Lithium JV, Nigeria

• First results from mapping and sampling program on first licence.
• Abundant pegmatites evident, with LiO2 results in excess of 2%, analysed by way of XRF and LIBS.
• Two additional licences confirmed, expanding land position in the key Lithium districts to 533km2.

London, November 28th 2023. Orosur Mining Inc. ("Orosur" or the "Company") (TSXV/AIM:OMI), is pleased to provide an update on exploration progress at its new Lithium West Joint Venture ("the Project) in Nigeria,.

Details

As announced on Oct 16th 2023, the Company has entered into a Joint Venture ("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 by spending US$5m over 5 years 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.

Results

Immediately upon signing of the JV, the Company's exploration teams mobilised to site to begin preliminary reconnaissance mapping and sampling, beginning on the western most Exploration Licence EL 43953. The decision to commence on EL 43953 was taken purely for logistical reasons, with no consideration of prospectivity.

The objective of the program was to undertake preliminary geological mapping of the licence, in order to confirm the regional interpretation and prospectivity assessment that had led to its selection and to take a number of samples for assay with a view to planning further work.

Several hundred samples of various outcrops were taken, with approximately 70 then being analysed by way of XRF and LIBS for lithium content as well as a number of other pathfinder elements.

XRF/LIBS are not as accurate as laboratory chemical assay, but as no certified geochemical laboratory yet exists in Nigeria, XRF/LIBS provide a faster, cheaper and sufficiently accurate alternative for the purpose at hand.

Geological mapping quickly identified that the licence hosted numerous swarms of potentially lithium bearing pegmatites, consistent with granitic and gneissic lithologies and the major country scale "schist belt" structures, that had been postulated as the primary controlling structures.

Mapped pegmatite system were noted over substantial strike lengths of several km's and of varying widths from sub metre, to over 30m in one massive example.

The primary analysis of interest was for elemental lithium, with secondary focus on the ratio of potassium ("K") to rubidium ("Rb") as the K/Rb ratio is a key indicator of the degree to which a granitic or gneissic body has undergone fractionation that may have led to the late-stage development of pegmatites. A K/Rb ratio of less than 100 is considered prospective, with less than 50 being highly prospective.

Numerous pegmatite samples returned high levels of lithium, with several over 2% LiO2, with substantial areas demonstrating K/Rb ratios of less than 100 and several locations of less than 50 suggesting very high levels of fractionation.

This work program, while preliminary in nature, has demonstrated this first licence to be highly prospective for the presence of lithium bearing pegmatites and thus worthy of follow up.

Crews have since moved east to the other licences in the package and it is anticipated that results from this work will be available in coming weeks.

In the meantime, follow-up soil sampling programs over EL 43953 are being planned and it is hoped these will commence in the near term once the other licences have been assessed.

Figure 1 - Li and K/Rb

New Licences

As previously noted, the JV commenced with four exploration licences, for a total of 323km2, with more licences being examined with a view to being secured and included in the JV.

The Company is pleased to announce that two additional licences have now been confirmed, taking the total area of prospective land under title to 533km2, representing one of the most dominant land positions in Nigeria. While the total land area within the JV has increased, the new licences are included within the original terms of the JV agreement and thus no additional expenditure is required.

Figure 2 - Licences

The Company continues to assess new licences and opportunities and it is hoped this land position may be added to in the medium term.

Orosur CEO Brad George commented:

"These outstanding results from our first field program in Nigeria are exciting but not surprising. We pegged these licences with a very clear understanding of the geological processes in play and so we expected to find lithium. To then confirm this confidence and to find so many lithium bearing pegmatites, some extremely thick, is very positive and bodes well for work on the next 5 licences that is underway now."

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