REG - Orosur Mining Inc - Results for First Quarter ended August 31, 2025

Orosur MiningAnnouncement

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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
(http://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/6451E_2-2025-10-23.pdf
(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
(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
 Restricted cash                                                  12                  12
 Accounts receivable and other assets                             435                 434
 Assets of Uruguay discontinued operations                        11                  20
 Total current assets                                             4,364               5,343
 Non-current assets
 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)
 Accumulated deficit                                              (77,976)            (77,258)
 Total equity attributable to owners of the parent                6,379               6,625
 Non-controlling interest                                         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  Three Months Ended

                                                                 August 31, 2025     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  Three Months Ended

                                                                      August 31, 2025     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)                 -

 

 

 

 

 

 

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 and Argentina.

 

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. This material
uncertainty 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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