10 February 2025
Ormonde Mining
plc
("Ormonde" or the "Company")
Update re
Spanish Gold Licences
Ormonde increases stake to
100%
Announces renewal of highly
prospective licences
Ormonde Mining plc
(AQSE: ORM), the natural resources company with
investment exposure to outstanding gold and battery metal
exploration assets, is pleased to announce the renewal, for a
period of three years, of its two exploration licences in the
Zamora province in western Spain, namely Antofagasta and Cueva
Negra (the "Zamora Licences").
The Zamora Licences have been held
via Ormonde's wholly owned Spanish subsidiary in a joint venture
with Shearwater Group PLC (AIM: SWG) ("Shearwater") since
2011. Ormonde has signed an agreement with
Shearwater to acquire its 51.3% interest in the licences thereby
increasing Ormonde's ownership to 100%. Shearwater became a cyber
security business in recent years and accordingly has no further
interest in investing in mineral exploration.
Under the acquisition agreement, a
consideration of €50,000 will be paid through the issue to
Shearwater of 5,000,000 new ordinary shares of nominal value €0.01
each in the capital of Ormonde (the "Consideration Shares"). This
represents a discount to the implied value attributed to the Zamora
Licences on Ormonde's balance sheet. A further announcement will be
made upon application for admission of the Consideration
Shares.
Ormonde is now in a position to
pursue its stated intention of seeking to realise value from the
Zamora Licences, against the backdrop of 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.
Brian Timmons, Executive Chair of Ormonde,
commented:
"Gold is surging, achieving a new record high in February,
further highlighting the metal's position as the ultimate
safe-haven asset. Against such a backdrop, and with gold prices
already having more than doubled in the decade since meaningful
work was last completed on these prospective gold licences, getting
the licences renewed and returning Ormonde to 100% ownership opens
the way for several different value enhancing options to now be
considered.
"More broadly, Ormonde has created exceptional investment
exposure to gold, with the Zamora Licences and a controlling
interest in the Golden Rose project in Newfoundland which is
bookended by gold deposits and has attracted exploration funding
from a Canadian gold major."
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 initial 36.3% 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$3 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 19.2% 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.
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Ormonde releases news:
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The Directors of the Company accept
responsibility for the contents of this announcement.
