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

Rhea-AI Summary

Orogen Royalties (OTCQB:OGNNF) noted Kodiak Copper's initial Mineral Resource Estimate (MRE) for the MPD copper-gold project dated December 9, 2025. Total Indicated resources are 82.9 Mt @ 0.39% CuEq (~519 Mlb Cu, 0.39 Moz Au) and Inferred resources are 356.3 Mt @ 0.32% CuEq (~1,889 Mlb Cu, 1.28 Moz Au).

Orogen's southern royalty area is attributable to 134 Mlb Cu & 0.14 Moz Au (Indicated) and 599 Mlb Cu & 0.32 Moz Au (Inferred). Orogen holds a 2% NSR on the southern MPD lands, convertible by a 0.5% buydown for C$2M. Deposits remain open with planned 2026 drilling for resource growth.

Positive

• Total Indicated: 82.9 Mt @ 0.39% CuEq (~519 Mlb Cu)
• Total Inferred: 356.3 Mt @ 0.32% CuEq (~1,889 Mlb Cu)
• Orogen-attributable Indicated: 134 Mlb Cu and 0.14 Moz Au
• Orogen holds a 2% NSR royalty on southern MPD lands

Negative

• Resources are not mineral reserves and lack demonstrated economic viability
• MRE uses metal price assumptions ($4.20/lb Cu, $2,600/oz Au) that affect reported CuEq
• Royalty can be reduced by 0.5% via C$2M buydown, lowering future royalty cash flow

Key Figures

Indicated resources MPD 82.9 Mt at 0.39% CuEq Total Indicated Mineral Resources at MPD

Indicated metal content 519 Mlb Cu, 0.39 Moz Au Contained metals in Indicated MPD resources

Orogen Indicated attribution 134 Mlb Cu, 0.14 Moz Au Metal attributable to Orogen’s royalty area (Indicated)

Inferred resources MPD 356.3 Mt at 0.32% CuEq Total Inferred Mineral Resources at MPD

Inferred metal content 1,889 Mlb Cu, 1.28 Moz Au Contained metals in Inferred MPD resources

Orogen Inferred attribution 599 Mlb Cu, 0.32 Moz Au Metal attributable to Orogen’s royalty area (Inferred)

Cut-off grade 0.2% CuEq Cut-off grade applied to MRE models

NSR buydown 0.5% for C$2 million Buydown terms on Orogen’s 2% NSR at MPD south area

Market Reality Check

$1.72 Last Close

Volume Volume 8,329 is about 84% below the 20-day average of 52,802, indicating limited pre-news activity. low

Technical Price at $1.728 is trading above the 200-day MA of $1.52 and about 22.5% below the 52-week high.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 25	Q3 earnings	Positive	+0.8%	Profitable Q3-2025 with higher net income and strong royalty revenue.
Nov 05	Equity compensation	Neutral	-3.2%	Grant of 2,000,000 incentive stock options under compensation plan.
Oct 14	Royalty creation	Positive	-6.0%	Sale of Firenze project for cash/shares plus a new 3% NSR royalty.
Sep 24	Portfolio update	Positive	-7.3%	Update on exploration portfolio with up to 30,000m partner-funded drilling.
Sep 08	OTCQB listing	Positive	+2.2%	Commencement of trading on OTCQB to improve U.S. investor access.

Pattern Detected

Recent news shows mixed reactions: core financial and listing milestones often aligned positively, while portfolio and exploration updates saw negative reactions, suggesting occasional sell-the-news behavior on growth-oriented announcements.

Recent Company History

Over the last few months, Orogen reported profitable Q3-2025 results with higher net income and royalty revenue, made equity compensation grants with 2,000,000 options at a $2.20 exercise price, and created a new 3% NSR on the Firenze project. It also highlighted partner-funded exploration, including MPD South drilling, and began trading on the OTCQB. Today’s MPD resource update builds on prior MPD-related exploration progress and the company’s royalty-creation strategy.

Market Pulse Summary

This announcement highlighted an initial Mineral Resource Estimate at MPD, with substantial Indicated and Inferred copper-gold resources and specific copper and gold metal amounts attributable to Orogen’s royalty area. It reinforces Orogen’s focus on organic royalty creation on partner-advanced projects. In context of earlier MPD drilling updates and a profitable Q3-2025, investors may watch how quickly MPD advances, future resource growth, and ongoing cash flow from the broader royalty portfolio.

Key Terms

net smelter return financial

"Orogen holds a 2% net smelter return ("NSR") royalty on the southern area"

Net smelter return is the percentage of revenue from selling a mineral or metal that a mining company or project owner receives after deducting costs like refining and transportation. It functions like a share of the profits from the mineral's sale, giving investors an idea of how much money the project generates. This measure helps investors assess the potential profitability of a mining asset.

nsr financial

"Orogen holds a 2% net smelter return ("NSR") royalty on the southern area"

NSR, or Net Service Revenue, is the total income a company earns from its core services after subtracting any discounts, refunds, or allowances. It reflects the actual money coming in from the main operations, similar to how a store’s sales revenue shows what it gains from selling products, minus returns or discounts. For investors, NSR provides a clearer picture of a company's true earning power from its primary business activities.

mineral resource estimate technical

"announcement of an initial Mineral Resource Estimate ("MRE") on Kodiak's South"

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

cueq technical

"grading 0.39% copper equivalent ("CuEq") for 519 million pounds"

CuEq (copper equivalent) converts the value of multiple metals in a mineral deposit into the amount of copper that would have the same value, producing a single, comparable grade number. For investors it acts like converting different currencies into one money — simplifying comparison of deposits and potential revenue, but its accuracy depends on the metal prices, recovery rates and cost assumptions used to make the conversion, so detailed reports are still needed.

g/t technical

"Au(g/t) x 0.6606 + Ag(g/t) x 0.0069Mineral Resources that are not"

g/t stands for grams per tonne, a measure of how many grams of a metal—most often gold or other precious metals—are contained in one metric tonne of rock or ore. Investors use it to judge how “rich” a mineral deposit is: higher g/t means more metal per amount of material to process, which can make mining cheaper and projects more likely to be profitable—like measuring teaspoons of sugar per cake to gauge sweetness value.

reasonable prospects for economic extraction technical

"associated Reasonable Prospects for Economic Extraction (RPEEE) 3D pit shells"

A judgment that a mineral deposit can be recovered and sold at a profit after considering technical, legal and economic factors; it means there is a realistic chance that mining and processing will yield enough product to cover costs and return value. For investors, this is a gatekeeper concept—deposits deemed to have reasonable prospects can be reported as resources and are more likely to attract financing, permitting and a market valuation, while those lacking it are treated as speculative.

national instrument 43-101 regulatory

"qualified person as defined under the terms of National Instrument 43-101."

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

AI-generated analysis. Not financial advice.

VANCOUVER, BC / ACCESS Newswire / December 11, 2025 / (TSXV:OGN)(OTCQB:OGNNF) Orogen Royalties Inc. ("Orogen" or the "Company") is pleased to note Kodiak Copper Corp.'s (TSX.V:KDK) ("Kodiak") announcement of an initial Mineral Resource Estimate ("MRE") on Kodiak's South, West and Adit deposits forming the southern area of the greater MPD copper-gold porphyry project ("MPD") in British Columbia. Orogen holds a 2% net smelter return ("NSR") royalty on the southern area of the MPD project subject to a 0.5% buydown for C$2 million.

Highlights

• Total Indicated Mineral Resources at MPD of 82.9 million tonnes ("Mt") grading 0.39% copper equivalent ("CuEq") for 519 million pounds ("Mlb") of copper and 0.39 million ounces ("Moz") of gold, of which 134 Mlb copper and 0.14 Moz gold is attributable to Orogen's royalty area of interest¹

• Total Inferred Mineral Resources at MPD of 356.3 Mt grading 0.32% CuEq for 1,889 Mlb of copper and 1.28 Moz of gold, of which 599 Mlb copper and 0.32 Moz gold is attributable to Orogen's royalty area of interest¹

• West and Adit deposits host high grade mineralization from surface while South is a larger bulk tonnage deposit over one kilometre in length and underexplored

• Copper and gold mineralization at the West, Adit and South deposits remain open in several directions and at depth, highlighting the potential for resource growth

For additional information on Kodiak Copper's Mineral Resource Estimate on the MPD project, please visit: https://kodiakcoppercorp.com/kodiak-reaches-key-milestone-with-initial-mineral-resource-estimate-at-the-mpd-copper-gold-project/

Orogen CEO, Paddy Nicol, commented, "Orogen purchased the southern lands of the MPD project in 2015, a time in the commodity cycle when exploration was difficult and acquisition prices were favourable. We have been successful in having the ground partnered to various companies and are pleased to see this outcome. The initial MRE at MPD represents a significant milestone for the project and Kodiak. We are encouraged by the growth potential of MPD and look forward to the resource expansion plan and exploration in 2026."

About the MPD South Project
Orogen holds a royalty interest on approximately 50 square-kilometres of land forming part of the larger MPD copper-gold project owned and operated by Kodiak Copper Corp.² (Figure 1) The MPD project contains extensive copper-gold bearing porphyry systems within the highly prospective southern Quesnellia terrane rocks, the same rocks that host the Highland Valley, Copper Mountain and New Afton Mines in south-central British Columbia.

Resources for the West, South and Adit deposits, which fall within Orogen's royalty area of interest, have been reported by Kodiak with shallow mineralization and favourable geometry. (Figure 2) West and Adit host high grade mineralization from surface, while South is a large bulk tonnage deposit over one kilometre in length that is still underexplored.¹ All three deposits remain open, and at depth beyond the MRE pit shells, with drilling by Kodiak in 2026 focused on resource growth (Figure 3). Multiple other target zones exist on the property further indicating the region's upside.¹ The table below contains the entirety of Kodiak's MRE, including resources on Orogen royalty lands (denoted by (*)).

Zone	Resource	Tonnes	Average Grade				Metal Content				Date
	Category										Reported
		(Mt)	Cu	Au	Ag	CuEq	Cu	Au	Ag	CuEq
			(%)	(g/t)	(g/t)	(%)	(Mlbs)	(Moz)	(Moz)	(Mlbs)
Gate	Indicated	56.4	0.31	0.14	1.18	0.42	385	0.25	2.14	522	6/25/2025
West*	Indicated	14.2	0.21	0.24	0.8	0.37	66	0.11	0.37	116	12/9/2025
South*	Indicated	12.3	0.25	0.07	1.17	0.3	68	0.03	0.46	82	12/9/2025
Gate	Inferred	114.5	0.27	0.13	1.07	0.36	681	0.48	3.94	909	6/25/2025
Ketchan	Inferred	66	0.24	0.12	1.09	0.33	349	0.25	2.31	480	6/25/2025
Dillard	Inferred	51.9	0.2	0.09	0.39	0.26	229	0.15	0.65	298	6/25/2025
Man	Inferred	8.3	0.17	0.3	0.56	0.37	31	0.08	0.15	68	6/25/2025
West*	Inferred	24.7	0.22	0.2	0.77	0.36	120	0.16	0.61	196	12/9/2025
Adit*	Inferred	20.1	0.34	0.03	2.79	0.38	151	0.02	1.8	168	12/9/2025
South*	Inferred	70.9	0.21	0.06	1.25	0.26	328	0.14	2.85	406	12/9/2025
Total Indicated		82.9	0.28	0.15	1.11	0.39	519	0.39	2.97	719	12/9/2025
Total Inferred		356.3	0.24	0.11	1.07	0.32	1,889	1.28	12.31	2,524	12/9/2025

Table 1: MPD copper-gold project initial Mineral Resource Estimate. See note at end of this release. (*) Denotes Orogen's royalty area of interest.

Figure 1: MPD property displaying the seven mineralized deposits, two phases of MRE development and approximate outline of Orogen's royalty AOI

Figure 2: MPD Project -Aerial View of Mineral Resource Block Models and associated Reasonable Prospects for Economic Extraction (RPEEE) 3D pit shells from Kodiak¹

Figure 3 - MPD Project - Underground view of Mineral Resource Block Models and associated RPEEE 3D pit shells from Kodiak¹.

Qualified Person Statement
Certain technical disclosure in this release, including the details of the MRE, is a summary of previously released information, and the Company is relying on the interpretation provided by the relevant company. Additional information can be found on the links in the footnotes or on SEDAR+ (www.sedarplus.ca).

Full details of estimation methodology, sensitivity and notes on the resource can be found in Kodiak's disclosure: https://kodiakcoppercorp.com/kodiak-reaches-key-milestone-with-initial-mineral-resource-estimate-at-the-mpd-copper-gold-project/

All new technical data, as disclosed in this press release, has been reviewed and approved by Laurence Pryer, Ph.D., P.Geo., Vice President of Exploration for Orogen. Dr. Pryer is a qualified person as defined under the terms of National Instrument 43-101.

About Orogen Royalties Inc.
Orogen Royalties is focused on organic royalty creation and royalty acquisitions on precious and base metal discoveries in western North America. The Company's royalty portfolio includes the Ermitaño gold and silver Mine in Sonora, Mexico (2.0% NSR royalty) operated by First Majestic Silver Corp. The Company is well financed with several projects actively being developed by joint venture partners.

On Behalf of the Board

OROGEN ROYALTIES INC.

Paddy Nicol
President & CEO

To find out more about Orogen, please contact Paddy Nicol, President & CEO at 604-248-8648, and Marco LoCascio, Vice President of Corporate Development at 604-248-8648. Visit our website at www.orogenroyalties.com.

Orogen Royalties Inc.
1015 - 789 West Pender Street
Vancouver, BC
Canada V6C 1H2

1. https://kodiakcoppercorp.com/kodiak-reaches-key-milestone-with-initial-mineral-resource-estimate-at-the-mpd-copper-gold-project/

2. https://orogenroyalties.com/news-releases/orogen-sells-the-axe-project-to-kodiak-copper-for-shares-and-a-royalty/

3. Notes on Kodiak Copper's MRE from Table 1:

1. The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Definition Standards for Mineral Resources and Reserves, as prepared by the CIM Standing Committee and adopted by CIM Council.

2. A cut-off grade of 0.2% CuEq was applied to the MRE models within the pit shells.

3. Pit shell optimization used average recoveries derived from metallurgical test work of Cu 82%, Au 60% and Ag 54%, exchange rate of 1.35 CAD:USD, mining cost of C$2.3/t, process cost of C$8.5/t, and pit slope of 45 degrees.

4. Copper equivalence (CuEq) and constraining pit shells assume metal prices (US$) of: $4.2/lb copper, $2,600/oz gold, $30/oz silver.

5. The copper equivalency equation used is: CuEq(%) = Cu(%) + Au(g/t) x 0.6606 + Ag(g/t) x 0.0069

6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves in the future. The MRE may be materially affected by considerations including, but not limited to, permitting, legal, sociopolitical, environmental issues, market conditions or other factors.

7. All figures are rounded to reflect the relative accuracy of the estimate. Totals may not sum due to rounding as required by reporting guidelines.

Forward Looking Information
This news release 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 Inc. (the "Company") expect 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.

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.

Except where otherwise stated, the disclosure in this news release relating to properties and operations in which Orogen holds a royalty are based on information publicly disclosed by the owners or operators of these properties and information/data available in the public domain as at the date hereof, and none of this information has been independently verified by Orogen. Specifically, as a royalty holder and prospect generator, the Company has limited, if any, access to properties on which it holds royalty or other interests in its asset portfolio. The Company may from time to time receive operating information from the owners and operators of the mining properties, which it is not permitted to disclose to the public. Orogen is dependent on, (i) the operators of the mining properties and their qualified persons to provide information to Orogen, or (ii) on publicly available information to prepare disclosure pertaining to properties and operations on the properties on which the Company holds royalty or other interests, and generally has limited or no ability to independently verify such information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. Some reported public information in respect of a mining property may relate to a larger property area than the area covered by Orogen's royalty or other interest. Orogen's royalty or other interests may cover less than 100% of a specific mining property and may only apply to a portion of the publicly reported mineral reserves, mineral resources and or production from a mining property.

SOURCE: Orogen Royalties Inc

View the original press release on ACCESS Newswire

FAQ

What did Kodiak announce about the MPD initial mineral resource on December 9, 2025 (OGNNF related)?

Kodiak reported Indicated 82.9 Mt @ 0.39% CuEq and Inferred 356.3 Mt @ 0.32% CuEq for the MPD project, with portions inside Orogen's royalty area.

How much copper and gold is attributable to Orogen's royalty area (OGNNF) in the MPD MRE?

Orogen's southern royalty area is attributable to 134 Mlb Cu & 0.14 Moz Au (Indicated) and 599 Mlb Cu & 0.32 Moz Au (Inferred).

What royalty does Orogen hold on the MPD southern lands and can it change?

Orogen holds a 2% NSR on the southern MPD lands, subject to a 0.5% buydown for a payment of C$2 million.

Are Kodiak's MPD mineral resources economically proven and ready for mining?

No; the figures are mineral resources not mineral reserves and do not demonstrate economic viability pending further studies and approvals.

What assumptions underlie the MPD copper equivalence and pit shells in the MRE?

The MRE used metal prices of $4.20/lb Cu, $2,600/oz Au, recoveries (Cu 82%, Au 60%, Ag 54%), and a 0.2% CuEq cut-off for pit shells.

Will Kodiak continue exploration at MPD and how could that affect OGNNF?

Yes; Kodiak plans 2026 drilling focused on resource growth, which could expand resources inside Orogen's royalty area and affect future royalty value.