Orogen Royalties Reports Continued Exploration Success on Ermitano Royalty AOI

The news release dated December 18, 2025, provides an operational and exploration update on the Ermitaño gold-silver mine in Sonora, Mexico, operated by First Majestic Silver Corp. Orogen holds a 2.0% Net Smelter Return (NSR) royalty on this project. Key highlights include: - Continued drilling success at the Navidad and Winter veins, extending mineralization to over 1,200 metres of strike and 400 metres down dip. - High-grade intercepts including 5.8 g/t gold over 8 metres (true width) and 5.53 g/t gold over 7.7 metres. - Operator First Majestic is expanding processing plant throughput from 3,200 tonnes per day (tpd) to 3,500 tpd. - Commencement of a scoping study and material handling study to optimize production from the Navidad zone. - Significant focus on resource conversion ahead of the 2025 resource statement.

The impact is material and positive for Orogen’s long-term valuation for several reasons: - Revenue Scaling: The 9.3% increase in plant throughput (from 3,200 to 3,500 tpd) directly correlates to higher potential royalty payments, assuming head grades remain consistent. - Life of Mine (LOM) Extension: The expansion of the Navidad and Winter veins suggests that the Ermitaño complex will remain a cornerstone cash-flow asset for much longer than originally modeled. - Resource De-risking: Moving Navidad toward a scoping study and focusing on resource conversion (Luna and Navidad zones) indicates a transition from "exploration upside" to "proven mine plan," which usually leads to a re-rating of the royalty’s Net Present Value (NPV). - Sustainability: As Orogen’s primary source of cash flow, the continued investment by First Majestic (the operator) validates the asset's quality and reduces the risk of Orogen needing to raise dilutive capital.

Orogen Royalties utilizes a "Hybrid Prospect Generator" model. They generate exploration projects through technical data, find partners to fund the drilling, and retain a royalty. - Flagship Asset: 2.0% NSR on the Ermitaño Mine (Sonora, Mexico). It is currently producing and managed by First Majestic Silver. - Secondary Assets: Orogen holds a massive portfolio of 28+ royalties, including a 2% NSR on the MPD South project (BC, Canada) and several exploration alliances with majors like BHP and South32. - Note on Restructuring: In July 2025, the "old" Orogen was acquired by Triple Flag for its royalty on the Silicon project. The current Orogen is a spin-out that retained all other assets and cash, effectively "cleaning" the balance sheet while keeping the core management and cash-flowing Ermitaño asset.