Orogen Royalties Announces Mid-year Royalty Update and Forecast

VANCOUVER, BC / ACCESSWIRE / August 16, 2023 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. ("Orogen") or the ("Company") is pleased to provide an update on its royalty portfolio and forecast for the second half of 2023.

Paddy Nicol, CEO of Orogen, commented: "Our royalty portfolio consists of 24 projects including the producing Ermitaño mine operated by First Majestic and a potential district scale discovery at the Silicon-Merlin project operated by AngloGold Ashanti. At the Ermitaño mine, a 27% increase in production is forecast for the second half of this year while recent drilling displays the potential for reserve replacement. At the Silicon-Merlin project, AngloGold Ashanti announced significant progression at the Merlin area with a 6 to 8 million ounce gold Exploration Target^A, in addition to the existing 4.2 million ounce gold resource at Silicon. In combination with other royalties including MPD South, West Kenya, Cuprite, and Hank, the Company has exposure to potential exploration success on approximately 72,500 metres of drilling over an area of interest in excess of 1,900 square-kilometers. Most of our royalties were generated organically through our prospect generation business and we benefit from exploration and advancement on these assets with no capital or risk exposure to the company."

Highlights

• Estimated 72,500 metres of drilling on projects where Orogen holds a royalty interest, including the Silicon-Merlin gold project, the Ermitaño gold-silver mine, and the MPD South (Axe) copper-gold porphyry project. Including Orogen's Project Generation business, total exposure to drill projects in 2023 is estimated at over 100,000 metres.
• AngloGold Ashanti NA's ("AngloGold") 6 to 8 million ounces gold Exploration Target at Merlin adds to the existing resources at Central Silicon of 3.4 million ounces gold indicated and 800,000 ounces gold inferred, where Orogen holds a 1% net smelter return ("NSR") royalty^1,2.
• Potential for additional drilling on the Cuprite gold project, Hank copper-gold porphyry project and Rosterman license in West Kenya.
• Portfolio of 24 royalties on a combined area of interest over 1,900 square-kilometres.
• Three new royalties created or acquired in 2023 including the Ball Creek West copper-gold porphyry and Ecstall VMS projects in British Columbia, and the La Rica project in Colombia.

Selected Royalty Update Information