Royalty Summary

Orogen holds a 1% NSR royalty and the option to purchase an additional 1% NSR on the 189 square-kilometre Ball Creek West property, part of the larger BAM property owned and operated by P2 Gold Inc: https://www.p2gold.com/projects/bam-project/.

Project Overview and History

The Ball Creek West property covers nearly 19,000 Ha in British Columbia's Golden Triangle and contains multiple prospective but underexplored alkalic porphyry belts.

Porphyry targets on the Ball Creek West property including More, Mess, and Hickman have seen limited exploration:

• The More zone consists of an undrilled Galore Creek style megacrystic syenite porphyry occurrence partially hidden by Quaternary basalts with a potassically altered outcrop returning 6.8% copper, 0.20 g/t gold and 10.3 g/t silver in a grab sample

• The Mess zone consists of copper mineralization associated with the eastern contact of a monzonitic stock defining a fifteen-kilometre-long anomalous zone of mineralization at surface. There are greater than 500 metre internal gaps between drill holes and multiple strong soil anomalies remain untested

• The Hickman target, discovered in 2019, represents an undrilled porphyry target with copper-gold mineralization at surface in a potassically altered diorite eight kilometres from Schaft Creek.

Transaction Summary

In March 2023, Orogen announced the sale of the Ball Creek West property to P2 Gold. Under the terms of the Purchase Agreement, P2 Gold acquired a 100% interest in 18,893 hectares of mineral claims (“Ball Creek West”) for $1.0 million in common shares of P2 Gold, a 1% net smelter return (“NSR”) royalty and transferring to Orogen the right to acquire an additional 1% NSR royalty subject to an underlying agreement.

Recent Exploration History

Mar 2023: https://orogenroyalties.com/news-releases/orogen-royalties-sells-ball-creek-west-to-p2-gold-and-options-ball-creek-east-to-kingfisher-metals/

Mar 2023: https://www.p2gold.com/news/p2-gold-acquires-ball-creek-claims