Orosur Mining Inc. - Full Year 2025 Results
Orosur Mining Inc. - Full Year 2025 Results
London, 29th, September 2025. Orosur Mining Inc. ("Orosur" or "the Company") (TSX -V: OMI) (AIM:
OMI) announces its audited results for the fiscal year ended May 31, 2025. All dollar figures are stated
in thousands of US$ unless otherwise noted. The audited financial statements of the Company for the
year ended May 31, 2025; the related management's discussion and analysis ("MD&A"); and Forms
52-109FV1 will be filed today and be 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/1016B_1-2025-9-27.pdf
A link to the PDF version of the MD&A is available here:
http://www.rns-pdf.londonstockexchange.com/rns/1016B_2-2025-9-27.pdf
HIGHLIGHTS
Highlights for the year ended May 31, 2025 include:
Operational
In Colombia, on November 27, 2024, the Company completed the acquisition of Minera Monte Aguila
S.A.S. ("Monte Aguila") as a result of which the Company now has 100% ownership of the Company's
flagship Anzá Gold Project. The Company also re -took operatorship of the A nza Gold Project,
commencing a drilling program at the Pepas prospect in late November 2024 which is still continuing
and has produced some exceptional results, all of which have been announced by the Company since
that date.
While exploration continues across several prospects at Anzá, the Company feels that the nature of the
gold mineralisation thus far defined at Pepas, could, if proven, underpin a range of development options.
Consequently, the Company has begun examining t he potential for nearer term production at Pepas,
initially through an in-fill drilling programme, followed by a Mineral Resource Estimate and an evaluation
of the economics for production at Pepas. Thereafter the Company will return to wider exploration
drilling, including at APTA.
In the meantime, earlier stage exploration continues at the El Cedro prospect, which lies to the south
of the same integrated licence that hosts Pepas, Pepas North and APTA and is roughly 4km south of
the APTA base camp.
Work on El Cedro began some years ago before Orosur's tenure, when Anglo American undertook
reconnaissance mapping and sampling, identifying a highly prospective gold/copper porphyry system.
Large soil samples have been taken at roughly 25m intervals, along ridges and spurs for ease of access
and to ensure soils were residual. Samples were sent to both Medellin and Canada for assay. Early
assay results have been returned and show highly anomalous results over large areas along the eastern
flank, with substantial areas of over 0.3 g/t Au in soils, and some samples in excess of 1 g/t Au and
0.5% Cu. A wider area is being sampled to more accur ately define the background levels, however
these early results are considered by Orosur to be highly encouraging.
In Argentina, on February 17, 2025, the Company announced the successful completion of the first
phase of the two -phase exploration joint venture over the El Pantano Project in Santa
Cruz province, Argentina. This milestone marks a significant step forward in the Company's strategic
development of the Project. Having invested US$1m over three years, the Company has now earned a
direct 51% interest in the Argentine company, Deseado Dorado S.A.S ("Deseado"), that owns the
exploration licences that make up the Project. The Company can now move to the second phase of the
JV, that could see it move to 100% ownership of Deseado upon investment of an additional US$2m over
two years. Upon such an outcome, the original vendors would then retain a residual 2% NSR royalty,
1% of which the Company could repurchase at its election for US$1m.
Post period end, a geo -physical campaign comprising IP was shot over one of the more prospective
parts of the Project area. The data was then interpreted to provide the preferred locations for drilling
which will take place later this year subject to finance.
In Nigeria, the Company will consider how to best deal with the project given the continuing subdued
lithium market.
In Uruguay, in accordance with the Creditors' Agreement, the Company's wholly owned subsidiary,
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 tailin gs dam and has successfully concluded a
one-year post -closure control phase. It has then distributed all remaining proceeds, via a Court
approved paying agent, to Loryser's trade creditors and paid any remaining unclaimed amounts into
the Court, in accordance with the Creditors' Agreement. Given that Loryser has fulfilled all of its
obligations under the Creditors' Agreement, the Company has extinguished the carrying amounts due
to commercial suppliers and borrowings on its Statement of Financial Position.
Financial and Corporate
The audited consolidated financial statements have been prepared on a going concern basis under the
historical cost method except for items measured at fair value, and assets and liabilities related to
discontinued operations, which are measured at the lower of cost or recoverable amount. This
accounting treatment has been applied to the activities in Uruguay and Chile.
At the Company's AGM, held on December 12, 2024, all resolutions put to shareholders were duly
passed.
On September 30, 2024, the Company announced that it had raised the sum of £835,000 ($1,096)
(before expenses) through a placing of 30,035,971 new common shares of no par value ("Placing
Share") at a price of 2.78 pence per Placing Share, together with a g rant of one unlisted warrant to
purchase one additional common share exercisable at US$0.0494 (approximately 3.697p) for every two
Placing Shares subscribed for. As part of the raise, the Company also issued 3,003,597 brokers
warrants ("Broker Warrants"). Each Broker Warrant can be exercised for one common share at an
exercisable price of $0.03715 for a period of 5 years from the date of issuance.
On December 19, 2024, the Company announced that it had raised the sum of £1,250,000 ($1,566)
(before expenses) through a placing of 18,939,394 new common shares of no par value ("Placing
Share") at a price of 6.6 pence per Placing Share. As part of the raise, the Company also issued
1,893,939 brokers warrants ("Broker Warrants"). Each Broker Warrant can be exercised for one
common share at an exercisable price of $0.0832 for a period of 5 years from the date of issuance.
On March 27, 2025, the Company announced the closing of an oversubscribed private placement (the
"Private Placement") which raised aggregate gross proceeds of C$6,000,000 ($4,193), including the
full exercise of the broker's option for gross proceeds of C$1,000,000 ($699). Under the Private
Placement, the Company sold an aggregate of 35,294,117 units of the Company (the "Units") at a price
of C$0.17 per Unit. Each Unit consisted of one common shar e of the Company (each, a "Unit Share")
and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each whole
Warrant entitles the holder to purchase one common share of the Company (each, a "Warrant Share")
at a price of C$0.25 a t any time on or before March 27, 2027. As part of the raise, the Company also
issued 1,893,705 brokers warrants ("Broker Warrants"). Each Broker Warrant can be exercised for one
common share at an exercisable price of CAD$0.17 for a period of 2 years from the date of issuance.
On September 18, 2025, subsequent to the year end, the Company announced an upsized brokered
private placement (the "Placing") to raise gross proceeds of up to C$20,000,000 ($14,388) including
the full exercise of the broker's option for gross proceeds of C$2,000,000 ($1.438), through the issue
of up to 58,823,530 common shares at a price of C$0.34 per common share. No warrants have been
issued in connection with the Placing. The Placing is expected to close on or about October 2, 2025.
On May 31, 2025, the Company had a cash balance of $4,877 (May 31, 2024 - $1,328). As at the date
of this MD&A the Company had a cash balance of $4,188.
Outlook and Strategy
Given the recent acquisition by the Company of MMA, through which the Company has retaken 100%
of its flagship project at Anza; the spectacular results at Pepas; and the encouraging results at the
Company's El Pantano Project in Argentina, the Company will focus its investment principally in these
areas.
In Colombia, within the Anza Project, the Company is aiming for a Mineral Resource Estimate by
December this year at Pepas, to be followed by an economic assessment of potential near term
production at Pepas. Thereafter the Company will return to wider exploration drilling, including at
APTA. Further exploration will continue around the El Cedro prospect which could host a porphyry
system with a view to potential drilling next year.
In Argentina, the Company aims to carry out a drilling program, later this year, to follow up on targets
established by all of the Company's previous exploration work at its El Pantano Project.
Consolidated Statements of Financial Position
(Expressed in thousands of United States dollars)
As at
May 31,
2025
$
As at
May 31,
2024
$
ASSETS
Current assets
Cash 4,877 1,328
Restricted cash 12 12
Accounts receivable and other assets 434 279
Assets held for sale in Uruguay 20 226
Total current assets 5,343 1,845
Non-current assets
Property and equipment 288 202
Exploration and evaluation assets 3,858 3,343
Total assets 9,489 5,390
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities 623 446
Liability of Chile discontinued operation - 2,376
Warrant liability 1,706 -
Liabilities held for sale in Uruguay 529 11,208
Total current liabilities 2,858 14,029
Total liabilities 2,858 14,029
Deficit
Share capital 74,675 69,529
Share-based payments reserve 10,931 10,538
Warrants 436 302
Currency translation reserve (2,159) (1,808)
Accumulated Deficit (77,258) (87,194)
Total equity attributable to owners of the parent 6,625 (8,633)
Non-controlling interest 6 (6)
Total equity 6,631 (8,639)
Total liabilities and equity 9,489 5,390
Consolidated Statements of Loss and Comprehensive Loss
(Expressed in thousands of United States dollars)
(Except common shares and per share amounts)
Year Ended
May 31,
2025
$
Year
Ended
May 31,
2024
$
Corporate and administrative expenses
(2,615)
(2,030)
Exploration and evaluation expenses (246) (105)
Impairment of exploration and evaluation assets (596) (1,841)
Share-based compensation (407) -
Other income 54 40
Net finance cost (15) (17)
Gain on fair value of warrants 683 -
Foreign exchange gain 227 172
Net loss for the year for continuing operations (2,915) (3,781)
Income from discontinued operations 12,851 403
Net income (loss) for the year 9,936 (3,378)
Other comprehensive (loss) income:
Item which may be subsequently reclassified to profit
or loss:
Cumulative translation adjustment (351) 917
Total comprehensive income (loss) for the year 9,585 (2,461)
Basic and diluted net income (loss) per share for
- continuing operations (0.00) (0.00)
- discontinued operations 0.05 (0.00)
Weighted average number of common
shares outstanding 247,469 192,212
Consolidated Statements of Cash Flows
(Expressed in thousands of United States dollars)
Year Ended
May 31,
2024
$
Year
Ended May
31, 2024
$
Operating activities
Net income (loss) for the year for continued and
discontinued operations
9,936 (3,378)
Adjustments for
Depreciation 22 17
Share-based compensation 407 -
Impairment of exploration and evaluation assets 596 1,841
Reversed royalty provision in Chile (2,376) -
Extinguished liabilities and borrowings in Uruguay (10,677) -
Gain on fair value of warrants (683) -
Accretion of asset retirement obligation - (19)
Foreign exchange and other (92) 153
Changes in non-cash working capital items:
Accounts receivable and other assets (18) 803
Accounts payable and accrued liabilities (41) (1,160)
Net cash used in operating activities (2,926) (1,743)
Investing activities
Purchase of property and equipment - (79)
Exploration and evaluation expenditures (967) (1,056)
Net cash used in investing activities (967) (1,135)
Financing activities
Proceeds from issue of common shares, net of shares issuance
cost 6,130 486
Proceeds from exercise of options 14 153
Proceeds from exercise of warrants 1,161 3
Net cash provided by financing activities 7,305 489
Net change in cash 3,412 (2,389)
Net change in cash classified within assets discontinued
operations
137 (31)
Cash, beginning of year 1,328 3,748
Cash end of year 4,877 1,328
Operating activities
- continuing operations (2,790) (1,773)
- discontinued operations (136) 30
Investing activities
- continuing operations (967) (1,135)
Financing activities
- continuing operations 7,306 488
- discontinued operations 1 1
Supplemental information
Interest paid (received) - -
Income taxes paid (recovered) - -
Non cash investing and financing activities - -
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 / Jen Clarke / Devik Mehta
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.
Qualified Persons Statement
The information in this news release was compiled, reviewed, verified and approved by Mr. Brad
George, BSc Hons (Geology and Geophysics), MBA, Member of the Australian Institute of
Geoscientists (MAIG), CEO of Orosur Mining Inc. and a qualified person as d efined by National
Instrument 43-101.
Orosur Mining Inc. staff follow standard operating and quality assurance procedures to ensure that
sampling techniques and sample results meet international reporting standards. Drill core is split in half
over widths that vary between 0.3m and 2m, dependi ng upon the geological domain. One half is kept
on site in the Minera Anzá core storage facility, with the other sent for assay.
Industry standard QAQC protocols are put in place with approximately 10% of total submitted samples
being blanks, repeats or Certified Reference Materials (CRMs). Samples for holes PEP -001 to PEP -
011 were sent to the Medellin preparation facility of ALS Co lombia Ltd, and then to the ISO 9001
certified ALS Chemex laboratory in Lima, Peru.
Samples from PEP-012 onwards are sent to Medellin laboratory of Actlabs for preparation and assay.
30 gram nominal weight samples are then subject to fire assay and AAS analysis for gold with
gravimetric re-finish for overlimit assays of >5 g/t. ICP-MS Ultra-Trace level multi -element four-acid
digest analyses may also undertaken for such elements as silver, copper, lead and zinc, etc.
Gold intersections are reported using a lower cut -off of 0.3g/t Au over 3m.Intersections are quoted as
downhole thicknesses. True thicknesses are unknown.
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, the continuing 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 tha t such statements will prove to be accurate. Actual
results and future events could differ materially from those anticipated in such forward -looking
statements. Such statements are subject to significant risks and uncertainties including, but not limited
to, those described in the Section "Risks Factors" of the Company's MD&A for the year ended May 31,
2025. The Company's continuance as a going concern is dependent upon its ability to obtain adequate
financing, to reach profitable levels of operations and t o 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. 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 forwar d-looking statements, except to the extent
required by applicable law.