Orogen Royalties Inc. (OGN) Earnings Call Transcript & Summary

Okay. Welcome to Orogen Royalties Third Annual Prospect Generator date. We are very pleased to host this event as it's a great way to communicate our projects to interested parties, including exploration partners, technical people and shareholders. Today's presentation is entitled fresh ground, new opportunities and focuses on a series of new exploration assets generated by Orogen's technical team. The new projects we are showcasing today are available for option or sale. These reviews will be concise, but more information on each project can be found on our website. If you have any questions or interest in learning more, please reach out to our technical team. This is a technical discussion. And as with any early-stage exploration project, we will be making some forward-looking statements today. Additionally, this event is being recorded and will end with a question-and-answer session. We invite you to use the Q&A feature in the Zoom toolbar near the bottom of your screen to type in your comments or questions. We will answer as many questions as possible at the end of the webcast. But please note, while the Q&A feature is available throughout the presentation, the Zoom chat tool will be disabled. A copy of the PDF will also be available on our website under the TAP project generation. Our presenters today include Mark Coolbaugh, Orogen's Chief Geologist, who was recently awarded the Thayer Lindsley award at PDAC for playing a major role in the discovery of the Arthur Gold Project. Laurence Pyer, our VP of Exploration, who brings considerable experience in technical evaluation, project generation and portfolio management. Michael Say is our renal based senior geologist who has been guiding exploration in the U.S.A. running our alliance programs and is boots on the ground, technical talent. And we also have a guest speaker today, Colm Long, senior geologist with our alliance partner, Aurum Discovery, who is part of the generative team on our Norwegian initiative. The assets covered today form part of Orogen's diverse and prospective global portfolio available, partnered in auction projects and also our acquired and generated royalties. This webinar is going to focus on 5 projects today, 3 low sulfidation epithermal systems in the Great Basin, a base metal target in Arizona, and an Orogenic gold target in Norway developed in partnership with Aurum Discovery. I'll now hand it over to Lawrence to begin the discussion.

Thank you, Paddy. For those of you who have joined us before, you will know our previous 2 project generator days had a theme. This year, our generated teams have expanded their work across new regions and commodities and the projects we will present today with [ flex's ] expansion. If I had to come up with a theme, it is an exciting new opportunities still exist in greenfield terrain. We are too often told discovery in this decade will only come in the shadow of a head frame or a debt under cover. But we are told this by the groups exploring for these types of assets. We are here today to say that the top side and distillate expression of highly prospective mineral systems can still be identified by putting boots on the ground. Anyways, the first 3 assets we will review today are all low-sulfidation epithermal systems in the Great Basin related to the Oligo-Miocene Caldera complexes of Nevada and Utah. Orogen believe these [indiscernible] complexes play a first board role from the generation of world-class epithermal systems, like Round Mountain, shown here and the Arthur Gold project shown here. particularly the regions associated with silicic activity in the middle Cenozoic ignimbrite flare, which seemed to source from a particularly gold-rich region. The challenge is identifying regions of preservation in this dynamic geological setting. The Orogen team have developed a project generation model using airborne hyperspectral data to identify multiple alteration cells and a systematic field evaluation protocol to rapidly explore and determine the sales prospectivity. This member has vectored us into the [ Serpent ] project shown here in Central Nevada and the Toro de Oro project in Southwest Utah, which will be discussed today. In comparison, the El Gigante project just to the south of Toro de Oro was found the old fashion way with a geologist spotting a ban from the window of a truck and stopping to check it out. This next slide displays a schematic model of a preserved low-sulfidation epithermal system. In this model, a Gold Bar and steam cap sits to top a solicited blanket with gold grade increasing gradually through various characteristic clay and alteration assemblages. Each of the 3 at epithermal projects we will discuss today display indications of the top of an epithermal system with variable amounts of preservation, mainly from the shallower system shown by the blue box up here with intense multi-kilometer alunite and chaolonite alteration in a steam cap at Toro de Oro through kaolinite, and weekly crystalline elite near the top of a boiling system at Sepon to the massive high-level vein exposures at El Gigante. All 3 targets have the potential to host significant precious metal mineralization at depth, but none of them being drilled. I will now hand over to Michael from our Reno office to take us through this epithermal project portfolio.

Thanks, Lawrence. We're going to start in Utah with Toro de Oro. The project is centered on a multi-kilometer footprint of advanced argillic alteration dominated by kaolinite and alunite. This open-ended steam cap style alteration cell is typical of the high levels of alteration overlying gold bearing at the thermal deposits. The host oxy alteration cell are a fixed sequence of legacy tubs, LABAs and volcaniclastic rocks. The alteration cells open in multiple directions under younger miocene rhyolites and criteria cover, shown in the gray tones on the map to the right. The alteration displayed strong structural controls in the core of the cell. A second center of advanced argenic alteration exists in the north of the property in an isolated region of volcanics surrounded by cetera colluvium. Geological mapping has identified Alunite Solicification and more crystalline kaolinite, associated with well-defined faults and high-angle structures interpreted to represent feeders to the hydrothermal system. Calcada veins and vein float are abundant on the periphery of the main hydrothermal cell and are associated with anomalous mercury. These observations are consistent with the high-level expression of a steam cap centered above a prospective low sulfidation at the thermal system. The allionite zones mapped the core of an upwelling hydrothermal system with the interpreted feeder structures representing primary drill targets. The scale of the alteration cells consistent with other major deposits of the Great Basin. However, this target has never been drilled.

Staying in Utah. Our second project, our gante covers approximately 3.4 square kilometers of BLM claims, 4 kilometers north of Modena and Southwest Utah. The property contains 2 zones of major quart Spain swarms, the El Gigante set to the east, shown here and the El Gigantito set to the South and West. These 2 zones contain multiple quartz veins, striking 300 to 500 meters along trend and individually measuring up to 3 meters wide. These larger veins occur within envelopes up to 35 meters wide of sheeted quart spend. Additionally, there is a central zone of solicitation and court paining shown here sporadically exposed through shallow alluvial cover, shown in yellow on this figure. The veins are hosted in legacy and age intermediate volcanic flows and tasks extensive alluvial cover blankets most of the property area, concealing the potential extensions of the vein system. Initial sampling from the El Gigante property has returned anomalous pathfinder elements and up to 101 PPB gold, 2 ppm silver and 30 ppm [indiscernible] for the first 5 box samples collected from the main vein in the El Gigante banter. Additional vein samples have been taken and assay results are pending. The vein set display abundant boiling textures, including fine grain carts after patecawside and cluster form and banded textures. These overprinting styles are evidence for multiple veining episodes. Additionally, areas of blends display factorial ports textures indicative of a lower temperature, higher level expression of boiling zone. The peripheries of the main veins and subsidiary structures display alteration dominated by smectite and silica, supporting the conclusion that the outcropping veins represent a shallow level of exposure and highlighting the potential for greater WIPs and gold grades at depth. There is no evidence to the El Gigante [indiscernible] to or Central zone have ever been drilled tested. The El Gigante vein displayed strong textural and mineralogical similarities to first Majestic's Armataniavein in Sonora, Mexico, first identified by origin geologists well over a decade ago. initial sampling of the Ermitano vein original outcrop shown on the bottom photo here, returned only 70 PPB gold but follow-up drilling by exploration partners intercepted 14.5 meters true length at 11.4 grams per tonne gold and 86 grams per tonne silver from 242 meters downhole. Production started at [indiscernible] in 2021. And as of 2025, the ban had produced over 400,000 ounces of gold with around 1 million ounces of gold resource remaining. This demonstrates the potential of a seemingly barren surface exposure of vein at debt.

Our last epithermal target of the day is also our most recently acquired was staking completed only last week to finalize the 225 claim position on BLM ground, 115 kilometers southeast of [indiscernible], Nevada. The Serpent property is a district scale low sulfidation epithermal gold target focused on a series of gold-bearing structures within an 8-kilometer long trend of alteration, a footprint of alteration with the scale to host the system comparable to the nearby Round Mountain or Arthur Gold projects. The Serpent target was identified via airborne hyperspectral data in July 2026 as an 8-kilometer long or deli alteration anomaly, Preliminary reconnaissance identified the Northeast trending Cobra structural corridor shown an image on the ready, a 2-kilometer long zone characteristic of the higher levels of an epithermal mineral system. The Cobra corridor transitions from the Southwest at lower elevations where the upper most portions of a boiling zone are exposed to the central zone where significant calcidonic and open solicification occur and ending in the Northeast, approximately 100 meters vertically up slope at the silica pool. The region of Opel and Kalonite was strongly anomalous mercury. Initial rock sampling from the boiling zone has defined anomalous gold values of to 0.95 grams per tonne. The boiling zone broadly occurs at the intersection of the Northeast trending Cobra corridor and a trending structural zone. The vein sets in the boiling zone are composed of fine grain secaroidal silica with abundant silica after calcite and Banderas. Although indications of a boiling zone are exposed on surface the fine grain silica textures together with weak [indiscernible] dominant argillic alteration and limited holy crystalline illite in the host rocks are consistent with the upper most levels of the boiling horizon with potential for Bonanza epithermal mineralization preserved at depth. 3 kilometers to the south boiling zone, preliminary rock sampling at Ant Hill return grades up to 0.4 grams per tonne gold, highly anomalous mercury at 6 to 10 parts per million and anomalous silver, RNC and antimony from a solicified structure. Anomalous gold values up to 0.52 grams per tonne are also defined in the structural trend perpendicular to the Cove corridor, 1.5 kilometers southeast of the boiling zone. Recent mapping on the property has identified strong solicification, advanced argillic alteration and local agileria and multiple additional structures to the north of the Cobra corridor including the 450-meter long Medusa solicified structure. Assays from these northern zones are still pending. And there is no evidence of drilling on the entire Serpent property and no roads or prospect pits have been identified in the primary Cobra structural corridor.

Staying in North America, but moving south. Two peaks is the first target to be generated by Orogen's team in the Laramie porphyry belt of Southeastern Arizona. The project is early stage, road accessible and host to lead zinc, silver, manganese, carbonate replacement and copper skarn targets. The project is centered on small-scale porphyry occurrences and historically mined skarn deposit related to alaramide-age granitoid stock shown here in the pink. The host rock to the intrusive center include a thick package of southwest dipping pales our carbonate rocks, overlain by [indiscernible] settlement that include conglomerate, Sandstone siltstone Shale and interbedded limestones. The [indiscernible] box are equivalent to the stratigraphy that hosts massive zinc-led silver manganese carbonate replacement at South 32's Hermosa project located 45 kilometers to the Southwest. Our Marble fund shown here by the white line within the [indiscernible] carbonates extends at least 1 kilometer east of the granodiorite dock. It contains a 200-meter wide structural corridor with local subpar ports, [indiscernible] veins and Brecher development. The veins and [indiscernible] returned up to 5.35% lead, 10.8 grams per tonne silver and over 1,000 PPM manganese from grab samples of mineralization. These are from within a zone of magnesium and manganese carbonate alteration and a bleach model. Soil sampling completed by origin outlined anomalous base metals, including zinc, lead and silver up to 2 kilometers outboard of the intrusive center within the carbonate section. This could represent the distill expression of a concealed CRD system asset [indiscernible]. The property has the potential to host CRD and scan systems that are preserved and concealed by post-mineral normal bulks. These targets have never been tested by modern geophysics or drilling. Our final project represents a new frontier of Orogen and is a result of a recently announced generative exploration alliance with Orem discovery. The alliance is based on identifying and advancing new gold opportunities within underexplored mineral belts across Norway. I'll now hand over to Colm Long, Senior Geologist at Aurum Discovery to walk us through the first target generated from this alliance, [ Pacific ], an orogenic gold target in the underexplored greenstone belt of Northern Norway.

Thanks Laurence. The 160 square kilometer plastic project is located in Finmart Northern Norway, approximately 35 kilometers side to the [indiscernible] iron mine. The project lies within the underexplored Patrick Paylor Peter is our Greenstone Belt, which is situated at the western end of the broader North Transenescandian belt. The gold potential of the Northern [indiscernible] Shield has recently been highlighted in Finland by Agnico Eagle's approximately $4 billion consolidation of the Central Lapland Ankita Greenstone belts. The Patrick project is centered on [indiscernible], unconfirmed overlying our key inbasement to the north and structurally [indiscernible] the south by the South Pacific trust zone which is a major site dipping low-angle definition corridor. The project is focused on over 20 kilometers strike of this structure. The project has seen sporadic historical exploration largely focused on nickel during the early 1990s. And during this regional work goes first recognized that the [indiscernible] zone as high-grade icenopyrite bearing float samples that we're grading up to approximately 15-gram per tonne gold. Historical follow-up work mostly based on tail surveys that irregularly cover part of the property, as shown in this map, identified structurally controlled gold mineralization beneath shallow glacier recovery. So limited historical drilling at [indiscernible] returned broad old mineralization, which included 22 meters at 0.82 gram per tonne gold from shallow intersections of transfer structures to the main share fabric. Accordingly, much of this prospective structural corridor remains untested. Crews are currently out in the ground at Pasi conducting a combined systematic tail sampling and prospecting program across both established prospects and newly identified targets. The work is designed to advance known mineralized trends test new structural and geochemical concepts and continue generating new opportunities across the wider project area. An example of this is the identification of a series of folds in historical magnetics that seem to control go zones and are undrilled. These will be a target of the systematic soficial geochemical program.

Okay. Thank you to Colm, Michael and Laurence and the rest of the technical team for the overview on those 5 exciting projects. Additionally, Orogen has the Posting Gold project in Nevada and TCS, a VMS system in British Columbia in both are available for partnership. These projects were covered in our previous 2 prospect generator days, a recording of which can be found on our website. And there is more to come. The team currently have several projects in development, including multiple colder-related steam caps in Nevada and Utah, porphyry targets in Nevada and New Mexico and another Orogen target in Southern Norway. We anticipate introducing these projects in the coming months. Members of our team will be at the Precious Metals Summit in Colorado next week at Emark in Australia and SEG in Salt Lake in October. The Swiss mining conference in November and AUMA in Reno in December and finally, Roundup in PDAC early 27. So please come meet our team then or reach out to myself Marco LoCascio or Lawrence. Prior any time to arrange a call. Now we have some time for some questions. Marco?

Thanks, Paddy. For those of you who joined late, we would like to invite you to use the Q&A feature in the Zoom toolbar. You're at the bottom of your screen to type in your comments or questions. A quick reminder that a copy of the PDF and webinar recording will be available on our website under the Project Generation tab. We'll pause for a moment as people submit questions. Okay. The first question, why do you think the grades get better at depth at El Gigante.

Mark, do you want to take that on? I'll just flick to the schematic gram of low sulfidation systems?

Yes. So as you can see, the blue box that Lawrence is outlining, we see strong courts or fine grain silica veins exposed at the surface but we don't see the higher temperature alteration classically associated with the deeper parts of a boiling zone where gold mineralization is strongest, and that is well crystallized, delight is completely lacking. In fact, there's very little light. And what we see instead are smectite bearing plays suggesting that we are at a shallow level of exposure in the system. In addition, in the general area, we see other indications such as exclusive reality domes with steam caps, also suggesting in an environment, a very shallow environment in the hydrothermal systems in the area. And so the boiling textures, we see are very favorable for a high-temperature system, but we know that boiling can occur all the way up to the surface in the hydrothermal system. So the fact that we see boiling textures gives us the encouragement that a high-temperature system exists has existed, but the alteration mineralogy and the silica teachers are telling us we're very high in the system above the typical horizon where gold mineralization occurs.

Thank you, Mark. Next question, how thick is the volcano plastic package at Serpent, where are the closest [indiscernible] rocks.

Mike, do you want to take that on? You've done the most mapping there?

Sure. Yes, we have a good grasp of kind of where we are in the volcanic stratigraphy here in Central Nevada. And so we're at this volcanic clastic horizon where we know that there's a thicker ignimbrite sequence below us. So we're pretty confident we have quite a bit of volcanics to -- and also the regional gravity suggests that there's quite a big volcanic package there as well. as opposed to the south where about 10 kilometers south, there's a paleozoic basement exposure where the gravity indicates that as well. So yes.