REG - Ormonde Mining PLC - Interim Results
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RNS Number : 3004B Ormonde Mining PLC 30 September 2025
30 September 2025
Ormonde Mining plc
("Ormonde" or the "Company")
Interim Results for the Six Months Ended 30 June 2025
Ormonde Mining plc (https://ormondemining.com/) (AQSE: ORM), the natural
resources company with investment exposure to outstanding gold exploration
assets, announces its unaudited interim results for the six months ended 30
June 2025.
Key Portfolio Developments - Year to Date
TRU Precious Metals (Ormonde: 36.5%)
Golden Rose Project, Newfoundland (Gold, Copper)
· Completed 1,988m of diamond core drilling at Golden Rose intersecting
gold-bearing mineralisation in every hole
· Discovery of two previously unknown gold mineralised zones - one with
an interpreted strike length of over 500m
· Strengthened landholding, with TRU consolidating 51% ownership of the
Staghorn Property, which represents 11% to the landholding along the gold
deposit bearing Cape Ray - Valentine Lake Shear Zones. The remainder of the
Golden Rose Property is owned 100% by TRU
Zamora Licences (Ormonde: 100%)
Antofagasta and Cueva Negra Projects, Spain (Gold)
· Increased ownership from 49% to 100% through acquisition of partner
interest
· Reported 3-year licence extensions
· Independent geological reports have affirmed potential of the Zamora
Licences to host significant gold mineralisation
Peak Nickel (Ormonde: 18.9%)
Portsoy Project, Scotland (Nickel)
· Entered into an option agreement with Winshear Gold Corp. (TSXV: WINS)
for Winshear to earn 100% of the project, subject to work programme
commitments over 5 years - Peak Nickel to receive shares in Winshear over
5-years and a 1% Net Smelter Returns Royalty (capped)
· Ormonde did not support the transaction which the Board believes
undervalues the opportunity
Key Financials
· Group loss for the six-month period of €999,000 (H1 2024: loss of
€578,000)
· Group net assets as at 30 June 2025 of €8.03 million (31 December
2024: €9.03 million), including group cash and cash equivalents of €1.20
million (31 December 2024: €1.29 million)
Brian Timmons, Chair of Ormonde, commented:
"Flanked by major deposits along the same geological shear zone, Ormonde's TRU
holding provides our investors with exposure to what we believe could be the
next major gold discovery in one of the world's most attractive gold producing
regions. Our confidence has only grown stronger since we invested, reinforced
by the optioning of the project by a US$ 6 billion gold producer and a
successful 2025 drilling programme.
"In Spain, we are preparing to advance a gold exploration programme at the
highly prospective Zamora Licences. It goes without saying that any
substantial discovery at these 100% owned assets would be highly significant
for Ormonde considering record high gold prices.
"Exploration is a game of patience, and we believe our two core project
investments in Newfoundland and Spain have the potential to deliver high
returns to our shareholders as exploration progresses."
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
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 target 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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Operational Review
Introduction
Very good progress has been made in the period across the two primary
investments in Ormonde's portfolio, being TRU Precious Metals (TSXV: TRU)
("TRU") and the Zamora gold exploration licences in Spain. The most
significant operational development has been the 2025 diamond core drilling by
TRU at Golden Rose in Newfoundland which commenced during the period.
Ormonde's portfolio currently comprises three strategic investments: an
initial 36.5% in TRU, which is exploring for gold and copper in the highly
prospective Central Newfoundland Gold Belt in Canada; a 100% interest in two
gold exploration licences in the Zamora province in western Spain; and an
18.9% interest in Peak Nickel, a private UK company exploring for battery
metals at the Portsoy Project in Aberdeenshire, Scotland.
Portfolio Developments
TRU Precious Metals (Ormonde: 36.5%)
Golden Rose Project, Newfoundland (Gold, Copper)
TRU is exploring the Golden Rose Project, a large and prospective early-stage
gold and copper prospect in Newfoundland, one of the world's top mining
jurisdictions. Golden Rose is bookended by two gold projects with reported
resources. To the northeast, Equinox Gold (TSE: EQX) is bringing online the
Valentine Mine which, when fully ramped-up, will be the largest gold mine in
Atlantic Canada, with a projected annual production of 195,000 ounces of gold
- with first gold production reported during September 2025. To the southwest,
AuMEGA Metals (ASX: AAM, TSXV: AUM) has a mineral resource of 610,000 ounces
of gold, predominantly in the Cape Ray Project. In between them, along the
very same geological shear zone, lies Golden Rose.
In addition to establishing several high-quality, high-grade, drill-ready gold
targets at Golden Rose, exploration activities by TRU over the past several
years have also identified copper and other critical mineral occurrences at
numerous locations.
In April 2025, TRU engaged MCL Drilling to provide diamond core drilling
services for the 2025 exploration programme within the area defined by the
company as the Mark's Pond to Rich House exploration fairway. Drilling
commenced in May 2025, fully funded by Eldorado Gold Corporation (TSE: ELD,
NYSE: EGO) ("Eldorado"), a US$6 billion, mid-tier gold producer, which
optioned into the project in July 2024.
After the period-end, in September 2025, TRU reported that its drilling
programme of 1,988m intersected gold-bearing mineralisation in every hole. A
previously unknown broad mineralised sandstone unit was intersected in two of
the drill holes over an interpreted minimum strike length of 500m, intercepts
of 1.0 grams per tonne ("g/t") gold ("Au") over 13.3m including 1.3g/t over
5.3m, within a much wider interval of 0.3g/t over 65.3m, and 1.0g/t Au over
5.1m within a wider interval of 0.5g/t over 18.2m. A second previously unknown
mineralised zone showed similarities to the aforementioned sandstone unit,
potentially representing an along-strike extension. The results provide a
strong foundation for a follow-up drill campaign designed to unlock further
value from Golden Rose.
Post-period end, TRU strengthened its Golden Rose landholding through the
consolidation of a 51% interest in the Staghorn Property, which represents 11%
of the total Golden Rose Project area.
Zamora Licences (Ormonde: 100%)
Antofagasta and Cueva Negra Projects, Spain (Gold)
Ormonde's Spanish gold portfolio centres on the Zamora Licences (Antofagasta
and Cueva Negra) in western Spain. These are considered high potential
targets, given geological indicators.
In February 2025, Ormonde announced the renewal of the two exploration
licences for a period of three years. In addition, Ormonde acquired its former
partner's 51.3% interest, bringing Ormonde's ownership to 100%. The
consideration was €50,000, paid via the issuance of 5,000,000 new ordinary
shares.
Previously, Ormonde had, effectively, been carrying the full liability of any
exploration activity while benefitting from a less than 50% interest. With
full control now of these assets, which doubles Ormonde's economic interest in
the licenses, and the near doubling of the gold price over the past 2 years,
these exploration licenses have become of serious investment interest. Ormonde
is now in a position to pursue its stated intention of seeking to realise
value from the Zamora Licences, against the backdrop of the 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 in the near future, alongside actively exploring
opportunities to expand and strengthen the Spanish gold portfolio further.
Peak Nickel (Ormonde: 18.9%)
Portsoy Project, Scotland (Nickel)
Peak Nickel's Portsoy Project (comprising the Rodburn Project) is an
early-stage nickel exploration asset in Scotland, with indications of
significant potential.
In February 2025, Peak Nickel reported further positive drill results from its
2024 programme at the Rodburn target, successfully extending the high-grade
nickel-copper-cobalt mineralisation along strike and at depth.
The presence of high-grade critical metals in Scotland positions Peak Nickel
to play a potential strategic role in the supply of responsibly sourced
materials, essential to support the energy transition. While nickel is
experiencing pressure from oversupply, structural demand growth from electric
vehicles, battery storage and renewable infrastructure is expected to remain
strong.
In August 2025, Peak Nickel announced it had entered into an option agreement
with Winshear Gold Corp (TSXV: WINS) ("Winshear"), pursuant to which Winshear
can earn a 100% interest in the Portsoy Project, subject to the satisfaction
of certain conditions including exploration commitments over five years. In
return, Peak Nickel is to receive shares in Winshear over five years, and,
upon completion of the earn-in, Peak Nickel would retain a 1% Net Smelter
Returns Royalty capped at £10 million. Ormonde believes that the Portsoy
Project had potential to realise significant value for shareholders and as
such did not support the terms of the option agreement entered into with
Winshear believing it to undervalue this potential. Accordingly, the Board has
further written down the value of its investment in this project (see Note 4
for details).
Financial Highlights
The Group reports a total comprehensive loss for the six months ended 30 June
2025 of €999,000 (H1 2024: loss of €578,000).
Group net assets at 30 June 2025 were €8.03 million (31 December 2024:
€9.03 million), including Group cash and cash equivalents of €1.20 million
(31 December 2024: €1.29 million).
Outlook
Flanked by Equinox's and AuMEGA's deposits along the same geological shear
zone, Ormonde invested in TRU to provide our investors with exposure to what
we believe could be the next major gold discovery in one of the world's most
attractive gold producing regions. Our confidence has only grown stronger.
Since our investment, Golden Rose has been optioned by Eldorado Gold, with a
market capitalisation of nearly US$6 billion, and the first drilling under the
Option has exceeded expectations. These results will shape future follow-up
drilling programmes. In the Board's view, TRU's valuation of under C$5 million
considerably undervalues the Golden Rose opportunity. We are anticipating a
meaningful re-rating over time as the mining community acknowledges the
prospectivity of the Golden Rose property.
In Spain, we are preparing to advance a gold exploration programme at the
highly prospective Zamora Licences. It goes without saying that a significant
discovery at these 100% owned assets would be transformational for Ormonde
considering record high gold prices.
Exploration is a game of patience, and we believe our two core project
investments in Newfoundland and Spain have the potential to deliver high
returns to our shareholders as exploration progresses, whilst the investment
in Peak Nickel continues to provide residual exposure to the battery metals
sector.
Brian Timmons
Chairman
Ormonde Mining plc
Consolidated Statement of Comprehensive Income
Six months ended 30 June 2025
unaudited unaudited audited
6 Months ended 6 Months ended Year ended
30-Jun-25 30-Jun-24 31-Dec-24
€000s €000s €000s
Turnover - - -
Administration expenses (361) (616) (1,212)
______ ______ ______
Loss on ordinary activities (361) (616) (1,212)
Finance costs (2) (2) (3)
Other (losses)/gains (571) 58 (192)
______ ______ ______
Loss for the period from continuing activities (934) (560) (1,407)
Taxation on (loss) - - -
______ ______ ______
Profit/(loss) for the period (934) (560) (1,407)
Other comprehensive income
Other comprehensive (loss) income (65) (18) (42)
______ ______ ______
Total comprehensive (loss) for the period (999) (578) (1,449)
Total comprehensive income (loss) attributable to
Owners of the parent company (896) (389) (1,054)
Non controlling interest (103) (189) (395)
______ ______ ______
Earnings per share
Total earnings per share
Basic & diluted gain (loss) per share (in cent) (0.19) (0.08) (0.22)
Ormonde Mining plc
Consolidated Statement of Financial Position
As at 30 June 2025
unaudited unaudited audited
30-Jun-25 30-Jun-24 31-Dec-24
Note €000s €000s €000s
Assets
Non-current assets
Intangible assets 6,409 6,319 6,388
Trade and other receivables 5 0 414 0
Financial assets 4 325 1,233 925
_______ _______ _______
Total Non-Current Assets 6,734 7,966 7,313
Current assets
Trade and other receivables 5 592 597 634
Cash and cash equivalents 1,204 1,542 1,287
_______ _______ _______
Total current assets 1,796 2,139 1,921
_______ _______ _______
Total assets 8,531 10,105 9,234
_______ _______ _______
Equity & liabilities
Equity
Issued share capital 6 4,725 4,725 4,725
Share premium account 6 29,932 29,932 29,932
Share based payment reserve 281 281 281
Capital conversion reserve fund 29 29 29
Capital redemption reserve fund 7 7 7
Foreign currency translation reserve (86) 3 (21)
Retained losses (31,392) (29,919) (30,561)
_______ _______ _______
Equity attributable to the Owners of the Company 3,496 5,058 4,392
Non controlled interests 7 4,536 4,844 4,639
_______ _______ _______
Total Equity 8,032 9,902 9,031
Current liabilities
Trade & other payables 499 203 203
_______ _______ _______
Total liabilities 499 203 203
_______ _______ _______
Total equity & liabilities 8,531 10,105 9,234
_______ _______ _______
Ormonde Mining plc
Consolidated Statement of Cashflows
Six months ended 30 June 2025
unaudited unaudited audited
6 Months ended 6 Months ended Year ended
30-Jun-25 30-Jun-24 31-Dec-24
€000s €000s €000s
Cashflows from operating activities
Loss for period before taxation (934) (560) (1,407)
________ ________ ________
(934) (560) (1,407)
Adjustments for non cash items:
Foreign exchange gain/(loss) on translation (65) (18) (42)
Fair value decrease in investments 600 - 308
Fair value increase in receivables (29) (58) (101)
________ ________ ________
(428) (636) (1,242)
Movement in Working Capital
Decrease in receivables 71 109 30
Increase (decrease) in liabilities 295 (68) (69)
________ ________ ________
Net Cash used in operations (62) (595) (1,281)
Investing activities
Net expenditure on intangible assets (21) (113) (182)
Expenditure on financial assets - (61) (61)
Proceeds from disposal of assets held for resale - - 500
________ ________ ________
Net cash generated by / (used in) investing activities (21) (174) 257
Net (decrease) in cash and cash equivalents (83) (769) (1,024)
Cash and cash equivalents at beginning of period 1,287 2,311 2,311
________ ________ ________
Cash and cash equivalents at end of period 1,204 1,542 1,287
________ ________ ________
Ormonde Mining plc
Consolidated Statement of Changes in Equity
Six months ended 30 June 2025
Share Foreign
Based Currency Non
Share Share Payment Other Translation Retained Controlled Total
Capital Premium Reserve Reserves Reserve Losses Total Interests Equity
€000s €000s €000s €000s €000s €000s €000s €000s €000s
Balance at 1 January 2024 4,725 29,932 281 36 21 (29,549) 5,446 5,034 10,480
Loss for the period - - - - - (370) (370) (190) (560)
Foreign exchange adjustments - - - - (18) - (18) - (18)
______ ______ ______ ______ ______ ______ ______ ______ ______
Total comprehensive loss for the period 0 0 0 0 (18) (370) (388) (190) (578)
Balance at 30 June 2024 4,725 29,932 281 36 3 (29,919) 5,058 4,844 9,902
Loss for the period - - - - - (642) (642) (205) (847)
Foreign exchange adjustments - - - - (24) - (24) - (24)
______ ______ ______ ______ ______ ______ ______ ______ ______
Total comprehensive loss for the period 0 0 0 0 (24) (642) (666) (205) (871)
______ ______ ______ ______ ______ ______ ______ ______ ______
Balance at 31 December 2024 4,725 29,932 281 36 (21) (30,561) 4,392 4,639 9,031
Loss for the period - - - - - (831) (831) (103) (934)
Foreign exchange adjustments - - - - (65) - (65) 0 (65)
______ ______ ______ ______ ______ ______ ______ ______ ______
Total comprehensive income for the period 0 0 0 0 (65) (831) (896) (103) (999)
______ ______ ______ ______ ______ ______ ______ ______ ______
Balance at 30 June 2025 4,725 29,932 281 36 (86) (31,392) 3,496 4,536 8,032
______ ______ ______ ______ ______ ______ ______ ______ ______
Notes to the Interim Consolidated Financial Statements
1. Accounting policies and basis of preparation
Ormonde Mining plc is a company incorporated and domiciled in the Republic of
Ireland. The Interim Consolidated Financial Statements for the six months
ended 30 June 2025 comprise the Company and its subsidiaries (together
referred to as the "Group"), and have not been audited or reviewed by the
Company's auditors.
The Interim Consolidated Financial Statements do not include all of the
information required for full annual financial statements and should be read
in conjunction with the audited consolidated financial statements of the Group
as at and for the year ended 31 December 2024, which are available on the
Company's website at https://ormondemining.com/ (https://ormondemining.com/) .
The audit opinion on the statutory financial statements for the year ended 31
December 2024 was unqualified.
The financial information in this report has been prepared using accounting
policies consistent with International Financial Reporting Standards ("IFRS")
as adopted by the European Union. IFRS is subject to amendment and
interpretation by the International Accounting Standards Board ("IASB") and
the IFRS Interpretations Committee and there is an ongoing process of review
and endorsement by the European Commission. These policies are consistent with
those to be adopted in the Group's Consolidated Financial Statements for the
year ending 31 December 2025. The accounting policies applied by the Group in
the Interim Consolidated Financial Statements are the same as those applied by
the Group in the consolidated financial statements for the year ended 31
December 2024.
The Directors have prepared the Interim Consolidated Financial Statements on
the going concern basis which assumes that the Group and Company will have
sufficient resources to continue in operation for the foreseeable future,
being a period of not less than 12 months from the date of signing of these
statements. The Directors have prepared cashflow forecasts for the
twelve-month period to September 2026 and on that basis consider it
appropriate to prepare the Interim Consolidated Financial Statements on the
going concern basis. These statements do not include any adjustments that
would result from the going concern basis of preparation not being adopted.
These unaudited Interim Consolidated Financial Statements were approved by the
Board of Directors on 29 September 2025.
2. Segmental analysis
An analysis by geographical segments is presented below. The Group has
geographical segments in Ireland, Canada, UK and Spain.
The segment results for the period ended 30 June 2025 are as follows:
Ireland Canada UK Spain Total
Total comprehensive loss for 6 months to 30 June 2025 €000s €000s €000s €000s €000s
Segment (loss) for period (228) (96) (600) (10) (934)
______ ______ ______ ______ ______
(228) (96) (600) (10) (934)
______ ______ ______ ______ ______
Total loss before tax for year to 31 December 2024 €000s €000s €000s €000s €000s
Segment (loss) for period (566) (575) (308) 42 (1,407)
______ ______ ______ ______ ______
(566) (575) (308) 42 (1,407)
______ ______ ______ ______ ______
Total loss before tax for 6 months to 30 June 2024 €000s €000s €000s €000s €000s
Segment (loss) for period (314) (278) 0 32 (560)
______ ______ ______ ______ ______
(314) (278) 0 32 (560)
______ ______ ______ ______ ______
3. Basic earnings per share
The basic and weighted average number of ordinary shares used in the
calculation of basic earnings per share are as follows:
Diluted earnings per share
For the six months to 30 June 2025, the share options are anti-dilutive and
therefore diluted earnings per share is the same as the basic earnings per
share.
Earnings per share 30-Jun-25 30-Jun-24 31-Dec-24
€000s €000s €000s
Profit/(loss) for the period attributable to equity holders of the parent:
From continuing business (896) (389) (1,054)
From discontinuing business 0 0 0
______ ______ ______
Total Gain (Loss) for period (896) (389) (1,054)
Weighted average number of ordinary shares
for the purpose of basic earnings per share 472,507,482 472,507,482 472,507,482
______ ______ ______
Basic loss per ordinary shares (in cent) Total (0.19) (0.08) (0.22)
______ ______ ______
For the six months to 30 June 2025 and the year ended 31 December 2024 the
basic and diluted earnings per share are the same.
4. Investments in subsidiaries, business combinations and financial
assets
Subsidiaries are fully consolidated from the date that control commences until
the date that control ceases. Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with the policies adopted by the
Group. In 2023 Ormonde acquired a 36.7% interest in TRU Precious Metals Corp
(TRU) (At 30 June 2025, 36.5% interest). The Directors agreed that Ormonde has
met the IFRS 10 control criteria with the Board of Directors control of TRU
and has the right to appoint/remove TRU's key management personnel and decide
on exploration plans and operational strategy by a simple majority of Board
votes. As a result, Ormonde has consolidated TRU since acquisition in
September 2023. The measurement basis chosen for Non Controlling Interests is
the proportionate share of identifiable net assets.
The Group has a 18.9% investment in Peak Nickel Ltd which is deemed to be an
investment under IFRS and is shown at cost plus a fair value adjustment.
Peak Nickel Limited is UK based company advancing exploration on a potentially
significant battery metals project.
The directors, having regard to the option agreement entered into between Peak
Nickel Limited and Winshear Gold Corp in August 2025 in respect of the Portsoy
Nickel Project in NE Scotland and the continuing weak nickel prices, have
decided to write down the carrying value of this investment by a
€600,000 and have deemed the fair value at 30 June 2025 of the Peak Nickel
equity interest to be the amount of €325,000 generating a loss in the 6
month interim accounts to 30 June 2025, recognised through 'Other (losses) /
gains' in the income statement, of €600,000.
5. Trade and other receivables
Trade receivables include the amount of €485,625 (current) representing the
fair value of the €500,000 deferred consideration receivable at 30 June 2025
following the disposal in September 2022 of certain land and data assets
associated with the La Zarza project. This receivable of €500,000 is
scheduled to be received in the coming weeks.
6. Share capital
30-Jun-25 30-Jun-24 31-Dec-24
€000s €000s €000s
Authorised Equity
950,000,000 ordinary shares of €0.01 each 9,500 9,500 9,500
______ ______ ______
9,500 9,500 9,500
______ ______ ______
Issued Capital
Share Capital 4,725 4,725 4,725
Share Premium 29,932 29,932 29,932
______ ______ ______
34,657 34,657 34,657
______ ______ ______
Issued Capital comprises
472,507,482 ordinary shares of €0.01 each 4,725 4,725 4,725
______ ______ ______
4,725 4,725 4,725
______ ______ ______
7. Non Controlled Interests
The non controlled interest of €4,535,000 (€4,639,000 at 31 December 2024)
represents the 63.7% of TRU Precious Metals Corp net assets which the company
does not control at 30 June 2025 and comprises mainly of intangible assets
(€3,979,000), receivables/prepayments (€41,000), cash balance (€738,000)
and trade payables (€223,000).
8. Dividends
No dividends were paid or proposed in respect of the six months ended 30 June
2025.
9. Post balance sheet events
The Directors confirm that there have been no events since 30 June 2025 which
would require adjustment to or disclosure in the financial statements.
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