Orogen Royalties Notes Initial Resource Estimate on Kodiak Copper's MPD Copper-Gold Project

On December 11, 2025, Orogen Royalties announced that its royalty partner, Kodiak Copper Corp., has published an initial Mineral Resource Estimate (MRE) for the southern area of the MPD copper-gold porphyry project in British Columbia. Orogen holds a 2% Net Smelter Return (NSR) royalty on this portion of the project.

The MRE outlines: - Indicated Resources: 82.9 million tonnes at a grade of 0.39% copper equivalent (CuEq), containing 519 million pounds of copper and 0.39 million ounces of gold. - Inferred Resources: 356.3 million tonnes at a grade of 0.32% CuEq, containing 1.89 billion pounds of copper and 1.28 million ounces of gold.

This is the first time a resource has been calculated on the property, representing a significant de-risking milestone. Orogen's CEO, Paddy Nicol, noted the company's long-term involvement since 2015 and expressed encouragement for the project's growth potential.

The initial resource estimate for the MPD project is a material positive event for Orogen Royalties. While the news was anticipated (a September 24, 2025 update noted a resource estimate was expected by year-end), the size and definition of the resource provide tangible validation and a significant de-risking of this key royalty asset.

• Validation of Business Model: The MRE demonstrates the success of Orogen's prospect generator model, where it acquires prospective ground during downturns, partners it with explorers, and retains a royalty interest. This successful outcome at MPD enhances the credibility of their entire portfolio.
• Quantifiable Value: Prior to the MRE, the MPD royalty's value was speculative. Now, with a defined resource containing billions of pounds of copper and over a million ounces of gold in the inferred category, a quantifiable, albeit early-stage, value can be ascribed to Orogen's 2% NSR. This strengthens Orogen's asset base and long-term value proposition.
• No Immediate Cash Flow Impact: It is critical to note that a mineral resource is not a mineral reserve and has not demonstrated economic viability. The MPD project is many years and hundreds of millions of dollars away from potential production. Therefore, this news has no impact on Orogen's current revenues or cash flow, which are primarily derived from the Ermitaño mine.
• Context within Portfolio: While significant, MPD is one of many assets. The company's immediate financial health is tied to the performance of the Ermitaño royalty. This MRE adds a substantial pillar to the company's long-term growth pipeline, complementing its existing cash flow.

In conclusion, the news is material and positive because it converts a speculative exploration asset into a de-risked, resource-stage royalty, significantly enhancing the company's long-term asset value. The market should view this as a successful execution of strategy and a major step in building future value.

Orogen Royalties is a precious and base metals royalty and prospect generator company. The business model involves two synergistic segments: 1. Royalty Holding: Acquiring and holding royalties on projects operated by other companies. 2. Prospect Generation: Using in-house geological expertise to generate and acquire exploration projects, which are then optioned or sold to partners in exchange for cash, shares, and a retained royalty.

The company was fundamentally restructured in July 2025. The original Orogen was acquired by Triple Flag Precious Metals for its 1% NSR on the Expanded Silicon project. All other assets were spun out into the current Orogen Royalties Inc., which is well-capitalized and debt-free.

• Flagship Asset: The company's flagship producing asset is a 2% NSR royalty on the Ermitaño gold-silver mine in Sonora, Mexico, operated by First Majestic Silver Corp. This royalty provides the company with consistent quarterly revenue and positive operating cash flow. First Majestic is actively exploring the property, with significant recent discoveries at the Navidad vein system potentially extending the mine life and Orogen's cash flow stream.