The unaudited condensed interim financial statements of the Company for the quarter ended
Orosur Mining Inc.
Results for Third Quarter ended February 28th, 2025
London, April 28th, 2025. Orosur Mining Inc. ("Orosur" or "the Company") (TSX-V/AIM: OMI) the minerals
developer and explorer with operations in Colombia, Argentina and Nigeria, announces its unaudited
results for the quarter ended February 28th, 2025. All dollar figures are stated in US$ unless otherwise
noted.
The unaudited condensed interim financial statements of the Company for the quarter ended February
28th, 2025 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/3087G_2-2025-4-25.pdf
A link to the PDF version of the MD&A is available here:
http://www.rns-pdf.londonstockexchange.com/rns/3087G_1-2025-4-25.pdf
HIGHLIGHTS
Operational and financial highlights for the quarter ended February 28th, 2025 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. 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, the details of which can be found in the Company's news
releases on its website at www.orosur.ca.
In addition, on February 4, 2025, the Company announced that, following some surface sampling to
the area immediately north of Pepas ("Pepas North"), a number of areas of mineralised material have
been identified, with one large area along a small walking track exposing saprolite and semi-fresh rock.
Over 100m of mineralisation was identified at surface, with samples taken at 1m intervals over the
entire length of the exposure. Assay results averaged 1.15g/t Au over 105m, with individual samples at
times exceeding 5g/t Au. This channel sample is at the southern extreme of the new Pepas North
anomalous area, but over 200m north of the limit of current drilling. The Company is expected to
commence drilling Pepas North during Q4 2025.
• 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 gold project in Santa
Cruz province, Argentina ("Project" or "El Pantano"). 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$1m.
Post period end, a geo-physical campaign commenced with the objective of refining targets after which
the Company will consider drilling, likely to take place later in 2025 subject to funding.
• In Nigeria, the Company will look to make some advances on its lithium project, but at a slower pace
whilst lithium prices continue to recover.
• In Uruguay, the Company's wholly owned subsidiary, Loryser, continues to focus its activities on the
final stages of the Creditors Agreement. In line with the Creditors Agreement, Loryser has sold all of its
assets. It has paid for the settlements with all of its fo rmer employees; it has finalised the reclamation
and remediation works on the tailings dam and has successfully concluded a one -year post-closure
control phase. Loryser is well advanced in distributing the proceeds to Loryser's trade creditors in
accordance with the Creditors' Agreement, via a Court approved settlement agent.
Financial and Corporate
• The unaudited condensed interim consolidated financial statements have been prepared on a going
concern basis under the historical cost method except for certain financial assets and liabilities which
are accounted for as Assets and Liabilities held for sa le (at the lower of book value or fair value) and
Profit and Loss from discontinuing operations. This accounting treatment has been applied to the
activities in Uruguay and Chile.
• At the Company's AGM, held on December 12, 2024 all resolutions put to shareholders were duly
passed.
• On December 19, 2024, the Company announced that it had raised the sum of £1.25 million (before
expenses) through a placing of 18,939,394 new common shares of no par value ("Placing Share") at a
price of 6.6 pence per Placing Share.
• On February 28, 2025, the Company had a cash balance of US$ 2,355,000 (May 31, 2024 US$
1,328,000). As at the date of this MD&A and including the funds raised in the private placement
(detailed below), the Company had a cash balance of US$ 5,570,000.
• Post period end, 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, including
the full exercise of the broker's option for gross proceeds of C$1,000.000. 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 share 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 at any time on or before March 27, 2027.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in thousands of United States dollars)
Unaudited
As at
February 28,
2025
$
As at
May 31,
2024
$
ASSETS
Current assets
Cash 2,355 1,328
Restricted cash 12 12
Accounts receivable and other assets 335 279
Assets held for sale in Uruguay 90 226
Total current assets 2,792 1,845
Non-current assets
Property and equipment 322 202
Exploration and evaluation assets 6,394 3,343
Total assets 9,508 5,390
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities 528 445
Liability of Chile discontinued operation - 2,376
Liabilities held for sale in Uruguay 10,609 11,208
Total current liabilities 11,137 14,029
Non-current liabilities
Contingency royalties 2,556 -
Total liabilities 13,693 14,029
Equity
Share capital 72,306 69,529
Share-based payments reserve 10,849 10,538
Warrants 919 302
Currency translation reserve (2,151) (1,808)
Accumulated deficit (86,099) (87,194)
Total equity attributable to owners of the parent (4,176) (8,633)
Non-controlling interest (9) (6)
Total equity (4,185) (8,639)
Total liabilities and equity 9,508 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
Nine Months
Ended
February 28, 2025
$
Nine Months Ended
February 29, 2024
$
Corporate and administrative expenses (1,384) (1,285)
Exploration expenses (181) (72)
Share-based compensation (311) -
Other income 52 24
Net finance cost (11) (13)
Foreign exchange gain net 89 157
Net loss for the period for continuing operations (1,746) (1,189)
Income (loss) from discontinued operations 2,841 (136)
Net income (loss) for the period 1,095 (1,325)
Item which may be subsequently reclassified to profit or loss:
Cumulative translation adjustment (343) 821
Total comprehensive income (loss) for the period 752 (504)
Basic and diluted net income (loss) per share for
- continuing operations (0.00) (0.00)
- discontinued operations 0.01 (0.00)
Weighted average number of common shares outstanding 229,999,586 189,057,082
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in thousands of United States dollars)
Unaudited Nine
Months
Ended
February
28, 2025
$
Nine Months
Ended
February 29,
2024
$
Operating activities
Net income (loss) for the period for continued and discontinued
operations 1,095 (1,325)
Adjustments for
Depreciation / write downs 16 8
Share-based payments 311 -
Reversed liability and interest accrued (2,376) -
Foreign exchange and other (606) 479
Changes in non-cash working capital items:
Accounts receivable and other assets (8) (266)
Accounts payable and accrued liabilities (203) (35)
Net cash used in operating activities (1,771) (1,139)
Investing activities
Purchase of property and equipment - (86)
Exploration and evaluation expenditures (729) (1,025)
Net cash used in investing activities (729) (1,111)
Financing activities
Proceeds from issue of common shares, net of shares issuance cost 2,376 486
Proceeds from exercise of options 10 3
Proceeds from exercise of warrants 1,008 -
Net cash provided by financing activities 3,394 489
Net change in cash 894 (1,761)
Net change in cash classified within assets held for sale 133 (5)
Cash, beginning of period 1,328 3,748
Cash end of period 2,355 1,982
Operating activities
- continuing operations 738 (1,144)
- discontinued operations (2,509) 5
Investing activities
- continuing operations (729) (1,111)
Financing activities
- continuing operations 3,394 -
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 & Joint Broker
Jeff Keating / Jen Clarke / Devik Mehta
Tel: +44 (0) 20 3470 0470
Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker/James Pope
Tel: +44 (0)20 3657 0050
Flagstaff Communications and Investor Communications
Tim Thompson
Mark Edwards
Fergus Mellon
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.
Qualified Persons Statement
The information in this news release was compiled, reviewed and verified 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 defined 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
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, 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 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, those described in
the Section "Risks Factors" of the Company's MD&A for the year ended May 31, 2024. 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 t he 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 forward-looking statements, except to the extent required by applicable law.