TIDMOMI
RNS Number : 1462O
Orosur Mining Inc
29 September 2023
Orosur Mining Inc . - Full Year 2023 Results
London, September 29th, 2023 . Orosur Mining Inc. ("Orosur" or
"the Company") (TSX-V: OMI) (AIM: OMI) announces its audited
results for the fiscal year ended May 31, 2023. All dollar figures
are stated in thousands of US$ unless otherwise noted. The audited
financial statements of the Company for the year ended May 31,
2023; the related management's discussion and analysis
("MD&A"); and Forms 52-109FV1 will be filed today and be
available for review on the SEDAR+ website at www.sedarplus.ca. The
financial statements and the MD&A are also available on the
Company's website at www.orosur.ca .
A link to the PDF version of the financial statements is
available here:
http://www.rns-pdf.londonstockexchange.com/rns/1462O_1-2023-9-29.pdf
A link to the PDF version of the MD&A is available here:
http://www.rns-pdf.londonstockexchange.com/rns/1462O_2-2023-9-29.pdf
HIGHLIGHTS
Colombia
-- On June 27, 2022, assay results from five additional holes in
APTA were announced. Reasonable grades of gold were intercepted in
two of the holes and the other holes showed lower levels of gold
but high-grade copper and zinc evident at depth. As planned,
drilling focus was then shifted to Pepas and Pupino.
-- On September 6, 2022, the Company announced assay results
from the Pepas prospect to the north of Anzá, including assay
results from PEP001 which returned a substantial, high-grade
intersection of 150.9m @ 3.00g/t Au (from surface). Also announced
on that day, that Monte Aguila had informed the Company that it had
met its expenditure of US$4m for the year.
-- On September 9, 2022, the Company announced that its JV
partner, Monte Águila provided the Company with a Phase 1 Earn-In
Notice, having completed all of the Phase 1 obligations, including
investing US$10 million in the Anzá Project. The Company and Monte
Aguila will begin the process of forming a new mining company
("Mining Company") that will hold title to the Anzá Project's
concessions and applications.
-- On October 21,2022, the Company announced assay results from
four additional diamond drill holes at Pepas and Pupino. Both the
Pepas and Pupino prospects are located in the northern region of
the Anzá Prospect, roughly 12km and 8km respectively north
northeast from the central APTA prospect that had seen most
drilling at Anzá up until early 2022. At PEPAS, holes PEP005 and
PEP007 were drilled from the same pad as PEP001 but in different
directions. Both holes returned substantial gold intersections,
with the best at PEP007 being 80.55m @ 3.05g/t Au from surface
(including 41.75m @ 5.24g/t).
-- On December 2, 2022, the Company announced assay results from
another four holes at Pepas, holes PEP002,006,008 and 009. Holes
PEP002 and 006 did not yield significant results. Two new drill
pads were constructed to drill holes PEP008 and PEP009. Both holes
intersected mineralised structures, largely as expected, but with
lower levels of gold mineralisation than intersected in previous
drilling. Near term focus will now shift away from drilling to
field mapping, sampling and trenching activities will continue
across the Project to define further drilling targets, including
additional surface works specifically in the Pepas prospect
area.
-- On January 17, 2023, the Company announced that negotiations
to complete the new Mining Company Constituent Documents with Monte
Aguila were progressing and that the US$2 million Phase 2 payment,
now received, would be paid soon. The formation of the new Mining
Company, which will take several months, is underway. Once formed,
the Mining Company will be owned 49% by Orosur and 51% by Monte
Aguila who will also be the manager. Monte Aguila may earn an
additional 14% ownership in the Mining Company if it has spent
US$20 million in qualifying exploration expenditures on the Project
on or prior to the fourth anniversary of the parties entering into
the Mining Company Constituent Documents. If the Phase 2 earn-in is
completed, Monte Agulia would own 65% of the Mining Company and the
Company would own the remaining 35%.
-- On March 2, 2023, post the quarter end, the Company announced
that it had received the Phase 2 option payment of US$2 million
that was due as part of the process of Monte Aguila moving from
Phase 1 to Phase 2 of the Anzá Project. Following completion of
drilling, exploration work at Anzá has been wound back to allow for
the required corporate restructuring of the joint venture to be
completed, and to advance a variety of licence processes such as
integration of smaller licences and conversion of applications to
granted status.
-- On May 4, 2023 Monte Aguila advised the Company that it had
reduced exploration expenditures on the Project and effectively
placed it in care and maintenance. The Company expects that Monte
Aguila will continue to focus on protecting the asset and
maintaining positive relationships with local community groups
while it explores options regarding its involvement in the Project.
The Company has great faith in the prospectivity of the Anzá
Project and stands ready and able to reassume operatorship of Anzá
if that is deemed a viable option.
Argentina
-- The El Pantano Project is subject to an Exploration &
Joint Venture agreement ("Agreement") with private Argentinean
company DESEADO DORADO S.A.S and its shareholders ("Deseado").The
Agreement covers nine licences owned by Deseado that, combined,
total 607km(2) in the prolific Deseado Massif region of Santa Cruz
Province in southern Argentina, roughly 45km from Anglo Gold's
Cerro Vanguardia mining camp. The Agreement involves the Company
securing its initial position through direct 100% ownership of
Deseado Dorado S.A.S. The terms of the Agreement then allow the
Company to retain 100% equity in the Project by investing US$3m
over five years in two phases: Phase 1, retaining 51% by investing
US$1m over an initial 3-year period. Phase 2, retaining the
additional 49% by investing an additional US$2m over a subsequent
2-year period and granting Deseado a residual 2% net smelter return
royalty on the Project.
-- On June 28, 2022, the Company announced further positive
results from the in-fill program at the Company's El Pantano
Project in Argentina, confirming previous work and results. High
levels of gold soil anomalies, over 1km, including 150 ppb, plus
pathfinder elements over a wider area are suggestive of a major
epithermal system. This work defined a high priority target to be
followed up after the winter break.
-- On March 2, 2023, the Company announced that results to date
continue to be extremely encouraging, with the latest round of
mapping and sampling suggestive that El Pantano has potential to
host a major, previously unexplored low-sulphidation epithermal
system. In the low-sulphidation model, fluid boiling is the key
gold depositional mechanism, such that gold mineralisation is
constrained to a distinct vertical zone, and there may be limited
or no gold anomalism at surface. Instead, pathfinder elements are a
more important guide to mineralisation, especially mercury (Hg) and
arsenic (As). Recent work is expanding the picture of very large
zones of Hg and As anomalism along more than 8km strike of a major
NW trending structure.
-- On May 4, 2023 the Company announced that Mapping and ground
magnetic surveys at El Pantano have identified a major NW-SE
structural corridor over 20km long and 5km wide, with large areas
of silicification, alteration and geochemical anomalism over large
areas. Gold anomalism in soils is evident in the NW end of the main
structure, suggesting this area is somewhat lower in the epithermal
system, while the SE end shows significant Hg and As anomalism,
suggesting a higher level. Mapping to the north of the main
structure has so far identified over 70 quartz veins over an area
in excess of 20km(2) , with textures indicative of cooler
temperatures, fully consistent with the model of a very large
low-sulphidation epithermal system. Mapping of this vein field
continues with more being identified on a daily basis. As noted,
mapping, sampling and magnetic surveying will continue until
roughly mid-May 2023 before the winter closure, with final assay
results and magnetic survey data expected in the next few weeks.
Upon receipt of all data, a detailed process of compilation and
interpretation will be undertaken to better understand the mineral
system and to plan work programs for after the winter recess in
September 2023. The required environmental permit process for
drilling will also commence in May 2023 such that drilling will
then be able to be undertaken later in 2023 should appropriate
targets be identified.
Brazil
-- The Company has a Joint Venture ("JV") agreement with
Meridian Mining UK Societas ("Meridian") (TSXV: MNO) in relation to
the Ariquemes tin project ("Project") in the State of Rondonia in
western Brazil. The Ariquemes project comprises a large collection
of granted tenements and applications, totalling almost 3,000km(2)
, in Rondônia State, western Brazil. The licenses were all
accumulated and owned 100% by Meridian (via its local subsidiary)
and represent the dominant land position in the Rondônia Tin
Province, one of the world's most significant tin regions. Under
the JV terms, the Company can earn an equity interest of 75% in the
Project by spending US$3m over a four-year period, in two phases:
Phase 1 - earn 51% interest by spending US$1 million over a
24-month period. Phase 2 - earn an additional 24% interest by
spending US$2 million over a subsequent 24-month period. Following
this point, the two parties would jointly fund the Project on a
pro-rata basis or dilute to a net smelter royalty.
-- On March 2, 2023, the Company announced that its large-scale
regional sampling program which had been underway for the last
several months, taking stream and drainage sediment samples over
much of the Ariquemes district, was now complete. Final results
were pending. Once received, it is anticipated that this regional
dataset will be able to provide vectors to potential mineralisation
that will then form the basis for more targeted exploration
programs in the near term.
-- On May 4, 2023 results from the Company's reconnaissance
program, described above, demonstrated widespread tin, niobium and
rare earth anomalies across the wider area, with most tin interest
focussed on the southern portion and a lease package to the far
east of the area.
-- In general, tin and niobium are often found and exploited
together given they derive from the same source rocks. The metals
are roughly similar in pricing structure and as such the Company
will examine commercial opportunities in both. The areas of metal
anomalism that have been identified, will be followed up by more
direct, quantitative exploration methods in the coming months.
These will include detailed mapping, soil and rock chip sampling
and auger drilling of metal bearing drainages. For efficiency, this
work will be done by the Company's exploration teams during the
winter recess in Argentina.
-- On July 5, 2023 the Company announced that given the success
of the regional stream sediment program the Company has now decided
to move to the next phase which has targeted two prospects at
Oriente Novo (in the east of the Company's tenements) and at
Paraiso in the west and to the north of the Bom Futuro tin mine.
Sampling and assaying work will take place over the coming weeks at
both locations with assays returning from the lab during
September/October.
Uruguay
-- In Uruguay, the Company's wholly owned subsidiary, Loryser,
continued to focus its activities on the implementation of the
Creditors Agreement.
-- In the previous accounting year, Loryser agreed and paid for
the settlements with all of its former employees, with the proceeds
received from the sale of certain of its assets. This year it has
finalised the reclamation and remediation works on the tailings dam
and it started a one-year post-closure control phase which is
nearly over.
-- During the quarter ended February 28, 2023 Loryser also
succeeded in selling all of its remaining assets in accordance with
the Creditors Agreement.
-- Loryser is well advanced in distributing the proceeds to
Loryser's trade creditors in accordance with the Creditors'
Agreement, via a court approved paying agent.
Financial and Corporate
-- The unaudited consolidated financial statements have been
prepared on a going concern basis under the historical cost method
except for certain financial assets and liabilities which are
accounted for as Assets and Liabilities held for sale (at the lower
of book value or fair value) and Profit and Loss from discontinued
operations. This accounting treatment has been applied to the
activities in Uruguay and Chile.
-- On December 7, 2022, all of the outstanding 10,897,058
warrants expired. The fully diluted share capital of the Company as
at the date of this MD&A is 199,750,299.
-- On May 23, 2023 the Company announced that it had appointed
Baker Tilly WM LLP as the Company's auditors at the recommendation
of its audit committee.
-- On May 31, 2023, the Company had a cash balance of $3,748
(May 31, 2022 $4,221). As at the date of this MD&A the Company
had a cash balance of $2,874.
-- The Company has appointed Mr. González as the Company's CFO.
Mr. Omar González replaces Mr. Vic Hugo who is retiring from
Marrelli Support Services (Marrelli), which has been providing CFO
services to Orosur since February 2019. Marrelli provides CFO,
accounting, regulatory, compliance and management advisory services
to numerous issuers on the TSX, TSX Venture Exchange and other
Canadian and U.S. exchanges. Mr. González is a CPA with extensive
internal control, audit and accounting experience for small, medium
and large companies and highly regulated organizations. He has over
15 years' international experience in public accounting firms,
including 5 years as Audit Partner for Deloitte -Venezuela.
Louis Castro, Executive Chairman of Orosur said:
"During the period, the Company focused on exploration at El
Pantano and at Ariquemes which have both produced positive results,
whilst progressing at Anzá with negotiations of its joint venture
agreement with MMA and with the formation of the new Mining
Company.
The Company will continue to build its project portfolio with
other high-quality assets.
In relation to Mr. Hugo's departure we specially wish to thank
him for his hard work and contribution to the Company and wish him
all the very best in his future endeavours."
Consolidated Statements of Financial Position
(Expressed in thousands of United States
dollars)
As at As at
May 31, May 31,
2023 2022
$ $
-------------------------------------------- ---------- ----------
ASSETS
Current assets
Cash 3,748 4,221
Restricted cash 12 353
Accounts receivable and other assets 219 186
Assets held for sale in Uruguay 898 1,160
-------------------------------------------- ---------- ----------
Total current assets 4,968 5,920
Non-current assets
Property, plant and equipment 123 113
Exploration and evaluation assets 3,334 5,441
-------------------------------------------- ---------- ----------
Total assets 8,425 11,474
-------------------------------------------- ---------- ----------
LIABILITIES AND DEFICIT
Current liabilities
Accounts payable and accrued liabilities 336 389
Liability of Chile discontinued operation 2,204 2,058
Warrant liability - 168
Liabilities held for sale in Uruguay 12,546 13,134
-------------------------------------------- ---------- ----------
Total current liabilities 15,086 15,749
-------------------------------------------- ---------- ----------
Deficit
Share capital 69,341 69,339
Share-based payments reserve 10,539 10,540
Currency translation reserve (2,725) (2,125)
Deficit (83,816) (82,029)
-------------------------------------------- ---------- ----------
Total deficit (6,661) (4,275
-------------------------------------------- ---------- ----------
Total liabilities and deficit 8,425 11,474
-------------------------------------------- ---------- ----------
Consolidated Statements of Loss and Comprehensive Loss
(Expressed in thousands of United States
dollars)
(Except common shares and per share
amounts)
Year Ended Year Ended
May 31, 2023
$ May 31,
2022
$
--------------------------------------------- -------------- ------------
Corporate and administrative expenses (1,869) (1,792)
Exploration expenses (141) (143)
Share-based compensation - (887)
Other income 21 23
Net finance cost (16) (19)
Gain on fair value of warrants 168 1,566
Foreign exchange (loss) gain net 94 (193)
--------------------------------------------- -------------- ------------
Net (loss) for the year for continuing
operations (1,743) (1,445)
(Loss) income from discontinued operations (44) 334
--------------------------------------------- -------------- ------------
Net (loss) for the year (1,787) (1,111)
Item which may be subsequently reclassified
to profit or loss:
Cumulative translation adjustment (600) (299)
--------------------------------------------- -------------- ------------
Total comprehensive (loss) for the year (2,387) 1,410)
--------------------------------------------- -------------- ------------
Basic and diluted net (loss) income
per share for
- continuing operations (0.01) (0.01)
- discontinued operations (0.00) 0.00
Weighted average number of common shares
outstanding 188,548 188,432
--------------------------------------------- -------------- ------------
Consolidated Statements of Cash Flows
(Expressed in thousands of United States
dollars)
Year Ended Year Ended
May 31, 2023
$ May 31,
2022
$
------------------------------------------------ -------------- ------------
Operating activities
Net loss for the year for continued and
discontinued operations (1,787) (1,111)
Adjustments for
Depreciation / Write downs (10) (121)
Share-based compensation - 887
Payments for environmental rehabilitation (269) (705)
Labour provision adjustments - (1,177)
NRV write-down in inventories 326 (1,240)
Gain on fair value of warrants (168) (1,566)
Accretion of asset retirement obligation (753) (140)
Gain on sale of property, plant and equipment (128) (462)
Foreign exchange and other (133) 335
Changes in non-cash working capital items:
Accounts receivable and other assets (828) 30
Inventories - 1,723
Accounts payable and accrued liabilities 685 (2,203)
------------------------------------------------ -------------- ------------
Net cash used in operating activities (3,065) (5,750)
Investing activities
Decrease in restricted cash 342 1,014
Proceeds received for sale of property,
plant and equipment 734 462
Purchase of property, plant and equipment (31) (3)
Proceeds received from exploration and
option agreement 2,246 1,365
Exploration and evaluation expenditures (734) (1,780)
------------------------------------------------ -------------- ------------
Net cash provided by investing activities 2,557 1,058
Financing activities
Proceeds from the sale of treasury shares - 1,228
Proceeds from exercise of options 2 4
------------------------------------------------ -------------- ------------
Net cash provided by financing activities 2 1,232
------------------------------------------------ -------------- ------------
Net change in cash (506) (3,460)
Net change in cash classified within
assets held for sale 33 723
Cash, beginning of year 4,221 6,958
------------------------------------------------ -------------- ------------
Cash end of year 3,748 4,221
------------------------------------------------ -------------- ------------
Operating activities
- continuing operations (2,298) (4.655)
- discontinued operations (767) (1,185)
Investing activities
- continuing operations 1,823 596
- discontinued operations 734 462
Financing activities
- continuing operations 2 1,232
- discontinued operations - -
------------------------------------------------ -------------- ------------
Supplemental information
Interest paid (received) - -
Income taxes paid (recovered) - -
Non cash investing and financing activities - -
------------------------------------------------ -------------- ------------
F or further information, visit www.orosur.ca , follow on
twitter @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 / Caroline Rowe
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 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.
About Orosur Mining Inc.
Orosur Mining Inc. (TSXV: OMI; AIM: OMI) is a minerals explorer
and developer focused on identifying and advancing projects in
South America. The Company currently operates in Colombia, Brazil
and Argentina and has discontinued operations in Uruguay and in
Chile.
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
exploration plans in Colombia, Argentina and Brazil and the funding
in Colombia from Minera Monte Águila of those plans, Minera Monte
Águila's decision to continue with the Exploration and Option
agreement, the ability for Loryser to continue and finalize with
the remediation in Uruguay, the ability to implement the Creditors'
Agreement successfully as well as continuation of the business of
the Company as a going concern and other events or conditions that
may occur in the future. The Company's continuance as a going
concern is dependent upon its ability to obtain adequate financing
and to reach a satisfactory implementation of the Creditor's
Agreement in Uruguay. These material uncertainties 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. 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,
those as described in Section "Risks Factors" of the MD&A and
the Annual Information Form. 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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END
FR EASNNASADEEA
(END) Dow Jones Newswires
September 29, 2023 02:00 ET (06:00 GMT)
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