TIDMOMI
RNS Number : 0781B
Orosur Mining Inc
29 September 2022
Orosur Mining Inc . - Full Year 2022 Results
London, September 29th, 2022 . Orosur Mining Inc. ("Orosur" or
"the Company") (TSX-V: OMI) (AIM: OMI) announces its audited
results for the fiscal year ended May 31, 2022. 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,
2022; the related management's discussion and analysis
("MD&A"); and Forms 52-109FV1 have all been filed and are
available for review on the SEDAR website at www.sedar.com . 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/0781B_1-2022-9-28.pdf
A link to the PDF version of the MD&A is available here
:
http://www.rns-pdf.londonstockexchange.com/rns/0781B_2-2022-9-28.pdf
HIGHLIGHTS
Colombia
-- On July 6, 2021, the Company announced the assay results from
nine additional diamond drillholes including multiple high-grade
gold intersections with associated silver and zinc - including
59.55m @9.16g/t Au and 61.75m @2.05g/t Au.
-- Also as set out in the above mentioned news release, work
commenced on regional mapping and sampling across the wider lease
holding in Colombia. A large program of BLEG sampling commenced,
which should provide vectors to more targeted programs in following
quarters. Initial results have been promising, with two new
prospect areas identified and named Pepas and Pupino for future
reference..
-- On November 9, 2021, the Company announced drill results from
five additional diamond drill holes, MAP-092 to MAP-096. The most
significant result was 51.55m @ 1.32g/t Au in hole MAP-096.
-- The Company commenced work on converting the last of its
secure license applications to granted status so that they can be
accessed for exploration work later in 2022.
-- As announced on September 7, 2021, the Company was informed
by its Colombian Joint Venture ("JV") partner, Minera Monte Águila
SAS ("Monte Águila") that it had elected to exercise its right to
assume operatorship of the Anzá Project in Colombia. Monte Águila
is a 50/50 JV between Newmont Corporation ("Newmont") (NYSE:NEM,
TSX:NEM) and Agnico Eagle Mines Limited ("Agnico") (TSX:AEM), and
is the vehicle by which these two companies jointly exercise their
rights and obligations with respect to the Exploration Agreement
with Venture Option ("Exploration Agreement") over the Anzá
Project.
-- On November 9, 2021, assay results from an additional five
holes were announced. Thick anomalous zones of mineralisation were
intersected including gold, silver and zinc. More mapping and
sampling was also being carried out at Pepas and Pupino in
anticipation of future drilling.
-- On March 8, 2022, the Company reported the results of assays
from four additional holes - MAP- 097, 098, 099, 100.The holes
encountered high grade gold intersections - 6.06m @ 2.72g/t Au,
14.2m @ 1.84 g/t Au, 8.35m @ 14.27 g/t Au, and 59.15m @ 0.91 g/t Au
and i ncluding a potential new area at depth in Anza. In addition
it was reported that plans and permitting were being advanced for
drilling new targets at Pepas and Pupino, which have been drilled
post the year end - further details set out below.
-- On April 25, 2022, it was announced that drilling had
commenced at Pepas. Since October 2020, when drilling recommenced
at the central APTA area, a total 15,195 metres had been drilled.
Two more drills were being imported to test deeper zones, including
at APTA, Pepas and Pupino.
-- Subsequent to the year end, 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, after the year end, the Company
announced assay results from the Pepas prospect to the north of
Anza, 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 8, 2022, the Company's 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. The Company was also notified by Monte Aguila
that in accordance with the Exploration Agreement, it will enter
Phase 2 following negotiation and execution of a joint venture
agreement to govern the operations of the Mining Company. Once the
Mining Company is formed, which is expected to take several months,
Orour will initially have 49% ownership and Monte Aguila, 51%
ownership in the Mining Company, which will be managed by Monte
Aguila.
Brazil
-- On January 14, 2022,. the Company announced that it had
signed a JV agreement with Meridian Mining UK Societas ("Meridian")
(TSXV: MNO) in relation to the Ariquemes tin 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 tin 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. The JV will require the establishment of a new
corporate structure to hold and manage the assets. Post period end,
the required Canadian holding company was incorporated. This will
be followed by the incorporation of the necessary local Brazilian
operating company.
Argentina
-- On February 15, 2022, the Company announced that it had
signed a JV agreement with private Argentinean company Deseado
Dorado SAS and its shareholders ("Deseado") in relation to the El
Pantano Gold/Silver Project in the Province of Santa Cruz in
Argentina.The agreement covers nine licences owned by Deseado that,
combined, total 607km2 in the prolific Deseado Massif region of
Santa Cruz Province in southern Argentina, roughly 45km from Anglo
Gold's Cerro Vanguardia mining camp. The terms of the agreement
allow for the Company to earn 100% equity in the project by
investing US$3m over five years in two phases: Phase 1, earn 51% by
investing US$1m over an initial 3-year period. Phase 2, move to
100% ownership 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 May 3, 2022, the Company announced positive results from
the first soil sampling program at the Esfinge prospect at El
Pantano, returning highly anomalous results in gold and several
other pathfinder elements, over a 3.3km strike length, including
gold results in excess of 100 ppb Au from soil samples from the
western half of La Esfinge; and more moderate level anomalism over
an additional 3.4km of the target. As a result of these positive
results a short in-fill program would be carried out.
-- As a follow on from the above, on June 28, 2022, the Company
announced further positive results from the in-fill program,
confirming previous work and results. High levels of gold soil
anomalies, over 1 km, including 150 ppb, plus pathfinder elements
over a wider area are suggestive of a major epithermal system. This
work has defined a high priority target to be followed up in after
the winter recess.
Uruguay
-- In Uruguay, the Company's wholly owned subsidiary, Loryser,
continues to focus its activities on the implementation of the
Creditors Agreement and the sale of its Uruguayan assets. Loryser
is also continuing with the reclamation and remediation of the
tailings dam which is nearing completion.
-- During the course of the 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.
-- Certain progress is being made on the sale of Loryser's other
assets including plant and equipment. The proceeds from all of
these sales will be used to pay liabilities in Uruguay in
connection with the aforementioned Creditors Agreement.
Financial and Corporate
-- The 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 discontinuing operations. This
accounting treatment has been applied to the activities in Uruguay
and Chile.
-- On October 15, 2022, the Company announced that it had
received approval to transfer its listing from the TSX to the TSX
Venture Exchange. The Company believes that the transfer will
provide it with operational efficiencies, with lower costs and with
a reporting regime which is closer to that of the AIM market,
whilst allowing shareholders to have continued trading liquidity in
Canada.
-- On March 11, 2022, the Company granted an aggregate of
4,120,000 stock options, of which 2,400,00 were granted to the
Directors of the Company, at an exercise price of CDN$0.22 (a
premium of 22% to the then share price) with an expiration date of
March 11(th) , 2027. The options vested 50% immediately and 50% on
March 11, 2023.
-- On May 31, 2022, the Company had a cash balance of $4,221
(May 31, 2021 $6,958). As at the date of this announcement the
Company had a cash balance of $3,390.
Louis Castro, Executive Chairman of Orosur said:
"Our principal project at Anza in Colombia continues to be a
major success story, with strong results, in particular from the
new area of Pepas, with more prospects to be drilled in the coming
year.
The handing over of operational control at Anza in late 2021,
and a strong balance sheet, have freed up our skilled South
American team to examine investment in new projects. The addition
of our Ariquemes tin project in Brazil, and of the El Pantano
gold/silver project in Argentina have transformed the Company into
a well-balanced minerals exploration company.
The Company will continue to build its project portfolio with
other high-quality assets."
Consolidated Statements of Financial Position
(Expressed in thousands of United States As at As at
dollars)
May 31, May 31,
2022 2021
------------------------------------------------ --------------------------------- -------------------
ASSETS
Current assets
Cash and cash equivalents $ 4,221 $ 6,958
Restricted cash 353 1,367
Accounts receivable and other assets 186 201
Assets held for sale in Uruguay 1,160 2,314
------------------------------------------------ --------------------------------- -------------------
Total current assets 5,920 10,840
Non-current assets
Property, plant and equipment 113 124
Exploration and evaluation assets Colombia 5,441 5,148
------------------------------------------------ --------------------------------- -------------------
Total assets $ 11,474 $ 16,112
------------------------------------------------ --------------------------------- -------------------
LIABILITIES AND (DEFICIT)
Current liabilities
Accounts payable and accrued liabilities $ 389 $ 486
Liabilities of Chile discontinued operation 2,058 2,047
Warrant liability 168 1,734
Liabilities held for sale in Uruguay 13,134 16,830
------------------------------------------------ --------------------------------- -------------------
Total current liabilities 15,749 21,097
------------------------------------------------ --------------------------------- -------------------
Deficit
Share capital 69,339 69,333
Shares held by Trust - (165)
Contributed surplus 10,540 8,591
Currency translation reserve (2,125) (1,826)
Deficit (82,029) (80,918)
------------------------------------------------ --------------------------------- -------------------
Total deficit (4,275) (4,985)
------------------------------------------------ --------------------------------- -------------------
Total liabilities and deficit $ 11,474 $ 16,112
------------------------------------------------ --------------------------------- -------------------
Consolidated Statements of Loss and Comprehensive
Loss (Expressed in thousands of United States dollars)
Year Ended Year Ended
May 31, May 31,
2022 2021
-------------------------------------------------------- -------------------- --------------
Operating expenses
Corporate and administrative expenses $ (1,792) $ (1,206)
Exploration expenses (143) (29)
Share-based compensation (887) (1,048)
Other income 23 21
Net finance cost (19) (187)
Gain on fair value of warrants 1,566 627
Foreign exchange (loss) gain net (193) 110
-------------------------------------------------------- -------------------- --------------
Net (loss) for the year for continued operations $ (1,445) $ (1,712)
Other comprehensive (loss) income:
Cumulative translation adjustment $ (299) $ 190
-------------------------------------------------------- -------------------- --------------
Total comprehensive (loss) for the year from continued
operations (1,744) (1,522)
Income (loss) from discontinued operations 334 (171)
-------------------------------------------------------- -------------------- --------------
Total comprehensive (loss) for the year (1,410) (1,693)
-------------------------------------------------------- -------------------- --------------
Basic and diluted net (loss) per share for continued
operations $ (0.01) $ (0.01)
Basic and diluted net income (loss) per share for
discontinued operations $ 0.00 $ (0.00)
-------------------------------------------------------- -------------------- --------------
Weighted average number of common shares
outstanding 188,432 173,825
-------------------------------------------------------- -------------------- --------------
Consolidated Statements of Cash Flows (Expressed
in thousands of United States dollars) Year Ended Year Ended
May 31, May 31,
2022 2021
----------------------------------------------------- ----------------------------- --------------
Operating activities
Net loss for the year for continued and discontinued
operations $ (1,111) $ (1,883)
Adjustments for:
Depreciation / Write downs (121) 356
Share-based payments 887 1,048
Payments for environmental rehabilitation (705) (708)
Labor provision adjustments (1,177) (1,472)
Obsolescence provision (1,240) 443
Fair value of warrants (1,566) (627)
Accretion of asset retirement obligation (140) 4
Gain on sale of property, plant and equipment (462) (379)
Foreign exchange and other 335 440
Changes in non-cash working capital items:
Accounts receivable and other assets 30 73
Inventories 1,723 247
Accounts payable and accrued liabilities (2,203) 480
----------------------------------------------------- ----------------------------- --------------
Net cash used in operating activities (5,750) (1,978)
Investing activities
Increase (decrease) in the restricted cash 1,014 (1,367)
Proceeds received for sale of property, plant
and equipment 462 758
Purchase of property, plant and equipment (3) (59)
Proceeds received from exploration and option
agreement 1,365 4,659
Exploration and evaluation expenditures (1,780) (3,087)
----------------------------------------------------- ----------------------------- --------------
Net cash provided by investing activities 1,058 904
Financing activities
Issue of common shares - 5,154
Proceeds from the sale of treasury shares 1,228 1,879
Proceeds from exercise of options 4 455
Proceeds from exercise of warrants - 308
----------------------------------------------------- ----------------------------- --------------
Net cash provided by financing activities 1,232 7,796
----------------------------------------------------- ----------------------------- --------------
Net Change in cash and cash equivalents (3,460) 6,722
Net change in cash classified within assets
held for sale 723 (546)
Cash and cash equivalents, beginning of year 6,958 782
----------------------------------------------------- ----------------------------- --------------
Cash and cash equivalents, end of year $ 4,221 $ 6,958
----------------------------------------------------- ----------------------------- --------------
Operating activities
- continued operations (4,565) (1,766)
- discontinued operations (1,185) (212)
Investing activities
- continued operations 596 146
- discontinued operations 462 758
Financing activities
- continued operations 1,232 7,796
----------------------------------------------------- ----------------------------- --------------
F or further information, 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. (TSX: 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.
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 and the funding 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FR EANNPALDAEFA
(END) Dow Jones Newswires
September 29, 2022 02:00 ET (06:00 GMT)
Orosur Mining (AQSE:OMI.GB)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024
Orosur Mining (AQSE:OMI.GB)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024
