TIDMOSU
Orsu Metals Corporation results for the quarter ended September 30, 2013 (Unaudited)
FOR: ORSU METALS CORPORATION
TSX, AIM SYMBOL: OSU
November 13, 2013
Orsu Metals Corporation Results for the Quarter Ended September 30, 2013 (Unaudited)
LONDON, UNITED KINGDOM--(Marketwired - Nov. 13, 2013) - Orsu Metals Corporation ("Orsu" or the "Company" or the
"Group"), the dual listed (TSX:OSU)(AIM:OSU) London-based base and precious metals exploration and development
company today reports its unaudited results for the quarter ended September 30, 2013. A full Management's
Discussion and Analysis of the results ("MD&A") and Consolidated Financial Statements for the quarter ended
September 30, 2013 ("Financials") will soon be available on the Company's profile on SEDAR (www.sedar.com) or
on the Company's website (www.orsumetals.com). Copies of the MD&A and Financials can also be obtained upon
request from the Company Secretary.
The Financials have been prepared in accordance with applicable International Financial Reporting Standards
("IFRS").
All amounts are reported in United States Dollars ($) unless otherwise indicated. Canadian Dollars are referred
to herein as CAD$ and British Pounds Sterling are referred to as GBP.
The following information has been extracted from the MD&A and the Financials. Reference should be made to the
complete text of the MD&A and the Financials.
THIRD QUARTER 2013 HIGHLIGHTS
July 2013 - the Company announced that Gold Fields Exploration B.V., a wholly owned subsidiary of Gold Fields
Limited ("Gold Fields" or collectively with certain of its subsidiaries, the "Gold Fields Group") completed the
subscription for 25 million units of the Company (each a "Unit") at a price of CAD$0.40 per Unit for gross
proceeds of CAD$10 million (the "Subscription"), with each Unit consisting of one common Share of the Company
(a "Common Share") and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each
Warrant will be exercisable for a period of three years from the date of issue to acquire one Common Share at a
price of CAD$0.50. The Company received the formal waiver of the Kazakh Government's pre-emptive right as well
as consent from the relevant Kazakh authorities for the issuance and placement of securities pursuant to the
Subscription, which satisfied the condition for such completion (the "Kazakh Formal Waiver"). Accordingly, the
Company issued to Gold Fields 25,000,000 Common Shares and 12,500,000 Warrants. Following the issuance the Gold
Fields Group hold, in aggregate 26,134,919 Common Shares, representing a 14.31% interest in the Company.
September 2013 - the Company announced that following the expiry on September 1, 2013 of an exclusivity
agreement with David-Invest LLP previously announced in November 2012, the Company entered into the Akdjol-
Tokhtazan Exclusivity Agreement in which David-Invest was granted the exclusive right until December 31, 2013
to acquire the Akdjol-Tokhtazan Project for $4.5 million in return for funding an exploration progamme until
such date (see section entitled "Operational Review - Akdjol-Tokhtazan Project, Kyrgyzstan" of the Company's
MD&A for full details). Other than the terms described above, there have been no significant changes to the
terms of the original exclusivity agreement signed in 2012.
September 2013 - the Company announced that it had entered into the Balkhash Agreement to continue joint
exploration work with Asem Tas-N LLC ("Asem Tas") and had agreed to an amended work programme for the remainder
of 2013 (the "Amended 2013 Work Programme"). Under the terms of the Balkhash Agreement the Exclusivity Period
(as defined in "Operational Review - Balkhash Project, Kazakhstan") ends in March 2014, subject to extension by
the mutual agreement of both parties (see "Operational Review - Balkhash Project, Kazakhstan" for full
details).
OPERATIONAL REVIEW
The Company's principal and most advanced project is the property, within the Republic of Kazakhstan (or
"Kazakhstan"), comprising a license area in eastern Kazakhstan containing the Karchiga volcanogenic massive
sulphide ("VMS") deposit which is part of the Rudny Altai polymetallic belt (the "Karchiga Project"). In
addition the Company continues to seek to acquire new exploration license areas within Kazakhstan. The Company
also holds exploration licenses within the Kyrgyz Republic (or "Kyrgyzstan").
During the nine months ended September 30, 2013 the Company continued to jointly explore the Balkhash Project
with Asem Tas as well as continuing to seek finance for the Karchiga Project.
The Company has continued to use, and will continue to use, its current working capital resources to satisfy
the Company's expenditure obligations in respect of its corporate and administrative expenditures, as well as
the obligations under the Balkhash Agreement and the acquisition of any new mineral exploration properties.
However, the current working capital resources are not sufficient to meet the financing requirements relating
to the construction of mine and processing facilities for the Karchiga Project, for which separate project
financing is required as described below.
Karchiga Copper Project, Kazakhstan
During the nine months ended September 30, 2013 the Company continued to seek finance for and planning for the
construction of mine and processing facilities for the Karchiga Project. As part of the process of planning for
the construction of the mine and processing facilities for the Karchiga Project, in the first quarter of 2013
the Company obtained the remaining local and regulatory approvals required for the commencement of mining and
construction.
In 2012 the Company completed a feasibility study for the Karchiga Project, (the "Karchiga Definitive
Feasibility Study") the results of which estimated an initial capital expenditure requirement of $115 million
for the Karchiga Project. To assist the Company in arranging finance for such expenditures, in July 2012, the
Company appointed Barclays Bank plc ("Barclays") and UniCredit Bank AG ("UniCredit") (together the "Mandated
Lead Arrangers") to use commercially reasonable efforts to secure debt financing of up to $90 million (subject
to commercially acceptable terms for the facility being agreed and the Mandated Lead Arrangers obtaining the
necessary internal approvals).
As at the date of this press release the Company continues with its efforts to secure finance for the Karchiga
Project. Until such time as it is able to secure the required financing, the Company will not enter into any
contracts to place advance orders for mining equipment or construction materials and will be unable to
determine the expected timing for the commencement of construction (see the "Liquidity and capital resources"
section below and "Risks and uncertainties" section of the Company's MD&A).
Balkhash Project, Kazakhstan
In September 2013 the Company announced that it had entered into the Balkhash Agreement. The Balkhash Agreement
replaces the initial exclusivity agreement which the Company previously announced in November 2012 and the
subsequent successor agreement previously announced on April 22, 2013.
The Balkhash Agreement
The key terms of the Balkhash Agreement with Asem Tas to jointly explore the Balkhash Project include:
1. Orsu has been granted a further exclusive right for a period of 175
days, ending in March 2014 (previously expiring in September 2013 under
the April 2013 agreement), subject to extension by mutual agreement of
the parties (the "Exclusivity Period") to explore and participate in the
Balkhash Project.
2. During the Exclusivity Period:
a. Orsu and Asem Tas will continue to jointly explore the Balkhash
Project, including geophysical works and verification drilling of
exploration targets;
b. Orsu will provide funding for exploration works at the Balkhash
Project in the amount of approximately $1.4 million under the
Amended 2013 Work Programme (including $0.9 million already spent in
2013) representing an increase of approximately $0.5 million over
the original work programme; and
c. Asem Tas will apply to transfer the exploration license for the
Balkhash Project to a newly formed Kazakh legal entity jointly owned
by Orsu and Asem Tas (the "Joint Venture Company"), which will be a
subsidiary of Orsu, with Orsu holding an effective interest of 55%.
A transfer of the exploration license to the Joint Venture Company
will be conditional upon obtaining a formal waiver of the Kazakh
Government's pre-emptive right.
3. Orsu has agreed to pay Asem Tas:
a. up to $1.5 million to compensate Asem Tas for historical exploration
costs incurred prior to 2012 (excluding any costs funded by Orsu) on
effective transfer of the exploration license;
b. $20 per tonne of economically extractable copper equivalent, up to a
maximum of $10 million, less any amount paid under item 3) a. above,
on completion of a positive preliminary economic assessment study;
and
c. $20 per additional tonne of economically extractable copper
equivalent, up to a maximum of $15 million, less any amounts paid
under 3) a. and 3) b. above, on completion of a positive definitive
feasibility study.
4. Orsu may terminate its funding at any point before the earlier of the
effective transfer of the exploration license or the end of the
Exclusivity Period. Where the approval of the relevant authorities for
the transfer of the license is not received due to a breach by Asem Tas,
or the Kazakh Government exercises its pre-emptive right to acquire the
license during the transfer process, Asem Tas is required to refund Orsu
for its expenditure in connection with the original agreement signed in
November 2012 agreement and the Amended 2013 Work Programme (including
the amounts already funded under the April 2013 agreement).
5. Orsu will finance the works until completion of the definitive
feasibility study, subject to any earlier termination of funding, and
Orsu will be responsible for securing debt and financing for the
project.
6. Under the terms of the Balkhash Agreement, Orsu will have the right to
buy-out all or part of the interest of Asem Tas in the Joint Venture
Company, for cash or shares, at a price determined by an independent
expert.
FINANCIAL RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013
For the nine months ended September 30, 2013 the Company reported a net loss on continuing operations of $4.4
million, compared to a net loss of $0.5 million for the nine months ended September 30, 2012.
In July 2013, following the completion of the Subscription the Company received CAD$10 million (approximately
$9.6 million) (see "Derivative financial instruments" below).
The net loss of $2.4 million for the three months ended September 30, 2013 consisted of administrative costs of
$0.8 million, legal and professional costs of $0.1 million, exploration costs of $0.7 million and a realized
loss of $1.2 million in relation to the derivative receivable following the completion of the Subscription.
These losses partially offset by an unrealized derivative gain in relation to share warrant liabilities of $0.2
million, a net foreign exchange gain of $0.1 million and net finance income of $0.1 million.
As at September 30, 2013 the Company had net assets of $27.8 million ($29.8 million as at December 31, 2012) of
which $12.8 million was cash and cash equivalents ($9.8 million as at December 31, 2012).
In respect of the Company's cash flows, the increase in cash and cash equivalents for the nine months to
September 30, 2013 was $3.0 million compared to an increase of $3.1 million for the nine months to September
30, 2012. The increase of $3.0 million for the nine months to September 30, 2013 was due primarily to the
receipt of CAD$10 million, realizing $9.6 million, in relation to the Subscription in July 2013. This was
partially offset by corporate and exploration expenditure of $5.2 million, a further $1.3 million for
expenditure on property, plant and equipment, and deferred finance costs of $0.1 million in relation to debt
finance for the Karchiga Project.
Derivative financial instruments
As at September 30, 2013, the Company's derivative instruments consist of a derivative liability in relation to
the Warrants issued to Gold Fields pursuant to the Subscription and previously, prior to the completion of the
Subscription, a derivative receivable.
In 2012 the Company sold its 40% interest in a property in northwest Kyrgyzstan (the "Talas Project") to Gold
Fields for cash consideration of $10 million (the "Sale"). At the same time the Gold Fields Group entered into
an agreement to subscribe for 25 million Units of the Company, consisting of 25 million Common Shares and 12.5
million Warrants of the Company for gross proceeds of CAD$10 million. Completion of the Subscription was
conditional on the Company obtaining the Kazakh Formal Waiver and the Company considered the Subscription to be
a derivative receivable until completion of the Subscription.
a) Derivative receivable
On July 24, 2013 the Company successfully obtained the Kazakh Formal Waiver satisfying all the conditions of
the Subscription. As a result, the Company completed the Subscription and subsequently received the gross cash
proceeds of CAD$10 million, realizing $9.6 million and a further CAD$35,446 accumulated interest.
The net loss on the completion of the Subscription as at September 30, 2013 is shown below:
$ 000
CAD$10 million cash proceeds received 9,636
Less:
Fair value of shares issued (2,431)
Fair value of warrants issued (440)
---------
(2,872)
Less:
Fair value of derivative receivable as at December 31,
2012 (7,270)
----------
Net loss on completion of Subscription (506)
----------
----------
b) Derivative warrant liability
The Company's share warrant liability consists of 12.5 million Warrants issued to Gold Fields in July 2013.
Each Warrant is exercisable over a period of three years from the date of issue to acquire one Common Share of
the Company at a price of CAD$0.50. All of the Warrants issued to Gold Fields are subject to a hold restriction
for 4 months.
The carrying value of the derivative warrant liability as at September 30, 2013 is shown below:
$ 000
Fair value of Warrants issued to Gold Fields (440)
Derivative gain on fair value measurement 249
----------
Derivative warrant liability as at September 30, 2013 (191)
Liquidity and capital resources
As at September 30, 2013 the Company's main source of liquidity was unrestricted cash and cash equivalents of
$12.8 million, compared with $9.8 million as at December 31, 2012.
The Company measures its consolidated working capital as comprising free cash, accounts receivable, prepayments
and other receivables, less accounts payable and accrued liabilities. As at September 30, 2013 the Company's
consolidated working capital was $13.1 million.
The Company's working capital needs as at September 30, 2013 included the maintenance of funding for its
exploration and development activities, including its expenditure obligations under the Balkhash Agreement, the
acquisition of new mineral exploration properties, its corporate and administrative expenditure requirements
and potential contributions towards project finance, if and when arranged, in relation to the Karchiga Project,
as deemed appropriate. The Company expects to fund its working capital requirements for 2013, other than as set
out below, and be able to contribute towards the pursuit of future growth opportunities (which may include
acquiring one or more additional assets), if and when such opportunities arise, from its unrestricted cash of
$12.8 million as at September 30, 2013 and potential net proceeds, if any, from the sale of the Akdjol-
Tokhtazan Project. In the Company's view, the consolidated working capital as at September 30, 2013 is
sufficient to satisfy its working capital needs, other than as described below, for at least the next twelve
months.
The construction of mining facilities and commencement of mining operations at the Karchiga Project, if any,
will require an estimated initial CAPEX of $115 million (see "Operational review - Karchiga copper project,
Kazakhstan" of the Company's MD&A) for which the Company will be required to raise additional financing in the
future. If the Company secures the required debt financing on acceptable commercial terms then it may also
apply a proportion of the Subscription proceeds towards the project financing requirements as the Company
determines necessary. Whilst the Company has been successful in raising debt and other financing in the past,
the Company's ability to raise additional debt and other financing may be affected by numerous factors beyond
the Company's control, including, but not limited to, adverse market conditions and/or commodity price changes
and economic downturn and those other factors that are listed under "Risks and Uncertainties" in the Company's
MD&A.
Consolidated statements of net (loss)/ income and comprehensive (loss)/
income (Unaudited)
(Prepared in accordance with IFRS)
=---------------------------------------------------------------------------
Three months ended Nine months ended
September 30, September 30,
2013 2012 2013 2012
$000 $000 $000 $000
Operating expenses
Administration (809) (843) (2,606) (3,007)
Legal and professional (104) (326) (430) (787)
Exploration (706) (20) (1,189) (1,015)
Stock based compensation (1) (13) (6) (122)
Stock based compensation - non
employees - - - (7)
Unrealized gain on share warrant
liability 249 - 249 -
Foreign exchange gains/ (losses) 116 (100) 80 (68)
Company's share of Talas Project
losses - (216) - (812)
--------------------- --------------------
(1,255) (1,518) (3,902) (5,818)
Loss on derivative receivable (1,202) (1,254) (506) (1,254)
Gain on sale of Talas Project - 7,867 - 7,867
Net of finance income less
finance expense 45 4 51 28
Impairment loss for asset held
for sale - (1,331) - (1,331)
--------------------- --------------------
Net (loss)/ income and
comprehensive (loss)/ income (2,412) 3,768 (4,357) (508)
--------------------- --------------------
--------------------- --------------------
Net (loss)/ income attributable
to:
Owners of the parent (2,401) 3,764 (4,313) (438)
Non-controlling interest (11) 4 (44) (70)
--------------------- --------------------
(2,412) 3,768 (4,357) (508)
--------------------- --------------------
--------------------- --------------------
(Loss)/ earnings per share
Basic $ (0.01) $ 0.02 $ (0.03) $ 0.00
Diluted $ (0.01) $ 0.02 $ (0.03) $ 0.00
Weighted average number of
common shares (in thousands) 176,174 157,696 163,923 157,696
Consolidated Balance Sheets (Unaudited)
(Prepared in accordance with IFRS)
=---------------------------------------------------------------------------
September 30 December 31
2013 2012
Assets $000 $000
Current assets
Cash and cash equivalents 12,764 9,771
Prepaid and receivables 919 870
Assets of Akdjol-Tokhtazan Project held for 4,494 4,508
sale
Derivative receivable - 7,270
---------------------------
18,177 22,419
Non-current assets
Deferred finance costs 1,056 939
Property, plant and equipment 8,340 7,076
Other assets 1,186 879
---------------------------
10,582 8,894
---------------------------
Total assets 28,759 31,313
---------------------------
---------------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities 572 1,360
Liabilities of Akdjol-Tokhtazan Project held 43 80
for sale
---------------------------
615 1,440
Non-current liabilities
Derivative share warrant liability 191 -
Other liabilities 120 120
---------------------------
926 1,560
Equity
Share capital 382,576 380,145
Share purchase options 5,713 5,887
Contributed surplus 28,448 28,268
Non-controlling interest (392) (348)
Deficit (388,512) (384,199)
---------------------------
27,833 29,753
Total equity and liabilities 28,759 31,313
---------------------------
---------------------------
Consolidated Statements of Cash Flows (Unaudited)
(Prepared in accordance with IFRS)
=---------------------------------------------------------------------------
Nine months ended
September 30,
2013 2012
$000 $000
Cash flows used by operating activities
Net loss and comprehensive loss for the period (4,357) (508)
Items not affecting cash:
Depreciation and amortization 92 93
Loss on derivative receivable 506 1,254
Unrealized derivative gain on share warrant
liability (249) -
Share-based payments 6 129
Fixed asset retirements 2 -
Foreign exchange losses/ (gains) - (5)
Company share of Talas Project losses - 812
Gain on sale of Talas Project - (7,867)
Impairment of asset held for sale - 1,331
------------------------
(4,000) (4,761)
Changes in non-cash working capital:
Accounts receivable and other assets (342) (57)
Accounts payable and accrued liabilities (825) 123
------------------------
Net cash used by operating activities (5,167) (4,695)
Cash flows (used by)/ from investing activities
Expenditures on property, plant and equipment (1,358) (1,315)
Cash proceeds of CAD$10 million from
Subscription 9,636 -
Funding of investment in Talas Project - (288)
Cash proceeds from sale of Talas Project, net
of legal and professional fees - 9,816
------------------------
Net cash from investing activities 8,278 8,213
Cash flows used for financing activities
Deferred finance costs (117) (400)
------------------------
Net cash used for financing activities (117) (400)
------------------------
Net increase in cash and cash equivalents 2,994 3,118
------------------------
Cash and cash equivalents - Beginning of the
period 9,771 10,341
------------------------
Cash and cash equivalents - End of the period 12,765 13,459
------------------------
------------------------
Cash and cash equivalents per the consolidated
balance sheets 12,764 13,455
Included in the Akdjol-Tokhtazan Project
classified held for sale 1 4
FORWARD-LOOKING INFORMATION
This press release and the Company's MD&A contains or refers to forward-looking information. All information,
other than information regarding historical fact that addresses activities, events or developments that the
Company believes, expects or anticipates will or may occur in the future is forward-looking information. Such
forward-looking information includes, without limitation, statements relating to: development and operational
plans and objectives, including the Company's expectations relating to the continued and future maintenance,
exploration and development, as applicable, of the Karchiga Project and the Balkhash Project and the timing
related thereto and its acquisition and development of new mineral exploration licenses, properties and
projects; the Company's ability to satisfy certain future expenditure obligations; mineral resource and mineral
reserve estimates; estimated project economics, cash flow, costs, expenditures, revenue, capital payback,
performance and economic indicators and sources of funding; the use and sufficiency of the Company's working
capital for the next twelve months; the anticipated arranging of a debt facility by the Mandated Lead Arrangers
and the potential participation by other debt providers; the Company's expected uses of the proceeds from the
Subscription and the proceeds from the Sale; the potential raising of additional funding through the
disposition of the Company's Kyrgyz assets and the proposed uses thereof; the estimated mine life, NPV and IRR
for, and forecasts relating to tonnages and amounts to be mined from, and processing and expected recoveries
and grades at, the Karchiga Project as well as the other forecasts, estimates and expectations relating to the
Karchiga Definitive Feasibility Study Report; the expected effect of copper prices on the economic results of
the Karchiga Project; the mine design and plan for the Karchiga Project, including mining at, and production
from the Karchiga Project; the anticipated sale of the Akdjol-Tokhtazan Project (including the valuation
attributed to the expected proceeds thereon); the future political and legal regimes and regulatory
environments relating to the mining industry in Kazakhstan and/or Kyrgyzstan; the Company's expectations and
beliefs with respect to the waiver of the State's pre-emptive right with respect to the Karchiga Project and
the past placements of the Common Shares being covered thereby; the significance of any individual claims by
non-Ontario residents with respect to the Claim; and the Company's future growth (including new opportunities
and acquisitions) and its ability to raise or secure new funding.
The forward-looking information in this press release and the Company's MD&A reflects the current expectations,
assumptions or beliefs of the Company based on information currently available to the Company. With respect to
forward-looking information contained in this press release and the Company's MD&A, the Company has made
assumptions regarding, among other things, the Company's ability to generate sufficient funds from debt sources
and/or capital markets to meet its future expected obligations and planned activities (including the ability of
the Mandated Lead Arrangers to secure a project debt finance facility on terms acceptable to the Company), the
Company's business (including the continued exploration and development of, as applicable, the Karchiga Project
and the Balkhash Project and the timing and methods to be employed with respect to same), the estimation of
mineral resources and mineral reserves, the parameters and assumptions employed in the Karchiga Definitive
Feasibility Study Report, the economy and the mineral exploration and extraction industry in general, the
political environments and the regulatory frameworks in Kazakhstan and Kyrgyzstan with respect to, among other
things, the mining industry generally, royalties, taxes, environmental matters and the Company's ability to
obtain, maintain, renew and/or extend required permits, licenses, authorisations and/or approvals from the
appropriate regulatory authorities, including the previous waiver granted by the Competent Authority covers any
pre-emptive right that the Competent Authority or State has in respect of any past placements, future capital,
operating and production costs and cash flow discounts, anticipated mining and processing rates, the Company's
ability to continue to obtain qualified staff and equipment in a timely and cost-efficient manner, assumptions
relating to the Company's critical accounting policies, and has also assumed that no unusual geological or
technical problems occur, and that equipment works as anticipated, no material adverse change in the price of
copper, gold or molybdenum occurs and no significant events occur outside of the Company's normal course of
business.
Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results
of the Company to differ materially from those discussed in the forward-looking information, and even if such
actual results are realised or substantially realised, there can be no assurance that they will have the
expected consequences to, or effects on, the Company. Factors that could cause actual results or events to
differ materially from current expectations include, but are not limited to: risks normally incidental to
exploration and development of mineral properties and operating hazards; uncertainties in the interpretation of
results from drilling and metallurgical test work; the possibility that future exploration, development or
mining results will not be consistent with expectations; uncertainty of mineral resource and mineral reserve
estimates; technical and design factors; uncertainty of capital and operating costs, production and economic
returns; uncertainties relating to the estimates and assumptions used, and risks in the methodologies employed,
in the Karchiga Definitive Feasibility Study Report; adverse changes in commodity prices; the inability of the
Company to obtain required financing on favourable terms or at all (including with respect to the debt
financing expected to be secured by the Mandated Lead Arrangers) or the disposition of the Akdjol-Tokhtazan
Project; the Company's inability to obtain, maintain, renew and/or extend required licenses, permits,
authorizations and/or approvals from the appropriate regulatory authorities, including (without limitation) the
Company's inability to obtain (or a delay in obtaining) the necessary construction and development permits and
other risks relating to the regulatory frameworks in Kazakhstan and Kyrgyzstan; adverse changes in the
political environments in Kazakhstan and Kyrgyzstan and the laws governing the Company, its subsidiaries and
their respective business activities; inflation; changes in exchange and interest rates; adverse general market
conditions; lack of availability, at a reasonable cost or at all, of equipment or labour; the inability to
attract and retain key management and personnel; the possibility of non-resident class members commencing
individual claims in connection with the Claim; the Company's inability to delineate additional mineral
resources and mineral reserves; and future unforeseen liabilities and other factors including, but not limited
to, those listed under "Risks and Uncertainties" in the Company's MD&A.
Any mineral resource and mineral reserve figures referred to in this press release and the Company's MD&A are
estimates and no assurances can be given that the indicated levels of minerals will be produced. Such estimates
are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry
practices. Valid estimates made at a given time may significantly change when new information becomes
available. While the Company believes that the mineral resource and mineral reserve estimates in respect of its
properties are well established, by their nature mineral resource and mineral reserve estimates are imprecise
and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such
mineral resource and mineral reserve estimates are inaccurate or are reduced in the future, this could have a
material adverse impact on the Company. Due to the uncertainty that may be attached to inferred mineral
resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an
indicated or measured mineral resource as a result of continued exploration. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required
by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking
information, whether as a result of new information, future events or results or otherwise. Although the
Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-
looking information is not a guarantee of future performance and accordingly undue reliance should not be put
on such information due to the inherent uncertainty therein.
FOR FURTHER INFORMATION PLEASE CONTACT:
Orsu Metals Corporation
Kevin Denham
Chief Financial Officer and Company Secretary
+44 (0) 20 7518 3999
www.orsumetals.com
OR
Canaccord Genuity Limited
Ryan Gaffney / Neil Elliot
+44 (0) 20 7523 8000
OR
Vanguard Shareholder Solutions
+1 604 608 0824
Orsu Metals Corporation
Orsu Metals (LSE:OSU)
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