Orogen keeps 1% NSR royalty on Camelot project sale

Mr. Paddy Nicol reports OROGEN ROYALTIES CREATES A ROYALTY ON THE CAMELOT COPPER-GOLD PROJECT Orogen Royalties Inc. has signed a purchase and sale agreement with Prospect Ridge Resources Corp. whereby Prospect Ridge has acquired the Camelot (formerly Lemon Lake) copper-gold porphyry project, located in British Columbia, Canada. To acquire a 100-per-cent interest in the Camelot project, Prospect Ridge will pay Orogen $200,000 in cash or common shares of Prospect Ridge over a six-month period. Orogen will retain a 1-per-cent net smelter return (NSR) royalty with the right to acquire an additional 0.25-per-cent NSR royalty from an underlying vendor. Paddy Nicol, chief executive officer of Orogen, commented: "The Camelot project contains a fully permitted drill target outlined by the coincidence of anomalous copper in soils, a magnetic high and a strong chargeability anomaly with an inferred area of potassically altered monzonite. Prospect Ridge is a well funded and managed exploration company with plans to drill this exciting target in 2025. Orogen maintains its upside exposure to the property through its retained royalty and we are excited to see drill results in the coming months." Orogen and Prospect Ridge acknowledge that the Camelot project is situated within the traditional territory of the Williams Lake Indian Band, Xatsull First Nation and the Neskonlith Indian Band. Both companies are committed to developing positive and mutually beneficial relationships with first nations based on trust and respect and a foundation of open and honest communications. About the Camelot copper-gold project The 2,600 hectares Camelot project is located in the prolific Quesnel belt in British Columbia, known to host both calc-alkaline copper and alkaline copper-gold porphyry systems including Imperial Metal's Mount Polley and New Gold's New Afton mines, and Vizsla Copper's Woodjam deposit cluster. The Camelot property contains the 15-square-kilometre Late Triassic to Early Jurassic composite Lemon Lake pluton with early phases of gabbro and diorite cut by at least two phases of monzonite porphyry, local monzonite breccias and late monzonite-syenite dikes. Limited historical exploration work has outlined a multikilometre copper in soil anomaly coincident with a 1,700-metre-long chargeability (greater than 17 millivolts per volt) anomaly developed in an undrilled overburden covered area. The strongest regions of chargeability (greater than 25 mV/V) coincide with discrete magnetic highs. Drilling in 1974 focused on sparse outcrop exposures of altered monzonite and intersected 21.3 metres of 0.25 per cent copper with no gold assays. Additional drilling in 2022 intersected copper and gold-enriched potassically altered Monzonite dikes returning up to 0.67 metre grading 0.61 gram per tonne (g/t) gold and 1.45 per cent copper. Both generations of holes are drilled into the peripheries of the chargeability anomaly the core of which remains undrilled. The mineralization observed in historical drilling consists of chalcopyrite and pyrite associated with moderate K-Feldspar and biotite alteration developed in the monzonitic phase of the intrusive. Quartz veining is absent consistent with a quartz undersaturated alkalic porphyry system analogous to Mount Polley. The core of the coincident geophysical and geochemical target remains undrilled but is permitted through 2025. Acquisition terms Under the terms of the agreement, Prospect Ridge can acquire a 100-per-cent interest in the Camelot property for a total consideration of $200,000, with $25,000 in common shares of Prospector based on a 10-day volume-weighted average price (VWAP) to be paid within five days of regulatory approval, and $175,000 to be paid in cash or common shares of Prospector (subject to a 10-day VWAP) at the sole discretion of Prospector within six months and two days of the approval date. Orogen will retain a 1-per-cent NSR royalty on the project. Orogen will also retain the right to acquire an additional 0.25-per-cent NSR royalty subject to an underlying agreement for $500,000. The agreement is subject to regulatory approval of the TSX Venture Exchange. Qualified person statement All technical data, as disclosed in this press release, has been verified by Laurence Pryer, PhD, PGeo, vice-president of exploration, for the company. Dr. Pryer is a qualified person as defined under the terms of National Instrument 43-101. About Orogen Royalties Inc. Orogen Royalties is focused on organic royalty creation and royalty acquisitions on precious and base metal discoveries in Western North America. The company's royalty portfolio includes the Ermitano gold and silver mine in Sonora, Mexico (2.0-per-cent NSR royalty), operated by First Majestic Silver Corp. The company is well financed with several projects actively being developed by joint venture partners. We seek Safe Harbor.