The unaudited condensed interim financial statements of the Company for the quarter ended
Orosur Mining Inc.
Results for Second Quarter ended November 30, 2024
London, January 30th, 2025 . 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 November 30, 2024. All dollar figures are stated in US$ unless
otherwise noted.
The unaudited condensed interim financial statements of the Company for the quarter ended November
30, 2024 and the related management'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/1875V_1-2025-1-29.pdf
A link to the PDF version of the MD&A is available here:
http://www.rns-pdf.londonstockexchange.com/rns/1875V_2-2025-1-29.pdf
HIGHLIGHTS
Operational and financial highlights for the six months ended November 30, 2024 are set out below:
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. Under the terms of the acquisition, Orosur's w holly owned
Canadian subsidiary, Waymar Resources Ltd., purchased all of the issued shares of Monte Aguila
from wholly owned subsidiaries of Newmont and Agnico resulting in Orosur regaining 100%
ownership of the Project. No cash is payable up front, with a ll consideration deferred and wholly
contingent upon commercial production from the Anza Project. The agreed consideration is a net
smelter royalty of 1.5% on all future mineral production, plus a capped fixed royalty of an aggregate
amount of US$75 per ou nce of gold or gold equivalent ounce on the first 200,000 gold equivalent
ounces of mineral production. Completion of the acquisition was subject to customary conditions
including the approval of the TSXV, which conditions have all been met. The Company also re-took
operatorship of the Anza Gold Project, commencing a drilling program at the Pepas prospect in late
November 2024 which has extended post quarter end with very good results.
• 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 was expected to take several months. The Company has now received
the approval necessary for drilling. A further geo -physical campaign is planned to refine targets
after which the Company will consider drilling, likely to take place later in 2025 subject to funding.
• In Nigeria, the Company will look to make some advances on its lithium project, but at a slower
pace whilst lithium prices continue 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 fo rmer 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 settlement agent.
Financial
• The unaudited condensed 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 discontinuing operations. This accounting treatment has been applied to the
activities in Uruguay and Chile.
• On September 30 th, 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 at a price of 2.78
pence per Placing Share, together with a grant of one unlisted warrant to purchase o ne additional
common share exercisable at US$0.0494 (approximately 3.697p) for every two Placing Shares
subscribed for.
• On November 30, 2024, the Company had a cash balance of $945,000 (May 31, 2024 $2,104,000).
As at the date of this announcement the Company has a cash balance of $2,200,000.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in thousands of United States dollars)
Unaudited
As at
November 30,
2024
$
As at
May 31,
2024
$
ASSETS
Current assets
Cash 945 1,328
Restricted cash 12 12
Accounts receivable and other assets 391 279
Assets held for sale in Uruguay 192 226
Total current assets 1,540 1,845
Non-current assets
Property and equipment 319 202
Exploration and evaluation assets 5,632 3,343
Right-of-use asset 131 -
Total assets 7,622 5,390
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities 667 445
Liability of Chile discontinued operation - 2,376
Liabilities held for sale in Uruguay 10,618 11,208
Right-of use asset 27 -
Total current liabilities 11,312 14,029
Non-current liabilities
Contingency royalties 2,556 -
Right-of use asset 147 -
Total liabilities 14,015 14,029
Equity
Share capital 70,086 69,529
Share-based payments reserve 10,645 10,538
Warrants 697 302
Currency translation reserve (2,488) (1,808)
Accumulated deficit (85,324) (87,194)
Total equity attributable to owners of the parent (6,384) (8,633)
Non-controlling interest (9) (6)
Total equity (6,393) (8,639)
Total liabilities and equity 7,622 5,390
Condensed Interim Consolidated Statements of Income (Loss) and
Comprehensive Income (Loss)
(Expressed in thousands of United
States dollars)
(Except common shares and per
share amounts)
Unaudited
Three Months
Ended November
30, 2024
$
Three Months
Ended November
30, 2023
$
Six Months
Ended
November 30,
2024
$
Six Months
Ended
November
30, 2023
$
Corporate and administrative
expenses
(478)
(468)
(913)
(866)
Exploration expenses (33) (26) (109) (53)
Share-based compensation (107) - (107) -
Other income 13 10 51 16
Net finance cost (3) (5) (6) (9)
Foreign exchange gain net (10) 97 18 156
Net (loss) for the period for
continuing
operations
(618)
(392)
(1,066)
(756)
(Loss) income from discontinued
operations
2,767 136 2,936 (114)
Net income (loss) for the period 2,149 (256) 1,870 (870)
Item which may be subsequently
reclassified to profit or loss:
Cumulative translation adjustment (292) 356 (680) 683
Total comprehensive income (loss)
for the
period
1,857
100
1,190
(187)
Basic and diluted net income
(loss per share for
- continuing operations (0.00) (0.00) (0.00) (0.00)
- discontinued operations 0.01 0.00 0.01 (0.00)
Weighted average number of
common
shares outstanding
225,718,428
188,560,300
215,596,429
188,560,300
(Expressed in thousands of United States dollars)
Unaudited Six Months
Ended
November
30, 2024
$
Six Months
Ended
November,
2023
$
Operating activities
Net income (loss) for the period for continued and discontinued
operations 1,870 (870)
Adjustments for
Depreciation / Write downs 10 6
Share-based payments 107 -
Reversed liability and interest accrued (2,376) -
Foreign exchange and other (11) 366
Changes in non-cash working capital items:
Accounts receivable and other assets (69) (271)
Accounts payable and accrued liabilities (628) (138)
Net cash used in operating activities (1,097) (907)
Investing activities
Purchase of property and equipment - (85)
Exploration and evaluation expenditures (268) (727)
Net cash used in investing activities (268) (808)
Financing activities
Proceeds from issue of common shares, net of shares issuance cost 952 -
Net cash provided by financing activities 952 -
Net change in cash (413) (1,715)
Net change in cash classified within assets held for sale 30 71
Cash, beginning of period 1,328 3,748
Cash end of period 945 2,104
Operating activities
- continuing operations 1,309) (836)
- discontinued operations (2,406) (71)
Investing activities
- continuing operations (268) (808)
- discontinued operations - -
Financing activities
- continuing operations 952 -
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.
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 States 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 event s 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 forward -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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved
by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms
and conditions relating to the use and distribution of this information may apply. For further information,
please contact [email protected] or visit www.rns.com.