Silicon-Merlin Gold Project Resource Delineation Drilling Program Update

VANCOUVER - Orogen Royalties Inc. reported on the drilling and resource development on AngloGold Ashanti NA's  Silicon-Merlin gold project in Nevada, where Orogen holds a 1% net smelter return (NSR) royalty. The Exploration Target at Merlin ranges from 230 to 250 million tonnes grading 0.8 to 1.0 grams per tonne ("g/t") gold for a total of 6.0 to 8.0 million ounces of gold. It is exclusive of the 3.4 million ounces gold Indicated and 800,000 ounces gold Inferred resources at Central Silicon. Impressive drill hole intercepts include drill hole MER-23-0105-RD grading 3.27 g/t gold over 285 metres and drill hole MDT-21 grading 2.61 g/t gold over 214.8 metres. Over 261 drill holes totalling over 120 kilometres of drilling at Merlin completed as of July 2023. The Merlin zone remains open to the west, south-west, and north.

"This is an excellent start for the resource development program at Merlin", said CEO, Paddy Nicol. "AngloGold anticipates completion of the resource delineation drilling program by the end of the third quarter of 2023. By year end, AngloGold plans to release a concept study on the combined Silicon-Merlin project including an initial Mineral Resource declaration at Merlin. Drilling is also continuing at both Silicon Central and Merlin for resource conversion and expansion. In combination with the previously announced resources at Central Silicon, the new announcement clearly indicates that a world-class deposit is developing within Orogen's royalty AOI."