CORRECTION: Orogen Royalties Announces 34% Increase in Gold Resources at the Merlin Deposit

About this update from Orogen Royalties Incorporation

CORRECTION: Orogen Royalties Announces 34% Increase in Gold Resources at the Merlin DepositPress Release Updated with Correct Images VANCOUVER, BC / ACCESS Newswire / February 20, 2025 / (TSX.V:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. ("Orogen" or the "Company") is pleased to announce an update to the Expanded Silicon project in Nevada, USA. Project owner AngloGold Ashanti NA ("AngloGold") has announced an updated Inferred Resource of 12.1 million ounces gold at the Merlin deposit1. The new resource at Merlin is separate from the 4.22 million ounce gold resource at the Silicon deposit1, located approximately 270 metres to the northwest.Orogen holds a 1% net smelter return royalty on the Expanded Silicon project that includes the Silicon and Merlin deposits with exposure to approximately 16.31 million ounces of gold (Table 1).Table 1: Reported Mineral Resources at the Expanded Silicon Project1DepositCategoryTonnes(millions)Grade(g/t)Contained Gold(million ounces)SiliconIndicated1210.873.40 Inferred360.700.81Total Silicon1 1580.834.22*Total Merlin2Inferred3551.0612.10Total Expanded Silicon Project 5130.9916.31**Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations and are reported directly from AngloGold disclosure1. The Silicon deposit mineral resource is based on a gold price of $1,750/oz2. The Merlin deposit mineral resource is based on a gold price of $1,900/ozMerlin Deposit Update HighlightsPit constrained inferred resource at Merlin of 355 million tonnes grading 1.06 grams per tonne ("g/t") goldUpdated resource at Merlin represents a 25% increase in tonnes, a 34% increase in gold ounces, and a 7% increase in gold grade from the February 2024 announcementApproximately 132 kilometres of drilling completed within the Merlin area in 2024Exploration drilling east of Merlin appears to have encountered the fault offset extension of mineralization with results pendingDrilling at Merlin will continue into 2025 to support resource upgrades and conversion at the Merlin deposit with a pre-feasibility study expected H2-2025"We are very pleased to see another 3.05 million ounces of gold have been added by AngloGold to the Merlin Resource, representing a significant increase in size and grade", commented Paddy Nicol, Orogen's CEO. "High-grade zones and mineralized stratigraphic units were refined, thereby improving the reso...

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