Orogen Royalties Announces Permitting Update for Portal Construction at Ermitano's Navidad Deposit

First Majestic Silver Corp. has secured permits for portal construction at the Navidad deposit, which is part of the Ermitaño concession, and committed an additional US$12 million to initiate underground development for both Navidad and Santo Niño. Portal construction is planned to start in H2-2026, with the funding supporting decline and ramp development as well as hydrogeological studies.

Orogen Royalties reports that over 7,700 metres of infill drilling was completed in H1-2026 at the Navidad Winter vein. The drilling encountered multiple significant gold and silver intercepts, including:

• 23.59 g/t Au and 359 g/t Ag over 2.49m

The Navidad deposit holds an Inferred Resource of 460,000 ounces of gold and 18.41 million ounces of silver. The Winter vein is currently being drilled to convert resources to Indicated status. Orogen holds a 2% NSR royalty on the Navidad deposit within the larger Ermitaño concession.

Orogen Royalties Inc. (OGN) released an operational update on June 30 confirming a development milestone for its Navidad project: the securing of a US$12 million commitment and a portal construction licence. This progress aligns with goals previously outlined in the company’s Q1-2026 commentary and earlier exploration updates, marking a step toward converting the Navidad Inferred Resource into production.

The drilling results reported are part of routine resource conversion work, with no new discoveries or major expansions beyond existing knowledge. While the news is positive, it represents incremental progress toward development following prior resource expansion and scoping studies, outcomes that the market had already anticipated.

The share price chart through June 29 does not yet reflect this release, as the announcement was made on June 30. Previous positive updates, including resource estimates and alliance progress, have already been absorbed by the market. This latest news reinforces the long-term royalty outlook but does not fundamentally alter the investment thesis.

Orogen Royalties Inc. (OGN) is a precious metals royalty and prospect generation company. Its flagship asset is a 2% NSR royalty on the producing Ermitaño mine, part of the Santa Elena complex in Sonora, Mexico, which is operated by First Majestic. The company’s royalty portfolio includes 34 royalties, featuring interests in MPD South (2% NSR, copper-gold, BC), La Rica (1% NSR, Colombia), Maggie Creek (2% NSR, Nevada), and HWY 37/Hank (1-3% NSR, BC), among others.

Through its prospect generation model, Orogen identifies and acquires early-stage exploration ground, then partners with other companies to fund exploration in exchange for royalties and equity. The company incurs no mining operating costs, generating revenue from royalties and prospect generation fees.