REG - Ormonde Mining PLC - Investee Company Update: Peak Nickel
Wed 08:00
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RNS Number : 0589V Ormonde Mining PLC 13 August 2025
13 August 2025
Ormonde Mining plc
("Ormonde" or the "Company")
Investee Company Update: Peak Nickel
Peal Nickel enters option agreement for Winshear to earn 100% of the Portsoy
Project
Ormonde Mining plc (https://ormondemining.com/) (AQSE: ORM), the natural
resources company with investment exposure to outstanding gold and battery
metal exploration assets, announces that Peak Nickel Limited ("PNL") (in which
Ormonde has an 18.9% interest) has entered into an option agreement with
Winshear Gold Corp. (TSXV: WINS) ("Winshear"), pursuant to which Winshear can
earn a 100% interest in the 250 km(2) Portsoy Project (comprising the Rodburn
Target), located in Aberdeenshire, Scotland.
Terms of the Agreement:
To earn a 100% interest in PNL, Winshear must complete the following:
• Upon receipt of TSX-V approval, Winshear commits to completing
1,000m of drilling including downhole electromagnetic surveying, and undertake
initial metallurgical testwork;
• Spend a total of £3,000,000 on the Portsoy Project within 5 years
of receipt of TSX-V approval, with a minimum spend of £300,000 per year;
• Issue a total of 6,500,000 common shares of Winshear to PNL over a
five-year period, as follows; 1,000,000 shares on each of the first, second,
third and fourth anniversaries of receipt of TSX-V approval, and 2,500,000
shares on the fifth anniversary of TSX-V approval;
• Upon completion of the earn-in, PNL would retain a 1% Net Smelter
Returns Royalty capped at £10 million;
• In the event the Portsoy Project is acquired by a third party
after Winshear has completed the earn-in, PNL would receive 10% of the cash /
share value paid to Winshear, capped at £10 million;
• In the event the agreement with PNL is assigned to a third party
prior to Winshear completing the earn-in, PNL would retain an uncapped 1% Net
Smelter Returns Royalty;
• Winshear will retain a right of first refusal in the event PNL
wishes to sell the royalty.
PNL will be the designated contractor for the first two years of the
exploration programme and be subject to the control and direction of the
Management Committee, which is controlled by Winshear. Winshear has the right
to take over the designated contractor position upon the payment of £100,000
to PNL. Winshear paid PNL £65,000 upon the execution of the agreement.
2025 Work Programme
Upon receipt of TSX-V approval, Winshear plans to immediately commence a
minimum 1,000m drill programme (including downhole EM geophysical surveying)
and start a metallurgical testwork study to determine the optimum recovery
process for this style of mineralisation.
Brendan McMorrow, CEO of Ormonde, commented:
"While Ormonde did not support this transaction, as the Board believes it
undervalues the opportunity, we note the potential to realise value on the
Company's investment without further exposure to significant exploration costs
in a challenging nickel market. Ormonde's core interests are its gold
opportunities in Newfoundland and Spain, underpinned by record high commodity
prices. We look forward to providing further updates on those projects in the
near future."
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 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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