Royalty Summary
Orogen holds a 2% NSR royalty of which 0.5% can be purchased for C$2 million on the approximately 50 square-kilometre Axe property which forms part of the larger MPD project owned and operated by Kodiak Copper Corp: https://kodiakcoppercorp.com/projects/mpd/
Project Overview and History
The Axe project lies immediately south and adjacent to Kodiak’s MPD project, where drilling in 2019 resulted in the discovery of the Gate Zone, a high‐grade copper‐gold zone with characteristics of a large porphyry system. The 4,893‐ hectare Axe 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.
Transaction Summary
On December 6, 2016, Orogen acquired a 100% interest in the Axe property from Nova Mentis Life Science Corp. (“Nova”) and Bearclaw Capital Corp. (” Bearclaw”). On April 16, 2021, Orogen sold the Axe project to Kodiak for $1.47 million and a 2.0% NSR royalty, of which 0.5% can be purchased for $2.0 million. Kodiak also assumes the remaining obligation owed to Nova and Bearclaw, up to certain limits.
Recent Exploration History
In December 2025, Kodiak announced an initial Mineral Resource Estimate (“MRE”) on the South, West and Adit deposits. Highlights of the MRE include:
- 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
Table 1: MPD copper-gold project initial Mineral Resource Estimate. See note at end of this release. (*) Denotes
Orogen's royalty area of interest.
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/
December 2025: https://kodiakcoppercorp.com/kodiak-reaches-key-milestone-with-initial-mineral-resource-estimate-at-the-mpd-copper-gold-project/
December 2025: https://orogenroyalties.com/news-releases/orogen-royalties-notes-initial-resource-estimate-on-kodiak-coppers-mpd-copper-gold-project/