a highly prospective host rock and structural setting validates the work Orogen continue to do with Altius Minerals. We look forward to showcasing this project at Orogen's upcoming project generator day on Sept. 16."

About the Serpent project

The Serpent project consists of 225 BLM (U.S. Bureau of Land Management) claims covering approximately 18.8 square kilometres, located 25 kilometres northwest of Rachel, Nev.

Serpent is a district-scale epithermal project focused on a series of gold-bearing structural trends within an eight-kilometre trend of kaolinite and illite alteration identified in airborne hyperspectral AVIRIS data. The alteration is hosted in a thick sequence of Oligocene-aged (23 million to 27 million years old) ignimbrite tuffs.

The focus of the project is the northeast-striking Cobra structural corridor, a two-kilometre zone displaying a transition to the higher levels of an epithermal mineral system, beginning in the southwest, at lower elevations with the uppermost portions of a boiling zone, transitioning to significant chalcedonic and opaline silicification, and ending in the northeast, approximately 100 metres vertically up slope, at the Silica Pool, a region of opal and kaolinite with strongly anomalous mercury.

Reconnaissance rock sampling from the boiling zone has defined anomalous gold values up to 0.95 g/t. Anomalous gold values up to 0.52 g/t are also defined in a perpendicular structural trend to the Cobra corridor. The boiling zone broadly occurs at the intersection of these two structural zones.

The exposed vein sets in the boiling zone are composed of fine-grained saccharoidal silica with abundant platy quartz after calcite and banding textures. Although indications of a boiling zone are exposed on surface, the fine-grained silica textures, together with weak kaolinite-dominant argillic alteration and limited, poorly crystalline illite in the surrounding host rocks, are consistent with the uppermost levels of the boiling horizon with potential for bonanza epithermal mineralization preservation at depth.

Three kilometres to the south of the boiling zone, preliminary rock sampling at the Ant Hill zone returned grades up to 0.4 g/t gold, highly anomalous mercury (six to 10 parts per million (ppm)) and anomalous silver (37 ppm), arsenic and antimony from a silicified structure.

Recent mapping on the property has identified adularia and strong silicification in multiple additional structures to the north of the Cobra corridor, including the 450-metre-long Medusa silicified structure. Assays from these northern zones are pending.

There is no evidence of drilling on the entire Serpent property, and no roads or prospects pits have been identified in the primary Cobra structural corridor.

Prospect generator day

Serpent and Orogen's other recently created exploration projects will be presented during Orogen's third annual project generator day.

Project generator day -- new exploration assets

Date and time:  Wednesday, Sept. 16, 2026, at 10 a.m. PST (1 p.m. EST)

Zoom webinar:  Register on-line.

Qualified person statement

All technical data, as disclosed in this news release, have been reviewed and approved by Dr. 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.

Summary of analytical method

The assay results reported from the Serpent property represent first-pass reconnaissance samples typically grab or select in nature. They do not represent the true width or grade of the mineralization. All rock samples were analyzed by ALS Geochemistry via Au-ICP21 (Au 30-gram FA (fire assay) ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish), ME-MS61 and Hg-MS42. The samples were processed at ALS Reno and ALS North Vancouver. Orogen does not insert any standard, blanks or duplicates during first-pass reconnaissance rock sampling.

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 net smelter return (NSR) royalty), operated by First Majestic Silver Corp. The company is well financed with several projects actively being developed by exploration partners.

We seek Safe Harbor.