TIDMOMI
RNS Number : 5732E
Orosur Mining Inc
31 October 2022
Orosur Mining Inc.
Results for First Quarter ended August 31, 2022
London, October 31, 2022. Orosur Mining Inc. ("Orosur" or "the
Company") (TSXV: OMI) (AIM: OMI) announces its unaudited results
for the quarter ended August 31, 2022. All dollar figures are
stated in US$ unless otherwise noted. The unaudited condensed
financial statements of the Company for the quarter ended August
31, 2022 and the related management's discussion and analysis
("MD&A") have been filed and are available for review on the
SEDAR website at www.sedar.com and 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/5732E_1-2022-10-30.pdf
A link to the PDF version of the MD&A is available here:
http://www.rns-pdf.londonstockexchange.com/rns/5732E_2-2022-10-30.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, subsequent to the quarter 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, was 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 that 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 Anza Project. The Company and Monte
Aguila will begin the process of forming a new mining company
("Mining Company") that will hold title to the Anza 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.
-- 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). Two additional holes are currently
underway from new pads in an attempt to better define the geometry
of the mineralised body at Pepas.
Argentina
-- 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 the coming two months.
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.
-- Good 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.
On August 31, 2022, the Company had a cash balance of US$ 3,634k
(May 31, 2022: US$ 4,221k). As at the date of this announcement the
Company had a cash balance of US$ 3,033k.
Outlook and Strategy
During the period, the Company continued its focus on developing
the potential at Anza in Colombia as well as progressing its
Ariquemes tin project in Brazil, and its El Pantano gold/silver
project in Argentina. The combination of the three projects 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, whilst concluding the orderly closure of
its historical operations in Uruguay.
Consolidated Statements of Financial Position
(Expressed in thousands of United States
dollars)
As at As at
August 31, May 31,
2022 2022
------------------------------------------------ ---------------------------------- -------------------
ASSETS
Current assets
Cash and cash equivalents $ 3,634 $ 4,221
Restricted cash 203 353
Accounts receivable and other assets 154 186
Assets held for sale in Uruguay 1,089 1,160
------------------------------------------------ ---------------------------------- -------------------
Total current assets 5,080 5,920
Non-current assets
Property, plant and equipment 100 113
Exploration and evaluation assets Colombia 4,985 5,441
------------------------------------------------ ---------------------------------- -------------------
Total assets $ 10,165 $ 11,474
------------------------------------------------ ---------------------------------- -------------------
LIABILITIES AND (DEFICIT)
Current liabilities
Accounts payable and accrued liabilities $ 312 $ 389
Liabilities of Chile discontinued operation 2,075 2,058
Warrant liability 92 168
Liabilities held for sale in Uruguay 12,823 13,134
------------------------------------------------ ---------------------------------- -------------------
Total current liabilities 15,302 15,749
------------------------------------------------ ---------------------------------- -------------------
Deficit
Share capital 69,339 69,333
Contributed surplus 10,540 10,540
Currency translation reserve (2,630) (2,125)
Deficit (82,386) (82,029)
------------------------------------------------ ---------------------------------- -------------------
Total deficit (5,137) (4,275)
------------------------------------------------ ---------------------------------- -------------------
Total liabilities and deficit $ 10,165 $ 11,474
------------------------------------------------ ---------------------------------- -------------------
Consolidated Statements of Loss and Comprehensive
Loss (Expressed in thousands of United States dollars)
Three Months Three Months
Ended Ended
August 31, August 31,
2022 2021
-------------------------------------------------------- --------------- --------------
Operating expenses
Corporate and administrative expenses $ (407) $ (320)
Exploration expenses (62) -
Share-based compensation - (168)
Other income 6 1
Net finance cost (2) (1)
Gain on fair value of warrants 76 372
Foreign exchange (loss) gain net (39) (69)
-------------------------------------------------------- --------------- --------------
Net (loss) for the year for continued operations $ (428) $ (185)
Other comprehensive (loss) income:
Cumulative translation adjustment $ (505) $ (201)
-------------------------------------------------------- --------------- --------------
Total comprehensive (loss) for the year from continued
operations (933) (386)
Income (loss) from discontinued operations 71 (1,538)
-------------------------------------------------------- --------------- --------------
Total comprehensive (loss) for the year (862) (1,924)
-------------------------------------------------------- --------------- --------------
Basic and diluted net (loss) per share for continued
operations $ (0.00) $ (0.00)
Basic and diluted net income (loss) per share for
discontinued operations $ 0.00 $ (0.01)
-------------------------------------------------------- --------------- --------------
Weighted average number of common shares
outstanding 188,520 188,420
-------------------------------------------------------- --------------- --------------
Consolidated Statements of Cash Flows (Expressed
in thousands of United States dollars)
Three Months Three Months
Ended Ended
August 31, August 31,
2022 2021
Operating activities
Net loss for the year for continued and discontinued
operations $ (357) $ (1,723)
Adjustments for:
Share-based payments - 168
Fair value of warrants (76) (372)
Gain on sale of property, plant and equipment (4) (111)
Foreign exchange and other (266) (133)
Changes in non-cash working capital items:
Accounts receivable and other assets (9) (53)
Inventories 17 350
Accounts payable and accrued liabilities (81) 640
----------------------------------------------------- -------------------------- ----------------
Net cash used in operating activities (776) (1,234)
Investing activities
Increase (decrease) in the restricted cash 150 (719)
Proceeds received for sale of property, plant
and equipment 4 111
Proceeds received from exploration and option
agreement 37 782
Exploration and evaluation expenditures (61) (910)
----------------------------------------------------- -------------------------- ----------------
Net cash provided by investing activities 130 (736)
Financing activities
Proceeds from the sale of treasury shares - 719
Net cash provided by financing activities - 719
----------------------------------------------------- -------------------------- ----------------
Net Change in cash and cash equivalents (646) (1,251)
Net change in cash classified within assets
held for sale 59 558)
Cash and cash equivalents, beginning of year 4,221 6,958
----------------------------------------------------- -------------------------- ----------------
Cash and cash equivalents, end of year $ 3,634 $ 6,958
----------------------------------------------------- -------------------------- ----------------
Operating activities
- continued operations (713) (565)
- discontinued operations (63) (669)
Investing activities
- continued operations 126 (847)
- discontinued operations 4 111
Financing activities
- continued operations - 719
----------------------------------------------------- -------------------------- ----------------
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.
For further information, please contact:
Orosur Mining Inc
Louis Castro, Executive 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
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.
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 Company's MD&A for the year
ended May 31, 2022. 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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