Orogen Royalties Provides Project Generation Update

About this update from K2 Gold Corporation

Orogen Royalties Provides Project Generation UpdateVANCOUVER, BC / ACCESSWIRE / February 2, 2023 / (TSX.V:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. ("Orogen" or the "Company") is pleased to announce fiscal 2022 performance of its project generation business in Mexico, United States, and Canada.2022 HighlightsPartner-funded exploration work of $5.6 million, including three drilling campaigns totaling approximately 5,000 metres.Eight option and sale agreements completed with sixteen active exploration partnershipsFive new royalties generated in Mexico, Nevada, and British Columbia, and three royalties acquired in western Kenya.Income generated from the Company's prospect generator business is estimated at $620,000 including gains from project sales, payments and recoveries, net of impairment costs.Eight partner-funded drilling programs are estimated for 2023, including an expanded program on the Spring Peak project by exploration partner, Headwater Gold Inc.Paddy Nicol, Orogen's CEO, commented: "Orogen's project generation business continues to produce transactions focused on partner-funded exploration activity and royalty creation. Despite the challenging equity market, our junior exploration partners have spent over $5 million to advance our projects with encouraging results coming from Nevada. Our focus in 2023 involves a greater emphasis on project acquisition to bolster our project portfolio and we are excited that eight partner-funded drilling campaigns are planned."Exploration Summary Spring Peak Epithermal Target, Nevada Headwater Gold Inc. (CSE:HWG) ("Headwater") followed up discovery drilling on Spring Peak in 2021 with a 3,200 metre drilling program completed in late 2022. Drill hole SP22-13 intersected 34.72 metres grading 2.73 grams per tonne ("g/t") gold including 15.92 g/t gold over 2.38 metres and 10.43 g/t gold over 2.01 metres.1 Assay results from additional drilling remain pending. Headwater also signed an earn-in agreement with Newcrest Mining Limited ("Newcrest")2 whereby Newcrest can earn up to a 75% interest in Spring Peak by spending US$60 million and completing a pre-feasibility study, including a guaranteed US$5 million of expenditure at Spring Peak within 36 months. Orogen holds the right to cash payments and a 0.5% net smelter return ("NSR") royalty on the Spring Peak project, with the option to purchase an additional 0.5% for US$1...

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