Orogen Royalties

Owns royalties on gold and silver mines.

• Orogen has a unique business model in that it explores for prospective gold and silver mines and then sells discoveries to developers in exchange for royalties on the eventual mine.

• We see Orogen as a company filled with optionality.

• One of Orogen’s discoveries is now a producing mine; Orogen’s royalties from that mine cover all of Orogen’s costs.

• The value of a second royalty on a yet-to-be developed mine in Nevada likely exceeds Orogen’s existing enterprise value.

• The company has royalties on 24 other properties in various stages of development, which to us represents substantial value in excess of Orogen’s enterprise value.