Orosur Mining Inc - Results for First Quarter ended August 31, 2025
24/10/2025 07:00
RNS Number : 6451E
Orosur Mining Inc
24 October 2025
Results for First Quarter ended August 31, 2025
London, 24th, October 2025. Orosur Mining Inc. ("Orosur" or "the Company") (TSX-V: OMI) (AIM: OMI) announces its audited results for the first quarter ended August 31, 2025. All dollar figures are stated in thousands of US$ unless otherwise noted. The unaudited condensed interim financial statements of the Company for the quarter ended August 31, 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/6451E_2-2025-10-23.pdf
A link to the PDF version of the MD&A is available here: http://www.rns-pdf.londonstockexchange.com/rns/6451E_1-2025-10-23.pdf
HIGHLIGHTS
Highlights for the three months ended August 31, 2025 include:
Operational
· In Colombia, on July 14, 2025, the Company announced that it had taken the formal decision to begin a work program that, if successful, would allow a Mineral Resource Estimate to be calculated at its Pepas gold prospect, within the Anzá gold project area in Colombia. The decision was taken on the basis of external conceptual studies that suggest the location and physical characteristics of the gold mineralisation so far defined at Pepas, in the context of record high gold prices, may offer potential nearer term production opportunities. The in-fill drilling program continued throughout the quarter and post the period end and may be 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.
Earlier stage exploration continues at the El Cedro prospect. The El Cedro prospect is a large gold porphyry system, located toward the south of the Anzá project, on the same granted exploration licence as the Pepas and APTA deposits. The Company recommenced a large ridge and spur soil sampling program at El Cedro that had been previously suspended due to seasonal rain and access issues. This program has continued beyond the period end and is now 90% complete.
· In Argentina, earlier this year 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 marked 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 has now moved into the second phase of the JV, that will 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. A geophysical campaign was completed during the quarter with the objective of further refining targets at the Project where drilling is expected to commence imminently with a 3,000 metre program of diamond drilling.
· In Nigeria, given the continued weakness in the price of lithium and in view of the Company's need to prioritise the use of its capital and human resources, a decision has been taken to withdraw from the project which should happen over the next few weeks. The investment in Nigeria was fully impaired in the Company's financial statements as at May 31, 2025.
Financial
· On August 31, 2025, the Company had a cash balance of $3,906 (May 31, 2025 $4,877). 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 $17.2 million.
· Post period end, on September 18, 2025 the Company announced an upsized brokered private placement (the "Placing") to raise gross proceeds of up to CAD$ 20 million through the issue of up to 58,823,530 common shares at a price of CAD$0.34 per common share. The Placing, which was over- subscribed, was completed on October 2 2025 and raised CAD$ 20 million. No warrants were issued in connection with the Placing.
Outlook and Strategy
The Company will focus its investment in Colombia and Argentina whilst also looking for new opportunities in South America.
In Colombia, within the Anza Project, the Company is looking to complete its in-fill drilling program at Pepas which would allow Maiden Resource Estimate to be completed at Pepas. Thereafter the Company will continue to investigate the possibility of a resource estimate at its APTA prospect whilst it refines its geological models around Pepas to identify possible target areas. At El Cedro, geological mapping and sampling is nearing completion. Historical geophysics is being reprocessed and, if warranted, new geophysical data will be acquired.
In Argentina, the Company will shortly commence a 3,000 metre drilling program at the El Pantano project.
| Condensed Interim Consolidated Statements of Financial Position | ||
| (Expressed in thousands of United States dollars) | ||
| Unaudited | ||
| As at Aug 31, 2025 $ | As at May 31, 2025 $ | |
| ASSETS | ||
| Current assets | ||
| Cash | 3,906 | 4,877 |
| Restrictedcash | 12 | 12 |
| Accounts receivable and other assets | 435 | 434 |
| Assets of Uruguay discontinued operations | 11 | 20 |
| Total current assets | 4,364 | 5,343 |
| Non-currentassets | ||
| Property and equipment | 283 | 288 |
| Exploration and evaluation assets | 4,632 | 3,858 |
| Total assets | 9,279 | 9,489 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Accounts payable and accrued liabilities | 545 | 623 |
| Warrant liability | 1,785 | 1,706 |
| Liabilities of Uruguay discontinued operations | 564 | 529 |
| Total current liabilities | 2,894 | 2,858 |
| Total liabilities | 2,894 | 2,858 |
| Deficit | ||
| Share capital | 74,901 | 74,675 |
| Share-based payments reserve | 11,004 | 10,931 |
| Warrants | 384 | 436 |
| Currency translation reserve | (1,934) | (2,159) |
| Accumulateddeficit | (77,976) | (77,258) |
| Total equity attributable to owners of the parent | 6,379 | 6,625 |
| Non-controllinginterest | 6 | 6 |
| Total equity | 6,385 | 6,631 |
| Total liabilities and equity | 9,279 | 9,489 |
| 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, 2025 $ | Three Months Ended August 31, 2024 $ | |
| Corporate and administrative expenses | (398) | (435) |
| Exploration expenses | (61) | (76) |
| Share-based compensation | (73) | - |
| Other income | 4 | 38 |
| Net finance cost | (4) | (3) |
| Loss on fair value of warrants | (79) | - |
| Foreign exchange (loss) gain | (74) | 28 |
| Net loss for the period for continuing operations | (685) | (448) |
| (Loss) income from discontinued operations | (33) | 169 |
| Net loss for the period | (718) | (279) |
| Item which may be subsequently reclassified to profit or loss: | ||
| Cumulative translation adjustment | 225 | (388) |
| Total comprehensive loss for the period | (493) | (667) |
| Basic and diluted net (loss) income per share for | ||
| - continuing operations | (0.00) | (0.00) |
| - discontinued operations | (0.00) | 0.00 |
| Weighted average number of common shares outstanding | 314,235,630 | 193,211,503 |
| Condensed Interim Consolidated Statements of Cash Flows | ||
| (Expressed in thousands of United States dollars) | ||
| Unaudited | Three Months Ended August 31, 2025 $ | Three Months Ended August 31, 2024 $ |
| Operating activities | ||
| Net loss for the period for continued and discontinued operations | (718) | (279) |
| Adjustments for | ||
| Depreciation | 5 | 5 |
| Share-based compensation | 73 | - |
| Loss on fair value of warrants | 79 | - |
| Foreign exchange and other | (6) | (47) |
| Changes in non-cash working capital items: | ||
| Accounts receivable and other assets | (1) | (10) |
| Accounts payable and accrued liabilities | (32) | (215) |
| Net cash used in operating activities | (600) | (546) |
| Investing activities | ||
| Exploration and evaluation expenditures | (554) | (85) |
| Net cash used in provided by investing activities | (554) | (85) |
| Financing activities | ||
| Proceeds from exercise of warrants | 174 | - |
| Net cash provided by financing activities | 174 | - |
| Net change in cash | (980) | (631) |
| Net change in cash classified within assets discontinued operations | 9 | 13 |
| Cash, beginning of period | 4,877 | 1,328 |
| Cash end of period | 3,906 | 710 |
| Operating activities | ||
| - continuing operations | (600) | (533) |
| - discontinued operations | - | (13) |
| Investing activities | ||
| - continuing operations | (554) | (85) |
| Financing activities | ||
| - continuing operations | 183 | - |
| - discontinued operations | (9) | - |