Lithium JV, Nigeria

• Company signs Exploration JV to cover four licences across the Nigerian Lithium belt.
• Exploration programs to start immediately.
• Full exploration team and infrastructure in place.

London, October 16th 2023. Orosur Mining Inc. ("Orosur" or the "Company") (TSXV/AIM:OMI), the minerals explorer and developer operating in Colombia, Argentina and Brazil, is pleased to announce that as a continuation of the Company's strategy of securing high quality mineral exploration opportunities in key jurisdictions, the Company has signed a joint venture ("JV") agreement to explore a number of exploration licences across Nigeria (the "Project") which the Company considers to be highly prospective for Lithium mineralisation.

The Company has long been examining an entry into the Lithium space to add to its diversified portfolio of high-quality exploration assets but had found few attractive South American opportunities.

Nigeria however is rapidly emerging as one of the most prospective regions of Africa for the discovery of lithium pegmatite mineralisation and as such is now seeing a very high level of interest and activity. The Company's executive team has substantial operating experience and high-level relationships in Nigeria, and the Company has been leveraging these factors over the last 12 months to gain substantial land positions in Nigeria's prime lithium pegmatite districts.

A team of experienced geologists is in place, with all necessary equipment and logistical support such that field programs will be commencing immediately. Work will start initially with preliminary reconnaissance, and it is expected that results and additional work can advance quickly.

Details

The Company has signed a JV with Nigerian company Jurassic Mines Ltd ("Jurassic"), whereby Orosur, via a new 100% owned UK subsidiary, Lithium West Limited ("Lithium West"), may earn up to 70% equity in the Project in two phases:

• Phase 1 - Lithium West can earn 51% equity in the Project by spending a total of US$3m over a maximum of three years.
• Phase 2 - Lithium West can earn an additional 19% equity in the project, up to a total of 70%, by spending an additional US$2m over a maximum of two years.

The Project at inception will comprise four exploration licences across Nigeria's primary pegmatite belt, covering a total of circa 322km2. Other prospective areas are currently being examined and it is possible that additional licences may be added to the Project in the near term.

All licences have been specifically chosen due to their location within the major lithostructural corridors that are known to control lithium pegmatite mineralisation in this region.

Geology

Nigeria has long been known to have substantial potential for pegmatite mineralisation, however historically these pegmatites were largely exploited at the artisanal level for other metals such as Niobium and Tantalum. As such, little geoscientific information was publicly available related to any lithium potential.

However, in early 2018, the Nigerian Ministry of Mines and Steel Development began to undertake major geoscience mapping projects across the bulk of Nigeria's crystalline basement rocks to better define the mineral potential as the key plank in a far-sighted strategy to reduce the country's dependence on oil. These projects covered a range of commodities and were referred to as the National Integrated Mineral Exploration Project (NIMEP). This work indicated that the country indeed had substantial lithium pegmatite potential, especially in the southern regions.

Fig 1 Schematic, Nigerian Geology

As a result, Nigeria has, in the last 12 months, seen a sharp increase in small scale artisanal lithium mining of obvious outcropping pegmatites, with a corresponding and similarly sharp increase in modern exploration across the region by international public and private companies.

Orosur began to examine opportunities in Nigeria in mid-2022, focusing on regional geological assessment and land selection, leading to this current JV with Jurassic.

Rationale and Experience

The Company has been examining options to enter the lithium space for some years, based initially on Andean brines and Brazilian pegmatites. However, it became apparent that these regions had become extremely competitive, with correspondingly high entry costs, which the Company felt were not commensurate with the quality of projects on offer.

Nigeria was then examined because of the extensive in-country experience of the Company's executive team and because the Country's lithium pegmatite potential is, to a large extent, a geological mirror image of the pegmatite fields in northeastern Brazil. The Company commenced the process of examining entry strategies, based upon a detailed assessment of geological potential, rather than simply on what was being offered.

Orosur worked closely with its new Nigerian partner, Jurassic, to carry out regional targeting exercises that ultimately led to these first four licences being pegged as vacant ground, specifically for this JV, rather than vending into pre-existing licences.

In addition, the Company has, via its long-standing relationships and experience, aligned itself with a highly experienced local exploration consultancy which will provide the Company with access to exploration teams with associated field logistics, drill rigs, assay equipment and extensive geological knowledge, thus allowing the Company to operate in the region without any major upfront investment or addition of substantial overhead.

Orosur CEO Brad George commented:

"Orosur has been examining entry into the lithium space for several years, but as with our other projects, we have pursued an early stage, low entry cost strategy, based upon detailed geological understanding of the local mineralising systems. Nigeria is clearly on a different continent, but with the extensive Nigerian experience of myself and our Chairman Louis Castro, together with our partner's excellent local team, we are entirely confident in our ability to develop this exciting opportunity in Nigeria in harmony with our equally exciting South American assets which we will continue to progress as planned."

Orosur Mining Inc.

Louis Castro, Chairman,

Brad George, CEO

SP Angel Corporate Finance LLP - Nomad & Joint Broker

Jeff Keating / Kasia Brzozowska

Turner Pope Investments (TPI) Ltd - Joint Broker

Andy Thacker/James Pope

Flagstaff Communications and Investor Communications

Tim Thompson

Mark Edwards

Fergus Mellon