REG - Orosur Mining Inc - Full Year 2025 Results

Orosur MiningAnnouncement

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RNS Number : 1016B  Orosur Mining Inc  29 September 2025

 

 

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
(http://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
(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
(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 Anza 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 the 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 accurately 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 tailings 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 grant 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 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. 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,  Year Ended May 31,  2024

                                                                           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             6,130       486

 cost
  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 (http://www.orosur.ca) , follow
on X @orosurm or please contact:

 

Orosur Mining Inc

Louis Castro, Chairman,

Brad George, CEO

info@orosur.ca

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

orosur@flagstaffcomms.com (mailto:orosur@flagstaffcomms.com)
              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 (Withdrawal) 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 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. Drill core is split in half over widths
that vary between 0.3m and 2m, depending 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 Colombia 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 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, 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 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. 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.

 

 

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