REG - Ormonde Mining PLC Shearwater Group PLC - Update re Spanish Gold Licences

ShearwaterAnnouncement

10/02/2025 07:15

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RNS Number : 4952W  Ormonde Mining PLC  10 February 2025

10 February 2025

Ormonde Mining plc

("Ormonde" or the "Company")

 

Update re Spanish Gold Licences

 

Ormonde increases stake to 100%

Announces renewal of highly prospective licences

 

Ormonde Mining plc (https://ormondemining.com/) (AQSE: ORM), the natural
resources company with investment exposure to outstanding gold and battery
metal exploration assets, is pleased to announce the renewal, for a period of
three years, of its two exploration licences in the Zamora province in western
Spain, namely Antofagasta and Cueva Negra (the "Zamora Licences").

 

The Zamora Licences have been held via Ormonde's wholly owned Spanish
subsidiary in a joint venture with Shearwater Group PLC (AIM: SWG)
("Shearwater") since 2011. Ormonde has signed an agreement with Shearwater to
acquire its 51.3% interest in the licences thereby increasing Ormonde's
ownership to 100%. Shearwater became a cyber security business in recent years
and accordingly has no further interest in investing in mineral exploration.

 

Under the acquisition agreement, a consideration of €50,000 will be paid
through the issue to Shearwater of 5,000,000 new ordinary shares of nominal
value €0.01 each in the capital of Ormonde (the "Consideration Shares").
This represents a discount to the implied value attributed to the Zamora
Licences on Ormonde's balance sheet. A further announcement will be made upon
application for admission of the Consideration Shares.

 

Ormonde is now in a position to pursue its stated intention of seeking to
realise value from the Zamora Licences, against the backdrop of record high
gold prices. Independent geological reports confirm the potential of the
Zamora Licences to host significant gold mineralisation, and the Ormonde Board
is now engaged in designing a work programme to exploit the potential of this
highly prospective project.

 

Brian Timmons, Executive Chair of Ormonde, commented:

 

"Gold is surging, achieving a new record high in February, further
highlighting the metal's position as the ultimate safe-haven asset. Against
such a backdrop, and with gold prices already having more than doubled in the
decade since meaningful work was last completed on these prospective gold
licences, getting the licences renewed and returning Ormonde to 100% ownership
opens the way for several different value enhancing options to now be
considered.

 

"More broadly, Ormonde has created exceptional investment exposure to gold,
with the Zamora Licences and a controlling interest in the Golden Rose project
in Newfoundland which is bookended by gold deposits and has attracted
exploration funding from a Canadian gold major."

 

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:

 

·    An initial 36.3% 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$3 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 19.2% 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/) .

 

Follow us on social media:

 

LinkedIn: https://www.linkedin.com/company/ormonde-mining-plc/
(https://www.linkedin.com/company/ormonde-mining-plc/)

 

X: https://x.com/OrmondeMining (https://twitter.com/OrmondeMining)

 

Subscribe to our email alert service to be notified whenever Ormonde releases
news:

 

https://ormondemining.com/news/regulatory-news/#1469694747033-931e13b7-bd9d
(https://ormondemining.com/news/regulatory-news/#1469694747033-931e13b7-bd9d)

 

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

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