Announcement • Jul 28

Orogen Royalties Provides Updates on Partner Funded Exploration Stage Projects and Royalties

Orogen Royalties Inc. announced updates for its partner funded exploration stage projects and royalties for the first half of 2026 and forecast for the remainder of the year. Approximately 44,000 metres of partner-funded drilling completed or underway on seven exploration stage projects where Orogen holds various royalty interests. Over 7,000 metres of conversion drilling completed at Ermitano's Navidad/Winter deposit, where Orogen holds a cash-flowing 2% net smelter return royalty. Two new royalties created from project sales. New pipeline of projects generated from partner-funded gold exploration in Nevada and Utah, and from Orogen's internally funded programs. Additional six drill programs with 25,000 metres of drilling estimated in Second Half 2026. Orogen expects 14 partner funded drilling programs on its exploration stage projects in 2026 totaling over 69,000 metres. First Majestic Silver Corp. completed 7,704 metres of drilling to support potential conversion of Inferred Mineral to Indicated Mineral Resources at the Navidad/Winter deposit. Highlight drilling includes drill hole EWUG-26-089 grading 23.59 grams per tonne gold and 359 grams per tonne silver over 2.49 metres (true width). First Majestic has also received permits for portal construction to support decline and ramp development for Navidad/Winter and is expected to commence in the Second Half 2026. Over 78,000 metres of drilling is planned within the San Elena mine complex in 2026 that includes Ermitaño, Luna, and Navidad/Winter deposits. Orogen holds a cash-flowing 2% net smelter return royalty on the producing Ermitaño Mine and the surrounding 167 square kilometres of prospective ground. Kingfisher Metals Inc. announced a $20.8 million strategic investment by Barrick Mining Corporation into Kingfisher, and a 15,000-metre drilling program at the HWY 37 project. The 2026 program will focus on step out drilling from the recent Hank porphyry discovery and drilling untested porphyry copper-gold targets within the Hank-Mary district. Orogen holds an equity interest in Kingfisher and a 1%-3% net smelter return royalty on the HWY 37 project, subject to certain acquisition and buydown rights. MCC Mining Inc. completed a USD 75 million financing in late 2025 and began a minimum 10,000 metre drill program at La Rica in early 2026. Drilling is planned to test several areas, including the namesake La Rica zone, a 600 by 400 metre area of outcropping mineralization grading an average of 0.74% copper and 0.47 grams per tonne gold in 118 rock chip samples. Drilling remains ongoing. Orogen holds a 1% net smelter return royalty on the La Rica project, subject to a 0.5% buydown for USD 15.0 million. Kodiak Copper Corp. recently closed a $15 million financing and announced a two-rig 16,500-metre drilling program at the MPD project. One drill rig has been assigned to MPD South to follow up recently completed geophysical surveys. Current resources at MPD South include the following: Indicated Mineral Resources of 82.9 million tonnes grading 0.39% copper equivalent for 519 million pounds of copper and 0.39 million ounces of gold, of which 134 million pounds copper and 0.14 million ounces gold are attributable to Orogen's royalty area of interest. Total Inferred Mineral Resources of 356.3 million tonnes grading 0.32% copper equivalent for 1,889 million pounds of copper and 1.28 million ounces of gold, of which 599 million pounds copper and 0.32 million ounces 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% net smelter return royalty on the MPD South project, subject to a 0.5% buydown for $2 million. Nevada Gold Mines completed drill hole THX-25001 of which the upper 1,057.7 metres is within Orogen's property boundary. The hole successfully intersected Lower Plate stratigraphy, including interpreted Rodeo Creek, Popovich and Roberts Mountain formations. Assay results remain pending. Next steps include interpretation of drill hole THX-25001, additional field work, and drilling. Orogen holds the right to cash payments and a 2% net smelter return royalty on the Maggie Creek property. K2 Gold Corp. completed a 3,871-metre drilling program on the Si2 project. The eight hole drill program successfully demonstrated the presence of a large epithermal gold system with broad intervals of disseminated gold as well as metre-scale epithermal quartz veins. Next steps include expanded geological and structural mapping, spectral analysis of 2026 drill core to build a more robust alteration model, and potential step out drilling. Orogen holds an equity interest in the K2 Gold Corp. and a 2% net smelter return royalty on the Si2 project. Headwater Gold Inc. announced the start of drilling the Jake Creek project in partnership with OceanaGold Corporation. The 3,500 metre, eight to ten hole, reverse-circulation and core program will focus on areas of historical drilling as well as new targets on the property. Orogen holds a 1% net smelter return royalty on the Jake Creek project with a 0.5% buydown for USD 1 million. Magna Terra Minerals Inc. announced that farm-in partner Lunex Metals Corp. completed a 16 hole, 2,517 metres drill program testing several structural targets. The drilling suggests the presence of a potentially large-scale epithermal system with more follow-up drilling planned. Orogen holds a 1% net smelter return royalty on the Luna Roja project. Additional drilling programs in Second Half 2026 are expected on the Firenze, Ecru, Table Mountain, Spring Peak and Celts projects in Nevada, and on the Camelot project in British Columbia. Approximately USD 820,000 was deployed on Orogen's regional generative alliances. Base metal targets have been advanced with South32, and the utilization of hyperspectral datasets has identified new gold and copper targets with Altius Minerals and Triple Flag Precious Metals Corp. in Nevada and Utah, respectively. This work has led to the acquisition, through staking, of four new gold targets in Nevada and Utah, and a copper porphyry target in Nevada. These new projects are being readied for marketing and will be presented during Orogen's third annual Project Generator Day.

Metals and Mining Industry Growth	29.18%
Revenue growth rate	40.24%
Return on equity	25.75%
Net Margin	79.54%
Last Earnings Update	30 Jun 2026

Date	Revenue	Earnings	G+A Expenses
30 Jun 26	12	10	6
31 Mar 26	11	7	6
31 Dec 25	10	5	6
30 Sep 25	9	4	5
30 Jun 25	9	3	5
31 Mar 25	9	3	5
31 Dec 24	8	3	5
30 Sep 24	7	2	5
30 Jun 24	7	3	5
31 Mar 24	6	3	5
31 Dec 23	6	3	5
30 Sep 23	5	2	4
30 Jun 23	5	2	4
31 Mar 23	4	1	4
31 Dec 22	4	1	3
30 Sep 22	3	-2	4
30 Jun 22	2	-3	3
31 Mar 22	1	-2	3
31 Dec 21	1	-3	3
30 Sep 21	0	38	2
30 Jun 21	0	-4	3
31 Mar 21	0	-5	3
31 Dec 20	0	-5	3
30 Sep 20	0	-45	3
30 Jun 20	0	-3	3
31 Mar 20	0	-3	3
31 Dec 19	0	-3	3
30 Sep 19	0	-4	4
30 Jun 19	0	-2	4
31 Mar 19	0	-2	5
31 Dec 18	0	-2	4
30 Sep 18	0	-1	4
30 Jun 18	0	-3	3
31 Mar 18	0	-3	3
31 Dec 17	0	-3	3
30 Sep 17	0	-2	2
30 Jun 17	0	-2	2
31 Mar 17	0	-2	2
31 Dec 16	0	-2	2
30 Sep 16	0	-2	2
30 Jun 16	0	-2	2
31 Mar 16	0	-2	2
31 Dec 15	0	-2	2
30 Sep 15	0	-2	2

Data	Last Updated (UTC time)
Company Analysis	2026/09/16 10:26
End of Day Share Price	2026/09/16 00:00
Earnings	2026/06/30
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Nicolas Dion	ATB Cormark Historical (Cormark Securities)
null null	ATB Cormark Historical (Cormark Securities)

Orogen Royalties Past Earnings Performance

Past criteria checks 5/6

Key information

Recent past performance updates

Second quarter 2026 earnings released: EPS: CA$0.041 (vs CA$0.004 loss in 2Q 2025)

First quarter 2026 earnings released: EPS: CA$0.059 (vs CA$0.023 in 1Q 2025)

Recent updates

Orogen Royalties Inc. (TSXV:OGN) acquired Serpent Gold Project in Nevada.

Investor sentiment improves as stock rises 16%

New major risk - Earnings quality

Second quarter 2026 earnings released: EPS: CA$0.041 (vs CA$0.004 loss in 2Q 2025)

Investor sentiment improves as stock rises 24%

Orogen Royalties Inc. (TSXV:OGN) acquired Two Peaks CRD and skarn project in Arizona, USA.

Orogen Royalties Provides Updates on Partner Funded Exploration Stage Projects and Royalties

Orogen Royalties Inc., Annual General Meeting, Aug 13, 2026

Investor sentiment improves as stock rises 16%

First quarter 2026 earnings released: EPS: CA$0.059 (vs CA$0.023 in 1Q 2025)

High number of new directors

Orogen Royalties Inc. announced that it expects to receive CAD 10.000348 million in funding

Orogen Royalties Inc.(TSXV:OGN) dropped from S&P/TSX Venture Composite Index

Altitude Minerals Ltd (ASX:ATT) signed a purchase and sale agreement to acquire Firenze gold-silver project in Nevada, USA from Orogen Royalties Inc. (TSXV:OGN) and Altius Minerals Corporation (TSX:ALS) for $0.43 million.

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