Orogen Royalties Inc. provided a drilling and resource development update on AngloGold Ashanti NA's Silicon-Merlin gold project in Nevada, USA where Orogen holds a 1% net smelter return royalty. The Exploration Target at Merlin ranges from 230 to 250 million tonnes grading 0.8 to 1.0 grams per tonne gold for a total of 6.0 to 8.0 million ounces of gold. The Exploration Target at Merlin is exclusive of the 3.4 million ounces gold Indicated and 800,000 ounces gold Inferred resources at Central Silicon4.

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 totaling over 120 kilometres of drilling at Merlin completed as of July 20233. The Merlin zone remains open to the west, south-west, and north.

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. Orogen holds a 94 square-kilometre 1% NSR royalty area of interest covering the Central Silicon deposit and Merlin Exploration Target on AngloGold's Expanded Silicon project, part of the broader Beatty District Projects. AngloGold have completed over 200 kilometres of drilling on the Expanded Silicon project with a conceptual study designed to integrate the two mineral bodies (Central Silicon and Merlin) to be completed by the end of 2023.

The mineralization at Central Silicon and Merlin consists of epithermal gold mineralization. At Central Silicon, where a pit constrained 3.4 million ounces goldIndicated and 0.8 million ounces gold Inferred resources were previously announced4, mineralization is focused around a structural corridor with a small high grade core expanding at depth that has not been captured in the current resource. At Merlin, mineralization appears to be dominantly hosted in the Bullfrog and Tram tuffs with the currently defined Exploration Target open to the west, South-west and north.

AngloGold is currently working on an integrated concept study for the Expanded Silicon project to be completed in H2 2023. AngloGold predicts first production in the Beatty District by the end of 2025 with the region forming a greater than 300,000-ounce gold per year multi-decade mine.