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This presentation includes certain statements that may be deemed "forward looking statements". All statements in this presentation, other than
statements of historical facts, that address events or developments that Orogen Royalties (the "Company“) expects to occur, are forward looking
statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur.
Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results may differ materially from those in the forward looking statements. Factors that could cause the
actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued
availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments may differ materially from those projected in the forward looking statements.
Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except
as required by securities laws, the Company undertakes no obligation to update these forward looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
Forward Looking Information
• Our joint venture partners have funded over$65M on Orogen’s exploration projects
• Near term production from the Ermitaño depositand discovery at the Silicon project provesconcept for generation to royalty pipeline
• Twelve projects under option, one explorationalliance, sixteen properties available forpartnerships, ten deals signed this year
• Active exploration teams in prospectivegeological terranes in Canada, United Statesand Mexico
• Augment royalty portfolio with selective royaltyacquisition
• Leverage geologic expertise of the ProjectGeneration business to evaluate emergingopportunities
• Deploy capital in a disciplined manner, focusingon strong risk-adjusted returns
A Two-Pronged Growth Strategy
EXPERTS IN PROJECT GENERATION SELECTIVE ROYALTY ACQUISITION
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
Market Cap 1
Share Price 1
Cash 2
Shares outstanding 2
Warrants 2
Options 2
1 As of Sept 1, 2021
2 As of Second Quarter Report June 2021
$62.2M
$0.35
$9.7M
177.8M
23.0M
4.5M
Share
Structure
Share
Ownership
Retail
Altius
Sprott Asset Management
Adrian Day Asset Management
Newmont
Insiders
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
5
Directors & Management
Paddy Nicol
President, CEO & Director
Justin Quigley
Director
Roland Butler
Director
Robert Felder
Director
Timothy Janke
Director
Marc Tran
Chief Financial Officer
Rosana Batista
Corporate Secretary
Marco LoCascio
Business Development
Laurence Pryer
Exploration Manager
Ignacio Camarena
Exploration Manager
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
1. First Majestic Silver Corp., News Release, March 31, 2021
Flagship Gold
Royalty Assets
SILICON (1% NSR) - NEVADA, USA
• Owned by AngloGold Ashanti
• Phase 1 permit allows for construction of 109 drill sites
• Over 28,000 metres drilling completed
• Expanded drilling program in 2021
ERMITAÑO (2% NSR) - SONORA, MEXICO
• Initial production expected in early 20221
• Indicated Resources1: 5M silver ounces and 335,000 gold
ounces
• Inferred Resources1: 11M ounces of silver and 522,000 ounces
of gold
• First Majestic intends to invest US$42M in 2021
Near Term Revenue
Medium Term Development
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
NEAR TERM CASH FLOW FROM ORGANICALLY GENERATED ROYALTY
* Source: First Majestic’s Investor Presentation dated July 13, 2021
OVERVIEW
• Over 72,270 exploration metres drilled; 26,800 metres in 2021
• System remains open to the East
• PFS expected in Q4 2021, production ramp up in Q1 2022
COMPLETED
• Surface and earthwork activities, including dual East & West portals and
access ramps
• Construction of the transmission power line and temporary power
generation housing facility
• Total of 6,981 metres of underground development completed at the end
of Q2 2021
WORK IN PROGRESS
• Estimated to produce 50,000 to 60,000 tonnes of material from test block
mining by the end of 2021 to be used as future production at Santa Elena
• Upgrading four-kilometre access road from Ermitaño to Santa Elena to
accommodate commercial vehicles
• Connection to Santa Elena’s LNG facility for long-term power requirements
Ermitaño Gold Project
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
OVERVIEW
• Epithermal gold project
• Over 28,000 metres drilling completed
• Drilling is targeting structural zones below steam heated
alteration zone
• Permitted for 109 drills sites
• Expanded drilling program for 2021
E X C E L L E N T L O N G E R - T E R M A S S E T W I T H P O T E N T I A L T O I N C R E A S E S H A R E H O L D E R
V A L U E A N D F U T U R E R E V E N U E
Silicon Gold Project
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
ANGLOGOLD ASHANTI1:
• In September 2021, AngloGold Ashanti signed a definitive agreement to acquire Corvus Gold for approximately US$370
million. The transaction implied a total equity value for all Corvus common shares and outstanding options to acquire common
shares of approximately US$450 million
• Exploration work by AngloGold is ongoing to delineate the ore bodies at both Silicon and Merlin in greater detail. AngloGold
intends to report an initial mineral resource in 2022, followed by a conceptual development plan for the district. Production is
anticipated to start between 2024 and 2025 on the North Bullfrog deposit followed by Silicon and Merlin, including Lynnda
Strip
COEUR MINING2:
• 15,075 meters drilled at Crown Jan-Apr 2021
• Initial economic assessment expected mid-2022, to show potential to combine and optimize a series of open pit, heap leach
operations to incorporate all four of the mineralized zones within the Crown Block
• At SNA, step out drilling has discovered a new mineralized zone to the southeast of the original resource. Mineralization was
exposed on surface during initial drill pad preparation
• Internal resource and mine modeling have begun focusing on a phased approach to mine the entire district, starting with the
shallow resources at SNA and Secret Pass, followed by Daisy and C-Horst
News Around Silicon
1. AngloGold Ashanti news release dated September 13, 20212. Coeur Mining news release dated June 14, 2021
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
1. Ball Creek spinout pending as per news release dated August 18, 20212. Flagship Assets 3. Cumobabi is adjacent to Ermitano. Royalty subject to underlying agreement where OGN retains
1.5% NSR on first 2 years of production and 1% thereafter4. Half of the La Lola 2% NSR may be purchased for US$1.75 million, and half of the Cumaro 1%
NSR may be purchased for US$1.0 million.
OrganicallyGenerated Royalties
ADDITIONALLY, OROGEN HAS
FOUR PRECIOUS METAL
ROYALTIES IN ARGENTINA
(1% NSR each)
Over $70M being spent this year by project operators on Orogen royalties
ERMITAÑO2 (2% NSR)
CUMOBABI (1.5% NSR3)
LA LOLA (2% NSR4)
CUMARO (1% NSR4)
CUALE (0.5% NSR)
MEXICO
SILICON2 (1% NSR)
SOUTH ROBERTS (1% NSR)
NEVADA
BALL CREEK (TBD1)
AXE (2% NSR)
BC
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
• Ermitaño acquired by Orogen in 2011
• Partnered to Inmet/FQM 2011-2014
• Partnered to Silvercrest in 2014
• First Majestic bought Silvercrest in 2015
• Orogen invested an estimated $100,000
into Ermitaño
• Silvercrest and First Majestic together
have spent an estimated $80M
developing the project
• Production ramp up in Q1 2022
11
Ermitaño:
Case Study in Organic Royalty Generation
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
• Proposed spin out to create dedicated vehicle to explore the Ball Creek property
• Orogen retains shareholding and NSR
• Shareholders receive shares in SpinCo
• SpinCo properly capitalized to explore a high potential project
12
Ball Creek Project: Spin Out
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
PROPERTY PARTNER LOCATION METAL TERM
Spring Peak Headwater Gold Nevada, U.S Gold 0.5% NSR royalty + cash payments and exploration expenditures
Maggie Creek U.S. Gold Corp. Nevada, U.S Gold 30% equity interest or 2% NSR royalty and cash payments
Tabor Premier Gold Mines Nevada, U.S Gold 3% NSR royalty + cash payments and exploration expenditures
Ecru Moneghetti Minerals Limited Nevada, U.S Gold 2% NSR royalty + cash payments and exploration expenditures
Gilbert South Eminent Gold Nevada, U.S Copper & Gold 2% NSR royalty + cash payments and shares in Eminent Gold
Manhattan Gap Stampede Metals Nevada, U.S Gold 1.5% NSR royalty + cash payments and shares in Stampede Metals
Kalium Badger Minerals Nevada, U.S Gold 2% NSR royalty + cash payments and exploration expenditures
Lemon Lake Acme BC, Canada Copper & Gold 1% NSR royalty + cash payments and exploration expenditures
TREK 31 Pacific Imperial Mines BC, Canada Copper & Gold 3% NSR royalty + cash payments and exploration expenditures
Raven Yamana Gold Nevada, U.S Gold 2.5% NSR royalty + cash payments and exploration expenditures
Callaghan Yamana Gold Nevada, U.S Gold 3% NSR royalty + cash payments and exploration expenditures
Ghost Ranch Ivy Minerals Inc. Nevada, U.S Gold 1% NSR royalty + cash payments and exploration expenditures
Active Joint Ventures
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
15
DirectorsPaddy Nicol, President, CEO & Director
Paddy has over 25 years’ experience in public company and executive management serving on the boards of various mineral exploration companies. His primary focus has
been on copper and gold exploration in the western cordillera of North America including Canada, United States, and Mexico. Paddy was the President & CEO of Evrim
Resources before it merged with Renaissance Gold to form Orogen Royalties.
Justin Quigley, Director
Justin is an internationally experienced business development executive with multi-commodity expertise in the natural resources sector. Most recently he served as VP for
Rio Tinto Exploration in the Americas with the responsibility to formulate and execute commercial strategies for acquisitions and divestments. Prior to this, Justin served in
various legal roles for Rio Tinto Exploration and Placer Dome. Justin also serves as a director of a private Canadian natural resource company.
Roland Butler, Director
Mr. Butler was a co-founder, officer and director of Altius Minerals Corporation, a leading diversified mineral royalty company, from 1997 to 2010. He was then President
and CEO of Callinan Royalties Corporation, which was subsequently acquired by Altius in 2015. Currently he is a non-executive director of Alaska-based Millrock Resources,
Canada-based Adia Resources, and Aurum Global Exploration, which is based in Ireland and active in Europe, Africa and the Middle East.
Robert Felder, Director
Mr. Felder has worked as an exploration geologist and senior manager for major and junior mining companies for the past 35 years. This experience has been largely in
Nevada, where he has been directly involved in the discovery or resource development of five gold deposits, notably the Long Canyon deposit with Pittston Nevada Gold,
New West Gold and Fronteer, and the Twin Creeks, Lone Tree, Trenton Canyon and Valmy deposits with Santa Fe Pacific Gold. Most recently Bob was the President and CEO
of Renaissance Gold.
Timothy Janke, Director
Tim is a highly skilled, experienced and award-winning General Manager with a broad range of expertise in mining operations throughout the USA, Canada and Australia.
Tim has over 40 years of experience principally in gold operations at Homestake, Barrick Gold Corporation and most recently at Goldcorp, where he served as General
Manager of the Marigold Mine and as Chief Operating Officer of Pershing Gold. Tim served as a Director of Renaissance Gold before it merged to form Orogen Royalties.
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
16
ManagementMarc Tran, Chief Financial Officer
Marc Tran is a Chartered Professional Accountant (CPA, CGA) with over 20 years of finance leadership experience with public organizations. He has successfully completed
over $100M of financing for mining projects and is an experienced strategic executive in transforming and scaling growth staged companies. He also has a strong
background in project financing, M&A, compliance, regulatory management, corporate governance and marketing.
Rosana Batista, Corporate Secretary
A professional business administrator with over 20 years’ experience in Corporate and Information Technology governance. Rosana holds a Business Administrator bachelor
degree and built her career in the information technology area working for international public companies, with demand management, process review and budget
management. Since 2012 she has been specializing as Corporate Secretary. She is a Graduate of the Chartered Governance Institute of Canada, awaiting to receive her
Chartered Secretary designation.
Marco LoCascio, Business Development
Marco has 14 years' experience as an analyst, fund manager, and executive in the metals and mining space. Since 2018 he has been a director and member of the audit
committee for Orezone Gold Corporation. He was until recently CEO of Adia Resources, a private diamond exploration company. Previously, Marco spent 11 years as an
analyst and portfolio manager with Equinox Partners. He focused on the firm’s investments in metals and mining, evaluating exploration, development, production and
royalty companies.
Laurence Pryer, Exploration Manager
Laurence joined Evrim in 2017 after graduating from the University of Alberta, Canada with a PhD in Economic Geology. He also holds an MA in Earth Sciences from the
University of Cambridge, UK. Laurence brings his understanding of Northern Cordilleran geology and mineral deposits.
Ignacio Camarena, Exploration Manager
Ignacio has 14 years experience in mineral exploration, project generation, mapping sampling and both diamond and RC drilling, mainly in porphyry, skarn and epithermal
projects. He graduated from the University of Sonora with a Bachelor’s Degree in Geology. He has worked for Orogen since 2013.
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
Active Royalty Portfolio
PROJECT % NSR LOCATION OWNER STATUS
Ermitaño 2% Sonora, Mexico First Majestic Silver Corp. PFS, Pre-Production
Silicon 1% Nevada, U.S.A AngloAshanti Gold Drilling
Cumobabi 1.5% Sonora, Mexico First Majestic Silver Corp. Drilling
Cumaro 1% Sonora, Mexico Heliostar Metals Exploration
La Lola 2% Sonora, Mexico Heliostar Metals Drilling
South Roberts 1% Nevada, U.S.A Ivy Minerals Exploration
Axe 2% B.C, Canada Kodiak Copper Exploration/Drilling
Cuale 0.5% Jalisco, Mexico Altius Minerals Exploration
Four Argentinian Royalties
1% each Argentina Magna Terra Exploration
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
Merlin Drill Rigs(Silicon, Anglo)
Lynnda Strip Drill Rig(Corvus)
C-horst Drill Pad(Coeur)
Central Silicon Area
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
active drill rig
active excavator
Central Silicon Area
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
View of Central Silicon area Project looking north
Drill sites
Historic Thompson mercury mine area
with additional drill sites
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
North Feeder Zone of Mother Lode looking north Silicon, visible in the background
Drill sites on grid pattern,North Feeder Zone, Mother Lode
Central Silicon AreaMerlin Area
Lynnda Strip
C-Host Area
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
QUALIFIED PERSON
The content of this presentation has been reviewed by Laurence Pryer, Senior Geologist, for the Company. Mr. Pryer is a Qualified Person as defined
under the terms of National Instrument 43-101 Standards of Disclosure for Mineral Projects. (“NI 43-101”). This presentation contains information
regarding mineral resources that are not mineral reserves and do not have demonstrated economic viability.
CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES
This presentation uses the terms “Measured”, “Indicated” and “Inferred” Resources as defined in accordance with NI 43-101. United States readers are
advised that while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission does
not recognize them. Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that
the mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. United States readers are
cautioned not to assume that all or any part of the mineral deposits in these categories will ever be converted into reserves. In addition, “Inferred
Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or
any part of an Inferred Resource will ever be upgraded to a higher category. United States readers are also cautioned not to assume that all or any
part of an Inferred Resource exists, or is economically or legally mineable.
Notes & Disclosures
CORPORATE INFO ROYALTIES SPIN OUT PROJECT JOINT VENTURES APPENDIX
PADDY NICOLPresident & CEO
d: 604-248-8660
Contacts
TSX.V:OGNwww.orogenroyalties.com
MARCO LOCASCIOBusiness Development
d: 201-725-2231