Royalty Summary
Orogen holds a 2.0% NSR royalty with no buydown on the Si2 project owned and operated by K2 Gold Corporation: https://k2gold.com/projects/si2-gold-project/
Project Overview and History
The Si2 project covers the northeast four square-kilometres of a large steam heated alteration cell hosted by a rhyolite flow dome complex. Alteration at surface is dominated by pervasive alunite and chalcedony replacement of breccias associated with highly anomalous mercury. Breccias and altered domes define an annular zone cored by a large recessive area covered by shallow alluvium. Small, altered exposures in the central portion of the target include milled hydrothermal breccias with leached silica textures and cross-cutting chalcedonic silica veins.
In 2023, K2 completed a four-hole 1,777 metre drill program on the project designed to test fault structures thought to control the steam-heated alteration observed at surface. These holes intersected alteration consistent with an epithermal system including broad zones of silicification accompanied by disseminated pyrite, quartz-pyrite veinlets, as well as discrete intervals of black quartz-pyrite matrix breccia. Assay results returned broad weakly anomalous gold intercepts (up to 185 metres). These results demonstrate the gold bearing potential of the system with hole SD-23-001 ending in 3.2 metres of 0.52 g/t gold.
K2 plans to follow up on these encouraging results using vectors, including hyperspectral data collected in collaboration with Orogen’s industry leading technical team, from the past drilling to target structural zones with potentially higher gold grades.
Transaction Summary
In January, 2022 Orogen and K2 signed an option agreement on the Si2 project.
In November 2024, the original option agreement was renegotiated to a purchase and sale. under which, K2 acquired a 100% interest in Si2, for $250,000 in cash or common shares and by granting to Orogen a 2% net smelter return (“NSR”) royalty.
Recent Exploration History
In December 2025, K2 outlined plans to drill the Si2 target in early 2026 based on vectors generated from fluid inclusion and alteration studies completed on the 2023 drill core. In 2023, K2 completed 1,777 metres of core drilling on the Si2 project testing theorized structures beneath a barren steam cap at surface. Broad weakly anomalous gold intercepts (up to 185 metres) encountered in all four holes demonstrate the potential of the system with hole SD-23-001 ending in 3.2 metres of 0.52 g/t gold.
December 2025: https://k2gold.com/k2-gold-strengthens-si2-model-new-studies-define-high-priority-targets/
June 2024: https://k2gold.com/k2-gold-provides-2024-exploration-program-updates/
July 2023: https://k2gold.com/news-media/news/k2-gold-defines-intact-epithermal-system-at-si2-project/
November 2022: https://k2gold.com/news-media/news/k2-gold-defines-large-mercury-anomaly-at-si2-project-nevada-usa/
January 2022: https://orogenroyalties.com/news-releases/orogen-options-the-si2-gold-project-to-k2-gold/