Orogen sets 2026 outlook with partner-financed drilling

Executive Summary

• Orogen Royalties Inc. provided a comprehensive update on its 2025 exploration activities and outlined its strategic outlook for 2026, highlighting significant partner-financed drilling and new royalty generation.
• The company reported over 37,800 metres of partner-financed drilling in 2025, including major resource expansion at the Ermitano mine (Mexico) and MPD South project (Canada), with a new resource estimate expected at Ermitano in Q1 2026.
• The 2026 outlook includes plans for over 40,000 metres of partner-financed drilling across twelve programs, continued alliances with Altius Minerals, South32, and Triple Flag Precious Metals, and new updates on mineral resources at key assets.

Key Details

• 2025 Exploration Highlights:

  • Completed over 37,800 metres of partner-financed drilling (estimated $30-million expenditure).
  • Over 21,000 metres of drilling focused on resource expansion/conversion at Ermitano (Navidad/Winter veins and Luna zone) and MPD South.
  • Received over $4.1-million from project sales and exploration partner payments.
  • Generated four new royalties and three exploration alliances.
  • Incurred over $3.4-million in generative exploration expenditures for copper and gold targets.

• 2026 Outlook:

  • Planned twelve partner-financed drilling programs totaling an estimated 40,000 metres (excluding Ermitano).
  • Three active alliances with Altius Minerals Corp., South32 Ltd., and Triple Flag Precious Metals Corp.
  • Six projects currently under option to industry partners.
  • Anticipated resource updates at Ermitano and continued drilling at MPD South.

• Asset-Specific Updates:

  • Ermitano (Mexico): First Majestic Silver Corp. completed 21,319 metres of drilling. Metallurgy and scoping studies completed. New mineral resource estimate for Navidad, Winter, and Luna expected Q1 2026. Orogen holds a 2% NSR royalty.
  • MPD South (Canada): Kodiak Copper Corp. completed 5,001 metres of drilling. Initial resource estimate includes 82.9 Mt Indicated (0.39% CuEq) and 356.3 Mt Inferred (0.32% CuEq). Orogen holds a 2% NSR royalty (subject to 0.5% buydown for $2M) and equity interest.
  • HWY 37 / Ball Creek (Canada): Kingfisher Metals Inc. completed 7,630 metres of drilling. Key intercepts include HW-25-004 (557.8m at 0.29% Cu, 0.30 g/t Au) and HW-25-008 (889.35m at 0.21% Cu, 0.22 g/t Au). Discovered a new blind porphyry system (Williams area) with 425m at 0.15% Cu, 0.21 g/t Au. Orogen holds equity and various NSR royalties (1-3%).
  • La Rica (Colombia): Drilling anticipated early 2026. Orogen holds a 1% NSR royalty (subject to 0.5% buydown for $15M).
  • Camelot (Canada): Prospect Ridge Resources completed 2,034 metres in Q4 2025. Hole CAM25-009 returned 156.6m at 0.06 g/t Au, 0.08% Cu, including higher-grade intervals. Assays expected Q1 2026. Orogen holds a 1% NSR royalty.
  • Maggie Creek (Nevada): Nevada Gold Mines extended hole MC21-2C by 1,840 metres. No significant gold anomalism, but pathfinder elements present. Follow-up drilling planned Q1 2026. Orogen holds a 2% NSR royalty.
  • Si2 (Nevada): K2 Gold Corp. commenced 2,000-metre drill program in January 2026 to test structural targets. Orogen holds equity and a 2% NSR royalty.
  • Firenze (Nevada): Altitude Minerals plans 2,500-metre drill program in Q2 2026. Orogen holds equity and a 1.5% NSR royalty (subject to 0.5% buydown for $750k).
  • Spring Peak (Nevada): Selected for FAST-41 permitting track. Regional gravity survey outlined Bear Fault corridor extensions. Drilling anticipated 2026 pending permit. Orogen retains rights to cash payments and up to 1% NSR.
  • Jake Creek (Nevada): Headwater Gold announced Letter of Intent with OceanaGold Corp., guaranteeing $1M minimum exploration spend over two years. Orogen holds a 1% NSR royalty (subject to 0.5% buydown for $1M).

• Alliance Activity:

  • 2025 saw over $2.5M in partner-financed exploration across alliances with Triple Flag, Altius, BHP Xplor (concluded Q4 2025), and South32.
  • 2026 anticipates an additional $2.5M in alliance-funded expenditure, focusing on base metal targets with South32 and utilizing hyperspectral data with Altius and Triple Flag.

Notable Quotes

• "Orogen's prospect generation business reached an all-time high in 2025 for expenditure on early stage generative exploration by alliance partners, exploration drilling metres, and with two new mineral resource estimates on First Majestic's Navidad/Winter veins and Kodiak Copper's MPD South project. For 2026, we anticipate updates on resources at Ermitano as well as over 40,000 metres of exploration drilling on partnered/royalty projects. Alliance activity is anticipated to remain robust, driven by generative work funded by Altius Minerals, Triple Flag Precious Metals and South32." — Paddy Nicol, CEO