REG - Ormonde Mining PLC - Final Results
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RNS Number : 0433P Ormonde Mining PLC 30 June 2025
30 June
2025
Ormonde Mining plc
("Ormonde" or the "Company")
Final Audited Results for the Year Ended 31 December 2024
Ormonde Mining plc (https://ormondemining.com/) (AQSE: ORM), a natural
resources company with investment exposure to outstanding gold and battery
metal exploration assets in Newfoundland and Scotland, announces final audited
results for the year ended 31 December 2024.
Operational highlights:
· Continued positive developments at 36.5%-owned TRU Precious Metals
("TRU"):
o TRU entered into a definitive option agreement in July 2024 with Eldorado
Gold Corporation (TSX: ELD, NYSE: EGO) ("Eldorado") granting Eldorado the
exclusive option to earn an 80% ownership interest in the Golden Rose project,
Newfoundland through a multi-year C$7 million work programme and C$8.25
million in cash payments to TRU
o Completed the 2024 exploration programme, with results highlights
including:
§ High grade gold assays confirmed from rock sampling and mapping carried out
as part of the programme, with drilling in 2025 to focus on further
exploration of this area
§ Significant copper values (up to 3.7% copper) being returned from Jacob's
Pond and King George prospects, with both targets being upgraded for future
work
o Completion of project-wide analysis of the potential of Golden Rose, with
numerous targets identified for potential for orogenic gold mineralisation
across the entire land package
o Steve Nicol, an Ormonde director, appointed as CEO of TRU in August 2024
· Continued progress at Rodburn Project in Aberdeenshire, Scotland
owned by Peak Nickel Limited ("PNL") in which Ormonde currently holds a 18.89%
equity interest (19.19% at 31 December 2024) with indications of significant
size emerging
o Results and outcomes of 2023 drilling programme resulted in PNL doubling
its maiden resource estimates (previous 1973 estimates compiled by Exploration
Ventures Ltd., a Rio Tinto Consolidated Gold Fields joint venture)
o 2024 drilling programme confirmed the continuity of mineralisation in the
South Zone as well as increasing its grade and thickness
o PNL intends to undertake two drilling programmes in 2025, pending
financing
o Steve Nicol, an Ormonde director, also appointed to the PNL Board as
Non-Executive Director
· Post-period end, Ormonde announced the three-year renewal of its two
exploration licences in the Zamora province in Western Spain, alongside
increasing its ownership of the licences to 100% through the acquisition of
the outstanding interest
o Independent geological reports confirm the potential of the Zamora
licences to host significant gold mineralisation and against the backdrop of
record gold prices
o The Board is developing a work programme to exploit the potential of the
asset
Financial highlights:
· Group loss of €1.45million (FY 2023: income of €358K)
· Group net assets as at 31 December 2024 of €9.03 million (31
December 2023: €10.48 million), including cash and cash equivalents of
€1.29 million (31 December 2023: €2.3 million)
· The Group received €500,000 deferred consideration in October 2024
from the 2022 sale of the La Zarza assets in Spain, with the remaining
€500,000 due in October 2025
Brian Timmons, Chair of Ormonde, commented:
"Although still early stage, we are seeing significant progress being made in
the exploration of TRU Precious Metal's outstandingly well-located Golden Rose
project in which we have an interest via TRU.
"The PNL nickel play has excellent longer-term potential. Although currently
operating in a challenging market environment, the prospects and demand for
nickel in supporting the energy transition remain compelling.
"The Spanish gold exploration licenses, now fully owned, offer very attractive
exploration possibilities, particularly given the current pricing and outlook
for gold in today's uncertain global political background."
Financial Statements and Notes to the Accounts
The full report and accounts will be available later today on the Company's
website at: www.ormondemining.com (http://www.ormondemining.com/) .
Enquiries:
Ormonde Mining plc
Brian Timmons, Chairman / Brendan McMorrow, CEO
Tel: +353 1 8014184
Vigo Consulting (Investor Relations)
Ben Simons / Fiona Hetherington
Tel: 44 (0)20 7390 0230
Peterhouse Capital (Aquis Corporate Adviser)
Tel: +44 (0)20 7469 0930
About Ormonde Mining
Ormonde is a natural resources company delivering exposure to outstanding gold
and battery metal exploration projects. Ormonde's portfolio comprises:
· A 36.5% equity interest in TRU Precious Metals (TSXV: TRU), which is
exploring for gold and copper in the highly prospective Central Newfoundland
Gold Belt in Canada, funded by Eldorado Gold Corporation (NYSE: EGO, TSE: ELD
- US$4 billion market cap) which has optioned the project
· A 100% interest in two gold exploration licences in the Zamora
province in western Spain, for which the Company is advancing value enhancing
options
· An 18.9% equity interest in Peak Nickel Limited, which is exploring
for battery metals at the Rodburn Project in Aberdeenshire with indications of
a significant deposit.
Ormonde's shares are quoted on the Aquis Stock Exchange Growth Market under
the symbol AQSE: ORM.
For more information, visit the Company's website at www.ormondemining.com
(https://ormondemining.com/) .
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The Directors of the Company accept responsibility for the contents of this
announcement.
Chair's Review
Introduction
Ormonde offers investors attractive exposure to outstanding gold and battery
metal exploration assets, significantly under valued in the Board's view,
without being exposed to substantial capital expenditure demands.
Ormonde's portfolio currently comprises: an initial 36.3% interest in TRU
Precious Metals (TSXV: TRU) ("TRU") which is exploring for gold and copper in
the highly prospective Central Newfoundland Gold Belt in Canada, funded by
Eldorado Gold Corporation (NYSE: EGO, TSE: ELD), which has optioned the
project; an 18.9% interest in Peak Nickel Limited ("PNL"), a private UK
company exploring for high-grade battery metals at the Rodburn Project in
Aberdeenshire, Scotland; and a 100% interest in two gold exploration licences
in the Zamora province in Western Spain.
TRU Precious Metals Investment
TRU is advancing the Golden Rose project ("Golden Rose"), a large and highly
prospective early-stage gold and copper prospect in Newfoundland. The project
comprises a 297.5km(2) land package and includes 45km of strike length along
the deposit-bearing Cape Ray-Valentine Lake Shear Zone.
The Golden Rose project lies adjacent to the Valentine project (currently in
construction) which hosts 5 million ounces of gold(*). The Valentine project
was acquired by Calibre Mining in January 2024, in a C$384 million
transaction.
Recently, Calibre Mining itself has been acquired by Equinox Gold, in a C$2.5
billion deal. Both these transactions evidence the attractiveness of this
region as a gold play and generated significant value for the original
shareholders of the Valentine project.
Golden Rose is centrally located within this active and highly prospective
mining area, bordering both the Equinox Valentine Gold Project to the
northeast and AuMEGA Metals' Cape Ray Project to the southwest. The Valentine
Mine is currently under construction and is anticipated to commence operations
in the third quarter of this year. Once operations have commenced, the
Valentine Mine will be the largest gold mine in Atlantic Canada, while AuMEGA
Metals' Cape Ray Project contains 0.6 million ounces of indicated and inferred
gold resources with exploration continuing.
In early 2024, TRU announced it would be undertaking a summer exploration
programme to develop a deeper understanding of the critical metals potential
across the property. The copper-focused exploration also investigated other
critical mineral occurrences hosting nickel and zinc and included prospecting,
grab (rock) sampling and reconnaissance soil sampling and trenching over
anomalies identified through previous work and satellite and remote sensing
recently undertaken across the entire property.
Results from this exploration programme included significant copper values (up
to 3.7% copper) being returned from Jacob's Pond and King George prospects,
with both targets being upgraded for future work. Key highlights from the
programme include:
· Jacob's Pond returned four samples from 2.0% to 3.7% copper with
numerous other rock samples assaying to 1% copper, extending the area of known
copper potential at this prospect by approximately 2km
· At King George, outcrop and angular float grab samples assayed 3.7%
and 2.4% copper
· At Glenn's Prospect, outcrop samples returned values up to 0.9%
copper extending the area of known copper potential by 750m to the southwest
of the original outcrop
High grade gold assays were also confirmed from rock sampling and mapping
carried out on a section of the exploration fairway from Mark's Pond to Rich
House, indicating that this area of Golden Rose merits further examination. Of
the 47 bedrock and float grab samples collected, 22 contained grades in excess
of 0.1 grams per tonne ("g/t"), of which eight returned grades in excess of 30
g/t gold, including four which returned grades in excess of 100 g/t. With some
samples also containing visible gold, the Mark's Pond to Rich House
exploration fairway will be a focus for future gold exploration.
Post period end, TRU announced it had awarded a contract to MCL Drilling to
provide drilling services for the 2025 exploration programme, comprising an
approximate 1,800m of diamond drilling to focus on the Mark's Pond to Rich
House exploration fairway with drilling having commenced in May of this year.
During the period, TRU has undertaken a project-wide analysis of the potential
of Golden Rose, reassessing and verifying existing project data, before being
infilled and updated as required. The work concluded post period end, with
numerous targets identified with potential for orogenic gold mineralisation
across the entire land package.
To secure the long-term funding of Golden Rose, which is a large exploration
play requiring extensive exploration work, in August 2024 TRU entered into a
definitive option agreement with the approximately US$4 billion market cap
company (as at June 2025), Eldorado Gold Corporation, (TSX: ELD, NYSE: EGO)
("Eldorado"). This agreement grants Eldorado the exclusive option to earn an
80% ownership interest in the Golden Rose project through a C$7 million
multi-year work programme and C$8.25 million in cash payments to TRU. Upon
Eldorado exercising its option, TRU and Eldorado will negotiate and enter a
joint venture agreement. If TRU's interest in such joint venture is diluted
below 10%, its interest would convert to a 2% net smelter returns royalty, of
which 1% would be re-purchasable by Eldorado for $5,000,000 at the time of
commercial production. This option agreement reflects the sentiments of the
Ormonde Board, which continues to believe in the long-term value of the
project to TRU and its potential returns to Ormonde as its controlling
shareholder.
In August 2024, Steve Nicol was appointed as CEO of TRU to further drive
operations. Steve has advised Ormonde for many years in a technical capacity,
leveraging over 35 years' experience in the mining industry, including
bringing a complex mine into production. Steve was appointed as a
Non-Executive Director of Ormonde in August 2024. He is heading up the
exploration programme on Golden Rose which is aiming for efficient discovery
of economic gold ounces and/or copper tonnes at Golden Rose.
Peak Nickel Investment
PNL's Rodburn Project is an early-stage exploration asset, targeting nickel,
copper, and cobalt, with indications of significant potential. It is located
in an emerging nickel sulphide district in Aberdeenshire, Scotland, a Tier 1
jurisdiction.
In February 2024, PNL announced the results of its 2,600m 2023 drill
programme, comprising the drilling of 18 holes testing a 900m strike length,
with PNL concluding the results established Rodburn as the "UK's highest-grade
nickel-copper-cobalt project."
Following the results of the 2023 drill programme, PNL announced the doubling
of the maiden resource estimates (previous 1973 estimate compiled by
Exploration Ventures Ltd., a Rio Tinto-Consolidated Gold Fields joint
venture), with global resources containing 23,100t nickel, 12,100t copper and
1,560t cobalt, and remaining completely open at depth and along strike in most
directions.
The 2024 drill programme was planned to investigate the true scale of the
resource and commenced in August 2024, involving the drilling of a minimum of
1,000m. Post-period end, PNL announced the results from a selection of holes
drilled as part of the 2024 programme, which confirmed the continuity of
mineralisation in the South Zone, as well as increasing its grade and
thickness.
Moving into 2025, PNL intends to undertake a 2025 evaluation by drilling a
deep hole - between 400m to 500m in depth - to test down-plunge continuity of
the high-grade South Zone mineralisation of the Rodburn Project. A second
programme is planned for later in 2025, seeking to drill approximately 1,000m
to continue ongoing metallurgical and environmental studies.
The prevalence of high-grade critical metals in Scotland has the potential to
position PNL to play a key role in the supply of cleaner and less mining
intensive critical metals, which are essential for the ongoing global energy
transition. Whilst nickel prices face challenges in the global market and
continue to see some weakness due to oversupply from certain jurisdictions, we
believe that this price imbalance will correct as demand increases coupled
with the requirement for sustainable mining practices.
PNL appointed Richard Williams as a Director in April 2024. Richard brings
over 35 years' experience in the industry, previously as CEO and Director of
Cornish Metals, Inc., where he was instrumental in the initial acquisition of
the South Crofty tin project in Cornwall along with raising over $100 million
for the project. Steve Nicol, Non-Executive Director of Ormonde Mining, was
appointed Non-Executive Director of PNL in February 2024.
Spanish Gold Assets
In February 2025, Ormonde announced the three-year renewal of its two
exploration licences in the Zamora province in Western Spain, namely
Antofagasta and Cueva Negra (the "Zamora licences"). Concurrently, Ormonde
increased its ownership of the Zamora licences to 100%, having acquired the
outstanding 51.3% interest from Shearwater Group plc (AIM: SWG) ("Shearwater")
following Shearwater's transition to a cyber security business.
Under terms of the acquisition agreement, Ormonde agreed a consideration of
€50,000 to Shearwater which would be satisfied by way of the issue of 5
million new ordinary shares of nominal value €0.01 each in the capital of
the Company.
Independent geological reports confirm the potential of the Zamora licences to
host significant gold mineralisation. Against the backdrop of record gold
prices, the Ormonde Board is developing a work programme to exploit the
potential of the asset.
On 3 October 2022, Ormonde completed the sale of its La Zarza assets in Spain
for €2.3 million. To date, €1.8 million has been received with the final
instalment of €500,000 due on the third anniversary of the completion date.
Financial Review
The Group reports a total comprehensive loss for the year ended 31 December
2024 of €1,449,000 (FY 2023: income of €358,000). The Group had net assets
of €9.03 million as of 31 December 2024 (31 December 2023: net assets of
€10.48 million), including Group cash and cash equivalents of €1.29
million (31 December 2023: €2.3 million).
In accounting for the PNL investment, the Company, under IFRS accounting
standards is required to apply a specified fair value treatment. For 2024,
this gave rise to a valuation of €925,000 resulting in a write-down of
€308,000 which is recognised through the consolidated statement of
comprehensive income. Further details are set out in note 8.
Outlook
With a strong, well-funded backer supporting TRU's exploration programme in
Newfoundland, the outlook for creating value in the Golden Rose project looks
extremely promising.
The PNL nickel play has excellent longer-term potential. Although currently
operating in a challenging market environment, the prospects and demand for
nickel in supporting the energy transition remain compelling.
The Spanish gold exploration licences, now fully owned, appear to our
technical team, to offer very attractive exploration possibilities.
Brian Timmons
Chair
30 June 2025
(*)Comprising 2.7m oz in Proven + Probable Reserves, 1.327m oz in Measured and
Indicated Resources exclusive of Reserves, and 1.079m oz in Inferred
Resources. For further information see Equinox Gold (TSX: EQX) Corporate
Presentation June 2025
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2024
Year Year ended
ended
31- 31-Dec-23
Dec-24
Notes €000s €000s
Turnover 0 0
Administration expenses (1,212) (1,288)
______ ______
Loss on ordinary activities (1,212) (1,288)
Finance costs (3) (3)
Other (losses)/gains 8 (192) 1,628
______ ______
Profit/ (Loss) for the year (1,407) 337
Taxation 10 0 0
______ ______
(Loss)/profit for the Period after tax (1,407) 337
Other comprehensive (loss)/income: (42) 21
______ ______
Total comprehensive (loss)/income for the period (1,449) 358
______ ______
Total comprehensive (loss)/income attributable to
Owners of the parent company (1,054) 551
Non controlling interest (395) (193)
______ ______
Earnings per share
from continuing operations
Basic & diluted (loss)/earnings per share (in cent) 9 (0.22) 0.12
All activities are derived from continuing activities. The profits/(losses)
and total comprehensive income/(losses) for the year (and preceding year) are
allocated between the equity holders of the Company and non controlled
interests. The Group has not recognised gains or losses other than those dealt
within the Statement of Comprehensive Income. The accompanying notes on pages
31 to 54 form an integral part of these financial statements.
Consolidated Statement of Financial Position
as at 31 December 2024
31-Dec-24 31-Dec-23
Notes €000s €000s
Assets
Non-current assets
Intangible assets 11 6,388 6,206
Trade and other receivables 14 0 399
Financial assets 13 925 1,172
_______ _______
Total Non-Current Assets 7,313 7,777
Current assets
Trade and other receivables 14 634 663
Cash & cash equivalents 15 1,287 2,311
_______ _______
Total Current Assets 1,921 2,974
_______ _______
Total Assets 9,234 10,751
_______ _______
Equity & liabilities
Capital and Reserves
Issued capital 17 4,725 4,725
Share premium account 17 29,932 29,932
Share based payment reserve 18 281 281
Capital conversion reserve fund 18 29 29
Capital redemption reserve fund 18 7 7
Foreign currency translation reserve 18 (21) 21
Retained losses 19 (30,561) (29,549)
_______ _______
Equity attributable to the Owners of the Company 4,392 5,446
Non controlled interests 20 4,639 5,034
_______ _______
Total Equity 9,031 10,480
Current Liabilities
Trade & other payables 16 203 271
_______ _______
Total Liabilities 203 271
_______ _______
Total Equity & Liabilities 9,234 10,751
_______ _______
The accompanying notes on pages 31 to 54 form an integral part of these
financial statements.
Company Statement of Financial Position
as at 31 December 2024
31-Dec-24 31-Dec-23
Notes €000s €000s
Assets
Investment in subsidiaries 13 2,184 2,184
Other investments 13 925 1,172
Trade and other receivables 14 648 1,044
_______ _______
Total Non-Current Assets 3,757 4,400
Current assets
Trade and other receivables 14 28 34
Cash & cash equivalents 15 266 484
_______ _______
Total Current Assets 294 518
_______ _______
Total Assets 4,051 4,918
_______ _______
Equity & Liabilities
Capital and Reserves
Issued capital 17 4,725 4,725
Share premium account 17 29,932 29,932
Share based payment reserve 18 281 281
Capital conversion reserve fund 18 29 29
Capital redemption reserve fund 18 7 7
Retained losses 19 (31,137) (30,310)
_______ _______
Equity attributable to the Owners of the Company 3,837 4,664
Current Liabilities
Trade & other payables 16 214 254
_______ _______
Total Liabilities 214 254
_______ _______
Total Equity & Liabilities 4,051 4,918
_______ _______
The accompanying notes on pages 31 to 54 form an integral part of these
financial statements.
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