Operational and financial highlights for the three months ended
Orosur Mining Inc.
Results for First Quarter ended August 31, 2024
London, October 30th, 2024. Orosur Mining Inc. ("Orosur" or "the Company") (TSX -V: OMI) (AIM: OMI) the
minerals developer and explorer with operations in Colombia, Argentina and Nigeria, announces its unaudited
results for the quarter ended August 31, 2024. All dollar figures are stated in US$ unless otherwise noted. The
unaudited condensed interim financial statements of the Company for the quarter ended August 31, 2024 and
the related ma nagement's discussion and analysis ("MD&A") have been filed and are available for review
on the SEDAR+ website at www.sedarplus.ca. The financial statements and the MD&A are also available on
the Company's website at www.orosur.ca.
A link to the PDF version of the financial statements is available here: http://www.rns-
pdf.londonstockexchange.com/rns/1125K_2-2024-10-29.pdf
A link to the PDF version of the MD&A is available here : http://www.rns-
pdf.londonstockexchange.com/rns/1125K_1-2024-10-29.pdf
HIGHLIGHTS
Operational and financial highlights for the three months ended August 31, 2024 are set out below:
Operational
• In Colombia, the Company continued its negotiations with Agnico and Newmont for the acquisition of
MMA to regain 100% ownership of the Anza gold project, whilst continuing with some low -level
sampling and community work.
• Post the quarter end, on September 10, 2024, the Company entered into a sale and purchase
agreement ("SPA") to acquire MMA, thereby reassuming 100% of the Company's flagship Anza Gold
Project in Colombia. Under the SPA, Orosur's wholly owned Canadian subsidiary, Waymar Resources
Ltd., will purchase all of the issued shares of MMA from wholly owned subsidiaries of Newmont and
Agnico resulting in Orosur regaining 100% ownership of the Anza Project (the "Acquisition"). No cash
is payable up front, with all consideration deferred and wholly contingent upon commercial production
from the Anza Project. The agreed consideration payable to Newmont and Agnico consists of a net
smelter royalty of an aggregate amount of 1.5% on all future mineral production, plus a further royalty
of an aggregate amount of US$75 per ounce of gold or gold equivalent ounce for the first 200,000 gold
equivalent ounces of mineral production. Completion of the Acquisition has been approved by the
TSXV and Completion is now subject only to customary closing conditions.
• In Argentina, the Company has completed and submitted all the necessary environmental studies that
are required as part of the Santa Cruz Province drilling permit process. Consideration of these reports
and drilling approval is expected to take several mo nths and it is thus anticipated the Company will
have drilling permits later in the 2024 calendar year.
• In Nigeria, where the project returned good early results, the Company is proceeding at a slower pace
whilst lithium prices start to recover.
• In Uruguay the Company's wholly owned subsidiary, Loryser, continues to focus its activities on the
final stages of the Creditors Agreement. In line with the Creditors Agreement, Loryser has sold all of
its assets. It has paid for the settlements with all of its former employees, it has finalised the
reclamation and remediation works on the tailings dam and has successfully concluded a one -year
post-closure control phase. Loryser is well advanced in distributing the proceeds to Loryser's trade
creditors in accordance with the Creditors' Agreement, via a court approved paying agent.
Financial
• The condensed unaudited interim consolidated financial statements have been prepared on a going
concern basis under the historical cost method except for certain financial assets and liabilities which are
accounted for as Assets and Liabilities held for sa le (at the lower of book value or fair value) and Profit
and Loss from discontinued operations. This accounting treatment has been applied to the activities in
Uruguay and Chile.
• Post the quarter end, on September 30, 2024 the Company announced that it had raised the sum of
£835,000 (before expenses) through a placing of 30,035,971 new common shares of no par value
("Placing Shares") at a price of 2.78 pence per Placing Share, together with a grant of one unlisted 2 year
warrant to purchase one additional common share exercisable at US$0.0494 (approximately 3.697pence)
for every two Placing Shares subscribed for. As part of their fee, 3,003,597 unlisted 5 year warrants were
granted to the Company's broker on the transaction, exercisable at US$0.03715 (approximately 2.78
pence) for every share subscribed for.
• On August 31, 2024, the Company had a cash balance of US$710,000 (May 31, 2024: US$1,328.000). As
at the date of this announcement, the Company has a cash balance of US$1,150,000.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in thousands of United States dollars)
Unaudited
As at
August 31, 2024
$
As at
May 31, 2024
$
ASSETS
Current assets
Cash 710 1,328
Restricted cash 12 12
Accounts receivable and other assets 290 279
Assets held for sale in Uruguay 210 226
Total current assets 1,222 1,845
Non-current assets
Property, plant and equipment 188 202
Exploration and evaluation assets 3,111 3,343
Total assets 4,521 5,390
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities 428 445
Liability of Chile discontinued operation 2,417 2,376
Liabilities held for sale in Uruguay 10,982 11,208
Total current liabilities 13,827 14,029
Equity
Share capital 69,529 69,529
Share-based payments reserve 10,538 10,538
Warrants 302 302
Currency translation reserve (2,196) (1,808)
Accumulated deficit (87,473) (87,194)
Total equity attributable to owners of the parent (9,300) (8,633)
Non-controlling interest (6) (6)
Total equity (9,306) (8,639)
Total liabilities and equity 4,521 5,390
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
(Expressed in thousands of United States dollars)
(Except common shares and per share amounts)
Unaudited
Three Months
Ended
August 31, 2024
$
Three Months
Ended
August 31, 2023
$
Corporate and administrative expenses (435) (398)
Exploration expenses (76) (27)
Other income 38 6
Net finance cost (3) (4)
Foreign exchange gain net 28 59
Net loss for the period for continuing operations (448) (364)
Income (loss) from discontinued operations 169 (250)
Net loss for the period (279) (614)
Item which may be subsequently reclassified to profit or
loss:
Cumulative translation adjustment (388) 327
Total comprehensive loss for the period (667) (287)
Basic and diluted net income (loss) per share for
- continuing operations (0.00) (0.00)
- discontinued operations 0.00 0.00
Weighted average number of common shares
outstanding 193,212 188,560
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in thousands of United States dollars)
Unaudited Three Months
Ended
August 31, 2024
$
Three Months
Ended
August 31, 2023
$
Operating activities
Net loss for the period for continued and discontinued
operations (279) (614)
Adjustments for
Depreciation / Write downs 5 2
Foreign exchange and other (47) 109
Changes in non-cash working capital items:
Accounts receivable and other assets (10) 14
Accounts payable and accrued liabilities (215) 70
Net cash used in operating activities (546) (419)
Investing activities
Purchase of property, plant and equipment - (9)
Exploration and evaluation expenditures (85) (171)
Net cash used in provided by investing activities (85) (180)
Net change in cash (631) (599)
Net change in cash classified within assets held for
sale 13 37
Cash, beginning of period 1,328 3,748
Cash end of period 710 3,186
Operating activities
- continuing operations (533) (382)
- discontinued operations (13) (37)
Investing activities
- continuing operations (85) (180)
- discontinued operations - -
For further information, visit www.orosur.ca, follow on X @orosurm or please contact:
Orosur Mining Inc
Louis Castro, Chairman,
Brad George, CEO
Tel: +1 (778) 373-0100
SP Angel Corporate Finance LLP - Nomad & Broker
Jeff Keating / Caroline Rowe
Tel: +44 (0) 20 3 470 0470
Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker/James Pope
Tel: +44 (0)20 3657 0050
Flagstaff Communications
Tim Thompson
Mark Edwards
Fergus Mellon
[email protected] Tel: +44 (0)207 129 1474
The information contained within this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been
incorporated into UK law by the European Union (Withdrawa l) Act 2018. Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in
the public domain.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Orosur Mining Inc.
Orosur Mining Inc. (TSXV: OMI; AIM: OMI) is a minerals explorer and developer currently operating in
Colombia, Argentina and Nigeria.
Forward Looking Statements
All statements, other than statements of historical fact, contained in this news release constitute "forward
looking statements" within the meaning of applicable securities laws, including but not limited to the "safe
harbour" provisions of the United Stat es Private Securities Litigation Reform Act of 1995 and are based on
expectations estimates and projections as of the date of this news release.
Forward-looking statements include, without limitation, completion of the Acquisition, Orosur becoming
operator of the Anzá Project, the expected focus on the Pepas prospect, the exploration plans in Colombia
and the funding of those plans, and other events or conditions that may occur in the future. There can be no
assurance that such statements will prove to be accurate. Actual results and future events could differ
materially from those anticipated in such f orward-looking statements. Such statements are subject to
significant risks and uncertainties including, but not limited to, meeting the closing conditions of the Acquisition,
timing of closing of the Acquisition and those as described in Section "Risks Factors" of the Company's MD&A
for the year ended May 31, 2024. The Company disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future events and such forward -looking
statements, except to the extent required by applicable law. The Company's continuance as a going concern
is dependent upon its ability to obtain adequate financing, and to reach a satisfactory closure of the Creditor´s
Agreement in Uruguay. These material uncertainties may cast significant doubt upon the Company's ability to
realize its assets and discharge its liabilities in the normal course of business and accordingly the
appropriateness of the use of accounting principles applicable to a going concern.