REG - Ormonde Mining PLC - Investee Company Update: TRU Precious Metals

Quadro ResourcesAnnouncement

19/02/2026 08:15

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RNS Number : 5606T  Ormonde Mining PLC  19 February 2026

19 February 2026

Ormonde Mining plc

("Ormonde" or the "Company")

 

Investee Company Update: TRU Precious Metals

 

TRU executes joint venture agreement governing its 51% interest in the
Staghorn Property at Golden Rose

 

Ormonde Mining plc (https://ormondemining.com/) (AQSE: ORM), the natural
resources company with investment exposure to outstanding gold and also
battery metal exploration assets, notes the recent announcement by its
36.5%-owned investee company TRU Precious Metals Corp. (TSXV: TRU, OTCQB:
TRUIF) ("TRU"), confirming the signing of a Joint Venture Agreement ("JVA")
between TRU and Quadro Resources Ltd ("Quadro").

 

The JVA relates to the Staghorn Property, which represents approximately 11%
of the total land package at Golden Rose, and represents a further step in
advancing exploration at Golden Rose.

 

On 10 July 2025, TRU announced it had formally exercised an option to acquire
a 51% interest in the Staghorn Property, pursuant to an option agreement
between TRU and Quadro, dated 15 June 2022.

 

A management committee will be established in relation to the Staghorn
Property, comprising two representatives from TRU and one from Quadro. TRU
will act as operator of the joint venture, with the management committee
approving annual budgets and programs. Under the JVA, both parties will fund
exploration and other expenses on a pro rata basis.

 

The full announcement from TRU follows below.

 

Brian Timmons,  Chair of Ormonde, commented:

 

"We remain very excited by the potential at Golden Rose, an area of
significant interest for gold. Both Quadro and TRU are committed to
undertaking exploration activities at the Staghorn Property and establishing
the JVA will ensure this is done in a constructive and collaborative manner.
Furthermore, we look forward to hearing more from TRU once all results from
the 2025 drill programme have been assessed, and the 2026 programme has been
finalised."

 

 

TRU EXECUTES JOINT VENTURE AGREEMENT GOVERNING ITS 51% INTEREST IN THE
STAGHORN PROPERTY AT GOLDEN ROSE

 

Toronto, Ontario - February 18, 2026 - TRU Precious Metals Corp. (TSXV:TRU,
FSE:706) ("TRU" or the "Company") is pleased to announce that a Joint Venture
Agreement ("JVA") that regulates the 51%/49% Joint Venture ("JV") arrangement
on the Staghorn Property between the Company and Quadro Resources Ltd.
("Quadro") has been executed by the parties.

 

The JV is deemed to have been in existence since July 5, 2025, being the
commencement date under the JVA, following the Company's election not to
exercise the additional option to increase its interest in the Staghorn
Property as detailed in the Company's news release dated August 6, 2025. The
Staghorn Property represents approximately 11% of the total Golden Rose land
package.

 

The JVA, which contains industry standard terms and is consistent with the
framework set out in the option agreement between TRU and Quadro dated June
15, 2022, as amended (the "Option Agreement") provides, among other things,
that:

 

·    the parties will fund exploration and other JV expenditures on the
Staghorn Property on a pro rata basis in accordance with their respective
participating interests;

·    a management committee will be established consisting of two
representatives appointed by TRU and one representative appointed by Quadro;

·    TRU will act as operator of the JV and will be entitled to a 10%
operator's fee on JV expenditures;

·    annual programs and budgets are to be presented to the JV management
committee at the beginning of each year for approval, with cash calls made
quarterly;

·    a party's participating interest will be subject to dilution in the
event it does not fund its share of approved expenditures;

·    the JVA includes customary dilution provisions, pursuant to which a
participant's interest may be reduced in the event it does not fund its share
of approved expenditures, and which contemplate alternative forms of
participation in certain circumstances, which may include a 1% net smelter
returns royalty of which 0.5% would be re-purchasable by TRU for $1,000,000,
subject to the terms of the JVA; and

·    The JVA is subject to the rights of Eldorado Gold Corporation
("Eldorado") under its earn‑in agreement with TRU, pursuant to which
Eldorado has the option to fund CAD $15.25 million in cash payments and
exploration expenditures over a five‑year period to earn an 80% interest in
the Golden Rose Project. The exercise of that option may require amendment and
restatement of the JVA to give effect to Eldorado's rights.

 

TRU CEO Steve Nicol commented: "We are very pleased to have completed the
final JVA with Quadro, our partner on the Staghorn Property, and appreciate
the spirit of professional and businesslike collaboration which has permeated
the discussions. Both parties have been advancing exploration activities at
Staghorn since the JV became effective in July 2025, and we look forward to
continuing to advance operations at Staghorn together under the terms of the
newly executed JVA as we aim to efficiently discover the full gold and copper
potential of the Staghorn Property."

 

The TRU exploration team is currently assessing final results still being
received from the 2025 field season at Golden Rose and applying these in
design of the 2026 field season work programs. Further information, including
final outcomes from the 2025 field season, will be provided when all results
have been compiled and assessed.

 

About TRU Precious Metals Corp.

 

TRU (TSXV:TRU, FSE:706) is on a mission to build long-term shareholder value
through prudent natural resource property development. The company's flagship
project is the Golden Rose Project a regional-scale 297.50 km2 land package in
Central Western Newfoundland (includes a 33.25 km2 package of claims over
which TRU has a 51% interest) which straddles a 45 km strike length along the
gold deposit-bearing Cape Ray -Valentine Lake Shear Zone, directly between
Equinox Gold Corp's Valentine Project and AuMEGA Metals Ltd' Cape Ray Gold
Project. TRU is currently focused on efficiently discovering the full gold and
copper potential at Golden Rose, targeting continuity along this proven gold
bearing trend. The Golden Rose Project is currently subject to an Earn-In
Agreement with TSX-listed Eldorado Gold Corporation ("Eldorado"), whereby
Eldorado has the option to fund CAD15.25M in cash payments and exploration
expenditures over 5 years to earn an 80%-interest in the Golden Rose project.
Please refer to our July 30th, 2024 press release for further details of the
agreement.

 

TRU is approximately 36%-owned by European strategic investor Ormonde Mining
plc (AQSE:ORM).

 

 

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

 

AlbR Capital Limited (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:

 

·    An 36.5% 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 (TSE: ELD - US$4.2 Bn
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

·    A 18.9% 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/) .

 

The Directors of the Company accept responsibility for the contents of this
announcement.

 

 

 

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